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Home Investments Exchange Traded Funds Thornburg International Growth ETF TXUG
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TXUG

Thornburg International Growth ETF

Fund Assets
$4.39 M
As of 18 Jun 2026
NAV
$27.46
As of 18 Jun 2026
Change
$0.15
As of 18 Jun 2026
YTD NAV Performance
12.31%
As of 18 Jun 2026
Asset Category:
International Equity
Fund Benchmark:
MSCI EAFE Growth Index

Portfolio Managers

Sean Koung Sun, CFA
Portfolio Manager and Managing Director
Nicholas Anderson, CFA
Portfolio Manager and Managing Director
OverviewFund FactsPricing & TradingPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This ETF?

  • Long-Term Growth Potential — The team employs a rigorous, bottom-up fundamental research process focused on uncovering promising growth companies with sustainable competitive advantages trading at a discount to their long-term value.
  • Non-U.S. Growth Opportunities — Focused exposure of high-quality international companies in developed markets outside the U.S., targeting those with durable growth potential and sustainable competitive advantages.
  • Distinct Return Profile — With a time-tested three-basket portfolio construction process, the ETF seeks to provide diversification across the growth spectrum, to reduce volatility and deliver investors superior risk-adjusted performance over time.

Investment Objective

The Thornburg International Growth ETF (the “ETF”) seeks long-term capital growth. The ETF’s investment objective may be changed without shareholder approval.

Investment Approach

The ETF offers exposure to high-quality, international securities in developed markets that signal durable growth and sustainability. By focusing on fundamentals and maintaining a disciplined, active approach, the ETF aims to deliver long-term capital appreciation while managing risk through diversification and rigorous stock selection. With a focus on growth factors, this ETF provides a compelling option for international equity exposure without the volatility of emerging markets.

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Fund Facts

Fund Facts

(As of 18 Jun 2026)
Net Fund Assets
$4.39 M
Exchange
NASDAQ
Benchmark
MSCI EAFE Growth Index
Morningstar Category
Foreign Large Growth
Inception Date
22 Jan 2025
CUSIP
88521L405
Distribution Frequency
Annual
Total Expense Ratio (%)
0.70%

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Pricing & Trading

Pricing & Trading

(As of 18 Jun 2026)
NAV
$27.46
Market Price / Closing Price
$27.52
Premium / Discount (%)
0.21%
30-Day Median Bid-Ask Spread (%)
0.37%
30-Day Average Volume
24
Shares Outstanding
160,000

Prior versions of this website, between September 15, 2025, and September 16, 2025, included erroneous data in which the Premium/Discount (%) figure was not updated to reflect the labeled "As of 15 Sep 2025" date. For a period of time on these dates, the Premium/Discount (%) figure reflected the data as of September 12, 2025, instead of September 15, 2025. Please refer to the current data on this website instead of that on the previous website versions.

Premium / Discount History

Premium / Discount History

(As of Current Quarter)
Premium/Discount History Timeframe
Days at Premium
36
Days at Discount
19
Days at NAV
0
Days at Premium
43
Days at Discount
18
Days at NAV
0
Days at Premium
149
Days at Discount
81
Days at NAV
8
Performance

Performance

(As of 31 Mar 2026)
YTD
1y
Inception
Market Price (%)
-3.03
2.38
-4.02
Net Asset Value (%)
-4.54
1.61
-5.21
MSCI EAFE Growth Index (%)
-4.71
12.67
8.92
Morningstar Category Avg. (%)
-4.01
12.49
—
Morningstar Quartile
—
4
—
Morningstar Quartile # of Funds
—
382
—
YTD
1y
Inception
Market Price (%)
9.78
5.93
5.73
Net Asset Value (%)
9.90
6.29
5.88
MSCI EAFE Growth Index (%)
8.25
15.72
18.42
Morningstar Category Avg. (%)
8.27
15.61
—
Morningstar Quartile
—
4
—
Morningstar Quartile # of Funds
—
376
—

Source: Confluence

Periods less than one year are not annualized.

Total returns are calculated quarterly using the daily 4:00pm net asset value (NAV). Distributions, if any, are assumed to be reinvested back into the fund on the pay date at the NAV on that date. Performance data quoted represents past performance and past performance is no guarantee of future results. Current performance may be lower or higher than quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, are subject to market volatility. They may be worth more or less than their original cost. ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Distributions

Distributions

(As of 19 Dec 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
19 Dec 2025
31 Dec 2025
0.12495
0.12495
—
—
Characteristics

Characteristics

Portfolio

(As of 31 May 2026)
Portfolio
Benchmark
Number of Holdings
42
—
Weighted Average Market Cap
$417.8 B
$132.7 B
Median Market Cap
$53.8 B
$23.3 B
Annual Portfolio Turnover
36%
—
Price to Earnings - Forward 1YR
26.8x
21.3x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
29.7x
25.2x
Price to Cash Flow
19.7x
15.1x
Price to Book Value
5.9x
4.0x
Active Share
83.6%
—
Portfolio

Portfolio

Top Holdings

(As of 18 Jun 2026)
Name
Ticker/Symbol
Market Value
Weight %
ASML Holding N.V.
ASML
$378,177.90
8.65%
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
$286,792.32
6.56%
Hoya Corp.
7741
$218,100.23
4.99%
Advanced Micro Devices, Inc.
AMD
$193,717.44
4.43%
BE Semiconductor Industries N.V.
BESI
$176,820.07
4.05%
ASM International N.V.
ASM
$169,716.64
3.88%
Air Liquide S.A.
AI
$156,483.86
3.58%
AstraZeneca plc
AZN
$151,562.28
3.47%
Rolls-Royce Holdings plc
RR/
$138,491.57
3.17%
MercadoLibre, Inc.
MELI
$127,281.96
2.91%
Download Holdings Download PCF Report

