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

Thornburg Multi Sector Bond ETF

Fund Assets
$213.95 M
As of 18 Jun 2026
NAV
$25.44
As of 18 Jun 2026
Change
$0.05
As of 18 Jun 2026
YTD NAV Performance
1.00%
As of 18 Jun 2026
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, Portfolio Manager 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.

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Fund Facts

Fund Facts

(As of 18 Jun 2026)
Net Fund Assets
$213.95 M
Exchange
NASDAQ
Benchmark
Bloomberg U.S. Universal Index
Morningstar Category
Multisector Bond
Inception Date
4 Feb 2025
CUSIP
88521L207
Distribution Frequency
Monthly
Total Expense Ratio (%)
0.55%
Pricing & Trading

Pricing & Trading

(As of 18 Jun 2026)
NAV
$25.44
Market Price / Closing Price
$25.48
Premium / Discount (%)
0.17%
30-Day Median Bid-Ask Spread (%)
0.04%
30-Day Average Volume
63,923
Shares Outstanding
8,410,000

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
55
Days at Discount
0
Days at NAV
0
Days at Premium
61
Days at Discount
0
Days at NAV
0
Days at Premium
223
Days at Discount
5
Days at NAV
1
Performance

Performance

(As of 31 Mar 2026)
YTD
1y
Inception
Market Price (%)
0.39
5.12
6.12
Net Asset Value (%)
0.15
5.04
5.79
Bloomberg U.S. Universal Index (%)
-0.15
4.64
5.67
Morningstar Category Avg. (%)
-0.23
5.51
—
Morningstar Quartile
—
3
—
Morningstar Quartile # of Funds
—
356
—
YTD
1y
Inception
Market Price (%)
0.88
5.19
5.71
Net Asset Value (%)
0.84
5.27
5.58
Bloomberg U.S. Universal Index (%)
0.51
5.50
5.45
Morningstar Category Avg. (%)
1.37
6.56
—
Morningstar Quartile
—
4
—
Morningstar Quartile # of Funds
—
360
—

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 30 Jan 2026)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2025
31 Jan 2025
0
—
—
—
28 Feb 2025
28 Feb 2025
0.04477
0.04477
—
—
31 Mar 2025
31 Mar 2025
0.10883
0.10883
—
—
30 Apr 2025
30 Apr 2025
0.10444
0.10444
—
—
30 May 2025
31 May 2025
0.09174
0.09174
—
—
30 Jun 2025
30 Jun 2025
0.09338
0.09338
—
—
31 Jul 2025
31 Jul 2025
0.08772
0.08772
—
—
29 Aug 2025
31 Aug 2025
0.08592
0.08592
—
—
30 Sep 2025
30 Sep 2025
0.07853
0.07853
—
—
31 Oct 2025
31 Oct 2025
0.10251
0.10251
—
—
28 Nov 2025
30 Nov 2025
0.08421
0.08421
—
—
31 Dec 2025
31 Dec 2025
0.17497
0.17497
—
—
30 Jan 2026
31 Jan 2026
0.02183
0.02183
—
—
Characteristics

Characteristics

Portfolio

(As of 31 May 2026)
Portfolio
Benchmark
Number of Holdings
555
—
Effective Duration
4.1 Yrs
5.6 Yrs
Average Effective Maturity
5.1 Yrs
7.9 Yrs
Weighted Average Coupon
4.7%
4.0%
Portfolio
Benchmark
30-Day SEC Yield
4.7%
—
Yield to Worst
5.1%
4.8%
Yield to Maturity
5.2%
—
Portfolio

Portfolio

Top Holdings

(As of 18 Jun 2026)
Name
Ticker/Symbol
Market Value
Weight %
United States Treasury Note/Bond
91282CQQ7
$9,273,286.25
4.34%
United States Treasury Note/Bond
91282CPZ8
$8,256,953.13
3.87%
United States Treasury Note/Bond
91282CQC8
$7,279,261.76
3.41%
THORNBURG CAPITAL MANAGEMENT FUND
LIQUID
$5,614,223.77
2.63%
United States Treasury Note/Bond
91282CMM0
$2,973,441.41
1.39%
Fannie Mae Pool
31418FDB0
$2,509,448.03
1.18%
Fannie Mae Pool
31418D3H3
$2,447,015.66
1.15%
United States Treasury Note/Bond
91282CQK0
$2,007,591.25
0.94%
United States Treasury Note/Bond
912810RM2
$1,896,093.75
0.89%
Freddie Mac Pool
3132DWCP6
$1,761,537.34
0.82%
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%
50%
Corporate Bond
44.0
29.9
Treasury Domestic
19.7
39.3
Asset Backed Securities
11.5
0.4
Collateralized Mortgage Obligation
11.1
—
Mortgage Passthrough
9.2
20.3
Short-Term Investments, Other Assets & Liabilities
1.5
—
Commercial Mortgage Backed Security
1.3
1.3
Preferred Stock
0.7
—
Loan Participation
0.5
—
Treasury-Foreign
0.4
4.8
Credit Default Swap Index
0.0
—
Currency Forward
0.0
—
Sector Allocation
Fund (%)
Corporate Bond
44.0
Treasury Domestic
19.7
Asset Backed Securities
11.5
Collateralized Mortgage Obligation
11.1
Mortgage Passthrough
9.2
Short-Term Investments, Other Assets & Liabilities
1.5
Commercial Mortgage Backed Security
1.3
Preferred Stock
0.7
Loan Participation
0.5
Treasury-Foreign
0.4
Credit Default Swap Index
0.0
Currency Forward
0.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
United States
92.4
86.2
North America
Canada
2.1
1.4
North America
United Kingdom
1.5
1.2
UK
France
0.8
0.6
Europe ex UK
Bermuda
0.5
0.1
Other
Australia
0.5
0.4
Asia Pacific ex Japan
Germany
0.4
0.3
Europe ex UK
Italy
0.4
0.1
Europe ex UK
Mexico
0.3
0.5
Latin America
Dominican Republic
0.3
0.1
Other
Top 10 Countries
Fund (%)
United States
92.4
Canada
2.1
United Kingdom
1.5
France
0.8
Bermuda
0.5
Australia
0.5
Germany
0.4
Italy
0.4
Mexico
0.3
Dominican Republic
0.3
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
30.2
60.0
AAA
11.3
3.0
AA
4.9
4.7
A
11.3
12.1
BBB
23.1
12.7
Below Invest. Grade
14.8
6.3
Not Rated
3.0
1.1
Short-Term Investments, Other Assets & Liabilities
1.5
—
Credit Quality
Fund (%)
U.S. Government
30.2
AAA
11.3
AA
4.9
A
11.3
BBB
23.1
Below Invest. Grade
14.8
Not Rated
3.0
Short-Term Investments, Other Assets & Liabilities
1.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
17.6
1.7
Year 2
11.6
12.5
Year 3
9.6
11.4
Year 4
8.8
10.1
Year 5
8.6
10.8
Year 6
6.6
6.7
Year 7
8.8
7.5
Year 8
2.7
7.1
Year 9
4.8
8.3
Year 10+
19.4
23.8
Short-Term Investments, Other Assets & Liabilities
1.5
—
Maturity
Fund (%)
Year 1
17.6
Year 2
11.6
Year 3
9.6
Year 4
8.8
Year 5
8.6
Year 6
6.6
Year 7
8.8
Year 8
2.7
Year 9
4.8
Year 10+
19.4
Short-Term Investments, Other Assets & Liabilities
1.5

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

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.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities 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

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, Portfolio Manager 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
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 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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