# EDGAR Filing Document

**Accession Number:** 0001896670
**File Stem:** 0001193125-25-290640
**Filing Date:** 2025-11
**Character Count:** 32071
**Document Hash:** 2de3b23363e824924f8aed15f8bb1b91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-290640.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001193125-25-290640

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**EFFECTIVENESS DATE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thrivent ETF Trust
- **CENTRAL INDEX KEY:** 0001896670

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289161
- **FILM NUMBER:** 251504648

**BUSINESS ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE
- **STREET 2:** SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211
- **BUSINESS PHONE:** 612-844-7190

**MAIL ADDRESS:**
- **STREET 1:** 901 MARQUETTE AVENUE
- **STREET 2:** SUITE 2500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-3211

**As filed with the Securities and Exchange Commission on November 21, 2025**

**1933 Act Registration No. 333-289161**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549** 

**FORM N-14** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** |  |
| **Pre-Effective Amendment No. ___** | ☐  |
| **Post-Effective Amendment No. 1** | ☒  |
| **(Check appropriate box or boxes)** |  |

---

**Thrivent ETF Trust**

**(Exact Name of Registrant as Specified in Charter)** <br>

**901 Marquette Avenue, Suite 2500** <br>**Minneapolis, Minnesota 55402-3211**

**(Address of Principal Executive Offices)** <br>

**(612) 844-7190** 

**(Registrant's Telephone Number, including Area Code)** <br>

**John D. Jackson** <br>**Secretary and Chief Legal Officer** <br>**Thrivent ETF Trust** <br>**901 Marquette Avenue, Suite 2500** <br>**Minneapolis, Minnesota 55402-3211**

**(Name and Address of Agent for Service)** 

***Copy to*:** <br>**Jeremy C. Smith** <br> **Ropes & Gray LLP** <br>**1211 Avenue of the Americas** <br>**New York, New York 11036** <br>**Telephone Number: (212) 596-9858** 

It is proposed that this filing will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act").

**Explanatory Note:** This Post-Effective Amendment No. 1 is being made for the purpose of filing the executed opinion of counsel as to tax matters and consequences to shareholders related to the reorganization of Thrivent Mid Cap Value Fund into Thrivent Mid Cap Value ETF.

This Post-Effective Amendment No. 1 to the Thrivent ETF Trust Registration Statement on Form N-14 hereby incorporates by reference such Registration Statement, in the form filed on September 11, 2025 pursuant to Rule 497 of the Securities Act (SEC Accession No. 0001193125-25-200612).

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**Thrivent ETF Trust**

**PART C: OTHER INFORMATION**

**Item 15.**

**Indemnification**

Article Five of the Bylaws of Registrant provides that Registrant shall indemnify each of its trustees and officers (including persons who serve at Registrant's request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) who are not employees or officers of any investment adviser to Registrant or any affiliated person thereof and its chief compliance officer, regardless of whether such person is an employee or officer of any investment adviser to Registrant or any affiliated person thereof, and each of its other trustees and officers (including persons who serve at Registrant's request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) (i.e., those who are employees or officers of any investment adviser to Registrant or any affiliated person thereof) (Covered Persons), to the fullest extent authorized by applicable law against all liabilities and expenses in connection with the defense or disposition of any proceeding in which such Covered Person may be or may have been involved or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as a trustee or officer or by reason of his or her being or having been such a Covered Person, all as more fully set forth in the Bylaws, which are filed as an exhibit to the registration statement.

Section 17(h) of the Investment Company Act of 1940 (1940 Act) provides that no instrument pursuant to which Registrant is organized or administered shall contain any provision which protects or purports to protect any trustee or officer of Registrant against any liability to Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

The Registrant's Declaration of Trust provides that nothing in the Declaration of Trust shall protect any trustee or officer against any liabilities to the Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office or position with or on behalf of the Registrant and the Registrant's Bylaws provides that no indemnification will be made in violation of the provisions of the 1940 Act.

The Registrant may be party to other contracts that include indemnification provisions for the benefit of the Registrant's trustees and officers.

