# EDGAR Filing Document

**Accession Number:** 0001896670
**File Stem:** 0001193125-25-294579
**Filing Date:** 2025-11
**Character Count:** 260736
**Document Hash:** edda9875f57eda29f0e0b185414a378e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-294579.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-294579

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23759
- **FILM NUMBER:** 251515082

**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            |

### Thrivent Core Plus Bond ETF (Series ID: S000089905)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000256748 | Thrivent Core Plus Bond ETF | TCPB            |

### Thrivent Ultra Short Bond ETF (Series ID: S000089906)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000256749 | Thrivent Ultra Short Bond ETF | TUSB            |

?xml version='1.0' encoding='ASCII'? N-CSR

United States

Securities and Exchange Commission

Washington, D.C. 20549

#### Form N-CSR

#### Certified Shareholder Report of Registered Management Investment Companies
Investment Company Act file number: 811-23759

Thrivent ETF Trust

(Exact name of registrant as specified in charter)

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Address of principal executive offices) (Zip code)

John D. Jackson, Secretary and Chief Legal Officer

Thrivent ETF Trust

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Name and address of agent for service)

Registrant's telephone number, including area code: (612) 844-7190

Date of fiscal year end: September 30

Date of reporting period: September 30, 2025

------

#### Item 1. Report to Stockholders
(a) A copy of the registrant's report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act"), as amended, is filed herewith.

(b) Not applicable.

![Image](g70744g49b55.jpg)

# Thrivent Small-Mid Cap Equity ETF

#### TSME \| NYSE Arca, Inc.

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about the Thrivent Small-Mid Cap Equity ETF (the Fund) for the 12 months ended September 30, 2025. You can find additional information about the Fund at www.thriventetfs.com/prospectus. You can also request this information by contacting us at 800-847-4836. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Cost of a $10K Investment | &nbsp;&nbsp;Cost Paid as a % of a $10K Investment |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**$70** | &nbsp;&nbsp;**0.65%** |

---

# How did the Fund perform over the past 12 months?
For the 12 months ended September 30, 2025, the Fund earned a return of 13.88%, outperforming its peer group, the Morningstar Mid-Cap Blend category which returned 7.73%. The Fund's broad-based benchmark Russell 3000<sup>®</sup> Index earned a return of 17.41% over the same period.

**The key factors that contributed to the Fund's performance over the past 12 months include:**

# How did the Fund perform since Inception?
![Growth of 10K Chart](g70744g01h42.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fund<sup>Footnote Reference1</sup>** | **Russell 3000<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> ESG Index** |
| **10/5/2022** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2022** | $10271 | $10213 | $10254 | $10324 |
| **11/30/2022** | $10764 | $10746 | $10687 | $11013 |
| **12/31/2022** | $10200 | $10117 | $10051 | $10403 |
| **1/31/2023** | $11295 | $10814 | $11056 | $11410 |
| **2/28/2023** | $11272 | $10561 | $10797 | $11229 |
| **3/31/2023** | $10765 | $10843 | $10392 | $10709 |
| **4/30/2023** | $10459 | $10959 | $10257 | $10586 |
| **5/31/2023** | $10089 | $11001 | $10077 | $10190 |
| **6/30/2023** | $11262 | $11753 | $10935 | $11160 |
| **7/31/2023** | $11772 | $12174 | $11479 | $11696 |
| **8/31/2023** | $11456 | $11939 | $11028 | $11331 |
| **9/30/2023** | $10765 | $11370 | $10412 | $10732 |
| **10/31/2023** | $9971 | $11069 | $9780 | $10119 |
| **11/30/2023** | $10937 | $12101 | $10660 | $10978 |
| **12/31/2023** | $12022 | $12743 | $11803 | $11982 |
| **1/31/2024** | $11733 | $12884 | $11494 | $11725 |
| **2/29/2024** | $12732 | $13581 | $12119 | $12269 |
| **3/31/2024** | $13459 | $14020 | $12619 | $12950 |
| **4/30/2024** | $12514 | $13403 | $11774 | $12084 |
| **5/31/2024** | $13079 | $14036 | $12264 | $12643 |
| **6/30/2024** | $13033 | $14470 | $12080 | $12457 |
| **7/31/2024** | $13882 | $14739 | $12977 | $13286 |
| **8/31/2024** | $13806 | $15060 | $12944 | $13248 |
| **9/30/2024** | $14233 | $15372 | $13137 | $13431 |
| **10/31/2024** | $14134 | $15259 | $13015 | $13290 |
| **11/30/2024** | $15604 | $16274 | $14296 | $14450 |
| **12/31/2024** | $14296 | $15777 | $13218 | $13344 |
| **1/31/2025** | $14801 | $16275 | $13687 | $13850 |
| **2/28/2025** | $14105 | $15963 | $13045 | $13317 |
| **3/31/2025** | $12934 | $15032 | $12227 | $12604 |
| **4/30/2025** | $12790 | $14931 | $11975 | $12266 |
| **5/31/2025** | $13676 | $15877 | $12691 | $12972 |
| **6/30/2025** | $14543 | $16684 | $13277 | $13482 |
| **7/31/2025** | $15570 | $17051 | $13533 | $13684 |
| **8/31/2025** | $16162 | $17446 | $14243 | $14236 |
| **9/30/2025** | $16208 | $18048 | $14472 | $14245 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/etfs/small-mid-cap-esg-etf.html for performance results current to the most recent month-end. |

---

# Individual Holdings

# **Top Contributors** 

# **Least Contributors** 
* ![Thin up arrow](g70744g10a27.jpg)Celestica Inc.

* ![Thin up arrow](g70744g10a27.jpg)Bel Fuse Inc. Class B

* ![Thin up arrow](g70744g10a27.jpg)Limbach Holdings, Inc.

* ![Thin down arrow](g70744g79x06.jpg)Saia, Inc.

* ![Thin down arrow](g70744g79x06.jpg)Bio-Techne Corporation

* ![Thin down arrow](g70744g79x06.jpg)Eastman Chemical Company

# Asset Sector

# **Top Contributors** 

# **Least Contributors** 
* ![Thin up arrow](g70744g10a27.jpg)Industrials

* ![Thin up arrow](g70744g10a27.jpg)Information Technology

* ![Thin up arrow](g70744g10a27.jpg)Utilities

* ![Thin down arrow](g70744g79x06.jpg)Health Care

* ![Thin down arrow](g70744g79x06.jpg)Real Estate

* ![Thin down arrow](g70744g79x06.jpg)Energy

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns\* | 1 Year | Since Inception 10/5/22 |
| Fund (NAV)<sup>Footnote Reference1</sup> | 13.88% | 17.53% |
| Russell 3000<sup>®</sup> Index | 17.41% | 21.84% |
| Russell 2500<sup>®</sup> Index | 10.16% | 13.16% |
| S&P MidCap 400<sup>®</sup> ESG Index | 6.06% | 12.57% |

---

\* Total returns assume reinvestment of all dividends and capital gains. At various times, the Fund's adviser may have waived certain fees and/or

reimbursed expenses, without which total returns would have been lower.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/etfs/small-mid-cap-esg-etf.html for performance results current to the most recent month-end. |

---

**<sup>1</sup>The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit https://www.thriventfunds.com/etfs/small-mid-cap-equity-etf.html for performance results current to the most recent month-end.**

# Fund Statistics

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Advisory Fees Paid** |
| $647723955 | 66 | 80% | $2371061 |

---

# What did the Fund invest in?

# Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Bel Fuse, Inc., Class B | 3.1% |
| FTAI Aviation Ltd. | 2.7% |
| CECO Environmental Corp. | 2.7% |
| Modine Manufacturing Co. | 2.4% |
| Kyndryl Holdings, Inc. | 2.3% |
| Labcorp Holdings, Inc. | 2.2% |
| Turning Point Brands, Inc. | 2.1% |
| Limbach Holdings, Inc. | 2.0% |
| nVent Electric plc | 2.0% |
| Celestica, Inc. | 2.0% |

---

# Portfolio Composition (% of Portfolio)
![Group By Asset Type Chart](g70744g37q14.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 97.9% |
| Short-Term Investments | 2.1% |

---

# Major Market Sectors (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 26.6% |
| Information Technology | 19.6% |
| Consumer Discretionary | 17.7% |
| Financials | 12.0% |
| Health Care | 6.9% |
| Materials | 5.9% |
| Utilities | 4.2% |
| Consumer Staples | 4.0% |
| Real Estate | 1.3% |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since September 30, 2024. For more complete information you may review the Fund's next prospectus which will be available at thriventetfs.com/prospectus or upon request at 800-847-4836.

* Effective January 31, 2025, the Fund's name changed from Thrivent Small-Mid Cap ESG ETF to Thrivent Small-Mid Cap Equity ETF. Additionally, the Fund no longer prioritizes identifying issuers with a demonstrated commitment to ESG policies, practices, and outcomes as a principal investment strategy, and ESG Selection Risk is no longer considered a principal risk factor.

* Effective October 3, 2025, the Fund transitioned from a semi-transparent structure, which did not disclose portfolio holdings daily, to a transparent structure, which does and operates in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended. As a result, Proxy Portfolio Risk, Tracking Error Risk, and other disclosures specific to a semi-transparent structure have been removed.

# Changes in or Disagreements with Accountants
There were no changes to the Fund's auditor or disagreements with them for the year ended September 30, 2025.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thriventetfs.com/prospectus](g70744g40g01.jpg)

#### Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.
Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

ALPS Distributors, Inc. is the distributor for Thrivent ETF Trust. Thrivent Distributors, LLC, a subsidiary of Thrivent, is a marketing agent. ALPS Distributors, Inc. is not affiliated with Thrivent, the marketing name for Thrivent Financial for Lutherans, or any of its subsidiaries.

#### Thrivent Small-Mid Cap Equity ETF
![Image](g70744g01r63.jpg)

#### Annual Shareholder Report - September 30, 2025
![Image](g70744g92i37.jpg)

# Thrivent Core Plus Bond ETF

#### TCPB \| NYSE Arca, Inc.

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about the Thrivent Core Plus Bond ETF (the Fund) for the period ended September 30, 2025. You can find additional information about the Fund at www.thriventetfs.com/prospectus. You can also request this information by contacting us at 800-847-4836.

# What were the Fund's costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Cost of a $10K Investment | &nbsp;&nbsp;Cost Paid as a % of a $10K Investment |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**$25** | &nbsp;&nbsp;**0.39%** |

---

# How did the Fund perform since inception?
For the period from February 19, 2025 (inception) to September 30, 2025, the Fund earned a return of 5.38%, outperforming its peer group, the Morningstar Intermediate Core-Plus Bond category which returned 5.35%. The Fund's broad-based benchmark Bloomberg US Aggregate Bond Index earned a return of 5.34% over the same period.

**The key factors that contributed to the Fund's performance since inception include:**

# How did the Fund perform since Inception?
![Growth of 10K Chart](g70744g72x96.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund<sup>Footnote Reference1</sup>** | **Bloomberg US Aggregate Bond Index** |
| **2/19/2025** | $10000 | $10000 |
| **2/28/2025** | $10177 | $10198 |
| **3/31/2025** | $10176 | $10201 |
| **4/30/2025** | $10198 | $10241 |
| **5/31/2025** | $10131 | $10168 |
| **6/30/2025** | $10299 | $10324 |
| **7/31/2025** | $10286 | $10297 |
| **8/31/2025** | $10413 | $10420 |
| **9/30/2025** | $10538 | $10534 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/etfs/small-mid-cap-esg-etf.html for performance results current to the most recent month-end. |

---

# Individual Holdings

# **Top Contributors** 

# **Least Contributors** 
* ![Thin up arrow](g70744g46h79.jpg)Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, 2.58%, 5/25/2032, Series K145, Class A2

* ![Thin up arrow](g70744g46h79.jpg)U.S. Treasury Bonds, 1.88%, 2/15/2041

* ![Thin up arrow](g70744g46h79.jpg)U.S. Treasury Bonds, 4.50%, 11/15/2054

* ![Thin down arrow](g70744g06z04.jpg)U.S. Treasury Bonds, 4.00%, 11/15/2042

* ![Thin down arrow](g70744g06z04.jpg)U.S. Treasury Bonds, 3.00%, 8/15/2048

* ![Thin down arrow](g70744g06z04.jpg)Uniform Mortgage-Backed Security, TBA, 4.50%, 4/1/2055

# Asset Sector

# **Top Contributors** 

# **Least Contributors** 
* ![Thin up arrow](g70744g46h79.jpg)Mortgage-Backed Securities 

* ![Thin up arrow](g70744g46h79.jpg)Financials

* ![Thin up arrow](g70744g46h79.jpg)U.S. Government & Agencies

* ![Thin down arrow](g70744g06z04.jpg)Communications Services

* ![Thin down arrow](g70744g06z04.jpg)Commercial Mortgage-Backed Securities

* ![Thin down arrow](g70744g06z04.jpg)Asset-Backed Securities

---

| | |
|:---|:---|
| Average Annual Total Returns\* | Since Inception 2/19/25 |
| Fund (NAV)<sup>Footnote Reference1</sup> | 5.38% |
| Bloomberg US Aggregate Bond Index | 5.34% |

---

\* Total returns assume reinvestment of all dividends and capital gains. At various times, the Fund's adviser may have waived certain fees and/or

reimbursed expenses, without which total returns would have been lower.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/etfs/small-mid-cap-esg-etf.html for performance results current to the most recent month-end. |

---

**<sup>1</sup>The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit https://www.thriventfunds.com/etfs/core-plus-bond-etf.html for performance results current to the most recent month-end.**

# Fund Statistics

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Advisory Fees Paid** |
| $248026092 | 378 | 52% | $440118 |

---

# What did the Fund invest in?

# Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.250%, 02/15/28 | 3.9% |
| U.S. Treasury Bonds, 4.500%, 11/15/54 | 3.8% |
| U.S. Treasury Bonds, 1.875%, 02/15/41 | 2.6% |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Class A2, 2.580%, 05/25/32 | 2.6% |
| Federal National Mortgage Association, 3.500%, 05/01/52 | 2.5% |
| Federal National Mortgage Association, 2.000%, 03/01/52 | 2.4% |
| Federal Home Loan Mortgage Corp., 5.500%, 11/01/54 | 2.3% |
| Federal Home Loan Mortgage Corp., 4.500%, 07/01/53 | 2.2% |
| U.S. Treasury Notes, 4.250%, 01/31/30 | 2.1% |
| Federal National Mortgage Association, 3.000%, 07/01/52 | 2.1% |

---

# Major Market Sectors (% of Net Assets)

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 30.6% |
| U.S. Government & Agencies | 18.0% |
| Financials | 16.9% |
| Consumer Staples | 5.3% |
| Asset-Backed Securities | 4.3% |
| Utilities | 3.4% |
| Consumer Discretionary | 3.3% |
| Industrials | 3.1% |
| Technology | 3.0% |
| Energy | 2.8% |

---

# Bond Quality Ratings (% of Net Assets)
![Credit Rating Chart](g70744g66g94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| NR | 1.9% |
| CAA | 0.2% |
| B | 0.4% |
| BA | 7.3% |
| BAA | 24.9% |
| A | 11.5% |
| AA | 32.2% |
| AAA | 3.7% |
| U.S. Gov't Guaranteed | 17.9% |

---

The lower of bond quality ratings assigned by Moody's Investor Services, Inc. or Standard & Poor's Financial Services, LLC ("S&P"). Investments in derivatives and short-term investments are not included.

# Portfolio Composition (% of Portfolio)
![Group By Asset Type Chart](g70744g67b82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Long-Term Fixed Income | 98.5% |
| Short-Term Investments | 1.5% |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since February 19, 2025. For more complete information you may review the Fund's next prospectus which will be available at thriventetfs.com/prospectus or upon request at 800-847-4836.

* There were no material changes noted for the Fund that need to be disclosed for the year ended September 30, 2025.

# Changes in or Disagreements with Accountants
There were no changes to the Fund's auditor or disagreements with them for the period ended September 30, 2025.

#### Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.
Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thriventetfs.com/prospectus](g70744g40g01.jpg)

ALPS Distributors, Inc. is the distributor for Thrivent ETF Trust. Thrivent Distributors, LLC, a subsidiary of Thrivent, is a marketing agent. ALPS Distributors, Inc. is not affiliated with Thrivent, the marketing name for Thrivent Financial for Lutherans, or any of its subsidiaries.

#### Thrivent Core Plus Bond ETF
![Image](g70744g76u30.jpg)

#### Annual Shareholder Report - September 30, 2025
![Image](g70744g92i37.jpg)

# Thrivent Ultra Short Bond ETF

#### TUSB \| NYSE Arca, Inc.

#### Annual Shareholder Report - September 30, 2025
This annual shareholder report contains important information about the Thrivent Ultra Short Bond ETF (the Fund) for the period ended September 30, 2025. You can find additional information about the Fund at www.thriventetfs.com/prospectus. You can also request this information by contacting us at 800-847-4836.

