# EDGAR Filing Document

**Accession Number:** 0001896670
**File Stem:** 0001410368-25-001557
**Filing Date:** 2025-8
**Character Count:** 174987
**Document Hash:** 4f597b1d84cdf79a5a827bae8ad7b0fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-001557.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001410368-25-001557

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23759
- **FILM NUMBER:** 251260173

**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

## Series and Classes Contracts Data

### Thrivent Small-Mid Cap Equity ETF (Series ID: S000075337)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000234286 | Thrivent Small-Mid Cap Equity ETF | TSME            |

## Nport-Ex

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Asset-Backed Securities 3.8%</u>** | **<u>Asset-Backed Securities 3.8%</u>** | **<u>Asset-Backed Securities 3.8%</u>** |
|  | Affirm Asset Securitization Trust, |  |
| $461681 | &nbsp;&nbsp;&nbsp; 5.08%, 4/15/2030, Series 2025-X1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; $462114 |
|  | &nbsp;&nbsp; American Heritage Auto Receivables <br> Trust,<br>|  |
| 110000 | &nbsp;&nbsp;&nbsp; 4.90%, 9/17/2029, Series 2024-1A, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 110024 |
|  | AMSR Trust, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.66%, 6/17/2042, Series 2025-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 468934 |
|  | ARES LXXI CLO, Ltd., |  |
| 235000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.700%), 5.97%, <br> 4/20/2037, Series 2024-71A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 235557 |
|  | &nbsp;&nbsp; Avis Budget Rental Car Funding <br> AESOP LLC,<br>|  |
| 275000 | &nbsp;&nbsp;&nbsp; 5.24%, 8/20/2029, Series 2025-1A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 277887 |
|  | Balboa Bay Loan Funding, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.250%), 6.52%, <br> 1/20/2035, Series 2021-2A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250065 |
|  | Barings Loan Partners CLO, Ltd., |  |
| 180000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.650%), 5.92%, <br> 1/20/2034, Series LP-2A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 179958 |
|  | Battalion CLO XXI, Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.000%), 6.31%, <br> 7/15/2034, Series 2021-21A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 1000000 |
|  | Chenango Park CLO, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.800%), 6.06%, <br> 4/15/2030, Series 2018-1A, <br> Class BR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250423 |
|  | Dryden 72 CLO, Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.650%), 5.98%, <br> 5/15/2032, Series 2019-72A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1002105 |
|  | Dryden 78 CLO, Ltd., |  |
| 235000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.730%), 6.01%, <br> 4/17/2037, Series 2020-78A, <br> Class A2R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 235449 |
|  | Hertz Vehicle Financing III LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.45%, 9/25/2029, Series 2025-1A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 252909 |
| 750000 | &nbsp;&nbsp;&nbsp; 5.59%, 12/26/2029, Series 2025-<br> 3A, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 753193 |
|  | Hertz Vehicle Financing LLC, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.56%, 9/25/2026, Series 2022-4A, <br> Class D <sup>a</sup> <br>| &nbsp;&nbsp; 299977 |
|  | Hotwire Funding LLC, |  |
| 205000 | &nbsp;&nbsp;&nbsp; 5.89%, 6/20/2054, Series 2024-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 208077 |
|  | LCM 41, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 3.600%), 7.91%, <br> 4/15/2036, Series 41A, <br> Class D1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500000 |
|  | Madison Park Funding XXIV, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.550%), 5.82%, <br> 10/20/2029, Series 2016-24A, <br> Class BR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500125 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Asset-Backed Securities 3.8% – continued</u>** | **<u>Asset-Backed Securities 3.8% – continued</u>** | **<u>Asset-Backed Securities 3.8% – continued</u>** |
|  | Park Blue CLO, Ltd., |  |
| $500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 2.180%), 6.50%, <br> 4/20/2038, Series 2023-3A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $502630 |
|  | Point Securitization Trust, |  |
| 348939 | &nbsp;&nbsp;&nbsp; 6.25%, 6/25/2055, Series 2025-1, <br> Class A1 <sup>a</sup> <br>| &nbsp;&nbsp; 348049 |
|  | RFS Asset Securitization V LLC, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 6.05%, 5/15/2032, Series 2025-1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 402986 |
|  | &nbsp;&nbsp; SLM Private Credit Student Loan <br> Trust,<br>|  |
| 142589 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.662%), 4.98%, <br> 6/15/2033, Series 2004-A, <br> Class A3 <sup>b</sup> <br>| &nbsp;&nbsp; 142003 |
|  | Veros Auto Receivables Trust, |  |
| 367514 | &nbsp;&nbsp;&nbsp; 5.31%, 9/15/2028, Series 2025-1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 367960 |
|  | Vibrant CLO IV-R, Ltd., |  |
| 600000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.650%), 5.92%, <br> 10/20/2037, Series 2024-4RA, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 601150 |
|  | **Total** | **9351575** |
| **<u>Basic Materials 1.8%</u>** | **<u>Basic Materials 1.8%</u>** | **<u>Basic Materials 1.8%</u>** |
|  | Air Products & Chemicals, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.90%, 10/11/2032 | &nbsp;&nbsp; 507006 |
|  | Anglo American Capital plc, |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.75%, 4/5/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 387228 |
|  | Cleveland-Cliffs, Inc., |  |
| 260000 | &nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 251411 |
|  | Eastman Chemical Co., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 5.00%, 8/1/2029 | &nbsp;&nbsp; 456277 |
|  | Ecolab, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.30%, 6/15/2028 | &nbsp;&nbsp; 755224 |
|  | FMC Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 4.366%), 8.45%, <br> 11/1/2055 <sup>b</sup> <br>| &nbsp;&nbsp; 511687 |
|  | Georgia-Pacific LLC, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.40%, 6/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 502509 |
|  | Glencore Funding LLC, |  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.50%, 10/6/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 54220 |
|  | &nbsp;&nbsp; International Flavors & Fragrances, <br> Inc.,<br>|  |
| 221000 | &nbsp;&nbsp;&nbsp; 2.30%, 11/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 195308 |
|  | Methanex Corp., |  |
| 265000 | &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2029 | &nbsp;&nbsp; 261789 |
|  | OCP SA, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.88%, 4/25/2044 | &nbsp;&nbsp; 289585 |
|  | Steel Dynamics, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.45%, 4/15/2030 | &nbsp;&nbsp; 380508 |
|  | **Total** | **4552752** |
| **<u>Collateralized Mortgage Obligations 2.5%</u>** | **<u>Collateralized Mortgage Obligations 2.5%</u>** | **<u>Collateralized Mortgage Obligations 2.5%</u>** |
|  | Cross Mortgage Trust, |  |
| 231962 | &nbsp;&nbsp;&nbsp; 6.42%, 4/25/2069, Series 2024-H2, <br> Class A2 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 233669 |
|  | Flagstar Mortgage Trust, |  |
| 716602 | &nbsp;&nbsp;&nbsp; 2.50%, 8/25/2051, Series 2021-<br> 6INV, Class A4 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 583471 |
|  | GCAT Trust, |  |
| 147746 | &nbsp;&nbsp;&nbsp; 5.50%, 1/25/2054, Series 2024-<br> INV1, Class 1A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 146835 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Collateralized Mortgage Obligations 2.5% – continued</u>** | **<u>Collateralized Mortgage Obligations 2.5% – continued</u>** | **<u>Collateralized Mortgage Obligations 2.5% – continued</u>** |
| $632216 | &nbsp;&nbsp;&nbsp; 6.50%, 1/25/2054, Series 2024-<br> INV1, Class 2A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $644292 |
|  | JP Morgan Mortgage Trust, |  |
| 724761 | &nbsp;&nbsp;&nbsp; 2.50%, 2/25/2052, Series 2021-<br> INV7, Class A2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 593303 |
|  | &nbsp;&nbsp; Morgan Stanley Residential Mortgage <br> Loan Trust,<br>|  |
| 986608 | &nbsp;&nbsp;&nbsp; 5.53%, 5/25/2070, Series 2025-<br> NQM3, Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 990753 |
|  | PMT Loan Trust, |  |
| 534487 | &nbsp;&nbsp;&nbsp; 2.50%, 7/25/2051, Series 2021-<br> INV1, Class A3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 436527 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.50%, 5/25/2056, Series 2025-<br> INV5, Class A12 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 487379 |
|  | PRET Trust, |  |
| 97376 | &nbsp;&nbsp;&nbsp; 4.00%, 8/25/2064, Series 2025-<br> RPL2, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 94155 |
|  | Roc Mortgage Trust, |  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.63%, 2/25/2040, Series 2025-<br> RTL1, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 150310 |
|  | Toorak Mortgage Trust, |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.52%, 2/25/2040, Series 2025-<br> RRTL1, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 200024 |
|  | Verus Securitization Trust, |  |
| 393208 | &nbsp;&nbsp;&nbsp; 6.97%, 12/25/2068, Series 2023-8, <br> Class A3 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 398028 |
| 237600 | &nbsp;&nbsp;&nbsp; 5.98%, 1/25/2070, Series 2025-1, <br> Class A3 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 238853 |
| 1000000 | &nbsp;&nbsp;&nbsp; 5.58%, 6/25/2070, Series 2025-5, <br> Class A2 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 1004159 |
|  | **Total** | **6201758** |
| **<u>Commercial Mortgage-Backed Securities 0.7%</u>** | **<u>Commercial Mortgage-Backed Securities 0.7%</u>** | **<u>Commercial Mortgage-Backed Securities 0.7%</u>** |
|  | Bank, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 6.03%, 3/15/2058, Series 2025-<br> BNK49, Class AS <sup>b</sup> <br>| &nbsp;&nbsp; 105048 |
| 400000 | &nbsp;&nbsp;&nbsp; 2.14%, 3/15/2063, Series 2020-<br> BN28, Class AS<br>| &nbsp;&nbsp; 345013 |
|  | BBCMS Mortgage Trust, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.99%, 5/15/2058, Series 2025-<br> 5C34, Class AS <sup>b</sup> <br>| &nbsp;&nbsp; 521452 |
|  | Benchmark Mortgage Trust, |  |
| 225000 | &nbsp;&nbsp;&nbsp; 6.09%, 4/15/2057, Series 2025-<br> V14, Class AM <sup>b</sup> <br>| &nbsp;&nbsp; 235377 |
|  | CSAIL Commercial Mortgage Trust, |  |
| 484000 | &nbsp;&nbsp;&nbsp; 2.56%, 3/15/2053, Series 2020-<br> C19, Class A3<br>| &nbsp;&nbsp; 435324 |
|  | **Total** | **1642214** |
| **<u>Communication Services 2.2%</u>** | **<u>Communication Services 2.2%</u>** | **<u>Communication Services 2.2%</u>** |
|  | AT&T, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.70%, 8/15/2030 | &nbsp;&nbsp; 252269 |
| 375000 | &nbsp;&nbsp;&nbsp; 5.40%, 2/15/2034 | &nbsp;&nbsp; 385696 |
| 250000 | &nbsp;&nbsp;&nbsp; 5.15%, 2/15/2050 | &nbsp;&nbsp; 224867 |
|  | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |
| 395000 | &nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 382677 |
|  | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.05%, 3/30/2029 | &nbsp;&nbsp; 504767 |
| 250000 | &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 | &nbsp;&nbsp; 262577 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Communication Services 2.2% – continued</u>** | **<u>Communication Services 2.2% – continued</u>** | **<u>Communication Services 2.2% – continued</u>** |
|  | Comcast Corp., |  |
| $500000 | &nbsp;&nbsp;&nbsp; 4.95%, 5/15/2032 | &nbsp;&nbsp; $508861 |
| 250000 | &nbsp;&nbsp;&nbsp; 4.65%, 7/15/2042 | &nbsp;&nbsp; 222087 |
|  | Meta Platforms, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.75%, 8/15/2034 | &nbsp;&nbsp; 376755 |
|  | Netflix, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.90%, 8/15/2034 | &nbsp;&nbsp; 509687 |
|  | Paramount Global, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 7.88%, 7/30/2030 | &nbsp;&nbsp; 276973 |
|  | T-Mobile USA, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.13%, 5/15/2032 | &nbsp;&nbsp; 382422 |
| 375000 | &nbsp;&nbsp;&nbsp; 3.00%, 2/15/2041 | &nbsp;&nbsp; 274408 |
|  | VeriSign, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.25%, 6/1/2032 | &nbsp;&nbsp; 382168 |
|  | Verizon Communications, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.25%, 4/2/2035 | &nbsp;&nbsp; 504166 |
|  | **Total** | **5450380** |
| **<u>Consumer Discretionary 4.0%</u>** | **<u>Consumer Discretionary 4.0%</u>** | **<u>Consumer Discretionary 4.0%</u>** |
|  | &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP, Ltd.,<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 99912 |
|  | Bath & Body Works, Inc., |  |
| 365000 | &nbsp;&nbsp;&nbsp; 6.63%, 10/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 376187 |
|  | Delta Air Lines, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.95%, 7/10/2028 | &nbsp;&nbsp; 502856 |
|  | Delta Air Lines, inc./ SkyMiles IP, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 250580 |
|  | Ford Motor Credit Co. LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.80%, 11/7/2028 | &nbsp;&nbsp; 259011 |
|  | General Motors Co., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.35%, 4/15/2028 | &nbsp;&nbsp; 253800 |
|  | General Motors Financial Co., Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.75%, 2/8/2031 | &nbsp;&nbsp; 385321 |
| 375000 | &nbsp;&nbsp;&nbsp; 5.63%, 4/4/2032 | &nbsp;&nbsp; 379428 |
|  | Honda Motor Co., Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.44%, 7/8/2028 <sup>c</sup> <br>| &nbsp;&nbsp; 1001147 |
|  | Hyundai Capital America, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.88%, 6/23/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 502884 |
| 500000 | &nbsp;&nbsp;&nbsp; 6.20%, 9/21/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 529047 |
|  | International Game Technology plc, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.25%, 1/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 247759 |
|  | Las Vegas Sands Corp., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp; 408014 |
| 250000 | &nbsp;&nbsp;&nbsp; 6.00%, 8/15/2029 | &nbsp;&nbsp; 256950 |
|  | Lennar Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.20%, 7/30/2030 | &nbsp;&nbsp; 509403 |
|  | Marriott International, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.10%, 4/15/2032 | &nbsp;&nbsp; 252817 |
|  | Mattamy Group Corp., |  |
| 270000 | &nbsp;&nbsp;&nbsp; 4.63%, 3/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 259508 |
|  | Nissan Motor Acceptance Co. LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.30%, 9/13/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 246471 |
|  | Resideo Funding, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 6.50%, 7/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 384184 |
|  | Royal Caribbean Cruises, Ltd., |  |
| 370000 | &nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 380316 |
|  | Stellantis Finance U.S., Inc., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.35%, 3/17/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 201665 |
|  | Target Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.35%, 6/15/2028 | &nbsp;&nbsp; 754508 |
|  | Toyota Motor Credit Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.80%, 5/15/2030 | &nbsp;&nbsp; 761963 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Consumer Discretionary 4.0% – continued</u>** | **<u>Consumer Discretionary 4.0% – continued</u>** | **<u>Consumer Discretionary 4.0% – continued</u>** |
|  | United Airlines Pass-Through Trust, |  |
| $23608 | &nbsp;&nbsp;&nbsp; 3.75%, 3/3/2028, Series 2014-2, <br> Class A<br>| &nbsp;&nbsp; $23211 |
|  | United Airlines, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.63%, 4/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 242666 |
|  | Warnermedia Holdings, Inc., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 4.05%, 3/15/2029 | &nbsp;&nbsp; 40000 |
|  | Yum! Brands, Inc., |  |
| 380000 | &nbsp;&nbsp;&nbsp; 5.38%, 4/1/2032 | &nbsp;&nbsp; 380280 |
|  | **Total** | **9889888** |
| **<u>Consumer Staples 4.4%</u>** | **<u>Consumer Staples 4.4%</u>** | **<u>Consumer Staples 4.4%</u>** |
|  | AbbVie, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.60%, 3/15/2055 | &nbsp;&nbsp; 500178 |
|  | &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC,<br>|  |
| 370000 | &nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 369629 |
|  | &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, <br> Inc.,<br>|  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.00%, 6/15/2034 | &nbsp;&nbsp; 382798 |
|  | AstraZeneca plc, |  |
| 375000 | &nbsp;&nbsp;&nbsp; 3.00%, 5/28/2051 | &nbsp;&nbsp; 252335 |
|  | BAT Capital Corp., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 | &nbsp;&nbsp; 433427 |
|  | Becton Dickinson & Co., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.69%, 12/15/2044 | &nbsp;&nbsp; 326343 |
|  | Colgate-Palmolive Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.20%, 5/1/2030 | &nbsp;&nbsp; 502062 |
|  | Conagra Brands, Inc., |  |
| 600000 | &nbsp;&nbsp;&nbsp; 4.85%, 11/1/2028 | &nbsp;&nbsp; 605809 |
|  | CVS Health Corp., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.05%, 3/25/2048 | &nbsp;&nbsp; 323793 |
|  | Diageo Investment Corp., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.63%, 4/15/2035 | &nbsp;&nbsp; 104574 |
|  | Edgewell Personal Care Co., |  |
| 380000 | &nbsp;&nbsp;&nbsp; 5.50%, 6/1/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 378079 |
|  | Elevance Health, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.38%, 6/15/2037 | &nbsp;&nbsp; 539222 |
|  | Encompass Health Corp., |  |
| 380000 | &nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | &nbsp;&nbsp; 375177 |
|  | GE HealthCare Technologies, Inc., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.38%, 11/22/2052 | &nbsp;&nbsp; 53871 |