The trustees and officers of the Registrant and the Registrant are insured under a directors and officers/errors and omissions liability insurance policy.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the 1933 Act) may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Registrant's organizational instruments or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission (SEC), such indemnification is against public policy as expressed in the 1933 Act and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 16.**

**Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (1)(a) | &nbsp;&nbsp; [Declaration of Trust of Thrivent ETF Trust (the "Trust" or "Registrant"), incorporated by reference from the initial](http://www.sec.gov/Archives/edgar/data/1896670/000119312521345622/d270792dex99a1.htm)<br> [N-1A registration statement of Registrant, file no. 333-261454, filed December 2, 2021.](http://www.sec.gov/Archives/edgar/data/1896670/000119312521345622/d270792dex99a1.htm)<br>|
| (1)(b) | &nbsp;&nbsp; [Amendment No. 1 to the Declaration of Trust of the Registrant, incorporated by reference from Post-effective](http://www.sec.gov/Archives/edgar/data/1896670/000119312524257066/d836582dex99a2.htm)<br> [Amendment No. 2 to the registration statement of Registrant, file no. 333-261454, filed November 13, 2024.](http://www.sec.gov/Archives/edgar/data/1896670/000119312524257066/d836582dex99a2.htm)<br>|
| (2)(a) | &nbsp;&nbsp; [Bylaws of the Registrant, incorporated by reference from the initial N-1A registration statement of Registrant, file](http://www.sec.gov/Archives/edgar/data/1896670/000119312521345622/d270792dex99b1.htm)<br> [no. 333-261454, filed December 2, 2021.](http://www.sec.gov/Archives/edgar/data/1896670/000119312521345622/d270792dex99b1.htm)<br>|