# What were the Fund's costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Cost of a $10K Investment | &nbsp;&nbsp;Cost Paid as a % of a $10K Investment |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**$12** | &nbsp;&nbsp;**0.20%** |

---

# How did the Fund perform since inception?
For the period from February 19, 2025 (inception) to September 30, 2025, the Fund earned a return of 3.18%, outperforming its peer group, the Morningstar Ultrashort Bond category which returned 2.98%. The Fund's broad-based benchmark Bloomberg US Aggregate Bond Index earned a return of 5.34% over the same period.

**The key factors that contributed to the Fund's performance since inception include:**

# How did the Fund perform since Inception?
![Growth of 10K Chart](g70744g83z33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund<sup>Footnote Reference1</sup>** | **Bloomberg US Aggregate Bond Index** | **Bloomberg Short-Term Government/Corporate Index** |
| **2/19/2025** | $10000 | $10000 | $10000 |
| **2/28/2025** | $10036 | $10198 | $10017 |
| **3/31/2025** | $10069 | $10201 | $10055 |
| **4/30/2025** | $10080 | $10241 | $10092 |
| **5/31/2025** | $10133 | $10168 | $10120 |
| **6/30/2025** | $10183 | $10324 | $10159 |
| **7/31/2025** | $10230 | $10297 | $10190 |
| **8/31/2025** | $10279 | $10420 | $10238 |
| **9/30/2025** | $10318 | $10534 | $10279 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/etfs/small-mid-cap-esg-etf.html for performance results current to the most recent month-end. |

---

# Individual Holdings

# **Top Contributors** 

# **Least Contributors** 
* ![Thin up arrow](g70744g54t35.jpg)U.S. Treasury Notes, 4.88%, 11/30/2025

* ![Thin up arrow](g70744g54t35.jpg)U.S. Treasury Notes, 5.00%, 8/31/2025

* ![Thin up arrow](g70744g54t35.jpg)U.S. Treasury Notes, 4.88%, 5/31/2026 

* ![Thin down arrow](g70744g85k86.jpg)Tricolor Auto Securitization Trust, 5.12%, 1/16/2029, Series 2025-2A, Class A

* ![Thin down arrow](g70744g85k86.jpg)Bank of America Corp

* ![Thin down arrow](g70744g85k86.jpg)General Motors Financial Co. Inc

# Asset Sector

# **Top Contributors** 

# **Least Contributors** 
* ![Thin up arrow](g70744g54t35.jpg)Financials

* ![Thin up arrow](g70744g54t35.jpg)Asset-Backed Securities

* ![Thin up arrow](g70744g54t35.jpg)U.S. Government & Agencies

* ![Thin down arrow](g70744g85k86.jpg)Collateralized Mortgage Obligations

* ![Thin down arrow](g70744g85k86.jpg)Basic Materials

* ![Thin down arrow](g70744g85k86.jpg)Commercial Mortgage-Backed Securities 

---

| | |
|:---|:---|
| Average Annual Total Returns\* | Since Inception 2/19/25 |
| Fund (NAV)<sup>Footnote Reference1</sup> | 3.18% |
| Bloomberg US Aggregate Bond Index | 5.34% |
| Bloomberg Short-Term Government/Corporate Index | 2.79% |

---

\* Total returns assume reinvestment of all dividends and capital gains. At various times, the Fund's adviser may have waived certain fees and/or

reimbursed expenses, without which total returns would have been lower.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/etfs/small-mid-cap-esg-etf.html for performance results current to the most recent month-end. |

---

**<sup>1</sup>The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit https://www.thriventfunds.com/etfs/ultra-short-bond-etf.html for performance results current to the most recent month-end.**

# Fund Statistics

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **# of Portfolio Holdings** | **Portfolio Turnover Rate** | **Advisory Fees Paid** |
| $178687435 | 412 | 43% | $149562 |

---

# What did the Fund invest in?

# Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.875%, 05/31/26 | 5.1% |
| U.S. Treasury Notes, 1.375%, 08/31/26 | 2.1% |
| Goldman Sachs Group, Inc., 5.593%, 04/23/28 | 0.9% |
| JPMorgan Chase & Co., 5.040%, 01/23/28 | 0.8% |
| Corebridge Financial, Inc., 3.650%, 04/05/27 | 0.7% |
| Government National Mortgage Association REMICS, Class FM, 4.450%, 09/20/43 | 0.6% |
| Morgan Stanley, 3.591%, 07/22/28 | 0.6% |
| Ford Motor Credit Co. LLC, 6.950%, 03/06/26 | 0.6% |
| Barclays plc, 5.200%, 05/12/26 | 0.6% |
| Hyundai Capital America, 5.143%, 03/25/27 | 0.6% |

---

# Major Market Sectors (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 32.1% |
| Asset-Backed Securities | 23.3% |
| Consumer Discretionary | 8.5% |
| U.S. Government & Agencies | 7.2% |
| Consumer Staples | 6.6% |
| Mortgage-Backed Securities | 4.4% |
| Industrials | 3.3% |
| Technology | 2.5% |
| Utilities | 1.9% |
| Collateralized Mortgage Obligations | 1.6% |

---

# Bond Quality Ratings (% of Net Assets)
![Credit Rating Chart](g70744g27m86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| NR | 2.0% |
| CAA | 0.2% |
| BA | 2.3% |
| BAA | 30.8% |
| A | 26.4% |
| AA | 7.7% |
| AAA | 23.2% |
| U.S. Gov't Guaranteed | 7.4% |

---

The lower of bond quality ratings assigned by Moody's Investor Services, Inc. or Standard & Poor's Financial Services, LLC ("S&P"). Investments in derivatives and short-term investments are not included.

# Portfolio Composition (% of Portfolio)
![Group By Asset Type Chart](g70744g98m83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Long-Term Fixed Income | 97.7% |
| Short-Term Investments | 2.3% |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since February 19, 2025. For more complete information you may review the Fund's next prospectus which will be available at thriventetfs.com/prospectus or upon request at 800-847-4836.

* There were no material changes noted for the Fund that need to be disclosed for the year ended September 30, 2025.

# Changes in or Disagreements with Accountants
There were no changes to the Fund's auditor or disagreements with them for the period ended September 30, 2025.

#### Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.
Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thriventetfs.com/prospectus](g70744g40g01.jpg)

ALPS Distributors, Inc. is the distributor for Thrivent ETF Trust. Thrivent Distributors, LLC, a subsidiary of Thrivent, is a marketing agent. ALPS Distributors, Inc. is not affiliated with Thrivent, the marketing name for Thrivent Financial for Lutherans, or any of its subsidiaries.

#### Thrivent Ultra Short Bond ETF
![Image](g70744g76u30.jpg)

#### Annual Shareholder Report - September 30, 2025

------

#### Item 2. Code of Ethics
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments made to or waivers granted under the code of ethics during the period covered by this report. The registrant's code of ethics is filed herewith pursuant to Item 19(a)(1) of this Form N-CSR.

#### Item 3. Audit Committee Financial Expert
Registrant's board of trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.

#### Item 4. Principal Accountant Fees and Services
(a) through (d)

The following table presents the aggregate fees billed by the registrant's independent public accountants, PricewaterhouseCoopers LLP ("PwC"), for the fiscal year ended September 30, 2024 and fiscal year ended September 30, 2025, for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by PwC during those periods.

---

| | | |
|:---|:---|:---|
| Fiscal Year Ended | 9/30/2024 | 9/30/2025 |
|  Audit Fees | $21950 | $67800 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $7881 | $23595 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $29831 | $91395 |

---

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. This payment was for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in the response to Item 4(g) below.

(e) Registrant's audit committee charter, adopted in February 2010, provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for preapproval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the *de minimis* exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant's audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at

------

the next committee meeting. Registrant's audit committee pre-approved all fees described above that PwC billed to registrant.

(f) Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal period ended September 30, 2025 was for work performed by persons other than full-time permanent employees of PwC.

(g) The aggregate non-audit fees billed by PwC to registrant and to registrant's investment adviser and any entity controlling, controlled by, or under common control with registrant's investment adviser for the fiscal years ended September 30, 2024 and September 30, 2025 were $0 and $0 respectively. This figure is also reported in response to Item 4(d) above.

(h) Registrant's audit committee has considered the non-audit services provided to the registrant and registrant's investment adviser and any entity controlling, controlled by, or under common control with registrant's investment adviser as described above and determined that these services do not compromise PwC's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants
(a) Registrant is a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has an audit committee which was established in accordance with Section 3(a)(58)(A) of the Exchange Act. The audit committee members are Janice B. Case, Robert J. Chersi, Arleas Upton Kea, Paul R. Laubscher, Robert J. Manilla, James A. Nussle, James W. Runcie, and Constance L. Souders.

(b) Not applicable.

#### Item 6. Investments
(a) Registrant's Schedules of Investments are included in the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
The registrant's audited financial statements and financial highlights as of the end of the period covered by this report are included in this Form N-CSR.

------

Financial Statements and Additional Information

September 30, 2025

Thrivent ETF Trust

------

**Table of Contents**

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

---

| |
|:---|
| **[Report of Independent Registered Public Accounting](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_AUD-TOC-IndependentAuditorReport-954_1)**<br> **[Firm](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_AUD-TOC-IndependentAuditorReport-954_1)2** |
| **[Schedule of Investments](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_SOI-ScheduleofInvestments-1146_1)** |
| [Thrivent Core Plus Bond ETF](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_SOI-ScheduleofInvestments-1146_1)3 |
| [Thrivent Small-Mid Cap Equity ETF](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_63-ScheduleofInvestments-954_1)12 |
| [Thrivent Ultra Short Bond ETF](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_63-ScheduleofInvestments-1147_1)14 |
| **[Statement of Assets and Liabilities](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_FS-StatementofAssetsandLiabilities_1)26** |
| **[Statement of Operations](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_SOP-StatementofOperations_1)27** |
| **[Statement of Changes in Net Assets](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_SOC-StatementofChanges_1)28** |
| **[Notes to Financial Statements](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_NTF-NotestoFinancialStatements-954_1)29** |
| **[Financial Highlights](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_FIHIPIV-FinancialHighlights-Pivoted_1)40** |
| **[Federal Tax Information](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_AI-TOC-AdditionalInformation-954_1)42** |
| **[Changes in and Disagreements with Accountants (Item](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_CDA-TOC-ChangeinandDisagreementwithAccountants-954_1)**<br> **[8)](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_CDA-TOC-ChangeinandDisagreementwithAccountants-954_1)43** |
| **[Proxy Disclosures (Item 9)](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_PD-TOC-ProxyDisclosures-954_1)44** |
| **[Remuneration Paid to Directors, Officers, and Others](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_Remun-TOC-Remuneration-954_1)**<br> **[(Item 10)](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_Remun-TOC-Remuneration-954_1)45** |
| **[Statement Regarding Basis for Approval of Investment](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_AC-TOC-ApprovalofInvestmentAdvisorycontract-954_1)**<br> **[Advisory Contract (Item 11)](#xx_ffe46eb1-8147-4234-ae4c-a7ee251ea400_AC-TOC-ApprovalofInvestmentAdvisorycontract-954_1)46** |

---

------

![LOGO](g70744dsp09.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Thrivent ETF Trust and Shareholders of each of the three funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting Thrivent ETF Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of September 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
|  | Fund |
| &nbsp;&nbsp;&nbsp;Thrivent Core Plus Bond ETF (2) | &nbsp;&nbsp;&nbsp;Thrivent Core Plus Bond ETF (2) |
| &nbsp;&nbsp;&nbsp;Thrivent Small-Mid Cap Equity ETF (1) | &nbsp;&nbsp;&nbsp;Thrivent Small-Mid Cap Equity ETF (1) |
| &nbsp;&nbsp;&nbsp;Thrivent Ultra Short Bond ETF (2) | &nbsp;&nbsp;&nbsp;Thrivent Ultra Short Bond ETF (2) |
| &nbsp;&nbsp;&nbsp; (1) | Statement of operations for the year ended September 30, 2025 and the statement of changes in net assets for the years ended September 30, 2025 and 2024 |
| &nbsp;&nbsp;&nbsp; (2) | Statement of operations and the statement of changes in net assets for the period February 19, 2025 (inception) through September 30, 2025 |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

November 19, 2025

We have served as the auditor of one or more investment companies in the Thrivent Financial investment company complex since 1987.

*PricewaterhouseCoopers LLP, 45 South 7th Street, Suite 3400, Minneapolis, Minnesota 55402 T: (612) 596 6000,* www.pwc.com/us