|  | Global Payments, Inc., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 2.90%, 11/15/2031 | &nbsp;&nbsp; 44224 |
|  | HCA, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.50%, 3/1/2032 | &nbsp;&nbsp; 387012 |
|  | Imperial Brands Finance plc, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.50%, 6/30/2028 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 499940 |
|  | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS <br> USA Foods Group Holdings, Inc./JBS <br> USA Food Co.,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.50%, 1/15/2036 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 500735 |
|  | &nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food <br> Co./JBS USA Foods Group,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.38%, 2/25/2055 <sup>a</sup> <br>| &nbsp;&nbsp; 513295 |
|  | Keurig Dr. Pepper, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.05%, 4/15/2032 | &nbsp;&nbsp; 360366 |
|  | L'Oreal SA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 5/20/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 508399 |
|  | Mars, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.60%, 3/1/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 100813 |
| 50000 | &nbsp;&nbsp;&nbsp; 5.65%, 5/1/2045 <sup>a</sup> <br>| &nbsp;&nbsp; 50121 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Consumer Staples 4.4% – continued</u>** | **<u>Consumer Staples 4.4% – continued</u>** | **<u>Consumer Staples 4.4% – continued</u>** |
|  | McKesson Corp., |  |
| $500000 | &nbsp;&nbsp;&nbsp; 4.65%, 5/30/2030 | &nbsp;&nbsp; $504074 |
|  | &nbsp;&nbsp; Pfizer Investment Enterprises Pte., <br> Ltd.,<br>|  |
| 50000 | &nbsp;&nbsp;&nbsp; 5.30%, 5/19/2053 | &nbsp;&nbsp; 47200 |
|  | Philip Morris International, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.25%, 2/13/2034 | &nbsp;&nbsp; 254985 |
| 375000 | &nbsp;&nbsp;&nbsp; 4.13%, 3/4/2043 | &nbsp;&nbsp; 313798 |
|  | Post Holdings, Inc., |  |
| 365000 | &nbsp;&nbsp;&nbsp; 6.25%, 2/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 375105 |
|  | Roche Holdings, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.22%, 3/8/2054 <sup>a</sup> <br>| &nbsp;&nbsp; 363699 |
|  | Stryker Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.20%, 2/10/2035 | &nbsp;&nbsp; 254756 |
|  | Takeda Pharmaceutical Co., Ltd., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.30%, 7/5/2034 | &nbsp;&nbsp; 380806 |
|  | UnitedHealth Group, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.88%, 2/15/2053 | &nbsp;&nbsp; 375720 |
|  | **Total** | **10982345** |
| **<u>Energy 2.5%</u>** | **<u>Energy 2.5%</u>** | **<u>Energy 2.5%</u>** |
|  | BP Capital Markets America, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 3.00%, 3/17/2052 | &nbsp;&nbsp; 236409 |
|  | Cheniere Energy Partners LP, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 251966 |
|  | Columbia Pipelines Holding Co. LLC, |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.10%, 10/1/2031 <sup>a</sup> <br>| &nbsp;&nbsp; 376626 |
|  | Coterra Energy, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.60%, 3/15/2034 | &nbsp;&nbsp; 504245 |
|  | Devon Energy Corp., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 5.20%, 9/15/2034 | &nbsp;&nbsp; 48557 |
|  | Diamondback Energy, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 | &nbsp;&nbsp; 532507 |
|  | Energy Transfer LP, |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.70%, 4/1/2035 | &nbsp;&nbsp; 381973 |
|  | EOG Resources, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 7/15/2032 <sup>c</sup> <br>| &nbsp;&nbsp; 506081 |
|  | &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance <br> Co.,<br>|  |
| 395000 | &nbsp;&nbsp;&nbsp; 6.00%, 4/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 383997 |
|  | Kinder Morgan, Inc., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.15%, 6/1/2030 | &nbsp;&nbsp; 204204 |
| 375000 | &nbsp;&nbsp;&nbsp; 5.45%, 8/1/2052 | &nbsp;&nbsp; 345403 |
|  | ONEOK, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.35%, 1/15/2031 | &nbsp;&nbsp; 534190 |
|  | &nbsp;&nbsp; Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp.,<br>|  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.00%, 1/15/2032 | &nbsp;&nbsp; 349496 |
|  | Var Energi ASA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.88%, 5/22/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 256122 |
|  | Venture Global LNG, Inc., |  |
| 255000 | &nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 257783 |
|  | &nbsp;&nbsp; Venture Global Plaquemines <br> LNG LLC,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.50%, 1/15/2034 | &nbsp;&nbsp; 500000 |
|  | Williams Cos., Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.63%, 6/30/2030 | &nbsp;&nbsp; 500346 |
|  | **Total** | **6169905** |
| **<u>Financials 16.3%</u>** | **<u>Financials 16.3%</u>** | **<u>Financials 16.3%</u>** |
|  | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |
| 375000 | &nbsp;&nbsp;&nbsp; 3.30%, 1/30/2032 | &nbsp;&nbsp; 339746 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** |
|  | Agree LP, |  |
| $250000 | &nbsp;&nbsp;&nbsp; 5.60%, 6/15/2035 | &nbsp;&nbsp; $254478 |
|  | Ally Financial, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.960%), 5.74%, <br> 5/15/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 254451 |
| 375000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.820%), 6.85%, <br> 1/3/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 395918 |
|  | American Express Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.790%), 5.67%, <br> 4/25/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 517764 |
|  | American Homes 4 Rent LP, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.95%, 6/15/2030 | &nbsp;&nbsp; 252551 |
|  | American International Group, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.13%, 3/27/2033 | &nbsp;&nbsp; 508328 |
|  | American Tower Corp., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.65%, 3/15/2033 | &nbsp;&nbsp; 390830 |
| 375000 | &nbsp;&nbsp;&nbsp; 5.35%, 3/15/2035 | &nbsp;&nbsp; 381470 |
|  | Ameriprise Financial, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.20%, 4/15/2035 | &nbsp;&nbsp; 503678 |
|  | Aon Corp./Aon Global Holdings plc, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.35%, 2/28/2033 | &nbsp;&nbsp; 514714 |
|  | ARES Capital Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.50%, 9/1/2030 | &nbsp;&nbsp; 498448 |
|  | ARES Strategic Income Fund, |  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.35%, 8/15/2029 | &nbsp;&nbsp; 51261 |
|  | &nbsp;&nbsp; Australia & New Zealand Banking <br> Group, Ltd.,<br>|  |
| 750000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.350%), 5.82%, <br> 6/18/2036 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 761768 |
|  | Aviation Capital Group LLC, |  |
| 75000 | &nbsp;&nbsp;&nbsp; 5.13%, 4/10/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 75708 |
|  | Avolon Holdings Funding, Ltd., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 386016 |
| 50000 | &nbsp;&nbsp;&nbsp; 5.38%, 5/30/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 50933 |
|  | Banco Santander SA, |  |
| 400000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.450%), 5.54%, <br> 3/14/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 412440 |
|  | Bank of America Corp., |  |
| 850000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.000%), 5.16%, <br> 1/24/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 871207 |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.830%), 4.57%, <br> 4/27/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 738053 |
|  | Bank of Nova Scotia, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.440%), 4.74%, <br> 11/10/2032 <sup>b</sup> <br>| &nbsp;&nbsp; 499549 |
|  | Barclays plc, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.560%), 4.94%, <br> 9/10/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 251864 |
| 250000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 3.500%), 7.44%, <br> 11/2/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 283737 |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.910%), 5.34%, <br> 9/10/2035 <sup>b</sup> <br>| &nbsp;&nbsp; 49625 |
|  | Belrose Funding Trust II, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.79%, 5/15/2055 <sup>a</sup> <br>| &nbsp;&nbsp; 511095 |
|  | &nbsp;&nbsp; Blackstone Holdings Finance <br> Co. LLC,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.20%, 4/22/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 535976 |
|  | Blue Owl Capital Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.95%, 3/15/2029 | &nbsp;&nbsp; 502570 |
|  | Blue Owl Technology Finance Corp., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 6.10%, 3/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 50271 |
|  | BNP Paribas SA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.450%), 4.79%, <br> 5/9/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 251277 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** |
| $500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.590%), 5.50%, <br> 5/20/2030 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $513409 |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.620%), 5.79%, <br> 1/13/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 52015 |
|  | BPCE SA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.581%), 5.39%, <br> 5/28/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 509121 |
|  | Brown & Brown, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 6.25%, 6/23/2055 | &nbsp;&nbsp; 773105 |
|  | CaixaBank SA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.140%), 4.63%, <br> 7/3/2029 <sup>a</sup><sup>,</sup><sup>b</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 501245 |
|  | Capital One Financial Corp., |  |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.640%), 6.31%, <br> 6/8/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 104970 |
|  | &nbsp;&nbsp; Citadel Securities Global <br> Holdings LLC,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.20%, 6/18/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 513012 |
|  | Citibank NA, |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.58%, 5/29/2027 | &nbsp;&nbsp; 1005492 |
|  | Citigroup, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.143%), 4.64%, <br> 5/7/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 250663 |
| 375000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.338%), 4.54%, <br> 9/19/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 373300 |
| 375000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.939%), 3.79%, <br> 3/17/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 350541 |
|  | Citizens Financial Group, Inc., |  |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.259%), 5.25%, <br> 3/5/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 50670 |
|  | CME Group, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.40%, 3/15/2030 | &nbsp;&nbsp; 251762 |
|  | Cooperatieve Rabobank UA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 0.920%), 4.99%, <br> 5/27/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 506983 |
|  | Corebridge Financial, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.05%, 9/15/2033 | &nbsp;&nbsp; 526318 |
|  | Cousins Properties LP, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.25%, 7/15/2030 | &nbsp;&nbsp; 254724 |
|  | Credit Agricole SA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.460%), 5.22%, <br> 5/27/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 509324 |
|  | Deutsche Bank AG, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.510%), 6.82%, <br> 11/20/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 266655 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.720%), 5.30%, <br> 5/9/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 253905 |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.718%), 3.04%, <br> 5/28/2032 <sup>b</sup> <br>| &nbsp;&nbsp; 44855 |
|  | Encore Capital Group, Inc., |  |
| 240000 | &nbsp;&nbsp;&nbsp; 8.50%, 5/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 257423 |
|  | ERP Operating LP, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.65%, 9/15/2034 | &nbsp;&nbsp; 242597 |
|  | Fifth Third Bancorp, |  |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.486%), 4.90%, <br> 9/6/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 50555 |
|  | Fortitude Group Holdings LLC, |  |
| 375000 | &nbsp;&nbsp;&nbsp; 6.25%, 4/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 385804 |
|  | FS KKR Capital Corp., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 3.25%, 7/15/2027 | &nbsp;&nbsp; 47950 |
|  | GGAM Finance, Ltd., |  |
| 355000 | &nbsp;&nbsp;&nbsp; 8.00%, 6/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 375490 |
|  | Goldman Sachs Group, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.319%), 4.94%, <br> 4/23/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 377923 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** |
| $250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.380%), 5.54%, <br> 1/28/2036 <sup>b</sup> <br>| &nbsp;&nbsp; $256372 |
|  | Goldman Sachs Private Credit Corp., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.88%, 5/6/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 404294 |
|  | HPS Corporate Lending Fund, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.30%, 6/5/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 500805 |
|  | HSBC Holdings plc, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.460%), 5.55%, <br> 3/4/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 257438 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.570%), 5.24%, <br> 5/13/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 254547 |
|  | HSBC USA, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.65%, 6/3/2028 | &nbsp;&nbsp; 251972 |
|  | &nbsp;&nbsp; Invitation Homes Operating <br> Partnership LP,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.15%, 4/15/2032 | &nbsp;&nbsp; 236651 |
|  | Iron Mountain, Inc., |  |
| 255000 | &nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 250517 |
|  | Jane Street Group/JSG Finance, Inc., |  |
| 245000 | &nbsp;&nbsp;&nbsp; 6.13%, 11/1/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 247339 |
| 250000 | &nbsp;&nbsp;&nbsp; 6.75%, 5/1/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 257051 |
|  | JPMorgan Chase & Co., |  |
| 550000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.800%), 4.92%, <br> 1/24/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 557386 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.435%), 5.10%, <br> 4/22/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 512402 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.260%), 2.96%, <br> 1/25/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 449415 |
|  | KeyBank NA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.90%, 8/8/2032 | &nbsp;&nbsp; 482484 |
|  | KeyCorp, |  |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 2.420%), 6.40%, <br> 3/6/2035 <sup>b</sup> <br>| &nbsp;&nbsp; 53335 |
|  | Kilroy Realty LP, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 2.65%, 11/15/2033 | &nbsp;&nbsp; 196395 |
|  | Lloyds Banking Group plc, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.600%), 6.07%, <br> 6/13/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 514050 |
|  | LPL Holdings, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.65%, 3/15/2035 | &nbsp;&nbsp; 502711 |
|  | M&T Bank Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.400%), 5.18%, <br> 7/8/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 508283 |
|  | Macquarie Airfinance Holdings, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.40%, 3/26/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 260988 |
|  | Mitsubishi UFJ Financial Group, Inc., |  |
| 200000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.170%), 5.16%, <br> 4/24/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 204749 |
|  | Mizuho Financial Group, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 0.920%), 4.71%, <br> 7/8/2031 <sup>b</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 499937 |
|  | Morgan Stanley, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.000%), 2.48%, <br> 1/21/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 485325 |
| 375000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.260%), 5.66%, <br> 4/18/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 389516 |
| 375000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.510%), 5.19%, <br> 4/17/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 384424 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.757%), 5.66%, <br> 4/17/2036 <sup>b</sup> <br>| &nbsp;&nbsp; 259062 |
|  | Morgan Stanley Direct Lending Fund, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.00%, 5/19/2030 | &nbsp;&nbsp; 251457 |
|  | National Australia Bank, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.31%, 6/13/2028 | &nbsp;&nbsp; 503073 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** |
|  | NatWest Group plc, |  |
| $500000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.050%), 5.12%, <br> 5/23/2031 <sup>b</sup> <br>| &nbsp;&nbsp; $508182 |
|  | Nippon Life Insurance Co., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 3.189%), 6.50%, <br> 4/30/2055 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 258796 |
|  | Nomura Holdings, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.90%, 7/1/2030 <sup>c</sup> <br>| &nbsp;&nbsp; 501706 |
|  | Omega Healthcare Investors, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.63%, 10/1/2029 | &nbsp;&nbsp; 237979 |
| 250000 | &nbsp;&nbsp;&nbsp; 5.20%, 7/1/2030 | &nbsp;&nbsp; 251403 |
|  | Omnis Funding Trust, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.72%, 5/15/2055 <sup>a</sup> <br>| &nbsp;&nbsp; 259069 |
|  | Peachtree Corners Funding Trust II, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 6.01%, 5/15/2035 <sup>a</sup> <br>| &nbsp;&nbsp; 102497 |
|  | &nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I LP,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.25%, 8/15/2032 | &nbsp;&nbsp; 504737 |