---

------

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| | |
|:---|:---|
| (2)(b) | &nbsp;&nbsp; [Amendment No. 1 to the Bylaws of the Registrant, incorporated by reference from Post-effective Amendment](http://www.sec.gov/Archives/edgar/data/1896670/000119312524257066/d836582dex99b2.htm)<br> [No. 2 to the registration statement of Registrant, file no. 333-261454, filed November 13, 2024.](http://www.sec.gov/Archives/edgar/data/1896670/000119312524257066/d836582dex99b2.htm)<br>|
| (3) | Not applicable. |
| (4) | &nbsp;&nbsp; [Form of Agreement and Plan of Reorganization, incorporated by reference from the initial N-14 registration](http://www.sec.gov/Archives/edgar/data/1896670/000119312525171074/d912729dex994.htm)<br> [statement of Registrant, file no. 333-289161, filed August 1, 2025](http://www.sec.gov/Archives/edgar/data/1896670/000119312525171074/d912729dex994.htm).<br>|
| (5) | Reference is made to Article V of the Registrant's Declaration of Trust. |
| (6)(a) | &nbsp;&nbsp; [Investment Advisory Agreement, dated August 30, 2022, between the Registrant and Thrivent Asset](http://www.sec.gov/Archives/edgar/data/1896670/000119312522242985/d287826dex99d.htm)<br> [Management, LLC, incorporated by reference from Pre-effective Amendment No.4 to the registration statement](http://www.sec.gov/Archives/edgar/data/1896670/000119312522242985/d287826dex99d.htm)<br> [of Registrant, file no. 333-261454, filed September 12, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522242985/d287826dex99d.htm)<br>|
| (6)(b) | &nbsp;&nbsp; [Amendment No. 1 to Investment Advisory Agreement, incorporated by reference from Post-Effective](http://www.sec.gov/Archives/edgar/data/1896670/000119312525026565/d862576dex99d2.htm)<br> [Amendment No. 5 to the registration statement of Registrant, file no. 333-261454, filed February 14, 2025.](http://www.sec.gov/Archives/edgar/data/1896670/000119312525026565/d862576dex99d2.htm)<br>|
| (7)(a) | &nbsp;&nbsp; [Distribution Agreement, dated May 20, 2022, between the Registrant and ALPS Distributors, Inc. ("ALPS"),](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99e1.htm)<br> [incorporated by reference from Pre-effective Amendment No. 3 to the registration statement of Registrant, file](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99e1.htm)<br> [no. 333-261454, filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99e1.htm)<br>|
| (7)(b) | &nbsp;&nbsp; [Amendment No. 1 to Distribution Agreement, between Registrant and ALPS, incorporated by reference from](http://www.sec.gov/Archives/edgar/data/1896670/000119312525026565/d862576dex99e2.htm)<br> [Post-Effective Amendment No. 5 to the registration statement of Registrant, file no. 333-261454, filed](http://www.sec.gov/Archives/edgar/data/1896670/000119312525026565/d862576dex99e2.htm)<br> [February 14, 2025.](http://www.sec.gov/Archives/edgar/data/1896670/000119312525026565/d862576dex99e2.htm)<br>|
| (7)(c) | &nbsp;&nbsp; [Supplemental Distribution Services Letter Agreement between the Registrant and Thrivent Distributors, LLC,](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99e2.htm)<br> [incorporated by reference from Pre-effective Amendment No. 3 to the registration statement of Registrant, file](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99e2.htm)<br> [no. 333-261454, filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99e2.htm)<br>|
| (8) | Not applicable. |
| (9)(a) | &nbsp;&nbsp; [Master Custodian Agreement, dated December 1, 2017, between Registrant and State Street Bank and Trust](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99g1.htm)<br> [Company ("State Street"), incorporated by reference from Pre-effective Amendment No. 3 to the registration](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99g1.htm)<br> [statement of Registrant, file no. 333-261454, filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99g1.htm)<br>|
| (9)(b) | &nbsp;&nbsp; [Letter Agreement Amendment, dated May 18, 2022, between Registrant and State Street, incorporated by](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99g2.htm)<br> [reference from Pre-effective Amendment No. 3 to the registration statement of Registrant, file no. 333-261454,](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99g2.htm)<br> [filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99g2.htm)<br>|
| (9)(c) | &nbsp;&nbsp; [Amendment, effective February 28, 2023, to Master Custodian Agreement, incorporated by reference from](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99g3.htm)<br> [Post-effective Amendment No. 1 to the registration statement of Registrant, file no. 333-261454, filed](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99g3.htm)<br> [November 30, 2023.](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99g3.htm)<br>|
| (9)(d) | &nbsp;&nbsp; [Amendment, effective April 30, 2023, to Master Custodian Agreement, incorporated by reference from Post-](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99g4.htm)<br> [effective Amendment No. 1 to the registration statement of Registrant, file no. 333-261454, filed November 30,](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99g4.htm)<br> [2023.](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99g4.htm)<br>|
| (9)(e) | &nbsp;&nbsp; [Letter Agreement Amendment, dated January 6, 2025, to Master Custodian Agreement, incorporated by](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99g5.htm)<br> [reference from Post-effective Amendment No. 4 to the registration statement of Registrant, file no. 333-261454,](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99g5.htm)<br> [filed January 28, 2025.](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99g5.htm)<br>|
| (10)(a) | &nbsp;&nbsp; [Rule 12b-1 Plan, incorporated by reference from Pre-effective Amendment No. 3 to the registration statement of](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99m.htm)<br> [Registrant, file no. 333-261454, filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99m.htm)<br>|
| (10)(b) | &nbsp;&nbsp; [Amended Rule 12b-1 Plan, incorporated by reference from Post-Effective Amendment No. 5 to the registration](http://www.sec.gov/Archives/edgar/data/1896670/000119312525026565/d862576dex99m2.htm)<br> [statement of Registrant, file no. 333-261454, filed February 14, 2025.](http://www.sec.gov/Archives/edgar/data/1896670/000119312525026565/d862576dex99m2.htm)<br>|
| (11) | &nbsp;&nbsp; [Opinion and consent of Ropes & Gray LLP as to the legality of the securities being registered is incorporated](http://www.sec.gov/Archives/edgar/data/1896670/000119312525171074/d912729dex9911.htm)<br> [by reference from the initial N-14 registration statement of Registrant, file no. 333-289161, filed August 1, 2025](http://www.sec.gov/Archives/edgar/data/1896670/000119312525171074/d912729dex9911.htm).<br>|
| (12) | [Opinion and consent of Ropes & Gray LLP as to tax matters is filed herewith](d912729dex9912.htm). |
| (13)(a) | &nbsp;&nbsp; [Administration Agreement, dated May 18, 2022, between the Registrant and State Street, incorporated by](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h1.htm)<br> [reference from Pre-effective Amendment No. 3 to the registration statement of Registrant, file no. 333-261454,](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h1.htm)<br> [filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h1.htm)<br>|
| (13)(b) | &nbsp;&nbsp; [Letter Agreement Amendment, dated January 6, 2025, to Administration Agreement, incorporated by reference](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h2.htm)<br> [from Post-effective Amendment No. 4 to the registration statement of Registrant, file no. 333-261454, filed](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h2.htm)<br> [January 28, 2025.](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h2.htm)<br>|
| (13)(c) | &nbsp;&nbsp; [Transfer Agency and Service Agreement, dated May 18, 2022, between the Registrant and State Street,](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h2.htm)<br> [incorporated by reference from Pre-effective Amendment No. 3 to the registration statement of Registrant, file](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h2.htm)<br> [no. 333-261454, filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h2.htm)<br>|
| (13)(d) | &nbsp;&nbsp; [Letter Agreement Amendment, dated January 6, 2025, to Transfer Agency and Service Agreement,](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h4.htm)<br> [incorporated by reference from Post-effective Amendment No. 4 to the registration statement of Registrant, file](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h4.htm)<br> [no. 333-261454, filed January 28, 2025.](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h4.htm)<br>|