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Asset-Backed Securities 4.3%</u>** | **<u>Asset-Backed Securities 4.3%</u>** | **<u>Asset-Backed Securities 4.3%</u>** |
|  | Affirm Asset Securitization Trust, |  |
| $314895 | 5.08%, 4/15/2030, Series 2025-X1, <br> Class A <sup>a</sup> <br>| $315553 |
|  | American Heritage Auto Receivables <br> Trust,<br>|  |
| 110000 | 4.90%, 9/17/2029, Series 2024-1A, <br> Class A3 <sup>a</sup> <br>| 111012 |
|  | AMSR Trust, |  |
| 500000 | 3.66%, 6/17/2042, Series 2025-<br> SFR1, Class B <sup>a</sup> <br>| 475638 |
|  | ARES LXXI CLO, Ltd., |  |
| 235000 | (TSFR3M + 1.700%), 6.03%, <br> 4/20/2037, Series 2024-71A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 235453 |
|  | Avis Budget Rental Car Funding <br> AESOP LLC,<br>|  |
| 275000 | 5.24%, 8/20/2029, Series 2025-1A, <br> Class B <sup>a</sup> <br>| 279958 |
|  | Balboa Bay Loan Funding, Ltd., |  |
| 250000 | (TSFR3M + 2.250%), 6.58%, <br> 1/20/2035, Series 2021-2A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250142 |
|  | Barings CLO, Ltd., |  |
| 750000 | (TSFR3M + 1.900%), 6.23%, <br> 1/18/2035, Series 2021-3A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 749974 |
|  | Barings Loan Partners CLO, Ltd., |  |
| 180000 | (TSFR3M + 1.650%), 5.98%, <br> 1/20/2034, Series LP-2A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 179959 |
|  | Battalion CLO IX, Ltd., |  |
| 1000000 | (TSFR3M + 1.600%), 5.80%, <br> 7/15/2031, Series 2015-9A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1000555 |
|  | Battalion CLO XXI, Ltd., |  |
| 1000000 | (TSFR3M + 2.000%), 6.32%, <br> 7/15/2034, Series 2021-21A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 999966 |
|  | Chenango Park CLO, Ltd., |  |
| 250000 | (TSFR3M + 1.800%), 6.12%, <br> 4/15/2030, Series 2018-1A, <br> Class BR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250234 |
|  | Dryden 72 CLO, Ltd., |  |
| 1000000 | (TSFR3M + 1.650%), 5.86%, <br> 5/15/2032, Series 2019-72A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1002076 |
|  | Dryden 78 CLO, Ltd., |  |
| 235000 | (TSFR3M + 1.730%), 6.05%, <br> 4/17/2037, Series 2020-78A, <br> Class A2R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 235342 |
|  | Hertz Vehicle Financing III LLC, |  |
| 250000 | 5.45%, 9/25/2029, Series 2025-1A, <br> Class B <sup>a</sup> <br>| 252621 |
| 750000 | 5.59%, 12/26/2029, Series 2025-3A, <br> Class B <sup>a</sup> <br>| 757013 |
|  | Hotwire Funding LLC, |  |
| 205000 | 5.89%, 6/20/2054, Series 2024-1A, <br> Class A2 <sup>a</sup> <br>| 208468 |
|  | LCM 41, Ltd., |  |
| 500000 | (TSFR3M + 3.600%), 7.92%, <br> 4/15/2036, Series 41A, <br> Class D1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 502098 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Asset-Backed Securities 4.3% – continued</u>** | **<u>Asset-Backed Securities 4.3% – continued</u>** | **<u>Asset-Backed Securities 4.3% – continued</u>** |
|  | Madison Park Funding XXIV, Ltd., |  |
| $500000 | (TSFR3M + 1.550%), 5.88%, <br> 10/20/2029, Series 2016-24A, <br> Class BR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $500285 |
|  | Park Blue CLO, Ltd., |  |
| 500000 | (TSFR3M + 2.180%), 6.51%, <br> 4/20/2038, Series 2023-3A, <br> Class CR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 502311 |
|  | Point Securitization Trust, |  |
| 340884 | 6.25%, 6/25/2055, Series 2025-1, <br> Class A1 <sup>a</sup> <br>| 340935 |
|  | RFS Asset Securitization V LLC, |  |
| 400000 | 6.05%, 5/15/2032, Series 2025-1, <br> Class A <sup>a</sup> <br>| 402072 |
|  | SLM Private Credit Student Loan Trust, |  |
| 117701 | (TSFR3M + 0.662%), 4.70%, <br> 6/15/2033, Series 2004-A, <br> Class A3 <sup>b</sup> <br>| 117289 |
|  | Veros Auto Receivables Trust, |  |
| 289227 | 5.31%, 9/15/2028, Series 2025-1, <br> Class A <sup>a</sup> <br>| 290277 |
|  | Vibrant CLO IV-R, Ltd., |  |
| 600000 | (TSFR3M + 1.650%), 5.98%, <br> 10/20/2037, Series 2024-4RA, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 600817 |
|  | **Total** | **10560048** |
| **<u>Basic Materials 1.5%</u>** | **<u>Basic Materials 1.5%</u>** | **<u>Basic Materials 1.5%</u>** |
|  | Air Products & Chemicals, Inc., |  |
| 500000 | 4.90%, 10/11/2032 | 513332 |
|  | Anglo American Capital plc, |  |
| 375000 | 5.75%, 4/5/2034 <sup>a</sup> <br>| 393578 |
|  | Cleveland-Cliffs, Inc., |  |
| 260000 | 6.75%, 4/15/2030 <sup>a</sup> <br>| 264136 |
|  | Eastman Chemical Co., |  |
| 250000 | 5.00%, 8/1/2029 | 254592 |
|  | FMC Corp., |  |
| 500000 | (CMT 5Y + 4.366%), 8.45%, <br> 11/1/2055 <sup>b</sup> <br>| 527692 |
|  | Georgia-Pacific LLC, |  |
| 500000 | 4.40%, 6/30/2028 <sup>a</sup> <br>| 504273 |
|  | International Flavors & Fragrances, <br> Inc.,<br>|  |
| 221000 | 2.30%, 11/1/2030 <sup>a</sup> <br>| 197743 |
|  | Methanex Corp., |  |
| 265000 | 5.25%, 12/15/2029 | 264609 |
|  | OCP SA, |  |
| 300000 | 6.88%, 4/25/2044 | 314214 |
|  | Steel Dynamics, Inc., |  |
| 400000 | 3.45%, 4/15/2030 | 385167 |
|  | **Total** | **3619336** |
| **<u>Collateralized Mortgage Obligations 2.8%</u>** | **<u>Collateralized Mortgage Obligations 2.8%</u>** | **<u>Collateralized Mortgage Obligations 2.8%</u>** |
|  | Cross Mortgage Trust, |  |
| 213109 | 6.42%, 4/25/2069, Series 2024-H2, <br> Class A2 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 215276 |
|  | Flagstar Mortgage Trust, |  |
| 704918 | 2.50%, 8/25/2051, Series 2021-6INV, <br> Class A4 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 585137 |
|  | GCAT Trust, |  |
| 447861 | 5.50%, 1/25/2054, Series 2024-<br> INV1, Class 1A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 449978 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Collateralized Mortgage Obligations 2.8% – continued</u>** | **<u>Collateralized Mortgage Obligations 2.8% – continued</u>** | **<u>Collateralized Mortgage Obligations 2.8% – continued</u>** |
| $596823 | 6.50%, 1/25/2054, Series 2024-<br> INV1, Class 2A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $609149 |
|  | JP Morgan Mortgage Trust, |  |
| 713140 | 2.50%, 2/25/2052, Series 2021-<br> INV7, Class A2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 593762 |
|  | Morgan Stanley Residential Mortgage <br> Loan Trust,<br>|  |
| 926168 | 5.53%, 5/25/2070, Series 2025-<br> NQM3, Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 932859 |
|  | PMT Loan Trust, |  |
| 524639 | 2.50%, 7/25/2051, Series 2021-<br> INV1, Class A3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 435821 |
| 500000 | 5.50%, 5/25/2056, Series 2025-<br> INV5, Class A12 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 499403 |
|  | PRET Trust, |  |
| 94882 | 4.00%, 8/25/2064, Series 2025-<br> RPL2, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 91885 |
|  | Roc Mortgage Trust, |  |
| 150000 | 5.63%, 2/25/2040, Series 2025-<br> RTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 150589 |
|  | Santander Mortgage Asset Receivable <br> Trust,<br>|  |
| 750000 | 5.07%, 8/25/2065, Series 2025-<br> NQM5, Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 749534 |
|  | Toorak Mortgage Trust, |  |
| 200000 | 5.52%, 2/25/2040, Series 2025-<br> RRTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 201319 |
|  | Verus Securitization Trust, |  |
| 360425 | 6.97%, 12/25/2068, Series 2023-8, <br> Class A3 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 364898 |
| 964740 | 5.58%, 6/25/2070, Series 2025-5, <br> Class A2 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 970429 |
|  | **Total** | **6850039** |
| **<u>Commercial Mortgage-Backed Securities 1.7%</u>** | **<u>Commercial Mortgage-Backed Securities 1.7%</u>** | **<u>Commercial Mortgage-Backed Securities 1.7%</u>** |
|  | Bank, |  |
| 100000 | 6.03%, 3/15/2058, Series 2025-<br> BNK49, Class AS <sup>b</sup> <br>| 105978 |
| 400000 | 2.14%, 3/15/2063, Series 2020-<br> BN28, Class AS<br>| 351405 |
|  | BBCMS Mortgage Trust, |  |
| 500000 | 5.99%, 5/15/2058, Series 2025-<br> 5C34, Class AS <sup>b</sup> <br>| 521190 |
| 500000 | 5.59%, 7/15/2058, Series 2025-C35, <br> Class A5 <sup>b</sup> <br>| 527489 |
| 500000 | 5.52%, 8/15/2058, Series 2025-<br> 5C36, Class A3<br>| 521924 |
| 500000 | 5.38%, 9/15/2058, Series 2025-<br> 5C37, Class AS <sup>b</sup> <br>| 511376 |
|  | Benchmark Mortgage Trust, |  |
| 225000 | 6.09%, 4/15/2057, Series 2025-V14, <br> Class AM <sup>b</sup> <br>| 235395 |
|  | CSAIL Commercial Mortgage Trust, |  |
| 484000 | 2.56%, 3/15/2053, Series 2020-C19, <br> Class A3<br>| 439162 |
|  | Wells Fargo Commercial Mortgage <br> Trust,<br>|  |
| 1000000 | 5.59%, 7/15/2058, Series 2025-5C5, <br> Class A3<br>| 1045590 |
|  | **Total** | **4259509** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Communication Services 2.4%</u>** | **<u>Communication Services 2.4%</u>** | **<u>Communication Services 2.4%</u>** |
|  | AT&T, Inc., |  |
| $375000 | 5.40%, 2/15/2034 | $389755 |
| 250000 | 5.15%, 2/15/2050 | 231775 |
|  | CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |
| 395000 | 4.75%, 3/1/2030 <sup>a</sup> <br>| 379029 |
|  | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |
| 500000 | 5.05%, 3/30/2029 | 506546 |
| 250000 | 6.38%, 10/23/2035 | 261907 |
| 250000 | 5.85%, 12/1/2035 | 252388 |
|  | Comcast Corp., |  |
| 250000 | 4.95%, 5/15/2032 | 256341 |
| 250000 | 4.65%, 7/15/2042 | 226874 |
|  | NTT Finance Corp., |  |
| 500000 | 4.62%, 7/16/2028 <sup>a</sup> <br>| 504944 |
| 500000 | 5.50%, 7/16/2035 <sup>a</sup> <br>| 517194 |
|  | Paramount Global, |  |
| 250000 | 7.88%, 7/30/2030 | 279120 |
|  | T-Mobile USA, Inc., |  |
| 375000 | 5.13%, 5/15/2032 | 385934 |
| 375000 | 3.00%, 2/15/2041 | 281784 |
|  | Uber Technologies, Inc., |  |
| 500000 | 4.80%, 9/15/2035 | 495464 |
|  | VeriSign, Inc., |  |
| 375000 | 5.25%, 6/1/2032 | 385209 |
|  | Verizon Communications, Inc., |  |
| 500000 | 5.25%, 4/2/2035 | 508457 |
|  | **Total** | **5862721** |
| **<u>Consumer Discretionary 3.3%</u>** | **<u>Consumer Discretionary 3.3%</u>** | **<u>Consumer Discretionary 3.3%</u>** |
|  | American Airlines, Inc./AAdvantage <br> Loyalty IP, Ltd.,<br>|  |
| 100000 | 5.75%, 4/20/2029 <sup>a</sup> <br>| 100383 |
|  | American Honda Finance Corp., |  |
| 500000 | 5.15%, 7/9/2032 | 512309 |
|  | Brightstar Lottery plc, |  |
| 250000 | 5.25%, 1/15/2029 <sup>a</sup> <br>| 248877 |
|  | Delta Air Lines, Inc., |  |
| 500000 | 4.95%, 7/10/2028 | 506068 |
|  | Delta Air Lines, inc./ SkyMiles IP, Ltd., |  |
| 250000 | 4.75%, 10/20/2028 <sup>a</sup> <br>| 251406 |
|  | Flutter Treasury DAC, |  |
| 400000 | 5.88%, 6/4/2031 <sup>a</sup> <br>| 406008 |
|  | Ford Motor Credit Co. LLC, |  |
| 250000 | 6.80%, 11/7/2028 | 261014 |
| 500000 | 5.73%, 9/5/2030 | 504115 |
|  | General Motors Co., |  |
| 250000 | 5.35%, 4/15/2028 | 255789 |
|  | General Motors Financial Co., Inc., |  |
| 375000 | 5.75%, 2/8/2031 | 390692 |
| 375000 | 5.63%, 4/4/2032 | 387040 |
|  | Honda Motor Co., Ltd., |  |
| 1000000 | 4.44%, 7/8/2028 | 1005727 |
|  | Hyundai Capital America, |  |
| 500000 | 4.88%, 6/23/2027 <sup>a</sup> <br>| 504335 |
| 500000 | 6.20%, 9/21/2030 <sup>a</sup> <br>| 533309 |
|  | Las Vegas Sands Corp., |  |
| 400000 | 5.63%, 6/15/2028 | 408940 |
| 250000 | 6.00%, 8/15/2029 | 260381 |
|  | Mattamy Group Corp., |  |
| 270000 | 4.63%, 3/1/2030 <sup>a</sup> <br>| 260591 |
|  | Resideo Funding, Inc., |  |
| 375000 | 6.50%, 7/15/2032 <sup>a</sup> <br>| 384339 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Consumer Discretionary 3.3% – continued</u>** | **<u>Consumer Discretionary 3.3% – continued</u>** | **<u>Consumer Discretionary 3.3% – continued</u>** |
|  | Royal Caribbean Cruises, Ltd., |  |
| $370000 | 6.25%, 3/15/2032 <sup>a</sup> <br>| $381995 |
|  | Stellantis Finance U.S., Inc., |  |
| 200000 | 5.35%, 3/17/2028 <sup>a</sup> <br>| 202527 |
|  | United Airlines Pass-Through Trust, |  |
| 22266 | 3.75%, 3/3/2028, Series 2014-2, <br> Class A<br>| 22073 |
|  | United Airlines, Inc., |  |
| 250000 | 4.63%, 4/15/2029 <sup>a</sup> <br>| 246172 |
|  | Yum! Brands, Inc., |  |
| 230000 | 5.38%, 4/1/2032 | 230864 |
|  | **Total** | **8264954** |
| **<u>Consumer Staples 5.3%</u>** | **<u>Consumer Staples 5.3%</u>** | **<u>Consumer Staples 5.3%</u>** |
|  | AbbVie, Inc., |  |
| 500000 | 5.60%, 3/15/2055 | 511593 |
|  | Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC,<br>|  |
| 370000 | 5.88%, 2/15/2028 <sup>a</sup> <br>| 369918 |
|  | BAT Capital Corp., |  |
| 375000 | 7.75%, 10/19/2032 | 438231 |
|  | Becton Dickinson & Co., |  |
| 375000 | 4.69%, 12/15/2044 | 335835 |
|  | Block, Inc., |  |
| 500000 | 6.00%, 8/15/2033 <sup>a</sup> <br>| 512020 |
|  | Cigna Group, |  |
| 500000 | 4.88%, 9/15/2032 | 505041 |
|  | Conagra Brands, Inc., |  |
| 600000 | 4.85%, 11/1/2028 | 606362 |
|  | CVS Health Corp., |  |
| 500000 | 5.00%, 9/15/2032 | 506118 |
| 375000 | 5.05%, 3/25/2048 | 333652 |