|  | PNC Financial Services Group, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.333%), 4.90%, <br> 5/13/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 506351 |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.850%), 4.63%, <br> 6/6/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 97059 |
|  | Pricoa Global Funding I, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.70%, 5/28/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 505561 |
|  | Regency Centers LP, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.25%, 1/15/2034 | &nbsp;&nbsp; 253640 |
|  | Reinsurance Group of America, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.75%, 9/15/2034 | &nbsp;&nbsp; 513216 |
|  | RLJ Lodging Trust LP, |  |
| 50000 | &nbsp;&nbsp;&nbsp; 4.00%, 9/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 46657 |
|  | Royal Bank of Canada, |  |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.080%), 4.65%, <br> 10/18/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 100176 |
|  | Santander Holdings USA, Inc., |  |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.249%), 2.49%, <br> 1/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 48401 |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.610%), 5.47%, <br> 3/20/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 101678 |
|  | Societe Generale SA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 2.550%), 6.45%, <br> 1/10/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 259969 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.420%), 5.25%, <br> 5/22/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 253052 |
|  | State Street Corp., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 4.73%, 2/28/2030 | &nbsp;&nbsp; 50758 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.83%, 4/24/2030 | &nbsp;&nbsp; 509275 |
|  | Svenska Handelsbanken AB, |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.38%, 5/23/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 756400 |
|  | Synchrony Bank, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.63%, 8/23/2027 | &nbsp;&nbsp; 101981 |
|  | Truist Financial Corp., |  |
| 50000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.620%), 5.44%, <br> 1/24/2030 <sup>b</sup> <br>| &nbsp;&nbsp; 51499 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.309%), 5.07%, <br> 5/20/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 507600 |
|  | U.S. Bancorp, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.296%), 5.08%, <br> 5/15/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 510021 |
|  | UBS Group AG, |  |
| 150000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 3.730%), 4.19%, <br> 4/1/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 146886 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 3.920%), 6.54%, <br> 8/12/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 543843 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** | **<u>Financials 16.3% – continued</u>** |
|  | Ventas Realty LP, |  |
| $250000 | &nbsp;&nbsp;&nbsp; 5.10%, 7/15/2032 | &nbsp;&nbsp; $252852 |
|  | Wells Fargo & Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.790%), 6.30%, <br> 10/23/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 528444 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.500%), 5.15%, <br> 4/23/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 256041 |
| 300000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.500%), 3.35%, <br> 3/2/2033 <sup>b</sup> <br>| &nbsp;&nbsp; 273975 |
|  | Welltower OP LLC, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.50%, 7/1/2030 | &nbsp;&nbsp; 502367 |
|  | **Total** | **40679586** |
| **<u>Foreign Government 1.8%</u>** | **<u>Foreign Government 1.8%</u>** | **<u>Foreign Government 1.8%</u>** |
|  | &nbsp;&nbsp; Brazil Government International <br> Bonds,<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 6.63%, 3/15/2035 | &nbsp;&nbsp; 403909 |
|  | &nbsp;&nbsp; Colombia Government International <br> Bonds,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 8.50%, 4/25/2035 | &nbsp;&nbsp; 363118 |
|  | &nbsp;&nbsp; Costa Rica Government International <br> Bonds,<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 7.00%, 4/4/2044 | &nbsp;&nbsp; 305991 |
|  | &nbsp;&nbsp; Dominican Republic International <br> Bonds,<br>|  |
| 450000 | &nbsp;&nbsp;&nbsp; 6.95%, 3/15/2037 <sup>a</sup> <br>| &nbsp;&nbsp; 457515 |
|  | Guatemala Government Bonds, |  |
| 450000 | &nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 <sup>a</sup> <br>| &nbsp;&nbsp; 452790 |
|  | &nbsp;&nbsp; Ivory Coast Government International <br> Bonds,<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 <sup>a</sup> <br>| &nbsp;&nbsp; 384900 |
|  | &nbsp;&nbsp; Mexico Government International <br> Bonds,<br>|  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.00%, 5/7/2036 | &nbsp;&nbsp; 493450 |
|  | &nbsp;&nbsp; Oman Government International <br> Bonds,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.75%, 1/17/2048 <sup>a</sup> <br>| &nbsp;&nbsp; 258042 |
|  | &nbsp;&nbsp; Paraguay Government International <br> Bonds,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 6.10%, 8/11/2044 | &nbsp;&nbsp; 334939 |
|  | &nbsp;&nbsp; Peru Government International <br> Bonds,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.00%, 1/15/2034 | &nbsp;&nbsp; 210400 |
|  | &nbsp;&nbsp; Republic of Uzbekistan International <br> Bonds,<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.95%, 5/25/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 308503 |
|  | Serbia International Bonds, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 6.00%, 6/12/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 302432 |
|  | &nbsp;&nbsp; Turkiye Government International <br> Bonds,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.88%, 3/17/2036 | &nbsp;&nbsp; 241940 |
|  | **Total** | **4517929** |
| **<u>Industrials 4.1%</u>** | **<u>Industrials 4.1%</u>** | **<u>Industrials 4.1%</u>** |
|  | Amrize Finance U.S. LLC, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.95%, 4/7/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 101340 |
|  | Axon Enterprise, Inc., |  |
| 240000 | &nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 247119 |
|  | BAE Systems plc, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.30%, 3/26/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 255568 |
|  | Ball Corp., |  |
| 240000 | &nbsp;&nbsp;&nbsp; 6.00%, 6/15/2029 | &nbsp;&nbsp; 246042 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Industrials 4.1% – continued</u>** | **<u>Industrials 4.1% – continued</u>** | **<u>Industrials 4.1% – continued</u>** |
|  | Boeing Co., |  |
| $375000 | &nbsp;&nbsp;&nbsp; 5.81%, 5/1/2050 | &nbsp;&nbsp; $359625 |
| 375000 | &nbsp;&nbsp;&nbsp; 6.86%, 5/1/2054 | &nbsp;&nbsp; 410519 |
|  | Bombardier, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 378903 |
|  | Burlington Northern Santa Fe LLC, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.80%, 3/15/2056 | &nbsp;&nbsp; 514509 |
|  | Canadian Pacific Railway Co., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.20%, 3/30/2035 | &nbsp;&nbsp; 253483 |
|  | Chart Industries, Inc., |  |
| 235000 | &nbsp;&nbsp;&nbsp; 7.50%, 1/1/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 246028 |
|  | Eaton Capital ULC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.45%, 5/9/2030 | &nbsp;&nbsp; 251171 |
|  | General Dynamics Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.95%, 8/15/2035 | &nbsp;&nbsp; 250956 |
|  | Genesee & Wyoming, Inc., |  |
| 245000 | &nbsp;&nbsp;&nbsp; 6.25%, 4/15/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 249991 |
|  | John Deere Capital Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.25%, 6/5/2028, Series I | &nbsp;&nbsp; 502957 |
|  | L3Harris Technologies, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.25%, 6/1/2031 | &nbsp;&nbsp; 257865 |
|  | Molex Electronic Technologies LLC, |  |
| 150000 | &nbsp;&nbsp;&nbsp; 4.75%, 4/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 150943 |
|  | Norfolk Southern Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.55%, 6/1/2053 | &nbsp;&nbsp; 211151 |
|  | Northrop Grumman Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.25%, 7/15/2035 | &nbsp;&nbsp; 255091 |
|  | Parker-Hannifin Corp., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.20%, 11/21/2034 | &nbsp;&nbsp; 357141 |
|  | Quikrete Holdings, Inc., |  |
| 245000 | &nbsp;&nbsp;&nbsp; 6.38%, 3/1/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 251938 |
|  | Rand Parent LLC, |  |
| 50000 | &nbsp;&nbsp;&nbsp; 8.50%, 2/15/2030 <sup>a</sup> <br>| &nbsp;&nbsp; 50208 |
|  | Regal Rexnord Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.30%, 2/15/2030 | &nbsp;&nbsp; 261881 |
|  | RTX Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 6.10%, 3/15/2034 | &nbsp;&nbsp; 270278 |
|  | Ryder System, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.85%, 6/15/2030 | &nbsp;&nbsp; 504604 |
|  | Siemens Funding BV, |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.35%, 5/26/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 1007709 |
|  | Smurfit Kappa Treasury ULC, |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.44%, 4/3/2034 | &nbsp;&nbsp; 380243 |
|  | Spirit AeroSystems, Inc., |  |
| 590000 | &nbsp;&nbsp;&nbsp; 4.60%, 6/15/2028 | &nbsp;&nbsp; 579964 |
|  | United Parcel Service, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.65%, 10/15/2030 | &nbsp;&nbsp; 760329 |
|  | Waste Connections, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.20%, 1/15/2033 | &nbsp;&nbsp; 241889 |
|  | Wrangler Holdco Corp., |  |
| 360000 | &nbsp;&nbsp;&nbsp; 6.63%, 4/1/2032 <sup>a</sup> <br>| &nbsp;&nbsp; 374782 |
|  | **Total** | **10184227** |
| **<u>Mortgage-Backed Securities 34.0%</u>** | **<u>Mortgage-Backed Securities 34.0%</u>** | **<u>Mortgage-Backed Securities 34.0%</u>** |
|  | Federal Home Loan Mortgage Corp., |  |
| 4345475 | &nbsp;&nbsp;&nbsp; 5.50%, 2/1/2040 | &nbsp;&nbsp; 4432941 |
| 4895526 | &nbsp;&nbsp;&nbsp; 2.50%, 3/1/2052 | &nbsp;&nbsp; 4110256 |
| 3761159 | &nbsp;&nbsp;&nbsp; 4.00%, 10/1/2052 | &nbsp;&nbsp; 3520246 |
| 767711 | &nbsp;&nbsp;&nbsp; 5.00%, 11/1/2052 | &nbsp;&nbsp; 756051 |
| 1162103 | &nbsp;&nbsp;&nbsp; 5.50%, 7/1/2053 | &nbsp;&nbsp; 1170610 |
| 5706717 | &nbsp;&nbsp;&nbsp; 4.50%, 7/1/2053 | &nbsp;&nbsp; 5478865 |
| 4897793 | &nbsp;&nbsp;&nbsp; 4.00%, 11/1/2053 | &nbsp;&nbsp; 4592412 |
| 5843401 | &nbsp;&nbsp;&nbsp; 5.50%, 11/1/2054 | &nbsp;&nbsp; 5878896 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Mortgage-Backed Securities 34.0% – continued</u>** | **<u>Mortgage-Backed Securities 34.0% – continued</u>** | **<u>Mortgage-Backed Securities 34.0% – continued</u>** |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates,<br>|  |
| $100000 | &nbsp;&nbsp;&nbsp; 5.07%, 10/25/2028, Series K510, <br> Class A2 <sup>b</sup> <br>| &nbsp;&nbsp; $102689 |
| 3075000 | &nbsp;&nbsp;&nbsp; 5.00%, 11/25/2028, Series K512, <br> Class A2<br>| &nbsp;&nbsp; 3153668 |
| 250000 | &nbsp;&nbsp;&nbsp; 5.36%, 1/25/2029, Series K517, <br> Class A2 <sup>b</sup> <br>| &nbsp;&nbsp; 259286 |
| 2934000 | &nbsp;&nbsp;&nbsp; 5.40%, 1/25/2029, Series K515, <br> Class A2<br>| &nbsp;&nbsp; 3046849 |
| 1120000 | &nbsp;&nbsp;&nbsp; 4.80%, 5/25/2029, Series K522, <br> Class A2<br>| &nbsp;&nbsp; 1144475 |
| 40000 | &nbsp;&nbsp;&nbsp; 3.90%, 12/25/2030, Series K158, <br> Class A2 <sup>b</sup> <br>| &nbsp;&nbsp; 39404 |
| 1400000 | &nbsp;&nbsp;&nbsp; 2.07%, 1/25/2031, Series K126, <br> Class A2<br>| &nbsp;&nbsp; 1254026 |
| 10400000 | &nbsp;&nbsp;&nbsp; 2.58%, 5/25/2032, Series K145, <br> Class A2<br>| &nbsp;&nbsp; 9307336 |
| 1720000 | &nbsp;&nbsp;&nbsp; 3.53%, 8/25/2032, Series K149, <br> Class A2<br>| &nbsp;&nbsp; 1629934 |
| 3095000 | &nbsp;&nbsp;&nbsp; 4.35%, 1/25/2033, Series K-154, <br> Class A2 <sup>b</sup> <br>| &nbsp;&nbsp; 3076634 |
| 1472829 | &nbsp;&nbsp;&nbsp; 5.15%, 12/25/2033, Series K-162, <br> Class A2 <sup>b</sup> <br>| &nbsp;&nbsp; 1536931 |
| 705000 | &nbsp;&nbsp;&nbsp; 5.00%, 5/25/2034, Series K-164, <br> Class A2<br>| &nbsp;&nbsp; 727746 |
|  | &nbsp;&nbsp; Federal National Mortgage <br> Association,<br>|  |
| 7446397 | &nbsp;&nbsp;&nbsp; 2.00%, 3/1/2052 | &nbsp;&nbsp; 5969491 |
| 6773945 | &nbsp;&nbsp;&nbsp; 3.50%, 5/1/2052 | &nbsp;&nbsp; 6139808 |
| 5893312 | &nbsp;&nbsp;&nbsp; 3.00%, 7/1/2052 | &nbsp;&nbsp; 5164182 |
| 798929 | &nbsp;&nbsp;&nbsp; 4.00%, 6/1/2053 | &nbsp;&nbsp; 745033 |
| 1129635 | &nbsp;&nbsp;&nbsp; 6.00%, 9/1/2054 | &nbsp;&nbsp; 1148226 |
|  | &nbsp;&nbsp; Uniform Mortgage-Backed Security, <br> TBA,<br>|  |
| 2000000 | &nbsp;&nbsp;&nbsp; 4.50%, 7/1/2039 | &nbsp;&nbsp; 1987091 |
| 1075000 | &nbsp;&nbsp;&nbsp; 4.50%, 7/1/2054 | &nbsp;&nbsp; 1028153 |
| 6100000 | &nbsp;&nbsp;&nbsp; 5.00%, 7/1/2054 | &nbsp;&nbsp; 5977391 |
| 1300000 | &nbsp;&nbsp;&nbsp; 6.00%, 7/1/2054 | &nbsp;&nbsp; 1320960 |
|  | **Total** | **84699590** |
| **<u>Technology 2.4%</u>** | **<u>Technology 2.4%</u>** | **<u>Technology 2.4%</u>** |
|  | Accenture Capital, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.50%, 10/4/2034 | &nbsp;&nbsp; 364955 |
|  | Broadcom, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 3.42%, 4/15/2033 <sup>a</sup> <br>| &nbsp;&nbsp; 340098 |
| 375000 | &nbsp;&nbsp;&nbsp; 3.50%, 2/15/2041 <sup>a</sup> <br>| &nbsp;&nbsp; 297206 |
|  | Dell International LLC/EMC Corp., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 | &nbsp;&nbsp; 379389 |
| 250000 | &nbsp;&nbsp;&nbsp; 4.85%, 2/1/2035 | &nbsp;&nbsp; 241249 |
|  | Fiserv, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 3.50%, 7/1/2029 | &nbsp;&nbsp; 433485 |
|  | Foundry JV Holdco LLC, |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.88%, 1/25/2034 <sup>a</sup> <br>| &nbsp;&nbsp; 381048 |
|  | Micron Technology, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.65%, 11/1/2032 | &nbsp;&nbsp; 259870 |
| 250000 | &nbsp;&nbsp;&nbsp; 5.88%, 2/9/2033 | &nbsp;&nbsp; 260711 |
|  | Open Text Holdings, Inc., |  |
| 415000 | &nbsp;&nbsp;&nbsp; 4.13%, 12/1/2031 <sup>a</sup> <br>| &nbsp;&nbsp; 382095 |
|  | Oracle Corp., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.55%, 2/6/2053 | &nbsp;&nbsp; 352640 |
|  | Paychex, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.10%, 4/15/2030 | &nbsp;&nbsp; 384068 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 100.7%** | **Value** |
| **<u>Technology 2.4% – continued</u>** | **<u>Technology 2.4% – continued</u>** | **<u>Technology 2.4% – continued</u>** |
|  | QUALCOMM, Inc., |  |
| $750000 | &nbsp;&nbsp;&nbsp; 4.50%, 5/20/2030 | &nbsp;&nbsp; $757941 |
|  | Roper Technologies, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.90%, 10/15/2034 | &nbsp;&nbsp; 369811 |
|  | Synopsys, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.15%, 4/1/2035 | &nbsp;&nbsp; 403176 |
|  | Texas Instruments, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.50%, 5/23/2030 | &nbsp;&nbsp; 505344 |
|  | **Total** | **6113086** |
| **<u>U.S. Government & Agencies 17.3%</u>** | **<u>U.S. Government & Agencies 17.3%</u>** | **<u>U.S. Government & Agencies 17.3%</u>** |
|  | U.S. Treasury Bonds, |  |
| 9940000 | &nbsp;&nbsp;&nbsp; 1.88%, 2/15/2041 | &nbsp;&nbsp; 6836856 |
| 4675000 | &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | &nbsp;&nbsp; 4576387 |
| 6645000 | &nbsp;&nbsp;&nbsp; 3.00%, 8/15/2048 | &nbsp;&nbsp; 4914445 |
| 8580000 | &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | &nbsp;&nbsp; 8176472 |
|  | U.S. Treasury Notes, |  |
| 1540000 | &nbsp;&nbsp;&nbsp; 4.13%, 1/31/2027 | &nbsp;&nbsp; 1547038 |
| 7950000 | &nbsp;&nbsp;&nbsp; 4.25%, 2/15/2028 | &nbsp;&nbsp; 8057449 |
| 3875000 | &nbsp;&nbsp;&nbsp; 4.25%, 1/31/2030 | &nbsp;&nbsp; 3951440 |
| 5000000 | &nbsp;&nbsp;&nbsp; 4.00%, 5/31/2030 | &nbsp;&nbsp; 5048438 |
|  | **Total** | **43108525** |
| **<u>Utilities 2.9%</u>** | **<u>Utilities 2.9%</u>** | **<u>Utilities 2.9%</u>** |
|  | American Electric Power Co., Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.25%, 3/1/2050 | &nbsp;&nbsp; 163149 |
|  | Capital Power U.S. Holdings, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.26%, 6/1/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 506773 |
|  | DTE Energy Co., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.20%, 4/1/2030 | &nbsp;&nbsp; 383732 |
|  | Duke Energy Corp., |  |
| 600000 | &nbsp;&nbsp;&nbsp; 5.80%, 6/15/2054 | &nbsp;&nbsp; 585837 |
| 375000 | &nbsp;&nbsp;&nbsp; (CMT 5Y + 2.588%), 6.45%, <br> 9/1/2054 <sup>b</sup> <br>| &nbsp;&nbsp; 385430 |
|  | Eskom Holdings SOC, Ltd., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 6.35%, 8/10/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 353500 |
|  | Evergy Kansas Central, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.70%, 3/13/2028 | &nbsp;&nbsp; 379233 |
|  | Exelon Corp., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.88%, 3/15/2055 | &nbsp;&nbsp; 374159 |
|  | FirstEnergy Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.85%, 7/15/2047, Series C | &nbsp;&nbsp; 424862 |
|  | Florida Power & Light Co., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.30%, 6/15/2034 | &nbsp;&nbsp; 386526 |
|  | Georgia Power Co., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.85%, 3/15/2031 | &nbsp;&nbsp; 383136 |
|  | NiSource, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.35%, 7/15/2035 | &nbsp;&nbsp; 252051 |
| 375000 | &nbsp;&nbsp;&nbsp; 4.38%, 5/15/2047 | &nbsp;&nbsp; 308289 |
|  | NRG Energy, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 <sup>a</sup> <br>| &nbsp;&nbsp; 372947 |
|  | Pacific Gas & Electric Co., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.55%, 7/1/2030 | &nbsp;&nbsp; 366009 |
|  | Public Service Enterprise Group, Inc., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 4.90%, 3/15/2030 | &nbsp;&nbsp; 381441 |
|  | San Diego Gas & Electric Co., |  |
| 375000 | &nbsp;&nbsp;&nbsp; 5.40%, 4/15/2035 | &nbsp;&nbsp; 382915 |
|  | Xcel Energy, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.75%, 3/21/2028 | &nbsp;&nbsp; 504854 |
| 375000 | &nbsp;&nbsp;&nbsp; 3.50%, 12/1/2049 | &nbsp;&nbsp; 256829 |
|  | **Total** | **7151672** |
|  | **Total Long-Term Fixed Income** <br>**(Cost $246,590,801)**<br>| **250695432** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