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| | |
|:---|:---|
| (13)(e) | &nbsp;&nbsp; [Anti-Money Laundering and Sanctions Procedures Supplement to Transfer Agency and Service Agreement,](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h3.htm)<br> [dated August 3, 2022, between the Registrant and State Street, incorporated by reference from Pre-effective](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h3.htm)<br> [Amendment No. 3 to the registration statement of Registrant, file no. 333-261454, filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h3.htm)<br>|
| (13)(f) | &nbsp;&nbsp; [Amendment, dated January 6, 2025, to Anti-Money Laundering and Sanctions Procedures Supplement to](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h6.htm)<br> [Transfer Agency and Service Agreement, incorporated by reference from Post-effective Amendment No. 4 to](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h6.htm)<br> [the registration statement of Registrant, file no. 333-261454, filed January 28, 2025.](http://www.sec.gov/Archives/edgar/data/1896670/000119312525014452/d841980dex99h6.htm)<br>|
| (13)(g) | &nbsp;&nbsp; [Form of Authorized Participant Agreement, incorporated by reference from Pre-effective Amendment No. 3 to](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h4.htm)<br> [the registration statement of Registrant, file no. 333-261454, filed August 4, 2022.](http://www.sec.gov/Archives/edgar/data/1896670/000119312522212497/d687571dex99h4.htm)<br>|
| (13)(h) | &nbsp;&nbsp; [Services Agreement, dated May 17, 2023, between Thrivent Asset Management, LLC and Thrivent Financial](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99h5.htm)<br> [Investor Services Inc., incorporated by reference from Post-effective Amendment No. 1 to the registration](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99h5.htm)<br> [statement of Registrant, file no. 333-261454, filed November 30, 2023.](http://www.sec.gov/Archives/edgar/data/1896670/000119312523285949/d444450dex99h5.htm)<br>|
| (14) | &nbsp;&nbsp; [Consent of Independent Registered Public Accounting Firm is incorporated by reference from the initial N-14](http://www.sec.gov/Archives/edgar/data/1896670/000119312525171074/d912729dex9914.htm)<br> [registration statement of Registrant, file no. 333-289161, filed August 1, 2025](http://www.sec.gov/Archives/edgar/data/1896670/000119312525171074/d912729dex9914.htm).<br>|
| (15) | Not applicable. |
| (16) | &nbsp;&nbsp; [Power of Attorney, incorporated by reference from Pre-effective Amendment No. 4 to the registration statement](http://www.sec.gov/Archives/edgar/data/1896670/000119312522242985/d287826dex99q.htm)<br> [of Registrant, file no. 333-261454, filed September 12, 2022](http://www.sec.gov/Archives/edgar/data/1896670/000119312522242985/d287826dex99q.htm). <br>|
| (17) | Not applicable. |