|  | Edgewell Personal Care Co., |  |
| 380000 | 5.50%, 6/1/2028 <sup>a</sup> <br>| 379187 |
|  | Elevance Health, Inc., |  |
| 500000 | 6.38%, 6/15/2037 | 547349 |
|  | Encompass Health Corp., |  |
| 380000 | 4.75%, 2/1/2030 | 375546 |
|  | GE HealthCare Technologies, Inc., |  |
| 50000 | 6.38%, 11/22/2052 | 55248 |
|  | HCA, Inc., |  |
| 375000 | 5.50%, 3/1/2032 | 390687 |
|  | Imperial Brands Finance plc, |  |
| 500000 | 4.50%, 6/30/2028 <sup>a</sup> <br>| 503213 |
|  | JBS USA Holding Lux SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br> Food Co.,<br>|  |
| 500000 | 5.50%, 1/15/2036 <sup>a</sup> <br>| 510605 |
|  | JBS USA LUX SARL/JBS USA Food <br> Co./JBS USA Foods Group,<br>|  |
| 500000 | 6.38%, 2/25/2055 <sup>a</sup> <br>| 520597 |
|  | Keurig Dr. Pepper, Inc., |  |
| 375000 | 4.05%, 4/15/2032 | 358322 |
|  | L'Oreal SA, |  |
| 500000 | 5.00%, 5/20/2035 <sup>a</sup> <br>| 514761 |
|  | Mars, Inc., |  |
| 100000 | 4.60%, 3/1/2028 <sup>a</sup> <br>| 101223 |
| 50000 | 5.65%, 5/1/2045 <sup>a</sup> <br>| 50721 |
|  | McKesson Corp., |  |
| 500000 | 4.65%, 5/30/2030 | 508553 |
|  | PepsiCo, Inc., |  |
| 750000 | 5.00%, 7/23/2035 | 763986 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Consumer Staples 5.3% – continued</u>** | **<u>Consumer Staples 5.3% – continued</u>** | **<u>Consumer Staples 5.3% – continued</u>** |
|  | Philip Morris International, Inc., |  |
| $250000 | 5.25%, 2/13/2034 | $258147 |
| 375000 | 4.13%, 3/4/2043 | 320542 |
|  | Post Holdings, Inc., |  |
| 365000 | 6.25%, 2/15/2032 <sup>a</sup> <br>| 375249 |
|  | Royalty Pharma plc, |  |
| 500000 | 5.20%, 9/25/2035 | 499576 |
|  | Stryker Corp., |  |
| 250000 | 5.20%, 2/10/2035 | 257813 |
|  | Takeda Pharmaceutical Co., Ltd., |  |
| 375000 | 5.30%, 7/5/2034 | 386171 |
|  | UnitedHealth Group, Inc., |  |
| 375000 | 5.88%, 2/15/2053 | 385532 |
|  | Verisk Analytics, Inc., |  |
| 1000000 | 4.50%, 8/15/2030 | 1003002 |
|  | **Total** | **13184800** |
| **<u>Energy 2.8%</u>** | **<u>Energy 2.8%</u>** | **<u>Energy 2.8%</u>** |
|  | BP Capital Markets America, Inc., |  |
| 375000 | 3.00%, 3/17/2052 | 244044 |
|  | Cheniere Energy Partners LP, |  |
| 250000 | 5.55%, 10/30/2035 <sup>a</sup> <br>| 255403 |
|  | Columbia Pipelines Holding Co. LLC, |  |
| 375000 | 5.10%, 10/1/2031 <sup>a</sup> <br>| 380787 |
|  | Coterra Energy, Inc., |  |
| 500000 | 5.60%, 3/15/2034 | 513985 |
|  | Devon Energy Corp., |  |
| 50000 | 5.20%, 9/15/2034 | 49784 |
|  | Diamondback Energy, Inc., |  |
| 500000 | 6.25%, 3/15/2033 | 538705 |
|  | DT Midstream, Inc., |  |
| 266000 | 4.30%, 4/15/2032 <sup>a</sup> <br>| 254417 |
|  | Energy Transfer LP, |  |
| 375000 | 5.70%, 4/1/2035 | 387217 |
|  | EOG Resources, Inc., |  |
| 500000 | 5.00%, 7/15/2032 | 511597 |
|  | Hilcorp Energy I LP/Hilcorp Finance <br> Co.,<br>|  |
| 395000 | 6.00%, 4/15/2030 <sup>a</sup> <br>| 388185 |
|  | Kinder Morgan, Inc., |  |
| 200000 | 5.15%, 6/1/2030 | 206316 |
| 375000 | 5.45%, 8/1/2052 | 353730 |
|  | ONEOK, Inc., |  |
| 500000 | 6.35%, 1/15/2031 | 536907 |
|  | Repsol E&P Capital Markets U.S. LLC, |  |
| 500000 | 5.20%, 9/16/2030 <sup>a</sup> <br>| 503619 |
|  | Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp.,<br>|  |
| 375000 | 4.00%, 1/15/2032 | 355629 |
|  | Var Energi ASA, |  |
| 250000 | 5.88%, 5/22/2030 <sup>a</sup> <br>| 259949 |
|  | Venture Global LNG, Inc., |  |
| 255000 | 7.00%, 1/15/2030 <sup>a</sup> <br>| 263865 |
|  | Venture Global Plaquemines LNG LLC, |  |
| 500000 | 6.50%, 1/15/2034 <sup>a</sup> <br>| 526329 |
|  | Williams Cos., Inc., |  |
| 500000 | 4.63%, 6/30/2030 | 504261 |
|  | **Total** | **7034729** |
| **<u>Financials 16.9%</u>** | **<u>Financials 16.9%</u>** | **<u>Financials 16.9%</u>** |
|  | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |
| 375000 | 3.30%, 1/30/2032 | 345335 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** |
|  | Agree LP, |  |
| $250000 | 5.60%, 6/15/2035 | $260636 |
|  | Ally Financial, Inc., |  |
| 250000 | (SOFRINDEX + 1.960%), 5.74%, <br> 5/15/2029 <sup>b</sup> <br>| 255896 |
|  | American Express Co., |  |
| 500000 | (SOFRRATE + 1.790%), 5.67%, <br> 4/25/2036 <sup>b</sup> <br>| 528252 |
|  | American Homes 4 Rent LP, |  |
| 250000 | 4.95%, 6/15/2030 | 254555 |
|  | American International Group, Inc., |  |
| 500000 | 5.13%, 3/27/2033 | 514362 |
|  | Ameriprise Financial, Inc., |  |
| 500000 | 5.20%, 4/15/2035 | 509331 |
|  | Aon Corp./Aon Global Holdings plc, |  |
| 500000 | 5.35%, 2/28/2033 | 522017 |
|  | Apollo Debt Solutions BDC, |  |
| 500000 | 5.88%, 8/30/2030 <sup>a</sup> <br>| 508774 |
|  | ARES Capital Corp., |  |
| 500000 | 5.50%, 9/1/2030 | 506092 |
|  | Ares Strategic Income Fund, |  |
| 500000 | 4.85%, 1/15/2029 <sup>a</sup> <br>| 494810 |
|  | ARES Strategic Income Fund, |  |
| 50000 | 6.35%, 8/15/2029 | 51796 |
|  | Australia & New Zealand Banking <br> Group, Ltd.,<br>|  |
| 750000 | (CMT 1Y + 1.350%), 5.82%, <br> 6/18/2036 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 778114 |
|  | Aviation Capital Group LLC, |  |
| 75000 | 5.13%, 4/10/2030 <sup>a</sup> <br>| 76138 |
| 500000 | 4.80%, 10/24/2030 <sup>a</sup> <br>| 499542 |
|  | Avolon Holdings Funding, Ltd., |  |
| 375000 | 5.75%, 11/15/2029 <sup>a</sup> <br>| 389571 |
| 50000 | 5.38%, 5/30/2030 <sup>a</sup> <br>| 51289 |
| 250000 | 4.95%, 10/15/2032 <sup>a</sup> <br>| 246982 |
|  | Banco Santander SA, |  |
| 400000 | (CMT 1Y + 1.450%), 5.54%, <br> 3/14/2030 <sup>b</sup> <br>| 414285 |
|  | Bank of America Corp., |  |
| 250000 | (CMT 5Y + 2.351%), 6.25%, <br> 7/26/2030, Series UU <sup>b</sup><sup>,</sup><sup>d</sup> <br>| 253194 |
| 850000 | (SOFRRATE + 1.000%), 5.16%, <br> 1/24/2031 <sup>b</sup> <br>| 877272 |
| 750000 | (SOFRRATE + 1.830%), 4.57%, <br> 4/27/2033 <sup>b</sup> <br>| 749845 |
|  | Bank of Nova Scotia, |  |
| 500000 | (SOFRRATE + 1.440%), 4.74%, <br> 11/10/2032 <sup>b</sup> <br>| 505621 |
|  | Barclays plc, |  |
| 250000 | (SOFRRATE + 1.560%), 4.94%, <br> 9/10/2030 <sup>b</sup> <br>| 253716 |
| 250000 | (CMT 1Y + 3.500%), 7.44%, <br> 11/2/2033 <sup>b</sup> <br>| 286856 |
| 50000 | (SOFRRATE + 1.910%), 5.34%, <br> 9/10/2035 <sup>b</sup> <br>| 50722 |
|  | Belrose Funding Trust II, |  |
| 500000 | 6.79%, 5/15/2055 <sup>a</sup> <br>| 541469 |
|  | Blackstone Holdings Finance Co. LLC, |  |
| 500000 | 6.20%, 4/22/2033 <sup>a</sup> <br>| 545258 |
|  | Blue Owl Capital Corp., |  |
| 500000 | 5.95%, 3/15/2029 | 509664 |
|  | Blue Owl Technology Finance Corp., |  |
| 50000 | 6.10%, 3/15/2028 <sup>a</sup> <br>| 50643 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** |
|  | BNP Paribas SA, |  |
| $250000 | (SOFRRATE + 1.450%), 4.79%, <br> 5/9/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $252328 |
| 500000 | (SOFRRATE + 1.590%), 5.50%, <br> 5/20/2030 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 517039 |
| 50000 | (SOFRRATE + 1.620%), 5.79%, <br> 1/13/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 52476 |
|  | BPCE SA, |  |
| 500000 | (SOFRRATE + 1.581%), 5.39%, <br> 5/28/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 512972 |
|  | Brown & Brown, Inc., |  |
| 250000 | 6.25%, 6/23/2055 | 263069 |
|  | CaixaBank SA, |  |
| 500000 | (SOFRRATE + 1.140%), 4.63%, <br> 7/3/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 503501 |
|  | Citadel Securities Global Holdings LLC, |  |
| 500000 | 6.20%, 6/18/2035 <sup>a</sup> <br>| 525238 |
|  | Citigroup, Inc., |  |
| 250000 | (SOFRRATE + 1.143%), 4.64%, <br> 5/7/2028 <sup>b</sup> <br>| 251729 |
| 375000 | (SOFRRATE + 1.338%), 4.54%, <br> 9/19/2030 <sup>b</sup> <br>| 376745 |
| 375000 | (SOFRRATE + 1.939%), 3.79%, <br> 3/17/2033 <sup>b</sup> <br>| 356244 |
| 250000 | (SOFRRATE + 1.488%), 5.17%, <br> 9/11/2036 <sup>b</sup> <br>| 252537 |
|  | Citizens Financial Group, Inc., |  |
| 50000 | (SOFRRATE + 1.259%), 5.25%, <br> 3/5/2031 <sup>b</sup> <br>| 51244 |
|  | CME Group, Inc., |  |
| 250000 | 4.40%, 3/15/2030 | 252799 |
|  | Cooperatieve Rabobank UA, |  |
| 500000 | (CMT 1Y + 0.920%), 4.99%, <br> 5/27/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 510560 |
|  | COPT Defense Properties LP, |  |
| 500000 | 4.50%, 10/15/2030 <sup>e</sup> <br>| 496703 |
|  | Corebridge Financial, Inc., |  |
| 500000 | 6.05%, 9/15/2033 | 533534 |
|  | Cousins Properties LP, |  |
| 250000 | 5.25%, 7/15/2030 | 256022 |
|  | Credit Agricole SA, |  |
| 500000 | (SOFRRATE + 1.460%), 5.22%, <br> 5/27/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 512915 |
|  | Deutsche Bank AG, |  |
| 250000 | (SOFRRATE + 2.510%), 6.82%, <br> 11/20/2029 <sup>b</sup> <br>| 267415 |
| 250000 | (SOFRRATE + 1.720%), 5.30%, <br> 5/9/2031 <sup>b</sup> <br>| 256091 |
| 50000 | (SOFRRATE + 1.718%), 3.04%, <br> 5/28/2032 <sup>b</sup> <br>| 45674 |
|  | Drawbridge Special Opportunities <br> Fund LP/Drawbridge Special <br> Opportunities Finance,<br>|  |
| 650000 | 5.95%, 9/17/2030 <sup>a</sup> <br>| 634452 |
|  | Encore Capital Group, Inc., |  |
| 240000 | 8.50%, 5/15/2030 <sup>a</sup> <br>| 254867 |
|  | ERP Operating LP, |  |
| 250000 | 4.65%, 9/15/2034 | 247043 |
|  | First Citizens BancShares, Inc., |  |
| 500000 | (CMT 5Y + 1.850%), 5.60%, <br> 9/5/2035 <sup>b</sup> <br>| 498679 |
|  | Fortitude Group Holdings LLC, |  |
| 375000 | 6.25%, 4/1/2030 <sup>a</sup> <br>| 389362 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** |
|  | GGAM Finance, Ltd., |  |
| $355000 | 8.00%, 6/15/2028 <sup>a</sup> <br>| $375751 |
|  | Goldman Sachs Group, Inc., |  |
| 375000 | (SOFRRATE + 1.319%), 4.94%, <br> 4/23/2028 <sup>b</sup> <br>| 379390 |
| 250000 | (SOFRRATE + 1.380%), 5.54%, <br> 1/28/2036 <sup>b</sup> <br>| 260961 |
|  | Goldman Sachs Private Credit Corp., |  |
| 400000 | 5.88%, 5/6/2028 <sup>a</sup> <br>| 405947 |
|  | Healthcare Realty Holdings LP, |  |
| 250000 | 3.10%, 2/15/2030 | 235217 |
|  | HPS Corporate Lending Fund, |  |
| 500000 | 5.30%, 6/5/2027 <sup>a</sup> <br>| 502664 |
|  | HSBC Holdings plc, |  |
| 250000 | (SOFRRATE + 1.460%), 5.55%, <br> 3/4/2030 <sup>b</sup> <br>| 259401 |
| 250000 | (SOFRRATE + 1.570%), 5.24%, <br> 5/13/2031 <sup>b</sup> <br>| 257263 |
| 500000 | (SOFRRATE + 1.960%), 5.74%, <br> 9/10/2036 <sup>b</sup> <br>| 510155 |
|  | Invitation Homes Operating <br> Partnership LP,<br>|  |
| 250000 | 4.15%, 4/15/2032 | 241683 |
| 500000 | 4.95%, 1/15/2033 | 502426 |
|  | Iron Mountain, Inc., |  |
| 255000 | 4.88%, 9/15/2029 <sup>a</sup> <br>| 251034 |
|  | Jane Street Group/JSG Finance, Inc., |  |
| 245000 | 6.13%, 11/1/2032 <sup>a</sup> <br>| 248322 |
| 250000 | 6.75%, 5/1/2033 <sup>a</sup> <br>| 259659 |
|  | JPMorgan Chase & Co., |  |
| 550000 | (SOFRRATE + 0.800%), 4.92%, <br> 1/24/2029 <sup>b</sup> <br>| 559916 |
| 500000 | (SOFRRATE + 1.435%), 5.10%, <br> 4/22/2031 <sup>b</sup> <br>| 516560 |
| 500000 | (SOFRRATE + 1.260%), 2.96%, <br> 1/25/2033 <sup>b</sup> <br>| 457422 |
|  | KeyBank NA, |  |
| 500000 | 4.90%, 8/8/2032 | 496374 |
|  | KeyCorp, |  |
| 50000 | (SOFRINDEX + 2.420%), 6.40%, <br> 3/6/2035 <sup>b</sup> <br>| 54260 |
|  | Kilroy Realty LP, |  |
| 250000 | 2.65%, 11/15/2033 | 204624 |
| 500000 | 5.88%, 10/15/2035 | 506654 |
|  | Lloyds Banking Group plc, |  |
| 500000 | (CMT 1Y + 1.600%), 6.07%, <br> 6/13/2036 <sup>b</sup> <br>| 524852 |
|  | LPL Holdings, Inc., |  |
| 500000 | 5.65%, 3/15/2035 | 509431 |
|  | M&T Bank Corp., |  |
| 500000 | (SOFRRATE + 1.400%), 5.18%, <br> 7/8/2031 <sup>b</sup> <br>| 512053 |
|  | Macquarie Airfinance Holdings, Ltd., |  |
| 250000 | 6.40%, 3/26/2029 <sup>a</sup> <br>| 263279 |
|  | Mitsubishi UFJ Financial Group, Inc., |  |
| 200000 | (CMT 1Y + 1.170%), 5.16%, <br> 4/24/2031 <sup>b</sup> <br>| 206082 |
|  | Mizuho Financial Group, Inc., |  |
| 500000 | (CMT 1Y + 0.920%), 4.71%, <br> 7/8/2031 <sup>b</sup> <br>| 505886 |
|  | Morgan Stanley, |  |
| 500000 | (SOFRRATE + 1.000%), 2.48%, <br> 1/21/2028 <sup>b</sup> <br>| 489385 |
| 375000 | (SOFRRATE + 1.260%), 5.66%, <br> 4/18/2030 <sup>b</sup> <br>| 391580 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** |
| $375000 | (SOFRRATE + 1.510%), 5.19%, <br> 4/17/2031 <sup>b</sup> <br>| $387222 |
| 250000 | (SOFRRATE + 1.757%), 5.66%, <br> 4/17/2036 <sup>b</sup> <br>| 263765 |
|  | NatWest Group plc, |  |
| 500000 | (CMT 1Y + 1.050%), 5.12%, <br> 5/23/2031 <sup>b</sup> <br>| 512693 |
|  | Nippon Life Insurance Co., |  |
| 250000 | (CMT 5Y + 3.189%), 6.50%, <br> 4/30/2055 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 269184 |
|  | Nomura Holdings, Inc., |  |
| 500000 | 4.90%, 7/1/2030 | 507105 |
|  | Omega Healthcare Investors, Inc., |  |
| 250000 | 3.63%, 10/1/2029 | 239866 |
| 250000 | 5.20%, 7/1/2030 | 253805 |
|  | Omnis Funding Trust, |  |
| 250000 | 6.72%, 5/15/2055 <sup>a</sup> <br>| 269662 |
|  | Peachtree Corners Funding Trust II, |  |
| 100000 | 6.01%, 5/15/2035 <sup>a</sup> <br>| 104971 |