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

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 4.9%** | **Value** |
|  | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class,<br>|  |
| 11660030 | &nbsp;&nbsp;&nbsp; 4.27% <sup>e</sup> <br>| &nbsp;&nbsp; $11660029 |
|  | U.S. Treasury Bills, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.32%, 8/7/2025 <sup>e</sup><sup>,</sup><sup>f</sup> <br>| &nbsp;&nbsp; 398253 |
| 200000 | &nbsp;&nbsp;&nbsp; 4.33%, 8/7/2025 <sup>e</sup><sup>,</sup><sup>f</sup> <br>| &nbsp;&nbsp; 199126 |
|  | **Total Short-Term Investments** <br>**(Cost $12,257,401)**<br>| **12257408** |
|  | **Total Investments** <br>**(Cost $258,848,202) 105.6%**<br>| **$262952840** |
|  | **Other Assets and Liabilities, Net** <br> **(5.6%)**<br>| **(13937255)** |
|  | **Total Net Assets 100.0%** | **$249015585** |

---

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

---

| | |
|:---|:---|
| a | Denotes securities sold under Rule 144A of the Securities Act of <br> 1933, which exempts them from registration. These securities may <br> be resold to other dealers in the program or to other qualified <br> institutional buyers. As of June 30, 2025, the value of these <br> investments was $46,005,143 or 18.5% of total net assets.<br>|
| b | Denotes variable rate securities. The rate shown is as of June 30, <br> 2025. The rates of certain variable rate securities are based on a <br> published reference rate and spread; these may vary by security <br> and the reference rate and spread are indicated in their description. <br> The rates of other variable rate securities are determined by the <br> issuer or agent and are based on current market conditions. These <br> securities do not indicate a reference rate and spread in their <br> description.<br>|

---

---

| | |
|:---|:---|
| c | Denotes investments purchased on a when-issued or delayed-<br> delivery basis.<br>|
| d | Denotes step coupon securities. Step coupon securities pay an <br> initial coupon rate for the first period and then different coupon rates <br> for following periods. The rate shown is as of June 30, 2025.<br>|
| e | The interest rate shown reflects the yield. |
| f | At June 30, 2025, $257,869 of investments were segregated to <br> cover exposure to a counterparty for margin on open mortgage-<br> backed security transactions.<br>|

---

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

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| CLO | – | Collateralized Loan Obligation |
| CME | – | Chicago Mercantile Exchange |
| plc | – | Public Limited Company |

---

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

---

| | | |
|:---|:---|:---|
| **<u>Reference Rate Index:</u>** | **<u>Reference Rate Index:</u>** |  |
| CMT 1Y | – | Constant Maturity Treasury Yield 1 Year |
| CMT 5Y | – | Constant Maturity Treasury Yield 5 Year |
| SOFRINDEX | – | Secured Overnight Financing Rate <br> Compounded Index<br>|
| SOFRRATE | – | Secured Overnight Financing Rate |
| TSFR3M | – | CME Term SOFR 3 Month |

---

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of June 30, 2025, in valuing Thrivent Core Plus Bond ETF's assets carried at fair value.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Long-Term Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 9351575 |  | 9351575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 4552752 |  | 4552752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 6201758 |  | 6201758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 1642214 |  | 1642214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 5450380 |  | 5450380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 9889888 |  | 9889888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 10982345 |  | 10982345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 6169905 |  | 6169905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 40679586 |  | 40679586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government | 4517929 |  | 4517929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 10184227 |  | 10184227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 84699590 |  | 84699590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 6113086 |  | 6113086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agencies | 43108525 |  | 43108525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 7151672 |  | 7151672 |  |
| Short-Term Investments | 12257408 | 11660029 | 597379 |  |
| **Total Investments at Value** | **$262952840** | **$11660029** | **$251292811** | **$—** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Small-Mid Cap Equity ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 95.1%** | **Value** |
| **<u>Consumer Discretionary 14.6%</u>** | **<u>Consumer Discretionary 14.6%</u>** | **<u>Consumer Discretionary 14.6%</u>** |
| 19560 | Burlington Stores, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; $4550438 |
| 62661 | Champion Homes, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 3923205 |
| 20012 | Group 1 Automotive, Inc. | &nbsp;&nbsp; 8739441 |
| 32396 | Installed Building Products, Inc. | &nbsp;&nbsp; 5841647 |
| 100526 | Modine Manufacturing Co. <sup>a</sup> <br>| &nbsp;&nbsp; 9901811 |
| 11024 | Murphy USA, Inc. | &nbsp;&nbsp; 4484563 |
| 1063 | NVR, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 7850957 |
| 89445 | Patrick Industries, Inc. | &nbsp;&nbsp; 8253090 |
| 92609 | SharkNinja, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 9167365 |
| 116846 | Tractor Supply Co. | &nbsp;&nbsp; 6165963 |
|  | **Total** | **68878480** |
| **<u>Consumer Staples 5.8%</u>** | **<u>Consumer Staples 5.8%</u>** | **<u>Consumer Staples 5.8%</u>** |
| 37537 | BJ's Wholesale Club Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 4047615 |
| 15314 | Casey's General Stores, Inc. | &nbsp;&nbsp; 7814275 |
| 93395 | Turning Point Brands, Inc. | &nbsp;&nbsp; 7076539 |
| 110040 | U.S. Foods Holding Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 8474180 |
|  | **Total** | **27412609** |
| **<u>Financials 12.3%</u>** | **<u>Financials 12.3%</u>** | **<u>Financials 12.3%</u>** |
| 37861 | ARES Management Corp. Class A | &nbsp;&nbsp; 6557525 |
| 91936 | Banner Corp. | &nbsp;&nbsp; 5897694 |
| 125898 | Enterprise Financial Services Corp. | &nbsp;&nbsp; 6936980 |
| 37862 | &nbsp;&nbsp; Federal Agricultural Mortgage Corp. <br> Class C<br>| &nbsp;&nbsp; 7355829 |
| 9824 | Kinsale Capital Group, Inc. | &nbsp;&nbsp; 4753834 |
| 172346 | OneMain Holdings, Inc. | &nbsp;&nbsp; 9823722 |
| 38640 | Raymond James Financial, Inc. | &nbsp;&nbsp; 5926217 |
| 111259 | Synovus Financial Corp. | &nbsp;&nbsp; 5757653 |
| 91636 | Triumph Financial, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 5050060 |
|  | **Total** | **58059514** |
| **<u>Health Care 8.8%</u>** | **<u>Health Care 8.8%</u>** | **<u>Health Care 8.8%</u>** |
| 121461 | Bio-Techne Corp. | &nbsp;&nbsp; 6249168 |
| 90355 | Centene Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 4904469 |
| 62872 | HealthEquity, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 6586471 |
| 40209 | Labcorp Holdings, Inc. | &nbsp;&nbsp; 10555265 |
| 49767 | Merit Medical Systems, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 4652219 |
| 34495 | STERIS plc | &nbsp;&nbsp; 8286389 |
|  | **Total** | **41233981** |
| **<u>Industrials 25.2%</u>** | **<u>Industrials 25.2%</u>** | **<u>Industrials 25.2%</u>** |
| 41168 | Advanced Drainage Systems, Inc. | &nbsp;&nbsp; 4728557 |
| 52668 | Arcosa, Inc. | &nbsp;&nbsp; 4566842 |
| 163424 | Atmus Filtration Technologies, Inc. | &nbsp;&nbsp; 5951902 |
| 273463 | CECO Environmental Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 7741738 |
| 21158 | Clean Harbors, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 4891306 |
| 163903 | Core & Main, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 9891546 |
| 83327 | Federal Signal Corp. | &nbsp;&nbsp; 8867659 |
| 74726 | FTAI Aviation, Ltd. | &nbsp;&nbsp; 8596479 |
| 376033 | Gates Industrial Corp. plc <sup>a</sup> <br>| &nbsp;&nbsp; 8660040 |
| 23988 | IES Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 7105965 |
| 31244 | JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 4486638 |
| 95906 | Limbach Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 13436431 |
| 107239 | nVent Electric plc | &nbsp;&nbsp; 7855257 |
| 17300 | Quanta Services, Inc. | &nbsp;&nbsp; 6540784 |
| 102769 | REV Group, Inc. | &nbsp;&nbsp; 4890777 |
| 28101 | Ryder System, Inc. | &nbsp;&nbsp; 4468059 |
| 91391 | WNS Holdings, Ltd. <sup>a</sup> <br>| &nbsp;&nbsp; 5779567 |
|  | **Total** | **118459547** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 95.1%** | **Value** |
| **<u>Information Technology 16.4%</u>** | **<u>Information Technology 16.4%</u>** | **<u>Information Technology 16.4%</u>** |
| 115667 | Bel Fuse, Inc. Class B | &nbsp;&nbsp; $11299509 |
| 87682 | Celestica, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 13688037 |
| 74389 | Climb Global Solutions, Inc. | &nbsp;&nbsp; 7952928 |
| 69188 | Coherent Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 6172261 |
| 244220 | I3 Verticals, Inc. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 6711166 |
| 398793 | Kyndryl Holdings, Inc. <sup>a</sup> <br>| &nbsp;&nbsp; 16733354 |
| 37116 | Littelfuse, Inc. | &nbsp;&nbsp; 8415311 |
| 20057 | Zebra Technologies Corp. Class A <sup>a</sup> <br>| &nbsp;&nbsp; 6184777 |
|  | **Total** | **77157343** |
| **<u>Materials 7.1%</u>** | **<u>Materials 7.1%</u>** | **<u>Materials 7.1%</u>** |
| 279845 | Element Solutions, Inc. | &nbsp;&nbsp; 6338489 |
| 43934 | Hawkins, Inc. | &nbsp;&nbsp; 6243022 |
| 124393 | International Paper Co. | &nbsp;&nbsp; 5825324 |
| 53723 | Knife River Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 4385946 |
| 16053 | Reliance, Inc. | &nbsp;&nbsp; 5039037 |
| 41832 | Steel Dynamics, Inc. | &nbsp;&nbsp; 5354914 |
|  | **Total** | **33186732** |
| **<u>Real Estate 1.2%</u>** | **<u>Real Estate 1.2%</u>** | **<u>Real Estate 1.2%</u>** |
| 44173 | Colliers International Group, Inc. | &nbsp;&nbsp; 5766343 |
|  | **Total** | **5766343** |
| **<u>Utilities 3.7%</u>** | **<u>Utilities 3.7%</u>** | **<u>Utilities 3.7%</u>** |
| 355742 | MDU Resources Group, Inc. | &nbsp;&nbsp; 5930219 |
| 153110 | NiSource, Inc. | &nbsp;&nbsp; 6176458 |
| 17922 | Talen Energy Corp. <sup>a</sup> <br>| &nbsp;&nbsp; 5211180 |
|  | **Total** | **17317857** |
|  | **Total Common Stock** <br>**(Cost $381,052,634)**<br>| **447472406** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 4.9%** | **Value** |
| 23198039 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class, 4.27% <sup>b</sup> <br>| &nbsp;&nbsp; 23198039 |
|  | **Total Short-Term Investments** <br>**(Cost $23,198,039)**<br>| **23198039** |
|  | **Total Investments** <br>**(Cost $404,250,673) 100.0%**<br>| **470670445** |
|  | **Other Assets and Liabilities, Net** <br> **(0.0%) \***<br>| **(88712)** |
|  | **Total Net Assets 100.0%** | **$470581733** |

---

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

\* Amount is less than 0.05% of net assets.

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

a Non-income producing security. <br> b The interest rate shown reflects the yield.

