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TMB

Thornburg Multi Sector Bond ETF

Fund Assets
$44.32 M
As of 10 Jul 2025
NAV
$25.26
As of 11 Jul 2025
Change
$-0.06
As of 11 Jul 2025
YTD NAV Performance
2.83%
As of 11 Jul 2025
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Universal Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Portfolio Manager and Managing Director
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.

Fund Facts

Fund Facts

(As of 10 Jul 2025)
Net Fund Assets
$44.32 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 10 Jul 2025)
NAV
$25.32
Market Price / Closing Price
$25.36
Premium / Discount (%)
0.12%
30-Day Median Bid-Ask Spread (%)
0.08%
30-Day Average Volume
9,777
Shares Outstanding
1,750,000
Premium / Discount History

Premium / Discount History

(As of Current Quarter)
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 (%)
3.36
Market Price (%)
3.60
Bloomberg U.S. Universal Index (%)
3.24
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Number of Holdings
306
Effective Duration
4.3 Yrs
5.8 Yrs
Average Effective Maturity
5.7 Yrs
8.0 Yrs
Weighted Average Coupon
4.6%
3.9%
Portfolio
Benchmark
30-Day SEC Yield
4.44
Yield to Worst
5.3%
4.9%
Yield to Maturity
5.4%
Portfolio

Portfolio

Top Holdings

(As of 11 Jul 2025)
Name
Ticker/Symbol
Market Value
Weight %
United States Treasury Note/Bond
912810RM2
$1,896,093.75
4.28%
United States Treasury Note/Bond
91282CLW9
$1,707,151.88
3.85%
United States Treasury Note/Bond
91282CMM0
$971,671.88
2.19%
United States Treasury Inflation Indexed Bonds
91282CFR7
$723,820.54
1.63%
Freddie Mac Pool
3142J6AQ6
$663,551.06
1.50%
Fannie Mae Pool
3140XMYU4
$649,857.91
1.47%
United States Treasury Note/Bond
91282CCV1
$644,109.38
1.45%
Freddie Mac Pool
3132DPQ76
$633,823.49
1.43%
Fannie Mae Pool
3140XLGX0
$621,339.42
1.40%
Fannie Mae Pool
3140W1GU1
$510,070.61
1.15%
Download Holdings
Exposure Breakdown

Exposure Breakdown

(As of 31 May 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate
43.6
30.0
Treasury-Domestic
16.0
38.5
Mortgage Passthrough
12.2
21.1
Asset Backed Securities
12.1
0.4
Collateralized Mortgage Obligation
9.6
Commercial Mortgage Backed Security
3.3
1.3
Treasury-Foreign
1.5
4.5
Cash & Cash Equivalents
1.2
Preferred Stock
0.5
Sector Allocation
Fund (%)
Corporate
43.6
Treasury-Domestic
16.0
Mortgage Passthrough
12.2
Asset Backed Securities
12.1
Collateralized Mortgage Obligation
9.6
Commercial Mortgage Backed Security
3.3
Treasury-Foreign
1.5
Cash & Cash Equivalents
1.2
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
93.0
86.1
North America
Canada
2.4
1.5
North America
United Kingdom
1.0
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
93.0
Canada
2.4
United Kingdom
1.0
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
29.2
60.6
AAA
16.3
2.7
AA
4.0
4.8
A
11.7
12.3
BBB
20.9
12.8
Below Invest. Grade
15.6
5.8
Not Rated
1.2
1.0
Cash & Cash Equivalents
1.2
Credit Quality
Fund (%)
U.S. Government
29.2
AAA
16.3
AA
4.0
A
11.7
BBB
20.9
Below Invest. Grade
15.6
Not Rated
1.2
Cash & Cash Equivalents
1.2
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.3
1.5
Year 2
9.9
12.6
Year 3
12.4
11.0
Year 4
8.9
9.8
Year 5
8.7
10.6
Year 6
4.1
6.6
Year 7
8.2
6.7
Year 8
3.7
5.6
Year 9
5.1
6.8
Year 10+
24.6
28.9
Cash
1.2
Maturity
Fund (%)
Year 1
13.3
Year 2
9.9
Year 3
12.4
Year 4
8.9
Year 5
8.7
Year 6
4.1
Year 7
8.2
Year 8
3.7
Year 9
5.1
Year 10+
24.6
Cash
1.2
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…
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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…
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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…
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Portfolio managers are supported by the entire Thornburg investment team.

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