|  | Phillips Edison Grocery Center <br> Operating Partnership I LP,<br>|  |
| 500000 | 5.25%, 8/15/2032 | 511008 |
|  | PNC Financial Services Group, Inc., |  |
| 250000 | (SOFRRATE + 1.333%), 4.90%, <br> 5/13/2031 <sup>b</sup> <br>| 255298 |
| 100000 | (SOFRINDEX + 1.850%), 4.63%, <br> 6/6/2033 <sup>b</sup> <br>| 99240 |
|  | Pricoa Global Funding I, |  |
| 500000 | 4.70%, 5/28/2030 <sup>a</sup> <br>| 508295 |
|  | Regency Centers LP, |  |
| 250000 | 5.25%, 1/15/2034 | 256938 |
|  | Reinsurance Group of America, Inc., |  |
| 500000 | 5.75%, 9/15/2034 | 522739 |
|  | Santander Holdings USA, Inc., |  |
| 50000 | (SOFRRATE + 1.249%), 2.49%, <br> 1/6/2028 <sup>b</sup> <br>| 48788 |
| 100000 | (SOFRRATE + 1.610%), 5.47%, <br> 3/20/2029 <sup>b</sup> <br>| 101906 |
|  | Societe Generale SA, |  |
| 250000 | (CMT 1Y + 2.550%), 6.45%, <br> 1/10/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 260288 |
| 250000 | (SOFRRATE + 1.420%), 5.25%, <br> 5/22/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 254213 |
| 750000 | (SOFRRATE + 1.730%), 5.44%, <br> 10/3/2036 <sup>a</sup><sup>,</sup><sup>b</sup><sup>,</sup><sup>e</sup> <br>| 748057 |
|  | Stellantis Financial Services <br> U.S. Corp.,<br>|  |
| 250000 | 5.40%, 9/15/2030 <sup>a</sup> <br>| 250524 |
|  | Toronto-Dominion Bank, |  |
| 500000 | (CMT 5Y + 2.721%), 6.35%, <br> 10/31/2085 <sup>b</sup> <br>| 501250 |
|  | Truist Financial Corp., |  |
| 500000 | (SOFRRATE + 1.309%), 5.07%, <br> 5/20/2031 <sup>b</sup> <br>| 512647 |
|  | U.S. Bancorp, |  |
| 500000 | (SOFRRATE + 1.296%), 5.08%, <br> 5/15/2031 <sup>b</sup> <br>| 514163 |
|  | UBS Group AG, |  |
| 150000 | (SOFRRATE + 3.730%), 4.19%, <br> 4/1/2031 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 148297 |
| 500000 | (SOFRRATE + 3.920%), 6.54%, <br> 8/12/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 551542 |
|  | Ventas Realty LP, |  |
| 250000 | 5.10%, 7/15/2032 | 255833 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** | **<u>Financials 16.9% – continued</u>** |
|  | Wells Fargo & Co., |  |
| $500000 | (SOFRRATE + 1.790%), 6.30%, <br> 10/23/2029 <sup>b</sup> <br>| $529581 |
| 250000 | (SOFRRATE + 1.500%), 5.15%, <br> 4/23/2031 <sup>b</sup> <br>| 257825 |
| 300000 | (SOFRRATE + 1.500%), 3.35%, <br> 3/2/2033 <sup>b</sup> <br>| 279262 |
|  | **Total** | **41967473** |
| **<u>Foreign Government 2.0%</u>** | **<u>Foreign Government 2.0%</u>** | **<u>Foreign Government 2.0%</u>** |
|  | Brazil Government International Bonds, |  |
| 400000 | 6.63%, 3/15/2035 | 415700 |
|  | Colombia Government International <br> Bonds,<br>|  |
| 350000 | 8.50%, 4/25/2035 | 387275 |
|  | Costa Rica Government International <br> Bonds,<br>|  |
| 300000 | 7.00%, 4/4/2044 | 317851 |
|  | Dominican Republic International <br> Bonds,<br>|  |
| 450000 | 6.95%, 3/15/2037 <sup>a</sup> <br>| 480353 |
|  | Guatemala Government Bonds, |  |
| 450000 | 6.55%, 2/6/2037 <sup>a</sup> <br>| 473641 |
|  | Ivory Coast Government International <br> Bonds,<br>|  |
| 400000 | 8.08%, 4/1/2036 <sup>a</sup> <br>| 413560 |
|  | Mexico Government International <br> Bonds,<br>|  |
| 250000 | 5.38%, 3/22/2033 | 249250 |
| 500000 | 6.00%, 5/7/2036 | 510925 |
|  | Oman Government International <br> Bonds,<br>|  |
| 250000 | 6.75%, 1/17/2048 <sup>a</sup> <br>| 274408 |
|  | Paraguay Government International <br> Bonds,<br>|  |
| 350000 | 6.10%, 8/11/2044 | 357914 |
|  | Peru Government International Bonds, |  |
| 250000 | 3.00%, 1/15/2034 | 216875 |
|  | Republic of Uzbekistan International <br> Bonds,<br>|  |
| 300000 | 6.95%, 5/25/2032 <sup>a</sup> <br>| 322712 |
|  | Serbia International Bonds, |  |
| 300000 | 6.00%, 6/12/2034 <sup>a</sup> <br>| 312630 |
|  | Turkiye Government International <br> Bonds,<br>|  |
| 250000 | 6.88%, 3/17/2036 | 251277 |
|  | **Total** | **4984371** |
| **<u>Industrials 3.1%</u>** | **<u>Industrials 3.1%</u>** | **<u>Industrials 3.1%</u>** |
|  | Amrize Finance U.S. LLC, |  |
| 100000 | 4.95%, 4/7/2030 <sup>a</sup> <br>| 102208 |
|  | Axon Enterprise, Inc., |  |
| 240000 | 6.25%, 3/15/2033 <sup>a</sup> <br>| 247031 |
|  | BAE Systems plc, |  |
| 250000 | 5.30%, 3/26/2034 <sup>a</sup> <br>| 259061 |
|  | Ball Corp., |  |
| 240000 | 6.00%, 6/15/2029 | 245675 |
|  | Boeing Co., |  |
| 375000 | 5.81%, 5/1/2050 | 374649 |
| 375000 | 6.86%, 5/1/2054 | 427764 |
|  | Bombardier, Inc., |  |
| 350000 | 8.75%, 11/15/2030 <sup>a</sup> <br>| 377437 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Industrials 3.1% – continued</u>** | **<u>Industrials 3.1% – continued</u>** | **<u>Industrials 3.1% – continued</u>** |
|  | Canadian Pacific Railway Co., |  |
| $250000 | 5.20%, 3/30/2035 | $257655 |
|  | Chart Industries, Inc., |  |
| 235000 | 7.50%, 1/1/2030 <sup>a</sup> <br>| 244573 |
|  | Eaton Capital ULC, |  |
| 250000 | 4.45%, 5/9/2030 | 252591 |
|  | General Electric Co., |  |
| 250000 | 4.30%, 7/29/2030 | 251485 |
|  | Genesee & Wyoming, Inc., |  |
| 245000 | 6.25%, 4/15/2032 <sup>a</sup> <br>| 248955 |
|  | L3Harris Technologies, Inc., |  |
| 250000 | 5.25%, 6/1/2031 | 260249 |
|  | Molex Electronic Technologies LLC, |  |
| 150000 | 4.75%, 4/30/2028 <sup>a</sup> <br>| 151469 |
|  | Northrop Grumman Corp., |  |
| 250000 | 5.25%, 7/15/2035 | 258782 |
|  | Parker-Hannifin Corp., |  |
| 375000 | 4.20%, 11/21/2034 | 363501 |
|  | Quikrete Holdings, Inc., |  |
| 245000 | 6.38%, 3/1/2032 <sup>a</sup> <br>| 253782 |
|  | Rand Parent LLC, |  |
| 50000 | 8.50%, 2/15/2030 <sup>a</sup> <br>| 51953 |
|  | Regal Rexnord Corp., |  |
| 250000 | 6.30%, 2/15/2030 | 265075 |
|  | RTX Corp., |  |
| 250000 | 6.10%, 3/15/2034 | 273748 |
|  | Ryder System, Inc., |  |
| 500000 | 4.85%, 6/15/2030 | 510165 |
|  | Smurfit Kappa Treasury ULC, |  |
| 375000 | 5.44%, 4/3/2034 | 388785 |
|  | Spirit AeroSystems, Inc., |  |
| 590000 | 4.60%, 6/15/2028 | 589242 |
|  | United Parcel Service, Inc., |  |
| 550000 | 4.65%, 10/15/2030 | 561592 |
|  | Wrangler Holdco Corp., |  |
| 360000 | 6.63%, 4/1/2032 <sup>a</sup> <br>| 375372 |
|  | **Total** | **7592799** |
| **<u>Mortgage-Backed Securities 30.6%</u>** | **<u>Mortgage-Backed Securities 30.6%</u>** | **<u>Mortgage-Backed Securities 30.6%</u>** |
|  | Federal Home Loan Mortgage Corp., |  |
| 4112518 | 5.50%, 2/1/2040 | 4205412 |
| 4821919 | 2.50%, 3/1/2052 | 4117278 |
| 3635330 | 4.00%, 10/1/2052 | 3444199 |
| 747800 | 5.00%, 11/1/2052 | 745997 |
| 1115615 | 5.50%, 7/1/2053 | 1136791 |
| 5500932 | 4.50%, 7/1/2053 | 5369935 |
| 4687994 | 4.00%, 11/1/2053 | 4464232 |
| 5711110 | 5.50%, 11/1/2054 | 5807368 |
|  | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates,<br>|  |
| 100000 | 5.07%, 10/25/2028, Series K510, <br> Class A2 <sup>b</sup> <br>| 102703 |
| 1575000 | 5.00%, 11/25/2028, Series K512, <br> Class A2<br>| 1615463 |
| 2934000 | 5.40%, 1/25/2029, Series K515, <br> Class A2<br>| 3043351 |
| 1091277 | 4.80%, 5/25/2029, Series K522, <br> Class A2<br>| 1116967 |
| 40000 | 3.90%, 12/25/2030, Series K158, <br> Class A2 <sup>b</sup> <br>| 39597 |
| 600000 | 2.07%, 1/25/2031, Series K126, <br> Class A2<br>| 543058 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Mortgage-Backed Securities 30.6% – continued</u>** | **<u>Mortgage-Backed Securities 30.6% – continued</u>** | **<u>Mortgage-Backed Securities 30.6% – continued</u>** |
| $7050000 | 2.58%, 5/25/2032, Series K145, <br> Class A2<br>| $6377971 |
| 1720000 | 3.53%, 8/25/2032, Series K149, <br> Class A2<br>| 1644305 |
| 3095000 | 4.35%, 1/25/2033, Series K-154, <br> Class A2 <sup>b</sup> <br>| 3101525 |
| 1472829 | 5.15%, 12/25/2033, Series K-162, <br> Class A2 <sup>b</sup> <br>| 1549151 |
|  | Federal Home Loan Mortgage Corp. <br> REMICS,<br>|  |
| 750000 | 5.25%, 3/25/2055, Series 5519, <br> Class CL<br>| 743274 |
|  | Federal National Mortgage Association, |  |
| 7302503 | 2.00%, 3/1/2052 | 5964150 |
| 6610122 | 3.50%, 5/1/2052 | 6080800 |
| 5747941 | 3.00%, 7/1/2052 | 5130757 |
| 775900 | 4.00%, 6/1/2053 | 733315 |
| 1090845 | 6.00%, 9/1/2054 | 1114812 |
|  | Federal National Mortgage Association <br> REMICS,<br>|  |
| 500000 | 5.00%, 4/25/2055, Series 2025-15, <br> Class BD<br>| 485172 |
|  | Uniform Mortgage-Backed Security, <br> TBA,<br>|  |
| 1300000 | 5.00%, 10/1/2039 | 1313390 |
| 1300000 | 5.50%, 10/1/2039 | 1328538 |
| 1075000 | 4.50%, 10/1/2055 | 1042597 |
| 3550000 | 5.00%, 10/1/2055 | 3520383 |
|  | **Total** | **75882491** |
| **<u>Technology 3.0%</u>** | **<u>Technology 3.0%</u>** | **<u>Technology 3.0%</u>** |
|  | Accenture Capital, Inc., |  |
| 375000 | 4.50%, 10/4/2034 | 369834 |
|  | Broadcom, Inc., |  |
| 375000 | 4.20%, 10/15/2030 | 374360 |
| 375000 | 3.42%, 4/15/2033 <sup>a</sup> <br>| 347053 |
| 375000 | 3.50%, 2/15/2041 <sup>a</sup> <br>| 308598 |
|  | Dell International LLC/EMC Corp., |  |
| 500000 | 4.75%, 10/6/2032 <sup>e</sup> <br>| 497765 |
| 250000 | 4.85%, 2/1/2035 | 246015 |
|  | Fiserv, Inc., |  |
| 450000 | 3.50%, 7/1/2029 | 437373 |
| 250000 | 5.25%, 8/11/2035 | 252660 |
|  | Foundry JV Holdco LLC, |  |
| 375000 | 5.88%, 1/25/2034 <sup>a</sup> <br>| 390662 |
|  | Hewlett Packard Enterprise Co., |  |
| 500000 | 4.15%, 9/15/2028 | 499435 |
|  | Micron Technology, Inc., |  |
| 250000 | 5.65%, 11/1/2032 | 262358 |
| 250000 | 5.88%, 2/9/2033 | 265529 |
|  | Open Text Holdings, Inc., |  |
| 415000 | 4.13%, 12/1/2031 <sup>a</sup> <br>| 383790 |
|  | Oracle Corp., |  |
| 500000 | 5.95%, 9/26/2055 | 498462 |
|  | Paychex, Inc., |  |
| 375000 | 5.10%, 4/15/2030 | 385887 |
|  | QUALCOMM, Inc., |  |
| 750000 | 4.50%, 5/20/2030 | 761471 |
|  | Roper Technologies, Inc., |  |
| 375000 | 4.90%, 10/15/2034 | 375426 |
|  | Synopsys, Inc., |  |
| 400000 | 5.15%, 4/1/2035 | 406902 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 101.1%** | **Value** |
| **<u>Technology 3.0% – continued</u>** | **<u>Technology 3.0% – continued</u>** | **<u>Technology 3.0% – continued</u>** |
|  | Texas Instruments, Inc., |  |
| $500000 | 4.50%, 5/23/2030 | $508464 |
|  | **Total** | **7572044** |
| **<u>U.S. Government & Agencies 18.0%</u>** | **<u>U.S. Government & Agencies 18.0%</u>** | **<u>U.S. Government & Agencies 18.0%</u>** |
|  | U.S. Treasury Bonds, |  |
| 9290000 | 1.88%, 2/15/2041 | 6530943 |
| 4675000 | 4.63%, 11/15/2044 | 4631537 |
| 6645000 | 3.00%, 8/15/2048 | 4996209 |
| 9880000 | 4.50%, 11/15/2054 | 9512973 |
|  | U.S. Treasury Notes, |  |
| 9450000 | 4.25%, 2/15/2028 | 9583998 |
| 5075000 | 4.25%, 1/31/2030 | 5182447 |
| 4000000 | 4.00%, 5/31/2030 | 4046875 |
| 300000 | 4.25%, 8/15/2035 | 302438 |
|  | **Total** | **44787420** |
| **<u>Utilities 3.4%</u>** | **<u>Utilities 3.4%</u>** | **<u>Utilities 3.4%</u>** |
|  | Algonquin Power & Utilities Corp., |  |
| 500000 | (CMT 5Y + 3.249%), 4.75%, <br> 1/18/2082 <sup>b</sup> <br>| 487875 |
|  | American Electric Power Co., Inc., |  |
| 250000 | 3.25%, 3/1/2050 | 167568 |
| 500000 | (CMT 5Y + 1.940%), 6.05%, <br> 3/15/2056, Series D <sup>b</sup> <br>| 500703 |
|  | Calpine Corp., |  |
| 675000 | 4.50%, 2/15/2028 <sup>a</sup> <br>| 672152 |
|  | Capital Power U.S. Holdings, Inc., |  |
| 500000 | 5.26%, 6/1/2028 <sup>a</sup> <br>| 509501 |
|  | DTE Energy Co., |  |
| 375000 | 5.20%, 4/1/2030 | 386402 |
|  | Duke Energy Corp., |  |
| 600000 | 5.80%, 6/15/2054 | 606166 |
| 375000 | (CMT 5Y + 2.588%), 6.45%, <br> 9/1/2054 <sup>b</sup> <br>| 396104 |
|  | Eskom Holdings, |  |
| 350000 | 6.35%, 8/10/2028 <sup>a</sup> <br>| 359282 |
|  | Evergy Kansas Central, Inc., |  |
| 375000 | 4.70%, 3/13/2028 | 379580 |
|  | Exelon Corp., |  |
| 375000 | 5.88%, 3/15/2055 | 381507 |
|  | FirstEnergy Corp., |  |
| 500000 | 4.85%, 7/15/2047, Series C | 442579 |
|  | Florida Power & Light Co., |  |
| 375000 | 5.30%, 6/15/2034 | 391185 |
|  | NiSource, Inc., |  |
| 250000 | 5.35%, 7/15/2035 | 255257 |
| 375000 | 4.38%, 5/15/2047 | 315670 |
|  | NRG Energy, Inc., |  |
| 375000 | 5.25%, 6/15/2029 <sup>a</sup> <br>| 373786 |
|  | Public Service Enterprise Group, Inc., |  |
| 300000 | 4.90%, 3/15/2030 | 306647 |
|  | San Diego Gas & Electric Co., |  |
| 250000 | 5.40%, 4/15/2035 | 258179 |
|  | Southern Power Co., |  |
| 375000 | 4.25%, 10/1/2030, Series A | 372739 |
|  | Xcel Energy, Inc., |  |
| 500000 | 4.75%, 3/21/2028 | 506167 |
| 375000 | 3.50%, 12/1/2049 | 268982 |
|  | **Total** | **8338031** |
|  | **Total Long-Term Fixed Income** <br>**(Cost $244,652,302)**<br>| **250760765** |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 1.6%** | **Value** |
|  | State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class,<br>|  |
| 3848427 | 4.09% <sup>f</sup> <br>| $3848427 |
|  | **Total Short-Term Investments** <br>**(Cost $3,848,427)**<br>| **3848427** |
|  | **Total Investments** <br>**(Cost $248,500,729) 102.7%**<br>| **$254609192** |
|  | **Other Assets and Liabilities, Net** <br> **(2.7%)**<br>| **(6583100)** |
|  | **Total Net Assets 100.0%** | **$248026092** |