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

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| plc | – | Public Limited Company |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Small-Mid Cap Equity ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of June 30, 2025, in valuing Thrivent Small-Mid Cap Equity ETF's assets carried at fair value.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $68878480 | $68878480 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 27412609 | 27412609 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 58059514 | 58059514 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 41233981 | 41233981 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 118459547 | 118459547 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 77157343 | 77157343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 33186732 | 33186732 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 5766343 | 5766343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 17317857 | 17317857 |  |  |
| Short-Term Investments | 23198039 | 23198039 |  |  |
| **Total Investments at Value** | **$470670445** | **$470670445** | **$—** | **$—** |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Asset-Backed Securities 19.5%</u>** | **<u>Asset-Backed Securities 19.5%</u>** | **<u>Asset-Backed Securities 19.5%</u>** |
|  | Affirm Asset Securitization Trust, |  |
| $55718 | &nbsp;&nbsp;&nbsp; 6.27%, 5/15/2029, Series 2024-X1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; $55763 |
| 161625 | &nbsp;&nbsp;&nbsp; 5.22%, 12/17/2029, Series 2024-<br> X2, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 161706 |
| 461681 | &nbsp;&nbsp;&nbsp; 5.08%, 4/15/2030, Series 2025-X1, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 462114 |
|  | &nbsp;&nbsp; American Credit Acceptance <br> Receivables Trust,<br>|  |
| 239574 | &nbsp;&nbsp;&nbsp; 4.81%, 9/12/2028, Series 2025-2, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 239619 |
|  | &nbsp;&nbsp; American Heritage Auto Receivables <br> Trust,<br>|  |
| 110000 | &nbsp;&nbsp;&nbsp; 4.90%, 9/17/2029, Series 2024-1A, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 110024 |
|  | American Homes 4 Rent Trust, |  |
| 375055 | &nbsp;&nbsp;&nbsp; 3.73%, 10/17/2052, Series 2015-<br> SFR2, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 373411 |
| 381000 | &nbsp;&nbsp;&nbsp; 4.69%, 10/17/2052, Series 2015-<br> SFR2, Class C <sup>a</sup> <br>| &nbsp;&nbsp; 379714 |
|  | &nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust,<br>|  |
| 600108 | &nbsp;&nbsp;&nbsp; 2.77%, 4/19/2027, Series 2022-1, <br> Class B<br>| &nbsp;&nbsp; 597861 |
|  | AMSR Trust, |  |
| 494000 | &nbsp;&nbsp;&nbsp; 3.28%, 7/17/2037, Series 2020-<br> SFR2, Class D <sup>a</sup> <br>| &nbsp;&nbsp; 492840 |
|  | &nbsp;&nbsp; Amur Equipment Finance Receivables <br> XI LLC,<br>|  |
| 377201 | &nbsp;&nbsp;&nbsp; 5.30%, 6/21/2028, Series 2022-2A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 377974 |
|  | Anchorage Capital CLO 8, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.462%), 5.74%, <br> 10/27/2034, Series 2016-8A, <br> Class AR2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250308 |
|  | Annisa CLO, Ltd., |  |
| 350000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.500%), 5.77%, <br> 7/20/2031, Series 2016-2A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 350019 |
|  | Apidos CLO XV, Ltd., |  |
| 67952 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.272%), 5.54%, <br> 4/20/2031, Series 2013-15A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 67986 |
|  | Ares LII CLO, Ltd., |  |
| 307652 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.880%), 5.15%, <br> 4/22/2031, Series 2019-52A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 307253 |
|  | ARES LXXI CLO, Ltd., |  |
| 240000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.700%), 5.97%, <br> 4/20/2037, Series 2024-71A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 240569 |
|  | Ares XXXIV CLO, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.320%), 5.60%, <br> 4/17/2033, Series 2015-2A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250530 |
|  | Ares XXXVII CLO, Ltd., |  |
| 134800 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.080%), 5.34%, <br> 10/15/2030, Series 2015-4A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 134762 |
|  | ARI Fleet Lease Trust, |  |
| 89779 | &nbsp;&nbsp;&nbsp; 3.43%, 1/15/2031, Series 2022-A, <br> Class A3 <sup>a</sup> <br>| &nbsp;&nbsp; 89599 |
| 57778 | &nbsp;&nbsp;&nbsp; 5.41%, 2/17/2032, Series 2023-A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 57881 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** |
|  | Atlas Senior Loan Fund XIII, |  |
| $106685 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.342%), 5.61%, <br> 4/22/2031, Series 2019-13A, <br> Class A1NR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $106720 |
|  | AutoNation Finance Trust, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.72%, 4/10/2028, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 250250 |
|  | &nbsp;&nbsp; Avis Budget Rental Car Funding <br> AESOP LLC,<br>|  |
| 650000 | &nbsp;&nbsp;&nbsp; 2.02%, 2/20/2027, Series 2020-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 642513 |
| 500000 | &nbsp;&nbsp;&nbsp; 1.63%, 8/20/2027, Series 2021-1A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 484977 |
| 500000 | &nbsp;&nbsp;&nbsp; 1.66%, 2/20/2028, Series 2021-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 480312 |
| 290000 | &nbsp;&nbsp;&nbsp; 5.44%, 2/22/2028, Series 2023-3A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 293612 |
|  | Barings CLO, Ltd., |  |
| 92461 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%), 5.52%, <br> 1/20/2031, Series 2015-IA, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 92481 |
| 89969 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.212%), 5.47%, <br> 4/15/2031, Series 2018-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 89987 |
|  | Barings Loan Partners CLO, Ltd., |  |
| 400000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.950%), 5.22%, <br> 7/20/2033, Series LP-3A, <br> Class AR2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 398286 |
|  | BHG Securitization Trust, |  |
| 131757 | &nbsp;&nbsp;&nbsp; 1.42%, 11/17/2033, Series 2021-A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 129474 |
|  | BOF VII AL Funding Trust I, |  |
| 90493 | &nbsp;&nbsp;&nbsp; 6.29%, 7/26/2032, Series 2023-<br> CAR3, Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 91990 |
|  | &nbsp;&nbsp; Carlyle Global Market Strategies <br> CLO, Ltd.,<br>|  |
| 377473 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.242%), 5.51%, <br> 7/20/2031, Series 2015-1A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 378022 |
|  | CarMax Auto Owner Trust, |  |
| 30739 | &nbsp;&nbsp;&nbsp; 3.49%, 2/16/2027, Series 2022-2, <br> Class A3<br>| &nbsp;&nbsp; 30668 |
| 200000 | &nbsp;&nbsp;&nbsp; 0.82%, 4/15/2027, Series 2021-4, <br> Class A4<br>| &nbsp;&nbsp; 196955 |
|  | CarVal CLO III, Ltd., |  |
| 246598 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.990%), 5.26%, <br> 7/20/2032, Series 2019-2A, <br> Class AR2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 246718 |
|  | Carval CLO X-C, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.460%), 5.73%, <br> 7/20/2037, Series 2024-2A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250690 |
|  | Carvana Auto Receivables Trust, |  |
| 218786 | &nbsp;&nbsp;&nbsp; 1.03%, 6/10/2027, Series 2021-P3, <br> Class A4<br>| &nbsp;&nbsp; 215291 |
|  | CCG Receivables Trust, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.48%, 10/14/2032, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 250494 |
|  | CoreVest American Finance, Ltd., |  |
| 365000 | &nbsp;&nbsp;&nbsp; 1.71%, 12/15/2052, Series 2020-4, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 357378 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** |
|  | Crestline Denali CLO XV, Ltd., |  |
| $12567 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.292%), 5.56%, <br> 4/20/2030, Series 2017-1A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $12569 |
|  | Daimler Trucks Retail Trust, |  |
| 2390 | &nbsp;&nbsp;&nbsp; 5.23%, 2/17/2026, Series 2022-1, <br> Class A3<br>| &nbsp;&nbsp; 2391 |
|  | Dell Equipment Finance Trust, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.68%, 7/22/2027, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 501993 |
|  | Dext ABS LLC, |  |
| 210032 | &nbsp;&nbsp;&nbsp; 6.56%, 5/15/2034, Series 2023-2, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 211776 |
|  | Dryden 55 CLO, Ltd., |  |
| 428192 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%), 5.54%, <br> 4/15/2031, Series 2018-55A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 428325 |
|  | Dryden 78 CLO, Ltd., |  |
| 240000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.730%), 6.01%, <br> 4/17/2037, Series 2020-78A, <br> Class A2R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 240459 |
|  | Dryden XXVI Senior Loan Fund, |  |
| 144989 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.162%), 5.42%, <br> 4/15/2029, Series 2013-26A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 145141 |
|  | Eaton Vance CLO, Ltd., |  |
| 264000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%), 5.77%, <br> 7/15/2037, Series 2019-1A, <br> Class AR2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 264729 |
|  | Enterprise Fleet Financing LLC, |  |
| 111070 | &nbsp;&nbsp;&nbsp; 5.23%, 3/20/2030, Series 2024-1, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 111868 |
|  | Exeter Automobile Receivables Trust, |  |
| 600000 | &nbsp;&nbsp;&nbsp; 4.45%, 3/15/2028, Series 2024-5A, <br> Class A3<br>| &nbsp;&nbsp; 598880 |
| 228822 | &nbsp;&nbsp;&nbsp; 6.32%, 5/15/2028, Series 2022-6A, <br> Class C<br>| &nbsp;&nbsp; 229907 |
| 300000 | &nbsp;&nbsp;&nbsp; 6.21%, 6/15/2028, Series 2023-3A, <br> Class C<br>| &nbsp;&nbsp; 302048 |
| 500000 | &nbsp;&nbsp;&nbsp; 5.57%, 9/15/2028, Series 2024-3A, <br> Class B<br>| &nbsp;&nbsp; 503134 |
|  | First Investors Auto Owner Trust, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.13%, 5/15/2028, Series 2022-1A, <br> Class C <sup>a</sup> <br>| &nbsp;&nbsp; 248151 |
| 299400 | &nbsp;&nbsp;&nbsp; 6.44%, 10/16/2028, Series 2023-<br> 1A, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 302237 |
|  | FirstKey Homes Trust, |  |
| 94244 | &nbsp;&nbsp;&nbsp; 1.34%, 8/17/2037, Series 2020-<br> SFR1, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 93568 |
| 367000 | &nbsp;&nbsp;&nbsp; 1.74%, 8/17/2037, Series 2020-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 364234 |
| 355000 | &nbsp;&nbsp;&nbsp; 2.24%, 8/17/2037, Series 2020-<br> SFR1, Class D <sup>a</sup> <br>| &nbsp;&nbsp; 352366 |
| 244990 | &nbsp;&nbsp;&nbsp; 1.27%, 10/19/2037, Series 2020-<br> SFR2, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 241887 |
| 305027 | &nbsp;&nbsp;&nbsp; 4.25%, 7/17/2038, Series 2022-<br> SFR3, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 303026 |
| 322010 | &nbsp;&nbsp;&nbsp; 1.54%, 8/17/2038, Series 2021-<br> SFR1, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 311155 |
| 750000 | &nbsp;&nbsp;&nbsp; 1.79%, 8/17/2038, Series 2021-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 724869 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** |
|  | Flatiron CLO 21, Ltd., |  |
| $250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.360%), 5.63%, <br> 10/19/2037, Series 2021-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $251347 |
|  | Ford Credit Auto Owner Trust, |  |
| 397087 | &nbsp;&nbsp;&nbsp; 1.56%, 5/15/2027, Series 2022-A, <br> Class A4<br>| &nbsp;&nbsp; 393263 |
| 133000 | &nbsp;&nbsp;&nbsp; 5.30%, 3/15/2028, Series 2022-D, <br> Class A4<br>| &nbsp;&nbsp; 134313 |
| 100000 | &nbsp;&nbsp;&nbsp; 1.61%, 10/17/2033, Series 2021-1, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 97507 |
|  | Galaxy XXVI CLO, Ltd., |  |
| 348125 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.170%), 5.50%, <br> 11/22/2031, Series 2018-26A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 348682 |
|  | &nbsp;&nbsp; GreatAmerica Leasing Receivables <br> Funding LLC,<br>|  |
| 20000 | &nbsp;&nbsp;&nbsp; 4.52%, 10/15/2027, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 20024 |
|  | &nbsp;&nbsp; GreenSky Home Improvement Issuer <br> Trust,<br>|  |
| 90683 | &nbsp;&nbsp;&nbsp; 5.12%, 3/25/2060, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 90846 |
|  | Hertz Vehicle Financing III LLC, |  |
| 240000 | &nbsp;&nbsp;&nbsp; 6.15%, 3/25/2030, Series 2023-4A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 250251 |
|  | Hertz Vehicle Financing III LP, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 2.12%, 12/27/2027, Series 2021-<br> 2A, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 95617 |
|  | Hertz Vehicle Financing LLC, |  |
| 325000 | &nbsp;&nbsp;&nbsp; 6.56%, 9/25/2026, Series 2022-4A, <br> Class D <sup>a</sup> <br>| &nbsp;&nbsp; 324975 |
|  | Hilton Grand Vacations Trust, |  |
| 26038 | &nbsp;&nbsp;&nbsp; 5.75%, 9/15/2039, Series 2024-1B, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 26464 |
|  | Home Partners of America Trust, |  |
| 163186 | &nbsp;&nbsp;&nbsp; 2.30%, 12/17/2026, Series 2021-2, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 157094 |
|  | HPEFS Equipment Trust, |  |
| 140000 | &nbsp;&nbsp;&nbsp; 6.48%, 1/21/2031, Series 2023-2A, <br> Class C <sup>a</sup> <br>| &nbsp;&nbsp; 141242 |
|  | Jamestown CLO XI, Ltd., |  |
| 147386 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.362%), 5.60%, <br> 7/14/2031, Series 2018-11A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 147431 |
|  | KKR CLO 11, Ltd., |  |
| 71498 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%), 5.70%, <br> 1/15/2031, Series 11, Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 71543 |
|  | KKR CLO 18, Ltd., |  |
| 210444 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.202%), 5.47%, <br> 7/18/2030, Series 18, Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 210445 |
|  | KKR CLO 9, Ltd., |  |
| 31519 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.212%), 5.47%, <br> 7/15/2030, Series 9, Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 31523 |
|  | LCM 29, Ltd., |  |
| 165728 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%), 5.59%, <br> 4/15/2031, Series 29A, Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 165728 |
|  | LCM XVIII LP, |  |
| 108772 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%), 5.55%, <br> 4/20/2031, Series 18A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 108790 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** |
|  | Madison Park Funding XXIII, Ltd., |  |
| $411265 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.232%), 5.51%, <br> 7/27/2031, Series 2017-23A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $411676 |
|  | Madison Park Funding XXIV, Ltd., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.550%), 5.82%, <br> 10/20/2029, Series 2016-24A, <br> Class BR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500125 |
|  | Marathon CLO XIII, Ltd., |  |
| 320933 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.200%), 5.46%, <br> 4/15/2032, Series 2019-1A, <br> Class AAR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 320936 |
|  | Marlette Funding Trust, |  |
| 38083 | &nbsp;&nbsp;&nbsp; 5.95%, 7/17/2034, Series 2024-1A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 38139 |
|  | Master Credit Card Trust II, |  |
| 600000 | &nbsp;&nbsp;&nbsp; (SOFR30A + 0.850%), 5.15%, <br> 1/21/2027, Series 2023-2A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 599747 |
|  | &nbsp;&nbsp; Neuberger Berman Loan Advisers <br> CLO 35, Ltd.,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.050%), 5.32%, <br> 1/19/2033, Series 2019-35A, <br> Class ARR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 249606 |
|  | &nbsp;&nbsp; Neuberger Berman Loan Advisers <br> CLO, Ltd.,<br>|  |
| 370000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.150%), 5.43%, <br> 7/25/2035, Series 2022-49A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 370167 |
|  | Newark BSL CLO 2, Ltd., |  |
| 110437 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.232%), 5.51%, <br> 7/25/2030, Series 2017-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 110458 |
|  | Nissan Auto Receivables Owner Trust, |  |
| 100313 | &nbsp;&nbsp;&nbsp; 5.47%, 12/15/2026, Series 2024-A, <br> Class A2A<br>| &nbsp;&nbsp; 100505 |
|  | Northwoods Capital XII-B, Ltd., |  |
| 267698 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.190%), 5.51%, <br> 6/15/2031, Series 2018-12BA, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 267389 |
|  | OCCU Auto Receivables Trust, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 6.29%, 9/17/2029, Series 2023-1A, <br> Class A4 <sup>a</sup> <br>| &nbsp;&nbsp; 409442 |
|  | Octagon Investment Partners 36, Ltd., |  |
| 370172 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.232%), 5.49%, <br> 4/15/2031, Series 2018-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 370172 |
|  | Octagon Investment Partners 39, Ltd., |  |
| 317597 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.150%), 5.42%, <br> 10/20/2030, Series 2018-3A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 317595 |
|  | OneMain Financial Issuance Trust, |  |
| 550000 | &nbsp;&nbsp;&nbsp; 1.75%, 9/14/2035, Series 2020-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 536227 |
|  | &nbsp;&nbsp; Pagaya AI Debt Grantor Trust & <br> Pagaya AI Debt Trust,<br>|  |
| 585470 | &nbsp;&nbsp;&nbsp; 6.09%, 11/15/2031, Series 2024-6, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 589247 |
|  | Palmer Square Loan Funding, Ltd., |  |
| 78318 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.062%), 5.32%, <br> 10/15/2029, Series 2021-4A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 78319 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** |
| $384567 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.050%), 5.31%, <br> 10/15/2032, Series 2024-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; $384302 |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.400%), 5.70%, <br> 7/15/2033, Series 2025-2A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 250000 |
|  | Rad CLO 14, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%), 5.69%, <br> 1/15/2035, Series 2021-14A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250324 |
|  | Rad CLO 4, Ltd., |  |
| 205296 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.230%), 5.51%, <br> 4/25/2032, Series 2019-4A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 205461 |
|  | Republic Finance Issuance Trust, |  |
| 294452 | &nbsp;&nbsp;&nbsp; 2.30%, 12/22/2031, Series 2021-A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; 292702 |
|  | &nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes,<br>|  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.97%, 1/18/2033, Series 2024-B, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 250612 |
| 38593 | &nbsp;&nbsp;&nbsp; 6.49%, 6/15/2033, Series 2023-A, <br> Class B <sup>a</sup> <br>| &nbsp;&nbsp; 38717 |
|  | &nbsp;&nbsp; Santander Drive Auto Receivables <br> Trust,<br>|  |
| 96622 | &nbsp;&nbsp;&nbsp; 4.98%, 2/15/2028, Series 2023-1, <br> Class B<br>| &nbsp;&nbsp; 96668 |
|  | &nbsp;&nbsp; SFS Auto Receivables Securitization <br> Trust,<br>|  |
| 130472 | &nbsp;&nbsp;&nbsp; 5.35%, 6/21/2027, Series 2024-1A, <br> Class A2 <sup>a</sup> <br>| &nbsp;&nbsp; 130544 |
|  | Shackleton CLO, Ltd., |  |
| 62095 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.362%), 5.66%, <br> 5/7/2031, Series 2014-5RA, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 62130 |
|  | &nbsp;&nbsp; SLM Private Credit Student Loan <br> Trust,<br>|  |
| 162266 | &nbsp;&nbsp;&nbsp; (TSFR3M + 0.662%), 4.98%, <br> 6/15/2033, Series 2004-A, <br> Class A3 <sup>b</sup> <br>| &nbsp;&nbsp; 161599 |
|  | SMB Private Education Loan Trust, |  |
| 59672 | &nbsp;&nbsp;&nbsp; (TSFR1M + 0.864%), 5.18%, <br> 10/15/2035, Series 2017-B, <br> Class A2B <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 59572 |
|  | Symphony CLO XV, Ltd., |  |
| 383048 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.100%), 5.36%, <br> 1/16/2032, Series 2018-20A, <br> Class AR2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 383051 |
| 268138 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.342%), 5.62%, <br> 1/17/2032, Series 2014-15A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 268458 |