---

**Item 17.**

**Undertakings**

1. The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933 (the "Securities Act"), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

2. The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

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**SIGNATURES**

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed on behalf of the Registrant, in the City of Minneapolis and State of Minnesota, as of the 21st day of November, 2025.

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| |
|:---|
| Thrivent ETF Trust |
| /s/ John D. Jackson |
| John D. Jackson<br> Secretary and Chief Legal Officer<br>|

---

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated as of the 21st day of November, 2025.

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Michael W. Kremenak |  |
| Michael W. Kremenak | Trustee and President (Principal Executive Officer) |
| /s/ Sarah L. Bergstrom |  |
| Sarah L. Bergstrom | Treasurer (Principal Financial and Accounting Officer) |
| \* |  |
| Janice B. Case | Trustee |
| \* |  |
| Robert J. Chersi | Trustee |
| \* |  |
| Arleas Upton Kea | Trustee |
| \* |  |
| Paul R. Laubscher | Trustee |
| \* |  |
| Robert J. Manilla | Trustee |
| \* |  |
| James A. Nussle | Trustee |
| \* |  |
| David S. Royal | Trustee |
| \* |  |
| James W. Runcie | Trustee |
| \* |  |
| Constance L. Souders | Trustee |

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\*

John D. Jackson, by signing his name hereto, does hereby sign this document on behalf of each of the above-named Trustees of Thrivent ETF Trust pursuant to the powers of attorney duly executed by such persons.

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| | |
|:---|:---|
| Dated: November 21, 2025 | /s/ John D. Jackson |
|  | &nbsp;&nbsp;&nbsp;&nbsp; John D. Jackson<br> Attorney-in-Fact<br>|

---

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**Thrivent ETF Trust**

**EXHIBITS INDEX**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit No.</u> <u>Description</u> <br> EX-99 (12) [Opinion and consent of Ropes & Gray LLP as to tax matters](d912729dex9912.htm).

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## Ex-99.(12)

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| | |
|:---|:---|
| ![LOGO](g912729g1117233456174.jpg) | ROPES & GRAY LLP<br> PRUDENTIAL TOWER<br> 800 BOYLSTON STREET<br> BOSTON, MA 02199-3600<br> WWW.ROPESGRAY.COM |

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November 14, 2025

Thrivent Mid Cap Value Fund

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

Thrivent Mid Cap Value ETF

Thrivent ETF Trust

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 20, 2025, by and among (i) Thrivent ETF Trust, a Massachusetts business trust ("Acquiring Trust"), on behalf of one of its series, Thrivent Mid Cap Value ETF ("Acquiring Fund"), (ii) Thrivent Mutual Funds, a Massachusetts business trust ("Acquired Trust"), on behalf of one of its series, Thrivent Mid Cap Value Fund ("Acquired Fund"), and (iii) for purposes of Section 9.2 of the Agreement only, Thrivent Asset Management Company, LLC ("Thrivent"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Section 8.5 of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is a series of the Acquired Trust, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

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Thrivent Mid Cap Value Fund November 14, 2025 <br> Thrivent Mid Cap Value ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated September 11, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete without qualification.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of
Section 368(a)(1)(F) of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer of
Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its stockholders
in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the Acquiring
Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided that the
stockholder held those Acquired Fund shares as capital assets;

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Thrivent Mid Cap Value Fund November 14, 2025 <br> Thrivent Mid Cap Value ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired Fund
asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

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| Very truly yours, |
| /s/ Ropes & Gray LLP |
| Ropes & Gray LLP |

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