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Home » Investments » Exchange Traded Funds » Thornburg Multi Sector Bond ETF
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TMB

Thornburg Multi Sector Bond ETF

Fund Assets
$53.11 M
As of 31 Jul 2025
NAV
$25.45
As of 1 Aug 2025
Change
$0.15
As of 1 Aug 2025
YTD NAV Performance
3.96%
As of 1 Aug 2025
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Universal Index

Portfolio Managers

Lon Erickson, CFA
Portfolio Manager and Managing Director
Christian Hoffmann, CFA
Head of Fixed Income and Managing Director
Ali Hassan, CFA, FRM
Portfolio Manager and Managing Director
OverviewFund FactsPricing & TradingPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This ETF?

  • Enhanced Income and Return Potential — Seeks attractive income and long-term capital appreciation through a flexible, multi-sector fixed-income strategy designed to outperform traditional core bonds with only modestly higher risk.
  • Dynamic and Flexible Management — Actively invests across sectors, geographies, credit qualities, and maturities, with the ability to adjust allocations to capitalize on the best relative value opportunities.
  • Expertise with Downside Awareness — Managed by Thornburg’s experienced Global Fixed Income team, the ETF combines an opportunistic approach with a focus on mitigating risk in an effort to deliver consistent performance in diverse market conditions.

Investment Objective

The Thornburg Multi Sector Bond ETF (the “ETF”) seeks total return, consisting of income and capital appreciation. The Fund’s investment objective may be changed without shareholder approval.

Investment Approach

This ETF offers income and long-term capital appreciation with active management designed to adapt to changing markets. Investors can expect a meaningful focus on high-yield opportunities with the flexibility to adjust allocations based on relative value views to help drive income and return potential. Using a diverse set of fixed-income assets, including Treasury futures, the ETF seeks to actively navigate interest rate shifts, credit cycles, and evolving market conditions.

Related Content

Fixed Income
Mid-Year Fixed Income Outlook: Uncertainty Yields Tight Credit Spreads
Fixed Income
Investor Update: A Potential Reprieve for the Municipal Bond Tax Exemption
Markets & Economy
Fixed Income: Finding Income and Playing Defense Through Volatility
Fund Facts

Fund Facts

(As of 31 Jul 2025)
Net Fund Assets
$53.11 M
Exchange
NASDAQ
Benchmark
Bloomberg U.S. Universal Index
Morningstar Category
—
Inception Date
4 Feb 2025
CUSIP
88521L207
Distribution Frequency
Monthly
Total Expense Ratio (%)
0.55%
Pricing & Trading

Pricing & Trading

(As of 31 Jul 2025)
NAV
$25.29
Market Price / Closing Price
$25.35
Premium / Discount (%)
0.21%
30-Day Median Bid-Ask Spread (%)
0.08%
30-Day Average Volume
55,687
Shares Outstanding
2,100,000
Premium / Discount History

Premium / Discount History

(As of Current Quarter)
Premium/Discount History Timeframe
Days at Premium
37
Days at Discount
0
Days at NAV
1
Performance

Performance

(As of 30 Jun 2025)
Inception
Net Asset Value (%)
3.36
Market Price (%)
3.60
Bloomberg U.S. Universal Index (%)
3.24
Inception
Net Asset Value (%)
3.31
Market Price (%)
3.55
Bloomberg U.S. Universal Index (%)
3.10

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.

Characteristics

Characteristics

Portfolio

(As of 30 Jun 2025)
Portfolio
Benchmark
Number of Holdings
313
—
Effective Duration
4.3 Yrs
5.8 Yrs
Average Effective Maturity
5.6 Yrs
8.0 Yrs
Weighted Average Coupon
4.6%
3.9%
Portfolio
Benchmark
30-Day SEC Yield
4.44
—
Yield to Worst
5.1%
4.7%
Yield to Maturity
5.2%
—
Portfolio