|  | THL Credit Wind River CLO, Ltd., |  |
| 551002 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.200%), 5.47%, <br> 10/20/2030, Series 2015-1A, <br> Class A1R3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 551553 |
|  | Tiaa CLO III, Ltd., |  |
| 153768 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.412%), 5.67%, <br> 1/16/2031, Series 2017-2A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 153855 |
|  | TIAA CLO IV, Ltd., |  |
| 187277 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.140%), 5.41%, <br> 1/20/2032, Series 2018-1A, <br> Class A1AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 187362 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** | **<u>Asset-Backed Securities 19.5% – continued</u>** |
|  | Tricolor Auto Securitization Trust, |  |
| $500000 | &nbsp;&nbsp;&nbsp; 5.12%, 1/16/2029, Series 2025-2A, <br> Class A <sup>a</sup> <br>| &nbsp;&nbsp; $500538 |
|  | Tricon American Homes, |  |
| 365000 | &nbsp;&nbsp;&nbsp; 2.05%, 7/17/2038, Series 2020-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 353693 |
|  | Tricon Residential Trust, |  |
| 750000 | &nbsp;&nbsp;&nbsp; 2.24%, 7/17/2038, Series 2021-<br> SFR1, Class B <sup>a</sup> <br>| &nbsp;&nbsp; 730110 |
| 259135 | &nbsp;&nbsp;&nbsp; 3.86%, 4/17/2039, Series 2022-<br> SFR1, Class A <sup>a</sup> <br>| &nbsp;&nbsp; 255487 |
| 249571 | &nbsp;&nbsp;&nbsp; (TSFR1M + 1.100%), 5.41%, <br> 3/17/2042, Series 2025-SFR1, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 249610 |
|  | Venture 37 CLO, Ltd., |  |
| 87739 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.250%), 5.51%, <br> 7/15/2032, Series 2019-37A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 87796 |
|  | Venture 42 CLO, Ltd., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.392%), 5.65%, <br> 4/15/2034, Series 2021-42A, <br> Class A1A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250170 |
|  | Venture XXVIII CLO, Ltd., |  |
| 116810 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%), 5.52%, <br> 7/20/2030, Series 2017-28A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 116853 |
|  | Vibrant CLO XI, Ltd., |  |
| 176442 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.382%), 5.65%, <br> 7/20/2032, Series 2019-11A, <br> Class A1R1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 176135 |
|  | Voya CLO, Ltd., |  |
| 20025 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%), 5.56%, <br> 4/17/2030, Series 2014-2A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 20025 |
| 398354 | &nbsp;&nbsp;&nbsp; (TSFR3M + 1.150%), 5.42%, <br> 10/18/2031, Series 2016-3A, <br> Class A1R2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 398830 |
|  | World Omni Auto Receivables Trust, |  |
| 200000 | &nbsp;&nbsp;&nbsp; 1.90%, 3/15/2028, Series 2022-A, <br> Class A4<br>| &nbsp;&nbsp; 196729 |
|  | **Total** | **31881185** |
| **<u>Basic Materials 1.0%</u>** | **<u>Basic Materials 1.0%</u>** | **<u>Basic Materials 1.0%</u>** |
|  | DuPont de Nemours, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.49%, 11/15/2025 | &nbsp;&nbsp; 99849 |
|  | Ecolab, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.30%, 6/15/2028 | &nbsp;&nbsp; 755224 |
|  | Georgia-Pacific LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.40%, 6/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 251255 |
|  | Glencore Funding LLC, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 1.63%, 4/27/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 391001 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.750%), 5.16%, <br> 10/1/2026 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 199981 |
|  | **Total** | **1697310** |
| **<u>Collateralized Mortgage Obligations 1.4%</u>** | **<u>Collateralized Mortgage Obligations 1.4%</u>** | **<u>Collateralized Mortgage Obligations 1.4%</u>** |
|  | CHNGE Mortgage Trust, |  |
| 532445 | &nbsp;&nbsp;&nbsp; 6.53%, 6/25/2058, Series 2023-2, <br> Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 534409 |
|  | CSMC Trust, |  |
| 113105 | &nbsp;&nbsp;&nbsp; 3.66%, 10/25/2059, Series 2019-<br> NQM1, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 111315 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Collateralized Mortgage Obligations 1.4% – continued</u>** | **<u>Collateralized Mortgage Obligations 1.4% – continued</u>** | **<u>Collateralized Mortgage Obligations 1.4% – continued</u>** |
|  | PRKCM Trust, |  |
| $665403 | &nbsp;&nbsp;&nbsp; 6.60%, 2/25/2058, Series 2023-<br> AFC1, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; $666731 |
| 609861 | &nbsp;&nbsp;&nbsp; 6.58%, 9/25/2058, Series 2023-<br> AFC3, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 615460 |
|  | Roc Mortgage Trust, |  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.63%, 2/25/2040, Series 2025-<br> RTL1, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 150310 |
|  | Toorak Mortgage Trust, |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.52%, 2/25/2040, Series 2025-<br> RRTL1, Class A1 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| &nbsp;&nbsp; 200024 |
|  | **Total** | **2278249** |
| **<u>Commercial Mortgage-Backed Securities 1.6%</u>** | **<u>Commercial Mortgage-Backed Securities 1.6%</u>** | **<u>Commercial Mortgage-Backed Securities 1.6%</u>** |
|  | Bank, |  |
| 195603 | &nbsp;&nbsp;&nbsp; 3.42%, 5/15/2050, Series 2017-<br> BNK4, Class ASB<br>| &nbsp;&nbsp; 194134 |
|  | Benchmark Mortgage Trust, |  |
| 55275 | &nbsp;&nbsp;&nbsp; 5.96%, 7/15/2056, Series 2023-V3, <br> Class A1<br>| &nbsp;&nbsp; 56032 |
|  | CD Mortgage Trust, |  |
| 395187 | &nbsp;&nbsp;&nbsp; 3.22%, 8/15/2050, Series 2017-<br> CD5, Class AAB<br>| &nbsp;&nbsp; 390998 |
|  | Citigroup Commercial Mortgage Trust, |  |
| 186220 | &nbsp;&nbsp;&nbsp; 3.05%, 4/10/2049, Series 2016-<br> GC37, Class A3<br>| &nbsp;&nbsp; 185043 |
| 140445 | &nbsp;&nbsp;&nbsp; 2.98%, 11/15/2049, Series 2016-<br> C3, Class AAB<br>| &nbsp;&nbsp; 139539 |
|  | CSAIL Commercial Mortgage Trust, |  |
| 433933 | &nbsp;&nbsp;&nbsp; 3.76%, 11/15/2048, Series 2016-<br> C5, Class A5<br>| &nbsp;&nbsp; 431692 |
|  | GS Mortgage Securities Trust, |  |
| 245107 | &nbsp;&nbsp;&nbsp; 2.78%, 10/10/2049, Series 2016-<br> GS3, Class AAB<br>| &nbsp;&nbsp; 243409 |
|  | &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust,<br>|  |
| 237110 | &nbsp;&nbsp;&nbsp; 3.27%, 1/15/2049, Series 2016-<br> C28, Class A3<br>| &nbsp;&nbsp; 235337 |
|  | UBS Commercial Mortgage Trust, |  |
| 566271 | &nbsp;&nbsp;&nbsp; 3.26%, 8/15/2050, Series 2017-C2, <br> Class ASB<br>| &nbsp;&nbsp; 560133 |
|  | &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust,<br>|  |
| 199778 | &nbsp;&nbsp;&nbsp; 3.79%, 9/15/2048, Series 2015-<br> SG1, Class A4<br>| &nbsp;&nbsp; 199207 |
|  | **Total** | **2635524** |
| **<u>Communication Services 0.7%</u>** | **<u>Communication Services 0.7%</u>** | **<u>Communication Services 0.7%</u>** |
|  | &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.91%, 7/23/2025 | &nbsp;&nbsp; 99993 |
|  | Cisco Systems, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.55%, 2/24/2028 | &nbsp;&nbsp; 101322 |
|  | Discovery Communications LLC, |  |
| 81000 | &nbsp;&nbsp;&nbsp; 3.95%, 3/20/2028 | &nbsp;&nbsp; 77407 |
|  | Expedia Group, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.00%, 2/15/2026 | &nbsp;&nbsp; 100096 |
|  | Paramount Global, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 2.90%, 1/15/2027 | &nbsp;&nbsp; 243340 |
|  | Rogers Communications, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.20%, 3/15/2027 | &nbsp;&nbsp; 392183 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Communication Services 0.7% – continued</u>** | **<u>Communication Services 0.7% – continued</u>** | **<u>Communication Services 0.7% – continued</u>** |
|  | Sprint LLC, |  |
| $200000 | &nbsp;&nbsp;&nbsp; 7.63%, 3/1/2026 | &nbsp;&nbsp; $201918 |
|  | **Total** | **1216259** |
| **<u>Consumer Discretionary 7.8%</u>** | **<u>Consumer Discretionary 7.8%</u>** | **<u>Consumer Discretionary 7.8%</u>** |
|  | Air Canada, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.88%, 8/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 395960 |
|  | American Honda Finance Corp., |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.820%), 5.21%, <br> 3/3/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 200326 |
|  | BMW U.S. Capital LLC, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.550%), 4.89%, <br> 4/2/2026 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 200076 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.780%), 5.19%, <br> 3/19/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 200149 |
|  | Delta Air Lines, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 7.38%, 1/15/2026 | &nbsp;&nbsp; 253481 |
| 500000 | &nbsp;&nbsp;&nbsp; 4.95%, 7/10/2028 | &nbsp;&nbsp; 502856 |
|  | Ford Motor Credit Co. LLC, |  |
| 1100000 | &nbsp;&nbsp;&nbsp; 6.95%, 3/6/2026 | &nbsp;&nbsp; 1110608 |
|  | General Motors Financial Co., Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 5.40%, 4/6/2026 | &nbsp;&nbsp; 452042 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.170%), 5.53%, <br> 4/4/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 496401 |
|  | Honda Motor Co., Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.44%, 7/8/2028 <sup>c</sup> <br>| &nbsp;&nbsp; 1001147 |
|  | Hyundai Capital America, |  |
| 1100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.990%), 5.40%, <br> 3/25/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1098233 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.120%), 5.53%, <br> 6/23/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500590 |
|  | Las Vegas Sands Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.50%, 8/18/2026 | &nbsp;&nbsp; 295940 |
| 300000 | &nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp; 306011 |
|  | O'Reilly Automotive, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | &nbsp;&nbsp; 254430 |
|  | PACCAR Financial Corp., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.55%, 3/3/2028 | &nbsp;&nbsp; 202859 |
|  | Royal Caribbean Cruises, Ltd., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 5.50%, 8/31/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 351239 |
|  | Stellantis Finance U.S., Inc., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.35%, 3/17/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 201665 |
|  | Target Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.35%, 6/15/2028 | &nbsp;&nbsp; 754508 |
|  | Toyota Motor Credit Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.650%), 5.06%, <br> 3/19/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 500686 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.710%), 5.08%, <br> 5/14/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 250766 |
|  | United Airlines, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.38%, 4/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 397356 |
|  | &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |
| 1100000 | &nbsp;&nbsp;&nbsp; 1.25%, 11/24/2025 <sup>a</sup> <br>| &nbsp;&nbsp; 1084997 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.060%), 5.47%, <br> 3/25/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 199776 |
|  | Walmart, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.430%), 4.79%, <br> 4/28/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 501555 |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.10%, 4/28/2027 | &nbsp;&nbsp; 1004233 |
| 79000 | &nbsp;&nbsp;&nbsp; 3.76%, 3/15/2027 | &nbsp;&nbsp; 76735 |
|  | **Total** | **12794625** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Consumer Staples 8.3%</u>** | **<u>Consumer Staples 8.3%</u>** | **<u>Consumer Staples 8.3%</u>** |
|  | AbbVie, Inc., |  |
| $200000 | &nbsp;&nbsp;&nbsp; 4.65%, 3/15/2028 | &nbsp;&nbsp; $203024 |
|  | Alcon Finance Corp., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.75%, 9/23/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 342399 |
|  | Altria Group, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.88%, 2/4/2028 | &nbsp;&nbsp; 456143 |
|  | Amgen, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.60%, 8/19/2026 | &nbsp;&nbsp; 343538 |
|  | BAT Capital Corp., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.22%, 9/6/2026 | &nbsp;&nbsp; 345139 |
|  | Baxter International, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.60%, 8/15/2026 | &nbsp;&nbsp; 343406 |
|  | Becton Dickinson & Co., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 3.70%, 6/6/2027 | &nbsp;&nbsp; 444582 |
|  | Bunge, Ltd. Finance Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.25%, 8/15/2026 | &nbsp;&nbsp; 296299 |
|  | Cargill, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 0.75%, 2/2/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 489523 |
|  | Centene Corp., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | &nbsp;&nbsp; 98485 |
|  | Conagra Brands, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 1.38%, 11/1/2027 | &nbsp;&nbsp; 466591 |
|  | CVS Health Corp., |  |
| 50000 | &nbsp;&nbsp;&nbsp; 3.88%, 7/20/2025 | &nbsp;&nbsp; 49962 |
| 450000 | &nbsp;&nbsp;&nbsp; 2.88%, 6/1/2026 | &nbsp;&nbsp; 443138 |
|  | Danone SA, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 2.95%, 11/2/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 392974 |
|  | Elevance Health, Inc., |  |
| 600000 | &nbsp;&nbsp;&nbsp; 3.65%, 12/1/2027 | &nbsp;&nbsp; 592880 |
|  | ERAC USA Finance LLC, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.80%, 11/1/2025 <sup>a</sup> <br>| &nbsp;&nbsp; 498712 |
|  | GE HealthCare Technologies, Inc., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 5.65%, 11/15/2027 | &nbsp;&nbsp; 309083 |
|  | GlaxoSmithKline Capital plc, |  |
| 700000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.500%), 4.90%, <br> 3/12/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 701182 |
|  | Global Payments, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.15%, 1/15/2027 | &nbsp;&nbsp; 338555 |
|  | HCA, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 5.00%, 3/1/2028 | &nbsp;&nbsp; 507429 |
|  | Hershey Co., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.55%, 2/24/2028 | &nbsp;&nbsp; 101265 |
|  | Imperial Brands Finance plc, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.50%, 7/26/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 345853 |
| 250000 | &nbsp;&nbsp;&nbsp; 4.50%, 6/30/2028 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 249970 |
|  | &nbsp;&nbsp; JBS USA Holding Lux SARL/JBS <br> USA Food Co./JBS Lux Co. SARL,<br>|  |
| 550000 | &nbsp;&nbsp;&nbsp; 2.50%, 1/15/2027 | &nbsp;&nbsp; 534995 |
|  | Keurig Dr. Pepper, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.580%), 4.95%, <br> 11/15/2026 <sup>b</sup> <br>| &nbsp;&nbsp; 400701 |
|  | Kraft Heinz Foods Co., |  |
| 550000 | &nbsp;&nbsp;&nbsp; 3.00%, 6/1/2026 | &nbsp;&nbsp; 542821 |
|  | &nbsp;&nbsp; Laboratory Corp. of America <br> Holdings,<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 1.55%, 6/1/2026 | &nbsp;&nbsp; 389573 |
|  | Mars, Inc., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.45%, 3/1/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 200692 |
|  | Molson Coors Beverage Co., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.00%, 7/15/2026 | &nbsp;&nbsp; 246280 |
|  | &nbsp;&nbsp; Mondelez International Holdings <br> Netherlands BV,<br>|  |
| 300000 | &nbsp;&nbsp;&nbsp; 1.25%, 9/24/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 289116 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Consumer Staples 8.3% – continued</u>** | **<u>Consumer Staples 8.3% – continued</u>** | **<u>Consumer Staples 8.3% – continued</u>** |
|  | PayPal Holdings, Inc., |  |
| $100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.670%), 5.06%, <br> 3/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; $100054 |
|  | Pernod Ricard SA, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.25%, 6/8/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 296611 |
|  | Philip Morris International, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.830%), 5.19%, <br> 4/28/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 502162 |
|  | &nbsp;&nbsp; Reckitt Benckiser Treasury Services <br> plc,<br>|  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.00%, 6/26/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 391003 |
|  | &nbsp;&nbsp; Shire Acquisitions Investments Ireland <br> DAC,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.20%, 9/23/2026 | &nbsp;&nbsp; 345434 |
|  | Solventum Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.45%, 2/25/2027 | &nbsp;&nbsp; 254078 |
|  | Universal Health Services, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 1.65%, 9/1/2026 | &nbsp;&nbsp; 96545 |
|  | Viterra Finance BV, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.00%, 4/21/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 342527 |
|  | Zimmer Biomet Holdings, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.70%, 2/19/2027 | &nbsp;&nbsp; 251352 |
|  | **Total** | **13544076** |
| **<u>Energy 1.8%</u>** | **<u>Energy 1.8%</u>** | **<u>Energy 1.8%</u>** |
|  | BP Capital Markets America, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 3.12%, 5/4/2026 | &nbsp;&nbsp; 445456 |
|  | Chevron USA, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.360%), 4.74%, <br> 2/26/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 250608 |
|  | Continental Resources, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 386559 |
|  | EOG Resources, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.40%, 7/15/2028 <sup>c</sup> <br>| &nbsp;&nbsp; 502887 |
|  | EQT Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 6.50%, 7/1/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 511266 |
|  | Ovintiv, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.38%, 1/1/2026 | &nbsp;&nbsp; 400358 |
|  | Sabine Pass Liquefaction LLC, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.88%, 6/30/2026 | &nbsp;&nbsp; 402177 |
|  | **Total** | **2899311** |
| **<u>Financials 28.0%</u>** | **<u>Financials 28.0%</u>** | **<u>Financials 28.0%</u>** |
|  | ABN AMRO Bank NV, |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 4.20%, 7/7/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 1000803 |
|  | &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |
| 800000 | &nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp; 779421 |
|  | Aircastle, Ltd., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.25%, 6/15/2026 | &nbsp;&nbsp; 447979 |
|  | Ally Financial, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2025 | &nbsp;&nbsp; 451023 |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.960%), 5.74%, <br> 5/15/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 101780 |
|  | American Express Co., |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.260%), 5.61%, <br> 4/25/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 756739 |
|  | American Tower Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2026 | &nbsp;&nbsp; 493609 |
|  | Aon North America, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.13%, 3/1/2027 | &nbsp;&nbsp; 252947 |
|  | ARES Capital Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 2.88%, 6/15/2027 | &nbsp;&nbsp; 289934 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** |
|  | Ares Strategic Income Fund, |  |
| $250000 | &nbsp;&nbsp;&nbsp; 5.45%, 9/9/2028 <sup>a</sup> <br>| &nbsp;&nbsp; $250123 |
|  | Athene Global Funding, |  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.62%, 5/8/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 151344 |
|  | &nbsp;&nbsp; Australia & New Zealand Banking <br> Group, Ltd.,<br>|  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.620%), 5.03%, <br> 6/18/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1000749 |
|  | Aviation Capital Group LLC, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.50%, 11/1/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 389788 |
|  | Banco Santander SA, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.120%), 5.47%, <br> 7/15/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 200544 |
|  | Bank of America Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.110%), 5.47%, <br> 5/9/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 503198 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.010%), 5.37%, <br> 1/24/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 498245 |
|  | Bank of Montreal, |  |