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 May 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Information Technology
37.3
18.5
Industrials
14.8
29.7
Health Care
13.6
13.7
Consumer Discretionary
12.1
11.6
Financials
11.7
10.8
Materials
3.6
4.6
Communication Services
3.3
4.2
Cash & Equivalents
2.0
—
Utilities
1.7
1.1
Sector Allocation
Fund (%)
Information Technology
37.3
Industrials
14.8
Health Care
13.6
Consumer Discretionary
12.1
Financials
11.7
Materials
3.6
Communication Services
3.3
Cash & Equivalents
2.0
Utilities
1.7
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Semiconductors & Semiconductor Equipment
27.4
12.4
Capital Goods
14.8
25.2
Financial Services
8.8
5.3
Software & Services
7.8
3.7
Consumer Discretionary Distribution & Retail
7.2
3.8
Pharmaceuticals, Biotechnology & Life Sciences
7.0
10.9
Health Care Equipment & Services
6.6
2.7
Materials
3.6
4.6
Media & Entertainment
3.3
2.2
Automobiles & Components
2.9
1.1
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
27.4
Capital Goods
14.8
Financial Services
8.8
Software & Services
7.8
Consumer Discretionary Distribution & Retail
7.2
Pharmaceuticals, Biotechnology & Life Sciences
7.0
Health Care Equipment & Services
6.6
Materials
3.6
Media & Entertainment
3.3
Automobiles & Components
2.9
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
United States
16.7
—
North America
Netherlands
16.1
8.7
Europe ex UK
Japan
12.1
23.7
Japan
United Kingdom
10.3
11.5
UK
France
9.0
11.5
Europe ex UK
Taiwan
6.6
—
Asia Pacific ex Japan
Switzerland
5.8
10.4
Europe ex UK
Italy
5.8
1.7
Europe ex UK
Germany
5.5
9.6
Europe ex UK
Canada
3.3
—
North America
Top 10 Countries
Fund (%)
United States
16.7
Netherlands
16.1
Japan
12.1
United Kingdom
10.3
France
9.0
Taiwan
6.6
Switzerland
5.8
Italy
5.8
Germany
5.5
Canada
3.3
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
90.6
95.4
Mid Cap ($2.5 to $12 B)
7.2
4.6
Small Cap (< $2.5 B)
2.2
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
90.6
Mid Cap ($2.5 to $12 B)
7.2
Small Cap (< $2.5 B)
2.2

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Portfolio holdings are subject to change daily.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

Sean Koung Sun, CFA

Sean Koung Sun, CFA

Portfolio Manager and Managing Director
Sean Sun is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and was promoted to associate portfolio manager in 2015 and portfolio manager in 2017. Sean holds an MBA with concentrations in finance and entrepreneurship from the University of Chicago Booth School of Business and a BA in economics from…
Learn More
Nicholas Anderson, CFA

Nicholas Anderson, CFA

Portfolio Manager and Managing Director
Nicholas Anderson is a portfolio manager for Thornburg Investment Management. He joined the firm in 2016 as an equity research analyst, was promoted to senior equity research analyst in 2020, an associate portfolio manager in early 2021, and portfolio manager in late 2021. Nick holds an MBA with honors from the University of Chicago Booth School of Business and a…
Learn More

Portfolio managers are supported by the entire Thornburg investment team.

Literature

Fact Sheet
Annual Financial Statements
Annual TSR
Semi-Annual Financial Statements
Semi-Annual TSR
Summary Prospectus
Prospectus
Statement of Additional Information (SAI)

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Thornburg ETFs are actively managed and do not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund’s performance may suffer.

Please see our glossary for a definition of terms.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations.

Risks associated with investing in Thornburg ETFs may include: (1) Investment Adviser Risk. (2) New and Smaller Sized Fund Risk. The Fund is new, lacks operating history, may face challenges in implementing its strategies, attracting sufficient assets, or achieving economies of scale, and similar ETFs often experience lower trading volumes, wider bid/ask spreads, and potential liquidation risks without shareholder approval. (3) Derivatives Risk. The Fund's use of derivatives, such as futures, options, swaps, and forward contracts, carries risks tied to the underlying assets as well as additional risks, including counterparty default, liquidity challenges, valuation difficulties, and potential delays in closing positions.

Additional risks associated with investing in TXUE and TXUG may include: (1) Equity Risk. The value of the Fund's equity investments may fluctuate due to factors affecting individual issuers, industries, or the broader market, while common stock carries greater risk in liquidation or bankruptcy, ranking below preferred stock and debt securities for claims. (2) Risks Affecting Specific Countries or Regions. If the Fund concentrates investments in a specific country or region, its value may be more volatile and susceptible to local conditions, global developments, and regulatory actions, such as U.S. restrictions on investments in certain foreign issuers, with exposure levels varying over time. (3) Market and Economic Risk. The Fund's investments are subject to declines in value due to economic and market conditions, including interest rate changes, political or legal developments, industry trends, and general market volatility.

Additional risks associated with investing in TXUG may include: (1) Growth Company Risk. Growth company stocks may trade at higher multiples of current earnings than other equity securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile. (2) Small and Mid-Cap Company Risk. Investments in small-capitalization companies and mid-capitalization companies may involve additional risks, which may be relatively higher with smaller companies. 

Exchange Traded Funds (ETF) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

High-quality investments represent what we believe to be companies that exhibit a combination of durable competitive advantages, industry leadership and financial strength. Our assessment is informed by our fundamental, qualitative analysis in addition to a variety of financial metrics.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

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