---

&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 September 30, 2025, the value of these <br> investments was $52,697,643 or 21.2% of total net assets.<br>|
| b | Denotes variable rate securities. The rate shown is as of <br> September 30, 2025. The rates of certain variable rate securities are <br> based on a published reference rate and spread; these may vary by <br> security and the reference rate and spread are indicated in their <br> description. The rates of other variable rate securities are <br> determined by the issuer or agent and are based on current market <br> conditions. These securities do not indicate a reference rate and <br> spread in their description.<br>|
| c | 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 September 30, 2025.<br>|
| d | Denotes perpetual securities. Perpetual securities pay an indefinite <br> stream of income and have no contractual maturity date. Date <br> shown, if applicable, is next call date.<br>|
| e | Denotes investments purchased on a when-issued or delayed-<br> delivery basis.<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 |
| CME | – | Chicago Mercantile Exchange |
| REMICS | – | Real Estate Mortgage Investment Conduits |
| 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>Unrealized Appreciation (Depreciation)</u>**

Gross unrealized appreciation and depreciation of investments of the portfolio as a whole (including derivatives, if any), based on cost for federal income tax purposes, were as follows:

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $6137702 |
| Gross unrealized depreciation | (58044) |
| Net unrealized appreciation (depreciation) | $6079658 |
| Cost for federal income tax purposes | $248529534 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Core Plus Bond ETF

Schedule of Investments as of September 30, 2025

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

The following table is a summary of the inputs used, as of September 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 |  |  |  |  |
| Asset-Backed Securities | 10560048 |  | 10560048 |  |
| Basic Materials | 3619336 |  | 3619336 |  |
| Collateralized Mortgage Obligations | 6850039 |  | 6850039 |  |
| Commercial Mortgage-Backed Securities | 4259509 |  | 4259509 |  |
| Communication Services | 5862721 |  | 5862721 |  |
| Consumer Discretionary | 8264954 |  | 8264954 |  |
| Consumer Staples | 13184800 |  | 13184800 |  |
| Energy | 7034729 |  | 7034729 |  |
| Financials | 41967473 |  | 41967473 |  |
| Foreign Government | 4984371 |  | 4984371 |  |
| Industrials | 7592799 |  | 7592799 |  |
| Mortgage-Backed Securities | 75882491 |  | 75882491 |  |
| Technology | 7572044 |  | 7572044 |  |
| U.S. Government & Agencies | 44787420 |  | 44787420 |  |
| Utilities | 8338031 |  | 8338031 |  |
| Short-Term Investments | 3848427 | 3848427 |  |  |
| **Total Investments at Value** | **$254609192** | **$3848427** | **$250760765** | **$—** |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Small-Mid Cap Equity ETF

Schedule of Investments as of September 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 98.2%** | **Value** |
| **<u>Consumer Discretionary 17.7%</u>** | **<u>Consumer Discretionary 17.7%</u>** | **<u>Consumer Discretionary 17.7%</u>** |
| 24156 | Burlington Stores, Inc. <sup>a</sup> <br>| $6147702 |
| 77388 | Champion Homes, Inc. <sup>a</sup> <br>| 5910121 |
| 56375 | Churchill Downs, Inc. | 5468939 |
| 26861 | Group 1 Automotive, Inc. | 11751956 |
| 40009 | Installed Building Products, Inc. | 9868620 |
| 110163 | Modine Manufacturing Co. <sup>a</sup> <br>| 15660772 |
| 110463 | Patrick Industries, Inc. | 11425188 |
| 114371 | SharkNinja, Inc. <sup>a</sup> <br>| 11797369 |
| 22427 | TopBuild Corp. <sup>a</sup> <br>| 8765817 |
| 144308 | Tractor Supply Co. | 8206796 |
| 327404 | Universal Technical Institute, Inc. <sup>a</sup> <br>| 10657000 |
| 150704 | Viking Holdings, Ltd. <sup>a</sup> <br>| 9367761 |
|  | **Total** | **115028041** |
| **<u>Consumer Staples 4.0%</u>** | **<u>Consumer Staples 4.0%</u>** | **<u>Consumer Staples 4.0%</u>** |
| 21826 | Casey's General Stores, Inc. | 12338674 |
| 135822 | Turning Point Brands, Inc. | 13427363 |
|  | **Total** | **25766037** |
| **<u>Financials 12.0%</u>** | **<u>Financials 12.0%</u>** | **<u>Financials 12.0%</u>** |
| 91320 | Arch Capital Group, Ltd. | 8285464 |
| 55213 | ARES Management Corp. Class A | 8828007 |
| 155501 | Enterprise Financial Services Corp. | 9015948 |
| 53787 | Federal Agricultural Mortgage Corp. <br> Class C<br>| 9035140 |
| 12139 | Kinsale Capital Group, Inc. | 5162231 |
| 246777 | Old Republic International Corp. | 10480619 |
| 212853 | OneMain Holdings, Inc. | 12017680 |
| 53180 | Raymond James Financial, Inc. | 9178868 |
| 113164 | Triumph Financial, Inc. <sup>a</sup> <br>| 5662727 |
|  | **Total** | **77666684** |
| **<u>Health Care 6.9%</u>** | **<u>Health Care 6.9%</u>** | **<u>Health Care 6.9%</u>** |
| 150000 | Bio-Techne Corp. | 8344500 |
| 67233 | HealthEquity, Inc. <sup>a</sup> <br>| 6371671 |
| 49664 | Labcorp Holdings, Inc. | 14256548 |
| 61467 | Merit Medical Systems, Inc. <sup>a</sup> <br>| 5115898 |
| 42608 | STERIS plc | 10542924 |
|  | **Total** | **44631541** |
| **<u>Industrials 26.6%</u>** | **<u>Industrials 26.6%</u>** | **<u>Industrials 26.6%</u>** |
| 50842 | Advanced Drainage Systems, Inc. | 7051786 |
| 65047 | Arcosa, Inc. | 6095554 |
| 57019 | Builders FirstSource, Inc. <sup>a</sup> <br>| 6913554 |
| 337729 | CECO Environmental Corp. <sup>a</sup> <br>| 17291725 |
| 222241 | Core & Main, Inc. Class A <sup>a</sup> <br>| 11963233 |
| 102912 | Federal Signal Corp. | 12245499 |
| 105307 | FTAI Aviation, Ltd. | 17571526 |
| 464403 | Gates Industrial Corp. plc <sup>a</sup> <br>| 11526483 |
| 16143 | ICF International, Inc. | 1498070 |
| 26931 | IES Holdings, Inc. <sup>a</sup> <br>| 10709112 |
| 135977 | Limbach Holdings, Inc. <sup>a</sup> <br>| 13206086 |
| 435728 | LSI Industries, Inc. | 10287538 |
| 132439 | nVent Electric plc | 13063783 |
| 21365 | Quanta Services, Inc. | 8854083 |
| 126925 | REV Group, Inc. | 7192840 |
| 56728 | Ryder System, Inc. | 10701170 |
| 20204 | Saia, Inc. <sup>a</sup> <br>| 6048270 |
|  | **Total** | **172220312** |
| **<u>Information Technology 19.6%</u>** | **<u>Information Technology 19.6%</u>** | **<u>Information Technology 19.6%</u>** |
| 18993 | Appfolio, Inc. Class A <sup>a</sup> <br>| 5235610 |
| 142845 | Bel Fuse, Inc. Class B | 20144002 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stock 98.2%** | **Value** |
| **<u>Information Technology 19.6% – continued</u>** | **<u>Information Technology 19.6% – continued</u>** | **<u>Information Technology 19.6% – continued</u>** |
| 51874 | Celestica, Inc. <sup>a</sup> <br>| $12780716 |
| 91869 | Climb Global Solutions, Inc. | 12387616 |
| 85444 | Coherent Corp. <sup>a</sup> <br>| 9204028 |
| 612337 | CompoSecure, Inc. Class A <sup>a</sup> <br>| 12748856 |
| 351811 | I3 Verticals, Inc. Class A <sup>a</sup> <br>| 11419785 |
| 26657 | InterDigital, Inc. | 9202796 |
| 492507 | Kyndryl Holdings, Inc. <sup>a</sup> <br>| 14789985 |
| 45841 | Littelfuse, Inc. | 11873278 |
| 24769 | Zebra Technologies Corp. Class A <sup>a</sup> <br>| 7360356 |
|  | **Total** | **127147028** |
| **<u>Materials 5.9%</u>** | **<u>Materials 5.9%</u>** | **<u>Materials 5.9%</u>** |
| 435636 | Element Solutions, Inc. | 10964958 |
| 34806 | Hawkins, Inc. | 6359752 |
| 184806 | International Paper Co. | 8574998 |
| 66346 | Knife River Corp. <sup>a</sup> <br>| 5100017 |
| 51662 | Steel Dynamics, Inc. | 7203233 |
|  | **Total** | **38202958** |
| **<u>Real Estate 1.3%</u>** | **<u>Real Estate 1.3%</u>** | **<u>Real Estate 1.3%</u>** |
| 54556 | Colliers International Group, Inc. | 8522193 |
|  | **Total** | **8522193** |
| **<u>Utilities 4.2%</u>** | **<u>Utilities 4.2%</u>** | **<u>Utilities 4.2%</u>** |
| 511246 | MDU Resources Group, Inc. | 9105291 |
| 196730 | NiSource, Inc. | 8518409 |
| 22127 | Talen Energy Corp. <sup>a</sup> <br>| 9412384 |
|  | **Total** | **27036084** |
|  | **Total Common Stock** <br>**(Cost $531,217,769)**<br>| **636220878** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 2.1%** | **Value** |
| 13453949 | State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class, 4.09% <sup>b</sup> <br>| 13453949 |
|  | **Total Short-Term Investments** <br>**(Cost $13,453,949)**<br>| **13453949** |
|  | **Total Investments** <br>**(Cost $544,671,718) 100.3%**<br>| **649674827** |
|  | **Other Assets and Liabilities, Net** <br> **(0.3%)** <br>| **(1950872)** |
|  | **Total Net Assets 100.0%** | **$647723955** |

---

&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 |

---

**<u>Unrealized Appreciation (Depreciation)</u>**

Gross unrealized appreciation and depreciation of investments of the portfolio as a whole (including derivatives, if any), based on cost for federal income tax purposes, were as follows:

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $111175163 |
| Gross unrealized depreciation | (7171020) |
| Net unrealized appreciation (depreciation) | $104004143 |
| Cost for federal income tax purposes | $545670684 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Small-Mid Cap Equity ETF