| 550000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.880%), 4.57%, <br> 9/10/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 551262 |
| 350000 | &nbsp;&nbsp;&nbsp; (5 yr. USD Swap + 1.432%), 3.80%, <br> 12/15/2032 <sup>b</sup> <br>| &nbsp;&nbsp; 340899 |
|  | Bank of New York Mellon Corp., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.680%), 5.07%, <br> 6/9/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1000970 |
|  | Bank of Nova Scotia, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 5.40%, 6/4/2027 | &nbsp;&nbsp; 306942 |
|  | Barclays plc, |  |
| 1100000 | &nbsp;&nbsp;&nbsp; 5.20%, 5/12/2026 | &nbsp;&nbsp; 1104961 |
| 300000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 3.050%), 7.33%, <br> 11/2/2026 <sup>b</sup> <br>| &nbsp;&nbsp; 302491 |
|  | Blackstone Private Credit Fund, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 7.05%, 9/29/2025 | &nbsp;&nbsp; 100551 |
| 250000 | &nbsp;&nbsp;&nbsp; 2.63%, 12/15/2026 | &nbsp;&nbsp; 241545 |
|  | Blackstone Secured Lending Fund, |  |
| 450000 | &nbsp;&nbsp;&nbsp; 2.75%, 9/16/2026 | &nbsp;&nbsp; 438153 |
|  | Blue Owl Capital Corp., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 3.40%, 7/15/2026 | &nbsp;&nbsp; 98393 |
|  | Blue Owl Credit Income Corp., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 7.75%, 9/16/2027 | &nbsp;&nbsp; 314678 |
|  | Blue Owl Technology Finance Corp., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 6.10%, 3/15/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 351896 |
|  | BNP Paribas SA, |  |
| 350000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.004%), 1.32%, <br> 1/13/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 343910 |
| 400000 | &nbsp;&nbsp;&nbsp; (5 yr. USD Swap + 1.483%), 4.38%, <br> 3/1/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 391818 |
|  | Boston Properties LP, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 2.75%, 10/1/2026 | &nbsp;&nbsp; 293365 |
|  | Brown & Brown, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.70%, 6/23/2028 | &nbsp;&nbsp; 756327 |
|  | CaixaBank SA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.140%), 4.63%, <br> 7/3/2029 <sup>a</sup><sup>,</sup><sup>b</sup><sup>,</sup><sup>c</sup> <br>| &nbsp;&nbsp; 501245 |
|  | &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce,<br>|  |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.030%), 5.44%, <br> 3/30/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 100117 |
|  | Capital One Financial Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.855%), 1.88%, <br> 11/2/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 434672 |
|  | Citibank NA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.58%, 5/29/2027 | &nbsp;&nbsp; 502746 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** |
|  | Citigroup, Inc., |  |
| $450000 | &nbsp;&nbsp;&nbsp; 4.45%, 9/29/2027 | &nbsp;&nbsp; $450432 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.143%), 5.51%, <br> 5/7/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 502403 |
| 400000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.870%), 5.26%, <br> 3/4/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 399336 |
|  | Commonwealth Bank of Australia, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.640%), 5.05%, <br> 3/14/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 501573 |
|  | Cooperatieve Rabobank UA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.590%), 4.97%, <br> 5/27/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 250463 |
| 300000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.890%), 5.24%, <br> 10/17/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 301395 |
|  | Corebridge Financial, Inc., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.65%, 4/5/2027 | &nbsp;&nbsp; 296031 |
|  | Crown Castle, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 1.05%, 7/15/2026 | &nbsp;&nbsp; 433400 |
|  | Deutsche Bank AG, |  |
| 400000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.520%), 7.15%, <br> 7/13/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 410106 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.210%), 5.56%, <br> 1/10/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 250237 |
|  | Equitable America Global Funding, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.65%, 6/9/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 502915 |
|  | Extra Space Storage LP, |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.50%, 7/1/2026 | &nbsp;&nbsp; 296975 |
|  | Goldman Sachs Group, Inc., |  |
| 550000 | &nbsp;&nbsp;&nbsp; 4.25%, 10/21/2025 | &nbsp;&nbsp; 549325 |
| 1600000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.290%), 5.64%, <br> 4/23/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1609656 |
|  | Goldman Sachs Private Credit Corp., |  |
| 200000 | &nbsp;&nbsp;&nbsp; 5.88%, 5/6/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 202147 |
|  | Golub Capital BDC, Inc., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 2.50%, 8/24/2026 | &nbsp;&nbsp; 291950 |
|  | HPS Corporate Lending Fund, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.30%, 6/5/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 250403 |
|  | HSBC Holdings plc, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.030%), 5.42%, <br> 3/3/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 199840 |
|  | HSBC USA, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.65%, 6/3/2028 | &nbsp;&nbsp; 755916 |
|  | ING Groep NV, |  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.010%), 5.42%, <br> 3/25/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 200131 |
|  | JPMorgan Chase & Co., |  |
| 300000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.800%), 5.15%, <br> 1/24/2029, Series FRN <sup>b</sup> <br>| &nbsp;&nbsp; 299889 |
|  | KeyCorp, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 2.25%, 4/6/2027 | &nbsp;&nbsp; 337496 |
|  | Lloyds Banking Group plc, |  |
| 550000 | &nbsp;&nbsp;&nbsp; (CMT 1Y + 1.750%), 4.72%, <br> 8/11/2026 <sup>b</sup> <br>| &nbsp;&nbsp; 549771 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.060%), 5.43%, <br> 11/26/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 200420 |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.060%), 5.45%, <br> 6/13/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 500145 |
|  | LPL Holdings, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 4.90%, 4/3/2028 | &nbsp;&nbsp; 352659 |
|  | Macquarie Airfinance Holdings, Ltd., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 5.20%, 3/27/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 353900 |
|  | Macquarie Group, Ltd., |  |
| 745000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.995%), 1.94%, <br> 4/14/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 711316 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** |
|  | Manufacturers & Traders Trust Co., |  |
| $750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.950%), 4.76%, <br> 7/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; $755204 |
|  | Morgan Stanley, |  |
| 1150000 | &nbsp;&nbsp;&nbsp; 3.59%, 7/22/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 1129870 |
| 350000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.380%), 5.73%, <br> 4/12/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 354136 |
|  | National Australia Bank, Ltd., |  |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.650%), 5.06%, <br> 6/13/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1001436 |
|  | National Bank of Canada, |  |
| 550000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.557%), 4.70%, <br> 3/5/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 550089 |
|  | National Securities Clearing Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.570%), 4.94%, <br> 5/20/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 501048 |
|  | NatWest Group plc, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.100%), 5.47%, <br> 5/23/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 250088 |
|  | New York Life Global Funding, |  |
| 350000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.880%), 5.23%, <br> 4/25/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 353048 |
|  | Omega Healthcare Investors, Inc., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 5.25%, 1/15/2026 | &nbsp;&nbsp; 450222 |
|  | Pacific Life Global Funding II, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.45%, 5/1/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 251967 |
|  | PNC Bank NA, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.630%), 4.54%, <br> 5/13/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 500251 |
|  | PNC Financial Services Group, Inc., |  |
| 650000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 1.085%), 4.76%, <br> 1/26/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 650951 |
|  | Reinsurance Group of America, Inc., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.95%, 9/15/2026 | &nbsp;&nbsp; 347973 |
|  | Royal Bank of Canada, |  |
| 350000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.720%), 4.51%, <br> 10/18/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 350637 |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.830%), 5.18%, <br> 1/24/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 249551 |
|  | Santander Holdings USA, Inc., |  |
| 100000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.610%), 6.02%, <br> 3/20/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 100986 |
|  | Santander U.K. Group Holdings plc, |  |
| 450000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.749%), 6.83%, <br> 11/21/2026 <sup>b</sup> <br>| &nbsp;&nbsp; 453689 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.989%), 1.67%, <br> 6/14/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 194271 |
|  | Simon Property Group LP, |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.30%, 1/15/2026 | &nbsp;&nbsp; 347855 |
|  | Skandinaviska Enskilda Banken AB, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.750%), 5.14%, <br> 6/2/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 500832 |
|  | Societe Generale SA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.410%), 5.75%, <br> 4/13/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 250128 |
|  | State Street Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.950%), 5.30%, <br> 4/24/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 753490 |
|  | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, <br> Inc.,<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.170%), 5.51%, <br> 7/9/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 201956 |
|  | Svenska Handelsbanken AB, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.38%, 5/23/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 252133 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** | **<u>Financials 28.0% – continued</u>** |
|  | Synchrony Bank, |  |
| $450000 | &nbsp;&nbsp;&nbsp; 5.63%, 8/23/2027 | &nbsp;&nbsp; $458913 |
|  | Toronto-Dominion Bank, |  |
| 700000 | &nbsp;&nbsp;&nbsp; (5 yr. USD Swap + 2.205%), 3.63%, <br> 9/15/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 692003 |
|  | Truist Bank, |  |
| 500000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.590%), 4.67%, <br> 5/20/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 500745 |
|  | Truist Financial Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 2.050%), 6.05%, <br> 6/8/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 456046 |
|  | U.S. Bancorp, |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.430%), 5.73%, <br> 10/21/2026 <sup>b</sup> <br>| &nbsp;&nbsp; 752515 |
|  | U.S. Bank NA, |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.910%), 5.28%, <br> 5/15/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 250655 |
|  | UBS Group AG, |  |
| 1150000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.980%), 1.31%, <br> 2/2/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| &nbsp;&nbsp; 1128306 |
|  | &nbsp;&nbsp; VICI Properties LP/VICI Note Co., <br> Inc.,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 4.50%, 9/1/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 349036 |
|  | Wells Fargo & Co., |  |
| 550000 | &nbsp;&nbsp;&nbsp; 4.10%, 6/3/2026 | &nbsp;&nbsp; 547802 |
| 1000000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 1.370%), 5.72%, <br> 4/23/2029 <sup>b</sup> <br>| &nbsp;&nbsp; 1012486 |
|  | Westpac Banking Corp., |  |
| 650000 | &nbsp;&nbsp;&nbsp; (5 yr. USD SOFR ICE Swap + <br> 2.236%), 4.32%, 11/23/2031 <sup>b</sup> <br>| &nbsp;&nbsp; 645718 |
|  | Weyerhaeuser Co., |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.75%, 5/15/2026 | &nbsp;&nbsp; 100196 |
|  | **Total** | **45651629** |
| **<u>Industrials 3.7%</u>** | **<u>Industrials 3.7%</u>** | **<u>Industrials 3.7%</u>** |
|  | Amphenol Corp., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.38%, 6/12/2028 | &nbsp;&nbsp; 503482 |
|  | Amrize Finance U.S. LLC, |  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.60%, 4/7/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 200810 |
|  | BAE Systems plc, |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.00%, 3/26/2027 <sup>a</sup> <br>| &nbsp;&nbsp; 404599 |
|  | Boeing Co., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.10%, 5/1/2026 | &nbsp;&nbsp; 493355 |
| 450000 | &nbsp;&nbsp;&nbsp; 3.25%, 2/1/2028 | &nbsp;&nbsp; 436471 |
|  | Caterpillar Financial Services Corp., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.520%), 4.91%, <br> 3/3/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 250258 |
|  | Howmet Aerospace, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 5.90%, 2/1/2027 | &nbsp;&nbsp; 409520 |
|  | John Deere Capital Corp., |  |
| 750000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.400%), 4.71%, <br> 1/5/2027 <sup>b</sup> <br>| &nbsp;&nbsp; 750322 |
| 200000 | &nbsp;&nbsp;&nbsp; (SOFRRATE + 0.500%), 4.89%, <br> 3/6/2028 <sup>b</sup> <br>| &nbsp;&nbsp; 199753 |
|  | L3Harris Technologies, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 3.85%, 12/15/2026 | &nbsp;&nbsp; 497033 |
|  | Molex Electronic Technologies LLC, |  |
| 250000 | &nbsp;&nbsp;&nbsp; 4.75%, 4/30/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 251572 |
|  | Northrop Grumman Corp., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 3.25%, 1/15/2028 | &nbsp;&nbsp; 341934 |
|  | Regal Rexnord Corp., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 6.05%, 2/15/2026 | &nbsp;&nbsp; 452602 |
|  | Siemens Funding BV, |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.35%, 5/26/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 503854 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Industrials 3.7% – continued</u>** | **<u>Industrials 3.7% – continued</u>** | **<u>Industrials 3.7% – continued</u>** |
|  | Spirit AeroSystems, Inc., |  |
| $300000 | &nbsp;&nbsp;&nbsp; 4.60%, 6/15/2028 | &nbsp;&nbsp; $294897 |
|  | **Total** | **5990462** |
| **<u>Mortgage-Backed Securities 3.8%</u>** | **<u>Mortgage-Backed Securities 3.8%</u>** | **<u>Mortgage-Backed Securities 3.8%</u>** |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates,<br>|  |
| 768795 | &nbsp;&nbsp;&nbsp; 3.31%, 9/25/2025, Series K051, <br> Class A2<br>| &nbsp;&nbsp; 765452 |
| 353994 | &nbsp;&nbsp;&nbsp; 3.00%, 12/25/2025, Series K053, <br> Class A2<br>| &nbsp;&nbsp; 351255 |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> REMICS,<br>|  |
| 279289 | &nbsp;&nbsp;&nbsp; (SOFR30A + 0.614%), 4.92%, <br> 1/15/2032, Series 3218, Class FN <sup>b</sup> <br>| &nbsp;&nbsp; 277901 |
| 321070 | &nbsp;&nbsp;&nbsp; 1.50%, 5/15/2032, Series 4224, <br> Class KA<br>| &nbsp;&nbsp; 316079 |
| 497891 | &nbsp;&nbsp;&nbsp; 3.00%, 4/15/2034, Series 4482, <br> Class CA<br>| &nbsp;&nbsp; 490998 |
| 88164 | &nbsp;&nbsp;&nbsp; 4.00%, 9/15/2039, Series 3786, <br> Class ED<br>| &nbsp;&nbsp; 87878 |
|  | &nbsp;&nbsp; Federal National Mortgage <br> Association,<br>|  |
| 477172 | &nbsp;&nbsp;&nbsp; 2.50%, 8/1/2032 | &nbsp;&nbsp; 466953 |
|  | &nbsp;&nbsp; Federal National Mortgage <br> Association REMICS,<br>|  |
| 110164 | &nbsp;&nbsp;&nbsp; 1.50%, 9/25/2027, Series 100, <br> Class BA<br>| &nbsp;&nbsp; 107374 |
| 1031251 | &nbsp;&nbsp;&nbsp; 2.25%, 7/25/2028, Series 2013-73, <br> Class BL<br>| &nbsp;&nbsp; 1011282 |
| 93593 | &nbsp;&nbsp;&nbsp; 3.50%, 1/25/2035, Series 2014-53, <br> Class VB<br>| &nbsp;&nbsp; 93012 |
| 396463 | &nbsp;&nbsp;&nbsp; (SOFR30A + 0.414%), 4.72%, <br> 11/25/2036, Series 2006-108, <br> Class FB <sup>b</sup> <br>| &nbsp;&nbsp; 392905 |
| 286544 | &nbsp;&nbsp;&nbsp; 3.00%, 8/25/2043, Series 2016-99, <br> Class H<br>| &nbsp;&nbsp; 283077 |
|  | &nbsp;&nbsp; Government National Mortgage <br> Association REMICS,<br>|  |
| 269464 | &nbsp;&nbsp;&nbsp; 3.50%, 9/20/2042, Series 2013-91, <br> Class PB<br>| &nbsp;&nbsp; 266901 |
| 1265543 | &nbsp;&nbsp;&nbsp; (TSFR1M + 0.314%), 4.63%, <br> 9/20/2043, Series 2013-135, <br> Class FM <sup>b</sup> <br>| &nbsp;&nbsp; 1260786 |
|  | **Total** | **6171853** |
| **<u>Technology 3.1%</u>** | **<u>Technology 3.1%</u>** | **<u>Technology 3.1%</u>** |
|  | Accenture Capital, Inc., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.90%, 10/4/2027 | &nbsp;&nbsp; 299083 |
|  | Analog Devices, Inc., |  |
| 500000 | &nbsp;&nbsp;&nbsp; 4.25%, 6/15/2028 | &nbsp;&nbsp; 502307 |
|  | Apple, Inc., |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.00%, 5/12/2028 | &nbsp;&nbsp; 751424 |
|  | Dell International LLC/EMC Corp., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 6.02%, 6/15/2026 | &nbsp;&nbsp; 403781 |
| 300000 | &nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 | &nbsp;&nbsp; 303511 |
|  | &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 1.15%, 3/1/2026 | &nbsp;&nbsp; 342416 |
|  | Hewlett Packard Enterprise Co., |  |
| 450000 | &nbsp;&nbsp;&nbsp; 4.45%, 9/25/2026 | &nbsp;&nbsp; 450706 |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 99.9%** | **Value** |
| **<u>Technology 3.1% – continued</u>** | **<u>Technology 3.1% – continued</u>** | **<u>Technology 3.1% – continued</u>** |
|  | Oracle Corp., |  |
| $800000 | &nbsp;&nbsp;&nbsp; 2.65%, 7/15/2026 | &nbsp;&nbsp; $785576 |
|  | Synopsys, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.55%, 4/1/2027 | &nbsp;&nbsp; 401994 |
|  | VMware LLC, |  |
| 750000 | &nbsp;&nbsp;&nbsp; 4.65%, 5/15/2027 | &nbsp;&nbsp; 754375 |
|  | **Total** | **4995173** |
| **<u>U.S. Government & Agencies 17.6%</u>** | **<u>U.S. Government & Agencies 17.6%</u>** | **<u>U.S. Government & Agencies 17.6%</u>** |
|  | U.S. Treasury Notes, |  |
| 2030000 | &nbsp;&nbsp;&nbsp; 5.00%, 8/31/2025 | &nbsp;&nbsp; 2031467 |
| 26700000 | &nbsp;&nbsp;&nbsp; 4.88%, 11/30/2025 | &nbsp;&nbsp; 26756320 |
|  | **Total** | **28787787** |
| **<u>Utilities 1.6%</u>** | **<u>Utilities 1.6%</u>** | **<u>Utilities 1.6%</u>** |
|  | Capital Power U.S. Holdings, Inc., |  |
| 250000 | &nbsp;&nbsp;&nbsp; 5.26%, 6/1/2028 <sup>a</sup> <br>| &nbsp;&nbsp; 253386 |
|  | DTE Electric Co., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 4.25%, 5/14/2027 | &nbsp;&nbsp; 400552 |
|  | Duke Energy Progress LLC, |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.35%, 3/6/2027 | &nbsp;&nbsp; 100476 |
|  | Evergy Kansas Central, Inc., |  |
| 150000 | &nbsp;&nbsp;&nbsp; 4.70%, 3/13/2028 | &nbsp;&nbsp; 151693 |
|  | Georgia Power Co., |  |
| 250000 | &nbsp;&nbsp;&nbsp; (SOFRINDEX + 0.280%), 4.68%, <br> 9/15/2026 <sup>b</sup> <br>| &nbsp;&nbsp; 249655 |
|  | Jersey Central Power & Light Co., |  |
| 350000 | &nbsp;&nbsp;&nbsp; 4.30%, 1/15/2026 <sup>a</sup> <br>| &nbsp;&nbsp; 349309 |
|  | &nbsp;&nbsp; NextEra Energy Capital Holdings, <br> Inc.,<br>|  |
| 350000 | &nbsp;&nbsp;&nbsp; 4.95%, 1/29/2026 | &nbsp;&nbsp; 350911 |
|  | Pacific Gas & Electric Co., |  |
| 300000 | &nbsp;&nbsp;&nbsp; 3.15%, 1/1/2026 | &nbsp;&nbsp; 297131 |
|  | Xcel Energy, Inc., |  |
| 400000 | &nbsp;&nbsp;&nbsp; 3.35%, 12/1/2026 | &nbsp;&nbsp; 394322 |
|  | **Total** | **2547435** |
|  | **Total Long-Term Fixed Income** <br>**(Cost $162,576,949)**<br>| **163090878** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 1.2%** | **Value** |
|  | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Discount Notes,<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.24%, 9/22/2025 <sup>e</sup><sup>,</sup><sup>f</sup> <br>| &nbsp;&nbsp; 198040 |
|  | &nbsp;&nbsp; Federal National Mortgage Association <br> Discount Notes,<br>|  |
| 200000 | &nbsp;&nbsp;&nbsp; 4.25%, 8/15/2025 <sup>e</sup><sup>,</sup><sup>f</sup> <br>| &nbsp;&nbsp; 198922 |