Portfolio

Top Holdings

(As of 1 Aug 2025)
Name
Ticker/Symbol
Market Value
Weight %
United States Treasury Note/Bond
91282CMM0
$3,876,400.94
5.57%
United States Treasury Note/Bond
912810UJ5
$3,440,395.76
4.95%
US DOLLARS
—
$2,031,187.31
2.92%
United States Treasury Note/Bond
912810RM2
$1,891,796.88
2.72%
United States Treasury Note/Bond
91282CLW9
$1,705,275.00
2.45%
Fannie Mae Pool
3140XRWW1
$1,262,336.86
1.81%
Fannie Mae Pool
31418EGG9
$802,175.20
1.15%
United States Treasury Inflation Indexed Bonds
91282CFR7
$724,115.07
1.04%
Freddie Mac Pool
3142J6AQ6
$663,096.74
0.95%
Fannie Mae Pool
3140XMYU4
$647,636.25
0.93%
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2025)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate
42.5
30.1
Treasury-Domestic
16.2
38.5
Asset Backed Securities
13.1
0.4
Mortgage Passthrough
11.9
21.0
Collateralized Mortgage Obligation
10.3
—
Commercial Mortgage Backed Security
3.2
1.3
Treasury-Foreign
1.5
4.5
Cash & Cash Equivalents
1.0
—
Preferred Stock
0.5
—
Sector Allocation
Fund (%)
Corporate
42.5
Treasury-Domestic
16.2
Asset Backed Securities
13.1
Mortgage Passthrough
11.9
Collateralized Mortgage Obligation
10.3
Commercial Mortgage Backed Security
3.2
Treasury-Foreign
1.5
Cash & Cash Equivalents
1.0
Preferred Stock
0.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
United States
93.2
86.0
North America
Canada
2.3
1.5
North America
United Kingdom
0.9
1.2
UK
Australia
0.8
0.4
Asia Pacific ex Japan
Bermuda
0.6
0.1
Other
Guatemala
0.4
0.0
Latin America
Mexico
0.3
0.5
Latin America
Israel
0.3
0.1
Other
Colombia
0.3
0.2
Latin America
France
0.3
0.7
Europe ex UK
Top 10 Countries
Fund (%)
United States
93.2
Canada
2.3
United Kingdom
0.9
Australia
0.8
Bermuda
0.6
Guatemala
0.4
Mexico
0.3
Israel
0.3
Colombia
0.3
France
0.3
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
28.9
60.4
AAA
15.7
2.7
AA
4.1
5.6
A
12.3
12.4
BBB
20.3
12.8
Below Invest. Grade
15.7
5.9
Not Rated
1.9
0.1
Cash & Cash Equivalents
1.0
—
Credit Quality
Fund (%)
U.S. Government
28.9
AAA
15.7
AA
4.1
A
12.3
BBB
20.3
Below Invest. Grade
15.7
Not Rated
1.9
Cash & Cash Equivalents
1.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
14.5
1.5
Year 2
10.3
12.4
Year 3
10.8
11.1
Year 4
10.3
10.0
Year 5
10.0
11.5
Year 6
3.5
5.9
Year 7
6.8
6.8
Year 8
3.6
6.0
Year 9
5.2
6.2
Year 10+
24.2
28.5
Cash
1.0
—
Maturity
Fund (%)
Year 1
14.5
Year 2
10.3
Year 3
10.8
Year 4
10.3
Year 5
10.0
Year 6
3.5
Year 7
6.8
Year 8
3.6
Year 9
5.2
Year 10+
24.2
Cash
1.0

Portfolio holdings are subject to change daily.

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds. Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Cash includes cash equivalents.

Weights are percentages of the total portfolio unless otherwise noted.

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

Percentages may not add up to 100% due to rounding.

Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

Lon Erickson, CFA

Portfolio Manager and Managing Director
Lon Erickson is a portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in…
Learn More
Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
Learn More
Ali Hassan, CFA, FRM

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director
Ali Hassan is a portfolio manager for Thornburg Investment Management. He joined the firm in 2013 as a fixed income analyst, became senior fixed income analyst in 2017 and was promoted to portfolio manager in 2021. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science. Prior to his joining Thornburg, Ali…
Learn More

Portfolio managers are supported by the entire Thornburg investment team.

Literature

Fact Sheet
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 TPLS and TMB may include: (1) Credit Risk. If obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations and the Fund’s investment may decline. (2) High Yield Risk. Debt obligations that are rated below investment grade and unrated obligations of similar credit quality (commonly referred to as “junk” or “high yield” bonds) may have a substantial risk of loss. (3) Interest Rate Risk. When interest rates increase, the value of the Fund’s investments may decline and the Fund’s share value may be reduced. When interest rates decrease, the Fund’s dividends may decline. (4) Market and Economic Risk. The Fund's investments, particularly in lower-rated or unrated debt obligations like high-yield bonds, are more susceptible to value declines due to economic and market conditions, poor economic growth, and issuer-specific, political, economic, or legal developments.

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.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

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