Schedule of Investments as of September 30, 2025

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

The following table is a summary of the inputs used, as of September 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 |  |  |  |  |
| Consumer Discretionary | $115028041 | $115028041 | $— | $— |
| Consumer Staples | 25766037 | 25766037 |  |  |
| Financials | 77666684 | 77666684 |  |  |
| Health Care | 44631541 | 44631541 |  |  |
| Industrials | 172220312 | 172220312 |  |  |
| Information Technology | 127147028 | 127147028 |  |  |
| Materials | 38202958 | 38202958 |  |  |
| Real Estate | 8522193 | 8522193 |  |  |
| Utilities | 27036084 | 27036084 |  |  |
| Short-Term Investments | 13453949 | 13453949 |  |  |
| **Total Investments at Value** | **$649674827** | **$649674827** | **$—** | **$—** |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Principal** <br>**Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3%</u>** | **<u>Asset-Backed Securities 23.3%</u>** | **<u>Asset-Backed Securities 23.3%</u>** |
|  | 522 Funding CLO, Ltd., |  |
| $186213 | (TSFR3M + 1.302%), 5.63%, <br> 10/20/2031, Series 2018-3A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $186331 |
|  | Affirm Asset Securitization Trust, |  |
| 84113 | 5.22%, 12/17/2029, Series 2024-X2, <br> Class A <sup>a</sup> <br>| 84189 |
| 314895 | 5.08%, 4/15/2030, Series 2025-X1, <br> Class A <sup>a</sup> <br>| 315553 |
|  | American Credit Acceptance <br> Receivables Trust,<br>|  |
| 191608 | 4.81%, 9/12/2028, Series 2025-2, <br> Class A <sup>a</sup> <br>| 191901 |
| 471207 | 4.73%, 1/12/2029, Series 2025-3, <br> Class A <sup>a</sup> <br>| 472248 |
|  | American Heritage Auto Receivables <br> Trust,<br>|  |
| 110000 | 4.90%, 9/17/2029, Series 2024-1A, <br> Class A3 <sup>a</sup> <br>| 111012 |
|  | American Homes 4 Rent Trust, |  |
| 372665 | 3.73%, 10/17/2052, Series 2015-<br> SFR2, Class A <sup>a</sup> <br>| 371936 |
| 381000 | 4.69%, 10/17/2052, Series 2015-<br> SFR2, Class C <sup>a</sup> <br>| 380148 |
|  | AmeriCredit Automobile Receivables <br> Trust,<br>|  |
| 200051 | 2.77%, 4/19/2027, Series 2022-1, <br> Class B<br>| 199765 |
|  | Amur Equipment Finance Receivables <br> XI LLC,<br>|  |
| 252861 | 5.30%, 6/21/2028, Series 2022-2A, <br> Class A2 <sup>a</sup> <br>| 253479 |
|  | Anchorage Capital CLO 8, Ltd., |  |
| 250000 | (TSFR3M + 1.462%), 5.78%, <br> 10/27/2034, Series 2016-8A, <br> Class AR2A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250034 |
|  | Annisa CLO, Ltd., |  |
| 350000 | (TSFR3M + 1.500%), 5.83%, <br> 7/20/2031, Series 2016-2A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 350070 |
|  | Apidos CLO XII, Ltd., |  |
| 470000 | (TSFR3M + 1.450%), 5.77%, <br> 4/15/2031, Series 2013-12A, <br> Class BRR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 470371 |
|  | Ares LII CLO, Ltd., |  |
| 252344 | (TSFR3M + 0.880%), 5.21%, <br> 4/22/2031, Series 2019-52A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 252307 |
|  | ARES LXXI CLO, Ltd., |  |
| 240000 | (TSFR3M + 1.700%), 6.03%, <br> 4/20/2037, Series 2024-71A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 240462 |
|  | ARI Fleet Lease Trust, |  |
| 32718 | 5.41%, 2/17/2032, Series 2023-A, <br> Class A2 <sup>a</sup> <br>| 32767 |
|  | Atlas Senior Loan Fund XIII, |  |
| 64546 | (TSFR3M + 1.342%), 5.67%, <br> 4/22/2031, Series 2019-13A, <br> Class A1NR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 64532 |
|  | Atlas Senior Loan Fund XV, Ltd., |  |
| 302623 | (TSFR3M + 1.220%), 5.54%, <br> 10/23/2032, Series 2019-15A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 302925 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** |
|  | AutoNation Finance Trust, |  |
| $249003 | 4.72%, 4/10/2028, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| $249603 |
|  | Avis Budget Rental Car Funding <br> AESOP LLC,<br>|  |
| 541667 | 2.02%, 2/20/2027, Series 2020-2A, <br> Class A <sup>a</sup> <br>| 538780 |
| 500000 | 1.63%, 8/20/2027, Series 2021-1A, <br> Class B <sup>a</sup> <br>| 490426 |
| 500000 | 1.66%, 2/20/2028, Series 2021-2A, <br> Class A <sup>a</sup> <br>| 485546 |
| 290000 | 5.44%, 2/22/2028, Series 2023-3A, <br> Class A <sup>a</sup> <br>| 294217 |
|  | Barings CLO, Ltd., |  |
| 47174 | (TSFR3M + 1.252%), 5.58%, <br> 1/20/2031, Series 2015-IA, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 47187 |
|  | Barings Loan Partners CLO, Ltd., |  |
| 400000 | (TSFR3M + 0.950%), 5.28%, <br> 7/20/2033, Series LP-3A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 400200 |
|  | BHG Securitization Trust, |  |
| 95843 | 1.42%, 11/17/2033, Series 2021-A, <br> Class A <sup>a</sup> <br>| 94825 |
|  | BlueMountain Fuji U.S. CLO II, Ltd., |  |
| 559161 | (TSFR3M + 1.262%), 5.59%, <br> 10/20/2030, Series 2017-2A, <br> Class A1AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 559582 |
|  | BOF VII AL Funding Trust I, |  |
| 77428 | 6.29%, 7/26/2032, Series 2023-<br> CAR3, Class A2 <sup>a</sup> <br>| 78791 |
|  | Bridgecrest Lending Auto Securitization <br> Trust,<br>|  |
| 1000000 | 4.73%, 2/15/2028, Series 2025-3, <br> Class A2<br>| 1001696 |
|  | California Street CLO IX LP, |  |
| 476268 | (TSFR3M + 1.362%), 5.68%, <br> 7/16/2032, Series 2012-9A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 476723 |
|  | Carlyle Global Market Strategies CLO, <br> Ltd.,<br>|  |
| 318702 | (TSFR3M + 1.242%), 5.57%, <br> 7/20/2031, Series 2015-1A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 318900 |
| 490000 | (TSFR3M + 1.650%), 5.98%, <br> 1/20/2032, Series 2015-5A, <br> Class A2R3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 490456 |
|  | CarMax Auto Owner Trust, |  |
| 11371 | 3.49%, 2/16/2027, Series 2022-2, <br> Class A3<br>| 11365 |
| 152625 | 0.82%, 4/15/2027, Series 2021-4, <br> Class A4<br>| 151645 |
|  | CarVal CLO III, Ltd., |  |
| 240516 | (TSFR3M + 0.990%), 5.32%, <br> 7/20/2032, Series 2019-2A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 240594 |
|  | Carval CLO X-C, Ltd., |  |
| 250000 | (TSFR3M + 1.460%), 5.79%, <br> 7/20/2037, Series 2024-2A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 251002 |
|  | Carvana Auto Receivables Trust, |  |
| 880782 | 1.03%, 6/10/2027, Series 2021-P3, <br> Class A4<br>| 871141 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** |
|  | CCG Receivables Trust, |  |
| $250000 | 4.48%, 10/14/2032, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| $251343 |
|  | CNH Equipment Trust, |  |
| 414501 | 0.70%, 5/17/2027, Series 2021-B, <br> Class A4<br>| 413792 |
|  | CoreVest American Finance, Ltd., |  |
| 365000 | 1.71%, 12/15/2052, Series 2020-4, <br> Class B <sup>a</sup> <br>| 361648 |
|  | CPS Auto Receivables Trust, |  |
| 441960 | 4.71%, 3/15/2029, Series 2025-C, <br> Class A <sup>a</sup> <br>| 443094 |
|  | Dell Equipment Finance Trust, |  |
| 500000 | 4.68%, 7/22/2027, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| 502401 |
|  | Dext ABS LLC, |  |
| 147899 | 6.56%, 5/15/2034, Series 2023-2, <br> Class A2 <sup>a</sup> <br>| 149022 |
|  | Dryden 55 CLO, Ltd., |  |
| 382424 | (TSFR3M + 1.282%), 5.60%, <br> 4/15/2031, Series 2018-55A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 382537 |
|  | Dryden 78 CLO, Ltd., |  |
| 240000 | (TSFR3M + 1.730%), 6.05%, <br> 4/17/2037, Series 2020-78A, <br> Class A2R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 240349 |
|  | Dryden XXVI Senior Loan Fund, |  |
| 110816 | (TSFR3M + 1.162%), 5.48%, <br> 4/15/2029, Series 2013-26A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 110884 |
|  | Eaton Vance CLO, Ltd., |  |
| 250000 | (TSFR3M + 1.512%), 5.84%, <br> 1/20/2030, Series 2015-1A, <br> Class A2R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250000 |
| 264000 | (TSFR3M + 1.510%), 5.83%, <br> 7/15/2037, Series 2019-1A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 264748 |
|  | Enterprise Fleet Financing LLC, |  |
| 363468 | 5.74%, 12/20/2026, Series 2024-2, <br> Class A2 <sup>a</sup> <br>| 365243 |
| 375313 | 3.27%, 1/20/2028, Series 2022-1, <br> Class A3 <sup>a</sup> <br>| 375172 |
| 87845 | 5.76%, 10/22/2029, Series 2022-4, <br> Class A2 <sup>a</sup> <br>| 88267 |
| 95868 | 5.23%, 3/20/2030, Series 2024-1, <br> Class A2 <sup>a</sup> <br>| 96686 |
|  | Exeter Automobile Receivables Trust, |  |
| 591068 | 4.45%, 3/15/2028, Series 2024-5A, <br> Class A3<br>| 591289 |
| 500000 | 4.53%, 3/15/2028, Series 2025-4A, <br> Class A2<br>| 500556 |
| 163104 | 6.32%, 5/15/2028, Series 2022-6A, <br> Class C<br>| 163774 |
| 249533 | 6.21%, 6/15/2028, Series 2023-3A, <br> Class C<br>| 250897 |
| 500000 | 5.57%, 9/15/2028, Series 2024-3A, <br> Class B<br>| 502727 |
|  | Fillmore Park CLO, Ltd., |  |
| 300000 | (TSFR3M + 1.602%), 5.92%, <br> 7/15/2030, Series 2018-1A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 300107 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** |
|  | First Investors Auto Owner Trust, |  |
| $176999 | 3.13%, 5/15/2028, Series 2022-1A, <br> Class C <sup>a</sup> <br>| $176259 |
| 231199 | 6.44%, 10/16/2028, Series 2023-1A, <br> Class A <sup>a</sup> <br>| 233364 |
|  | FirstKey Homes Trust, |  |
| 653462 | 1.27%, 10/19/2037, Series 2020-<br> SFR2, Class A <sup>a</sup> <br>| 650412 |
| 750000 | 1.97%, 10/19/2037, Series 2020-<br> SFR2, Class D <sup>a</sup> <br>| 746377 |
| 301868 | 4.25%, 7/17/2038, Series 2022-<br> SFR3, Class A <sup>a</sup> <br>| 300886 |
| 315726 | 1.54%, 8/17/2038, Series 2021-<br> SFR1, Class A <sup>a</sup> <br>| 308330 |
| 750000 | 1.79%, 8/17/2038, Series 2021-<br> SFR1, Class B <sup>a</sup> <br>| 732487 |
|  | Flagship Credit Auto Trust, |  |
| 545000 | 1.59%, 6/15/2027, Series 2021-2, <br> Class D <sup>a</sup> <br>| 537278 |
| 213298 | 5.22%, 12/15/2027, Series 2023-2, <br> Class A3 <sup>a</sup> <br>| 213487 |
|  | Flatiron CLO 21, Ltd., |  |
| 250000 | (TSFR3M + 1.360%), 5.69%, <br> 10/19/2037, Series 2021-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250659 |
|  | Ford Credit Auto Owner Trust, |  |
| 258143 | 1.56%, 5/15/2027, Series 2022-A, <br> Class A4<br>| 256924 |
| 133000 | 5.30%, 3/15/2028, Series 2022-D, <br> Class A4<br>| 134445 |
| 100000 | 1.61%, 10/17/2033, Series 2021-1, <br> Class B <sup>a</sup> <br>| 98435 |
|  | Galaxy XXVI CLO, Ltd., |  |
| 170028 | (TSFR3M + 1.170%), 5.37%, <br> 11/22/2031, Series 2018-26A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 170020 |
|  | GreatAmerica Leasing Receivables <br> Funding LLC,<br>|  |
| 20000 | 4.52%, 10/15/2027, Series 2025-1, <br> Class A2 <sup>a</sup> <br>| 20092 |
|  | GreenSky Home Improvement Issuer <br> Trust,<br>|  |
| 63551 | 5.12%, 3/25/2060, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| 63767 |
|  | Hertz Vehicle Financing III LLC, |  |
| 240000 | 6.15%, 3/25/2030, Series 2023-4A, <br> Class A <sup>a</sup> <br>| 250809 |
|  | Hertz Vehicle Financing III LP, |  |
| 100000 | 2.12%, 12/27/2027, Series 2021-2A, <br> Class B <sup>a</sup> <br>| 97147 |
|  | Hilton Grand Vacations Trust, |  |
| 21275 | 5.75%, 9/15/2039, Series 2024-1B, <br> Class A <sup>a</sup> <br>| 21620 |
|  | Home Partners of America Trust, |  |
| 163114 | 2.30%, 12/17/2026, Series 2021-2, <br> Class B <sup>a</sup> <br>| 158646 |
|  | HPEFS Equipment Trust, |  |
| 140000 | 6.48%, 1/21/2031, Series 2023-2A, <br> Class C <sup>a</sup> <br>| 140855 |
|  | Jamestown CLO XI, Ltd., |  |
| 113985 | (TSFR3M + 1.362%), 5.68%, <br> 7/14/2031, Series 2018-11A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 114014 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** |
|  | KKR CLO 11, Ltd., |  |
| $61181 | (TSFR3M + 1.442%), 5.76%, <br> 1/15/2031, Series 11, Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $61214 |
|  | KKR CLO 9, Ltd., |  |
| 14845 | (TSFR3M + 1.212%), 5.53%, <br> 7/15/2030, Series 9, Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 14845 |
|  | LCM 29, Ltd., |  |
| 133918 | (TSFR3M + 1.332%), 5.65%, <br> 4/15/2031, Series 29A, Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 134097 |
|  | LCM XVIII LP, |  |
| 13959 | (TSFR3M + 1.282%), 5.61%, <br> 4/20/2031, Series 18A, Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 13960 |
|  | M&T Equipment Notes, |  |
| 449021 | 5.74%, 7/15/2030, Series 2023-1A, <br> Class A3 <sup>a</sup> <br>| 452144 |
|  | Madison Park Funding XXIII, Ltd., |  |
| 406853 | (TSFR3M + 1.232%), 5.55%, <br> 7/27/2031, Series 2017-23A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 407257 |
|  | Madison Park Funding XXIV, Ltd., |  |
| 750000 | (TSFR3M + 1.550%), 5.88%, <br> 10/20/2029, Series 2016-24A, <br> Class BR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 750428 |
|  | Marathon CLO XIII, Ltd., |  |
| 281678 | (TSFR3M + 1.200%), 5.52%, <br> 4/15/2032, Series 2019-1A, <br> Class AAR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 281681 |
|  | Neuberger Berman Loan Advisers <br> CLO 35, Ltd.,<br>|  |
| 247169 | (TSFR3M + 1.050%), 5.38%, <br> 1/19/2033, Series 2019-35A, <br> Class ARR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 246797 |
|  | Neuberger Berman Loan Advisers <br> CLO, Ltd.,<br>|  |
| 370000 | (TSFR3M + 1.150%), 5.47%, <br> 7/25/2035, Series 2022-49A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 370157 |
|  | Newark BSL CLO 2, Ltd., |  |
| 88281 | (TSFR3M + 1.232%), 5.55%, <br> 7/25/2030, Series 2017-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 88331 |
|  | Nissan Auto Receivables Owner Trust, |  |
| 45817 | 5.47%, 12/15/2026, Series 2024-A, <br> Class A2A<br>| 45881 |
|  | Northwoods Capital XII-B, Ltd., |  |
| 214208 | (TSFR3M + 1.190%), 5.23%, <br> 6/15/2031, Series 2018-12BA, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 213989 |
|  | OCCU Auto Receivables Trust, |  |
| 500000 | 4.82%, 4/17/2028, Series 2025-1A, <br> Class A2 <sup>a</sup> <br>| 501386 |
| 400000 | 6.29%, 9/17/2029, Series 2023-1A, <br> Class A4 <sup>a</sup> <br>| 409254 |
|  | OCP CLO, Ltd., |  |
| 643071 | (TSFR3M + 1.262%), 5.59%, <br> 4/10/2033, Series 2019-16A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 643449 |
|  | Octagon Investment Partners 36, Ltd., |  |
| 303711 | (TSFR3M + 1.232%), 5.55%, <br> 4/15/2031, Series 2018-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 303721 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** |
|  | Octagon Investment Partners 39, Ltd., |  |
| $260564 | (TSFR3M + 1.150%), 5.48%, <br> 10/20/2030, Series 2018-3A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $260561 |
|  | Octane Receivables Trust, |  |
| 122704 | 6.44%, 3/20/2029, Series 2023-3A, <br> Class A2 <sup>a</sup> <br>| 123499 |
|  | OneMain Financial Issuance Trust, |  |
| 948431 | 1.75%, 9/14/2035, Series 2020-2A, <br> Class A <sup>a</sup> <br>| 932102 |
|  | OZLM XVII, Ltd., |  |
| 147081 | (TSFR3M + 1.150%), 5.48%, <br> 7/20/2030, Series 2017-17A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 147077 |
|  | OZLM XXI, Ltd., |  |
| 509329 | (TSFR3M + 1.150%), 5.48%, <br> 1/20/2031, Series 2017-21A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 509319 |
|  | Pagaya AI Debt Grantor Trust & Pagaya <br> AI Debt Trust,<br>|  |
| 486546 | 6.09%, 11/15/2031, Series 2024-6, <br> Class A <sup>a</sup> <br>| 489974 |
|  | Palmer Square Loan Funding, Ltd., |  |
| 357161 | (TSFR3M + 1.050%), 5.37%, <br> 10/15/2032, Series 2024-1A, <br> Class A1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 357697 |
| 250000 | (TSFR3M + 1.400%), 5.69%, <br> 7/15/2033, Series 2025-2A, <br> Class A2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250010 |
|  | Rad CLO 14, Ltd., |  |