---

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>| **Short-Term Investments 1.2%** | **Value** |
|  | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class,<br>|  |
| 1495023 | &nbsp;&nbsp;&nbsp; 4.27% <sup>f</sup> <br>| &nbsp;&nbsp; $1495023 |
|  | **Total Short-Term Investments** <br>**(Cost $1,892,047)**<br>| **1891985** |
|  | **Total Investments** <br>**(Cost $164,468,996) 101.1%**<br>| **$164982863** |
|  | **Other Assets and Liabilities, Net** <br> **(1.1%)**<br>| **(1741852)** |
|  | **Total Net Assets 100.0%** | **$163241011** |

---

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

---

| | |
|:---|:---|
| a | Denotes securities sold under Rule 144A of the Securities Act of <br> 1933, which exempts them from registration. These securities may <br> be resold to other dealers in the program or to other qualified <br> institutional buyers. As of June 30, 2025, the value of these <br> investments was $54,064,099 or 33.1% of total net assets.<br>|
| b | Denotes variable rate securities. The rate shown is as of June 30, <br> 2025. The rates of certain variable rate securities are based on a <br> published reference rate and spread; these may vary by security <br> and the reference rate and spread are indicated in their description. <br> The rates of other variable rate securities are determined by the <br> issuer or agent and are based on current market conditions. These <br> securities do not indicate a reference rate and spread in their <br> description.<br>|
| c | Denotes investments purchased on a when-issued or delayed-<br> delivery basis.<br>|
| d | Denotes step coupon securities. Step coupon securities pay an <br> initial coupon rate for the first period and then different coupon rates <br> for following periods. The rate shown is as of June 30, 2025.<br>|
| e | All or a portion of the security is held on deposit with counterparty <br> and pledged as the initial margin deposit for open futures contracts.<br>|
| f | The interest rate shown reflects the yield. |

---

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

---

| | | |
|:---|:---|:---|
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |  |
| CLO | – | Collateralized Loan Obligation |
| REMICS | – | Real Estate Mortgage Investment Conduits |
| plc | – | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **<u>Reference Rate Index:</u>** |  |
| CMT 1Y | Constant Maturity Treasury Yield 1 Year |
| ICE | Intercontinental Exchange |
| SOFR30A | Secured Overnight Financing Rate 30 Year <br> Average <br>|
| SOFRINDEX | Secured Overnight Financing Rate <br> Compounded Index<br>|
| SOFRRATE | Secured Overnight Financing Rate |
| TSFR1M | CME Term SOFR 1 Month |
| TSFR3M | CME Term SOFR 3 Month |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

<br>Schedule of Investments as of June 30, 2025(unaudited)

**<u>Fair Valuation Measurements</u>**

The following table is a summary of the inputs used, as of June 30, 2025, in valuing Thrivent Ultra Short Bond ETF's assets carried at fair value.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Long-Term Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 31881185 |  | 31881185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | 1697310 |  | 1697310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 2278249 |  | 2278249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 2635524 |  | 2635524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1216259 |  | 1216259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 12794625 |  | 12794625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 13544076 |  | 13544076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2899311 |  | 2899311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 45651629 |  | 45651629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 5990462 |  | 5990462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 6171853 |  | 6171853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 4995173 |  | 4995173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agencies | 28787787 |  | 28787787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 2547435 |  | 2547435 |  |
| Short-Term Investments | 1891985 | 1495023 | 396962 |  |
| **Total Investments at Value** | **$164982863** | **$1495023** | **$163487840** | **$—** |

---

The following table is a summary of the inputs used, as of June 30, 2025, in valuing Thrivent Ultra Short Bond ETF's other financial instrument assets carried at fair value.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 175448 | 175448 |  |  |
| **Total Liability Derivatives** | **$175448** | **$175448** | **$—** | **$—** |

---

The following table presents Ultra Short Bond ETF's futures contracts held as of June 30, 2025. Investments and/or cash totaling $396,962 were pledged as the initial margin deposit for these contracts.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts Description** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts** <br>**Long/(Short)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Notional Principal** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized**<br>|
| CBOT 2 Yr. U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(87) | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18017866) | &nbsp;&nbsp;&nbsp;&nbsp; $(80173) |
| CBOT 3 Yr. U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(69) | September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14564530) | &nbsp;&nbsp;&nbsp;&nbsp; (95275) |
| **Total Futures Short Contracts** | **Total Futures Short Contracts** | **Total Futures Short Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **$(32582396)** | &nbsp;&nbsp;&nbsp;&nbsp; **$(175448)** |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **$(32582396)** | &nbsp;&nbsp;&nbsp;&nbsp; **$(175448)** |

---

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

---

| | | |
|:---|:---|:---|
| **Reference Description:** | **Reference Description:** | **Reference Description:** |
| CBOT | – | Chicago Board of Trade |

---

The accompanying Notes to Schedule of Investments are an integral part of this schedule.

------

Notes to Schedule of Investments

<br>as of June 30, 2025 <br>(unaudited)

**SIGNIFICANT ACCOUNTING POLICIES**

**Valuation of Investments** — The Funds record their investments at fair value using market quotations when they are readily available pursuant to Rule 2a-5. The Funds' investments are recorded at fair value determined in good faith when market quotations are not readily available. Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the last sale price on the principal exchange as of the close of regular trading on such exchange or the official closing price of the national market system. Over-the-counter securities and listed securities for which no price is readily available are valued at the current bid price considered best to represent the value at that time. Security prices are based on quotes that are obtained from an independent pricing service approved by the Board. The pricing service, in determining values of fixed-income securities, takes into consideration such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities which cannot be valued by the approved pricing service are valued using valuations obtained from dealers that make markets in the securities. Exchange-listed futures contracts are valued at the primary exchange settle price. Exchange cleared swap agreements are valued at the clearinghouse end of day price. Swap agreements not cleared on exchanges will be valued at the mid-price from the primary approved pricing service. Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by the pricing service. Investments in open-ended mutual funds are valued at their net asset value ("NAV") at the close of each business day. Money Market funds where the published daily NAV per share is not available on measurement date shall be fair valued using the NAV per share from the prior day.

The Board has chosen the Funds' investment adviser Thrivent Asset Management, LLC (the "Adviser") as the valuation designee, responsible for overseeing the Funds' valuation policies in accordance with Valuation Policies and Procedures. The Adviser has formed a Valuation Committee (the "Committee") that is responsible for overseeing the Funds' valuation policies in accordance with Valuation Policies and Procedures. The Committee meets on a monthly and on an as-needed basis to review price challenges, price overrides, stale prices, shadow prices, manual prices, and other securities requiring fair valuation.

The Committee monitors for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, national news/events, and issuer-specific developments. If the Committee decides that such events warrant using fair value estimates, the Committee will take such events into consideration in determining the fair value of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

In accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the various inputs used to determine the fair value of the Funds' investments are summarized in three broad

levels. Level 1 includes quoted prices in active markets for identical securities, typically included in this level are U.S. equity securities, futures, options and registered investment company funds. Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically included in this level are fixed income securities, international securities, swaps and forward contracts. Level 3 includes significant unobservable inputs such as the Adviser's own assumptions and broker evaluations in determining the fair value of investments. The valuation levels are not necessarily an indication of the risk associated with investing in these securities or other investments. Investments measured using net asset value per share as a practical expedient for fair value and that are not publicly available-for-sale are not categorized within the fair value hierarchy.

**Foreign Currency Translation** — The accounting records of each Fund are maintained in U.S. dollars. Securities and other assets and liabilities that are denominated in foreign currencies are translated into U.S. dollars at the daily closing rates of exchange.

Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. Net realized and unrealized currency gains and losses are recorded from closed currency contracts, disposition of foreign currencies, exchange gains or losses between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Funds do not separately report the effect of changes in foreign exchange rates from changes in prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

For federal income tax purposes, the Funds treat the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the changes in foreign exchange rates between the trade date and settlement date as ordinary income.

**Derivative Financial Instruments** — The Funds may invest in derivatives, a category that includes options, futures, swaps, foreign currency forward contracts and hybrid instruments. Derivatives are financial instruments whose value is derived from another security, an index or a currency. Each Fund may use derivatives for hedging (attempting to offset a potential loss in one position by establishing an interest in an opposite position). This includes the use of currency-based derivatives to manage the risk of its positions in foreign securities. Each Fund may also use derivatives for replication of a certain asset class or speculation (investing for potential income or capital gain). These contracts may be transacted on an exchange or over-the-counter ("OTC").

A derivative may incur a loss if the value of the derivative decreases due to an unfavorable change in the market rates or values of the underlying derivative. Losses can also occur if the counterparty does not perform under the derivative contract. A Fund's risk of loss from the counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. With exchange traded futures and centrally cleared swaps, there is minimal counterparty credit risk to the Funds because the exchange's

------

Notes to Schedule of Investments

<br>as of June 30, 2025 <br>(unaudited)

clearinghouse, as counterparty to such derivatives, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the derivative; thus, the credit risk is limited to the failure of the clearinghouse. However, credit risk still exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a broker's customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all of the broker's customers, potentially resulting in losses to the Funds. Using derivatives to hedge can guard against potential risks, but it also adds to the Funds' expenses and can eliminate some opportunities for gains. In addition, a derivative used for mitigating exposure or replication may not accurately track the value of the underlying asset. Another risk with derivatives is that some types can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative.

In order to define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives and foreign exchange contracts and typically includes, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivatives' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy and insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral and margin requirements vary by type of derivative. Margin requirements are established by the broker or clearing house for exchange traded and centrally cleared derivatives (futures, options, and centrally cleared swaps). Brokers can ask for

margining in excess of the minimum requirements in certain situations. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts, options and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, non-cash collateral that has been pledged to cover obligations of the Fund has been noted in the Schedule of Investments. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

**Futures Contracts** — Each of the Funds may use futures contracts to manage the exposure to interest rate and market or currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required "initial margin deposit" are held on deposit with and pledged to the broker. Additional securities held by the Funds may be earmarked to cover open futures contracts. A futures contract's daily change in value ("variation margin") is either paid to or received from the broker, and is recorded as an unrealized gain or loss. When the contract is closed, realized gain or loss is recorded equal to the difference between the value of the contract when opened and the value of the contract when closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default.

During the period ended June 30, 2025, Ultra Short Bond ETF used treasury futures to manage the duration and yield curve exposure of the respective Fund as compared to its benchmark.

Additional information for the Fund's policy regarding valuation of investments and other significant accounting policies can be obtained by referring to the Fund's most recent annual or semiannual report.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Thrivent ETF Trust

- **b. Investment Company Act file number:** 811-23759

- **c. CIK number of Registrant:** 0001896670

- **d. LEI of Registrant:** 549300TD5WNREV0BEU12

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 MARQUETTE AVENUE

  - **City:** MINNEAPOLIS

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402-3211

  - **Telephone number:** 612-844-7190

**Item A.2. Information about the Series.**

- **a. Name of Series:** Thrivent Small-Mid Cap Equity ETF

- **b. EDGAR series identifier (if any):** S000075337

- **c. LEI of Series:** 549300GX7BZWJZP1MT76

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $470823065.92

**Total Liabilities:** $241332.85

**Net Assets:** $470581733.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234286 | -1.11%               | 6.92%                | 6.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4790727.08             | $5121430.36                                |
| Month 2  | $-10400.76               | $27665482.54                               |
| Month 3  | $3455320.60              | $24314111.19                               |

### Schedule of Portfolio Investments

| Name                               | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Zebra Technologies Corp            | Zebra Technologies Corp                                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     20057 | NS      | $6184776.52   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                 | Champion Homes Inc                                         | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62661 | NS      | $3923205.21   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group Inc   | Colliers International Group Inc                           | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |     44173 | NS      | $5766343.42   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                    | Core & Main Inc                                            | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163903 | NS      | $9891546.05   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc      | Advanced Drainage Systems Inc                              | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     41168 | NS      | $4728556.48   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                   | IES Holdings Inc                                           | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |     23988 | NS      | $7105965.24   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                  | Tractor Supply Co                                          | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    116846 | NS      | $6165963.42   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc         | Climb Global Solutions Inc                                 | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |     74389 | NS      | $7952927.99   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                 | nVent Electric PLC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    107239 | NS      | $7855256.75   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc  | Atmus Filtration Technologies Inc                          | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163424 | NS      | $5951902.08   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc              | Burlington Stores Inc                                      | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     19560 | NS      | $4550438.40   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc          | Merit Medical Systems Inc                                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     49767 | NS      | $4652219.16   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                        | Hawkins Inc                                                | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |     43934 | NS      | $6243021.40   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp              | US Foods Holding Corp                                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    110040 | NS      | $8474180.40   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc         | Casey's General Stores Inc                                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     15314 | NS      | $7814274.78   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc              | Triumph Financial Inc                                      | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |     91636 | NS      | $5050059.96   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co            | Modine Manufacturing Co                                    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    100526 | NS      | $9901811.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC          | Gates Industrial Corp PLC                                  | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |    376033 | NS      | $8660039.99   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                       | Centene Corp                                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     90355 | NS      | $4904469.40   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp             | Synovus Financial Corp                                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |    111259 | NS      | $5757653.25   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                      | Coherent Corp                                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     69188 | NS      | $6172261.48   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc             | Group 1 Automotive Inc                                     | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |     20012 | NS      | $8739440.52   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                   | Knife River Corp                                           | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53723 | NS      | $4385945.72   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc        | Raymond James Financial Inc                                | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     38640 | NS      | $5926216.80   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                  | Talen Energy Corp                                          | CUSIP: 87422Q109<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | EC               | CORP              | US        |     17922 | NS      | $5211179.94   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                      | Celestica Inc                                              | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |     87682 | NS      | $13688037.02  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings Inc   | BJ's Wholesale Club Holdings Inc                           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     37537 | NS      | $4047614.71   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                   | Ryder System Inc                                           | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     28101 | NS      | $4468059.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc                   | I3 Verticals Inc                                           | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |    244220 | NS      | $6711165.60   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                         | Arcosa Inc                                                 | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     52668 | NS      | $4566842.28   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                   | WNS Holdings Ltd                                           | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |     91391 | NS      | $5779566.84   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc             | Patrick Industries Inc                                     | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     89445 | NS      | $8253090.15   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                | Quanta Services Inc                                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     17300 | NS      | $6540784.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp               | Ares Management Corp                                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |     37861 | NS      | $6557525.20   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                      | REV Group Inc                                              | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    102769 | NS      | $4890776.71   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                 | Steel Dynamics Inc                                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     41832 | NS      | $5354914.32   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc               | OneMain Holdings Inc                                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |    172346 | NS      | $9823722.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands Inc           | Turning Point Brands Inc                                   | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |     93395 | NS      | $7076539.15   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc               | Kyndryl Holdings Inc                                       | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |    398793 | NS      | $16733354.28  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc               | Labcorp Holdings Inc                                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40209 | NS      | $10555264.59  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp | Enterprise Financial Services Corp                         | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |    125898 | NS      | $6936979.80   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                        | Banner Corp                                                | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91936 | NS      | $5897694.40   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                       | Bel Fuse Inc                                               | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |    115667 | NS      | $11299509.23  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp            | CECO Environmental Corp                                    | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |    273463 | NS      | $7741737.53   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                     | Littelfuse Inc                                             | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     37116 | NS      | $8415310.68   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co             | International Paper Co                                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    124393 | NS      | $5825324.19   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                       | NiSource Inc                                               | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    153110 | NS      | $6176457.40   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                    | Bio-Techne Corp                                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    121461 | NS      | $6249168.45   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors       | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  23198039 | NS      | $23198039.45  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc     | JB Hunt Transport Services Inc                             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |     31244 | NS      | $4486638.40   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc            | MDU Resources Group Inc                                    | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    355742 | NS      | $5930219.14   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                   | HealthEquity Inc                                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     62872 | NS      | $6586470.72   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc          | Kinsale Capital Group Inc                                  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      9824 | NS      | $4753833.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                            | NVR Inc                                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      1063 | NS      | $7850956.58   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp | Federal Agricultural Mortgage Corp                         | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | USGSE             | US        |     37862 | NS      | $7355829.36   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                     | Murphy USA Inc                                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     11024 | NS      | $4484563.20   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc               | Limbach Holdings Inc                                       | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     95906 | NS      | $13436430.60  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                | Federal Signal Corp                                        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     83327 | NS      | $8867659.34   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                  | Clean Harbors Inc                                          | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     21158 | NS      | $4891306.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc    | Installed Building Products Inc                            | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |     32396 | NS      | $5841646.72   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                  | FTAI Aviation Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     74726 | NS      | $8596479.04   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                         | STERIS PLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     34495 | NS      | $8286388.90   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                     | SharkNinja Inc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     92609 | NS      | $9167364.91   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                       | Reliance Inc                                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     16053 | NS      | $5039036.70   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc              | Element Solutions Inc                                      | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |    279845 | NS      | $6338489.25   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Thrivent ETF Trust

**Signature:** Sarah L. Bergstrom

**Name of Signer:** Sarah L. Bergstrom

**Title:** Treasurer and Principal Accounting Officer