| 250000 | (TSFR3M + 1.432%), 5.75%, <br> 1/15/2035, Series 2021-14A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250089 |
|  | Rad CLO 7, Ltd., |  |
| 400000 | (TSFR3M + 1.350%), 5.67%, <br> 4/17/2036, Series 2020-7A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 400400 |
|  | Republic Finance Issuance Trust, |  |
| 83502 | 2.30%, 12/22/2031, Series 2021-A, <br> Class A <sup>a</sup> <br>| 83323 |
|  | Rockford Tower CLO, Ltd., |  |
| 578884 | (TSFR3M + 1.130%), 5.33%, <br> 8/20/2032, Series 2019-2A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 579595 |
|  | Santander Bank Auto Credit-Linked <br> Notes,<br>|  |
| 250000 | 4.97%, 1/18/2033, Series 2024-B, <br> Class B <sup>a</sup> <br>| 251346 |
| 19798 | 6.49%, 6/15/2033, Series 2023-A, <br> Class B <sup>a</sup> <br>| 19844 |
|  | Santander Drive Auto Receivables <br> Trust,<br>|  |
| 406481 | 4.76%, 8/16/2027, Series 2025-1, <br> Class A2<br>| 406735 |
| 15649 | 4.98%, 2/15/2028, Series 2023-1, <br> Class B<br>| 15652 |
| 382443 | 3.76%, 7/16/2029, Series 2022-2, <br> Class C<br>| 381679 |
|  | Shackleton CLO, Ltd., |  |
| 31958 | (TSFR3M + 1.362%), 5.60%, <br> 5/7/2031, Series 2014-5RA, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 31972 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** |
|  | SLM Private Credit Student Loan Trust, |  |
| $133944 | (TSFR3M + 0.662%), 4.70%, <br> 6/15/2033, Series 2004-A, <br> Class A3 <sup>b</sup> <br>| $133476 |
|  | SMB Private Education Loan Trust, |  |
| 41046 | (TSFR1M + 0.864%), 5.01%, <br> 10/15/2035, Series 2017-B, <br> Class A2B <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 41024 |
|  | SoFi Consumer Loan Program Trust, |  |
| 500000 | 4.47%, 8/15/2034, Series 2025-3, <br> Class A <sup>a</sup> <br>| 501015 |
|  | Sound Point CLO II, Ltd., |  |
| 751930 | (TSFR3M + 1.332%), 5.65%, <br> 1/26/2031, Series 2013-1A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 752486 |
|  | Symphony CLO XV, Ltd., |  |
| 347929 | (TSFR3M + 1.100%), 5.42%, <br> 1/16/2032, Series 2018-20A, <br> Class AR2 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 347965 |
| 210316 | (TSFR3M + 1.342%), 5.66%, <br> 1/17/2032, Series 2014-15A, <br> Class AR3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 210510 |
|  | THL Credit Wind River CLO, Ltd., |  |
| 327924 | (TSFR3M + 1.200%), 5.53%, <br> 10/20/2030, Series 2015-1A, <br> Class A1R3 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 328007 |
|  | Tiaa CLO III, Ltd., |  |
| 115784 | (TSFR3M + 1.412%), 5.73%, <br> 1/16/2031, Series 2017-2A, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 115810 |
|  | TIAA CLO IV, Ltd., |  |
| 153813 | (TSFR3M + 1.140%), 5.47%, <br> 1/20/2032, Series 2018-1A, <br> Class A1AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 153867 |
|  | Tricolor Auto Securitization Trust, |  |
| 455451 | 5.12%, 1/16/2029, Series 2025-2A, <br> Class A <sup>a</sup> <br>| 328209 |
|  | Tricon American Homes, |  |
| 365000 | 2.05%, 7/17/2038, Series 2020-<br> SFR1, Class B <sup>a</sup> <br>| 357750 |
| 800000 | 2.25%, 7/17/2038, Series 2020-<br> SFR1, Class C <sup>a</sup> <br>| 784681 |
|  | Tricon Residential Trust, |  |
| 750000 | 2.24%, 7/17/2038, Series 2021-<br> SFR1, Class B <sup>a</sup> <br>| 735725 |
| 259135 | 3.86%, 4/17/2039, Series 2022-<br> SFR1, Class A <sup>a</sup> <br>| 257147 |
| 248714 | (TSFR1M + 1.100%), 5.25%, <br> 3/17/2042, Series 2025-SFR1, <br> Class A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 249191 |
|  | Venture 37 CLO, Ltd., |  |
| 81822 | (TSFR3M + 1.250%), 5.57%, <br> 7/15/2032, Series 2019-37A, <br> Class A1RR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 81831 |
|  | Venture 42 CLO, Ltd., |  |
| 250000 | (TSFR3M + 1.392%), 5.71%, <br> 4/15/2034, Series 2021-42A, <br> Class A1A <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 250159 |
|  | Venture XXVIII CLO, Ltd., |  |
| 61407 | (TSFR3M + 1.252%), 5.58%, <br> 7/20/2030, Series 2017-28A, <br> Class A1R <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 61415 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** | **<u>Asset-Backed Securities 23.3% – continued</u>** |
|  | Vibrant CLO XI, Ltd., |  |
| $143601 | (TSFR3M + 1.382%), 5.71%, <br> 7/20/2032, Series 2019-11A, <br> Class A1R1 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $143505 |
|  | Wellfleet CLO, Ltd., |  |
| 442318 | (TSFR3M + 1.200%), 5.52%, <br> 4/15/2033, Series 2020-1A, <br> Class A1AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 442652 |
|  | Wellman Park CLO, Ltd., |  |
| 500000 | (TSFR3M + 1.350%), 5.67%, <br> 7/15/2037, Series 2021-1A, <br> Class AR <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 501009 |
|  | Wheels Fleet Lease Funding 1 LLC, |  |
| 349684 | 6.46%, 8/18/2038, Series 2023-2A, <br> Class A <sup>a</sup> <br>| 354597 |
|  | World Omni Auto Receivables Trust, |  |
| 200000 | 1.90%, 3/15/2028, Series 2022-A, <br> Class A4<br>| 198228 |
|  | **Total** | **41623282** |
| **<u>Basic Materials 1.5%</u>** | **<u>Basic Materials 1.5%</u>** | **<u>Basic Materials 1.5%</u>** |
|  | DuPont de Nemours, Inc., |  |
| 100000 | 4.49%, 11/15/2025 | 99964 |
|  | Ecolab, Inc., |  |
| 750000 | 4.30%, 6/15/2028 | 755978 |
|  | Georgia-Pacific LLC, |  |
| 250000 | 4.40%, 6/30/2028 <sup>a</sup> <br>| 252137 |
|  | Glencore Funding LLC, |  |
| 400000 | 1.63%, 4/27/2026 <sup>a</sup> <br>| 393912 |
| 200000 | (SOFRINDEX + 0.750%), 4.90%, <br> 10/1/2026 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 200436 |
|  | International Flavors & Fragrances, <br> Inc.,<br>|  |
| 1000000 | 1.83%, 10/15/2027 <sup>a</sup> <br>| 951379 |
|  | **Total** | **2653806** |
| **<u>Collateralized Mortgage Obligations 1.6%</u>** | **<u>Collateralized Mortgage Obligations 1.6%</u>** | **<u>Collateralized Mortgage Obligations 1.6%</u>** |
|  | CHNGE Mortgage Trust, |  |
| 452874 | 6.53%, 6/25/2058, Series 2023-2, <br> Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 454575 |
|  | CSMC Trust, |  |
| 93040 | 3.66%, 10/25/2059, Series 2019-<br> NQM1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 92036 |
|  | GS Mortgage-Backed Securities Trust, |  |
| 430765 | 6.00%, 9/25/2054, Series 2024-PJ5, <br> Class A7 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 432799 |
|  | PRKCM Trust, |  |
| 621472 | 6.60%, 2/25/2058, Series 2023-<br> AFC1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 622308 |
| 568524 | 6.58%, 9/25/2058, Series 2023-<br> AFC3, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 574062 |
|  | Roc Mortgage Trust, |  |
| 150000 | 5.63%, 2/25/2040, Series 2025-<br> RTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 150589 |
|  | Toorak Mortgage Trust, |  |
| 200000 | 5.52%, 2/25/2040, Series 2025-<br> RRTL1, Class A1 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 201319 |
|  | Verus Securitization Trust, |  |
| 386726 | 6.74%, 3/25/2068, Series 2023-3, <br> Class A3 <sup>a</sup><sup>,</sup><sup>c</sup> <br>| 387888 |
|  | **Total** | **2915576** |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Commercial Mortgage-Backed Securities 1.5%</u>** | **<u>Commercial Mortgage-Backed Securities 1.5%</u>** | **<u>Commercial Mortgage-Backed Securities 1.5%</u>** |
|  | Bank, |  |
| $157992 | 3.42%, 5/15/2050, Series 2017-<br> BNK4, Class ASB<br>| $157213 |
|  | Bank of America Merrill Lynch <br> Commercial Mortgage Trust,<br>|  |
| 721782 | 3.37%, 2/15/2050, Series 2017-<br> BNK3, Class ASB<br>| 718070 |
|  | Benchmark Mortgage Trust, |  |
| 51295 | 5.96%, 7/15/2056, Series 2023-V3, <br> Class A1<br>| 52076 |
|  | CD Mortgage Trust, |  |
| 340110 | 3.22%, 8/15/2050, Series 2017-CD5, <br> Class AAB<br>| 337814 |
|  | Citigroup Commercial Mortgage Trust, |  |
| 120440 | 3.05%, 4/10/2049, Series 2016-<br> GC37, Class A3<br>| 120118 |
| 82752 | 2.98%, 11/15/2049, Series 2016-C3, <br> Class AAB<br>| 82444 |
|  | CSAIL Commercial Mortgage Trust, |  |
| 134675 | 3.76%, 11/15/2048, Series 2016-C5, <br> Class A5<br>| 134212 |
|  | GS Mortgage Securities Trust, |  |
| 137010 | 2.78%, 10/10/2049, Series 2016-<br> GS3, Class AAB<br>| 136477 |
| 289770 | 3.47%, 3/10/2050, Series 2017-GS5, <br> Class AAB<br>| 288193 |
|  | Morgan Stanley Bank of America <br> Merrill Lynch Trust,<br>|  |
| 117673 | 3.27%, 1/15/2049, Series 2016-C28, <br> Class A3<br>| 117406 |
|  | UBS Commercial Mortgage Trust, |  |
| 468683 | 3.26%, 8/15/2050, Series 2017-C2, <br> Class ASB<br>| 465294 |
|  | **Total** | **2609317** |
| **<u>Communication Services 1.4%</u>** | **<u>Communication Services 1.4%</u>** | **<u>Communication Services 1.4%</u>** |
|  | Discovery Communications LLC, |  |
| 81000 | 3.95%, 3/20/2028 | 79076 |
|  | Expedia Group, Inc., |  |
| 100000 | 5.00%, 2/15/2026 | 100004 |
|  | NTT Finance Corp., |  |
| 500000 | 4.57%, 7/16/2027 <sup>a</sup> <br>| 503606 |
| 1000000 | (SOFRRATE + 1.080%), 5.41%, <br> 7/16/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1010477 |
|  | Paramount Global, |  |
| 250000 | 2.90%, 1/15/2027 | 244866 |
|  | Rogers Communications, Inc., |  |
| 400000 | 3.20%, 3/15/2027 | 394296 |
|  | Sprint LLC, |  |
| 200000 | 7.63%, 3/1/2026 | 200447 |
|  | **Total** | **2532772** |
| **<u>Consumer Discretionary 8.5%</u>** | **<u>Consumer Discretionary 8.5%</u>** | **<u>Consumer Discretionary 8.5%</u>** |
|  | Air Canada, |  |
| 400000 | 3.88%, 8/15/2026 <sup>a</sup> <br>| 396370 |
|  | American Honda Finance Corp., |  |
| 400000 | (SOFRRATE + 0.500%), 4.83%, <br> 10/10/2025 <sup>b</sup> <br>| 400032 |
| 500000 | (SOFRRATE + 0.870%), 5.20%, <br> 7/9/2027 <sup>b</sup> <br>| 502141 |
| 200000 | (SOFRRATE + 0.820%), 5.03%, <br> 3/3/2028 <sup>b</sup> <br>| 200210 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Consumer Discretionary 8.5% – continued</u>** | **<u>Consumer Discretionary 8.5% – continued</u>** | **<u>Consumer Discretionary 8.5% – continued</u>** |
|  | BMW U.S. Capital LLC, |  |
| $200000 | (SOFRINDEX + 0.780%), 4.94%, <br> 3/19/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $200894 |
| 1000000 | (SOFRRATE + 0.710%), 4.98%, <br> 8/11/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1004421 |
|  | Daimler Truck Finance North <br> America LLC,<br>|  |
| 1000000 | 4.30%, 8/12/2027 <sup>a</sup> <br>| 1002479 |
|  | Delta Air Lines, Inc., |  |
| 250000 | 7.38%, 1/15/2026 | 251198 |
| 500000 | 4.95%, 7/10/2028 | 506068 |
|  | Ford Motor Credit Co. LLC, |  |
| 1100000 | 6.95%, 3/6/2026 | 1108759 |
|  | General Motors Financial Co., Inc., |  |
| 400000 | 5.25%, 3/1/2026 | 400654 |
| 450000 | 5.40%, 4/6/2026 | 452479 |
| 500000 | (SOFRINDEX + 1.170%), 5.52%, <br> 4/4/2028 <sup>b</sup> <br>| 500708 |
|  | Honda Motor Co., Ltd., |  |
| 1000000 | 4.44%, 7/8/2028 | 1005727 |
|  | Hyundai Capital America, |  |
| 1100000 | (SOFRRATE + 0.990%), 5.14%, <br> 3/25/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1104596 |
| 500000 | (SOFRRATE + 1.120%), 5.27%, <br> 6/23/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 503333 |
|  | Las Vegas Sands Corp., |  |
| 300000 | 3.50%, 8/18/2026 | 297508 |
| 300000 | 5.63%, 6/15/2028 | 306705 |
|  | O'Reilly Automotive, Inc., |  |
| 250000 | 5.75%, 11/20/2026 | 254310 |
|  | PACCAR Financial Corp., |  |
| 500000 | 4.00%, 8/8/2028 | 501329 |
|  | Royal Caribbean Cruises, Ltd., |  |
| 350000 | 5.50%, 8/31/2026 <sup>a</sup> <br>| 351460 |
|  | Stellantis Finance U.S., Inc., |  |
| 200000 | 5.35%, 3/17/2028 <sup>a</sup> <br>| 202527 |
|  | Target Corp., |  |
| 750000 | 4.35%, 6/15/2028 | 757459 |
|  | Toyota Motor Credit Corp., |  |
| 500000 | (SOFRRATE + 0.650%), 4.81%, <br> 3/19/2027 <sup>b</sup> <br>| 501692 |
| 250000 | (SOFRRATE + 0.710%), 4.96%, <br> 5/14/2027 <sup>b</sup> <br>| 251537 |
|  | United Airlines, Inc., |  |
| 400000 | 4.38%, 4/15/2026 <sup>a</sup> <br>| 399386 |
|  | Volkswagen Group of America <br> Finance LLC,<br>|  |
| 1100000 | 1.25%, 11/24/2025 <sup>a</sup> <br>| 1094782 |
| 200000 | (SOFRRATE + 1.060%), 5.21%, <br> 3/25/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 200787 |
| 500000 | 4.45%, 9/11/2027 <sup>a</sup> <br>| 501214 |
|  | Warnermedia Holdings, Inc., |  |
| 79000 | 3.76%, 3/15/2027 | 77914 |
|  | **Total** | **15238679** |
| **<u>Consumer Staples 6.6%</u>** | **<u>Consumer Staples 6.6%</u>** | **<u>Consumer Staples 6.6%</u>** |
|  | Alcon Finance Corp., |  |
| 350000 | 2.75%, 9/23/2026 <sup>a</sup> <br>| 345441 |
|  | Altria Group, Inc., |  |
| 450000 | 4.88%, 2/4/2028 | 457288 |
|  | Amgen, Inc., |  |
| 350000 | 2.60%, 8/19/2026 | 345514 |
|  | BAT Capital Corp., |  |
| 350000 | 3.22%, 9/6/2026 | 347303 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Consumer Staples 6.6% – continued</u>** | **<u>Consumer Staples 6.6% – continued</u>** | **<u>Consumer Staples 6.6% – continued</u>** |
|  | Baxter International, Inc., |  |
| $350000 | 2.60%, 8/15/2026 | $345179 |
|  | Becton Dickinson & Co., |  |
| 450000 | 3.70%, 6/6/2027 | 446964 |
|  | Bunge, Ltd. Finance Corp., |  |
| 300000 | 3.25%, 8/15/2026 | 297818 |
|  | Campbell's Co., |  |
| 500000 | 5.20%, 3/19/2027 | 507723 |
|  | Cargill, Inc., |  |
| 500000 | 0.75%, 2/2/2026 <sup>a</sup> <br>| 494198 |
|  | Centene Corp., |  |
| 100000 | 4.25%, 12/15/2027 | 98202 |
|  | Conagra Brands, Inc., |  |
| 500000 | 1.38%, 11/1/2027 | 471000 |
|  | CVS Health Corp., |  |
| 450000 | 2.88%, 6/1/2026 | 445810 |
|  | Danone SA, |  |
| 400000 | 2.95%, 11/2/2026 <sup>a</sup> <br>| 395218 |
|  | Eli Lilly & Co., |  |
| 500000 | 4.00%, 10/15/2028 | 500865 |
|  | ERAC USA Finance LLC, |  |
| 500000 | 3.80%, 11/1/2025 <sup>a</sup> <br>| 499533 |
|  | GE HealthCare Technologies, Inc., |  |
| 300000 | 5.65%, 11/15/2027 | 309193 |
|  | Global Payments, Inc., |  |
| 350000 | 2.15%, 1/15/2027 | 341032 |
|  | HCA, Inc., |  |
| 500000 | 5.00%, 3/1/2028 | 509201 |
|  | Imperial Brands Finance plc, |  |
| 350000 | 3.50%, 7/26/2026 <sup>a</sup> <br>| 347618 |
| 250000 | 4.50%, 6/30/2028 <sup>a</sup> <br>| 251606 |
|  | Kraft Heinz Foods Co., |  |
| 550000 | 3.00%, 6/1/2026 | 545412 |
|  | Laboratory Corp. of America Holdings, |  |
| 400000 | 1.55%, 6/1/2026 | 393289 |
|  | Mars, Inc., |  |
| 200000 | 4.45%, 3/1/2027 <sup>a</sup> <br>| 201411 |
|  | Molson Coors Beverage Co., |  |
| 250000 | 3.00%, 7/15/2026 | 247790 |
|  | Mondelez International Holdings <br> Netherlands BV,<br>|  |
| 300000 | 1.25%, 9/24/2026 <sup>a</sup> <br>| 291941 |
|  | PayPal Holdings, Inc., |  |
| 100000 | (SOFRRATE + 0.670%), 4.87%, <br> 3/6/2028 <sup>b</sup> <br>| 100175 |
|  | PepsiCo, Inc., |  |
| 500000 | 4.10%, 1/15/2029 | 501767 |
|  | Pernod Ricard SA, |  |
| 300000 | 3.25%, 6/8/2026 <sup>a</sup> <br>| 298075 |
|  | Philip Morris International, Inc., |  |
| 500000 | (SOFRRATE + 0.830%), 5.12%, <br> 4/28/2028 <sup>b</sup> <br>| 503239 |
|  | Shire Acquisitions Investments Ireland <br> DAC,<br>|  |
| 350000 | 3.20%, 9/23/2026 | 347275 |
|  | Universal Health Services, Inc., |  |
| 100000 | 1.65%, 9/1/2026 | 97635 |
|  | Viterra Finance BV, |  |
| 350000 | 2.00%, 4/21/2026 <sup>a</sup> <br>| 343624 |
|  | Zimmer Biomet Holdings, Inc., |  |
| 250000 | 4.70%, 2/19/2027 | 251784 |
|  | **Total** | **11880123** |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Energy 1.4%</u>** | **<u>Energy 1.4%</u>** | **<u>Energy 1.4%</u>** |
|  | APA Corp., |  |
| $243000 | 4.38%, 10/15/2028 | $236892 |
|  | Continental Resources, Inc., |  |
| 400000 | 2.27%, 11/15/2026 <sup>a</sup> <br>| 389923 |
|  | EOG Resources, Inc., |  |
| 500000 | 4.40%, 7/15/2028 | 504592 |
|  | EQT Corp., |  |
| 500000 | 6.50%, 7/1/2027 | 511878 |
|  | Ovintiv, Inc., |  |
| 400000 | 5.38%, 1/1/2026 | 400044 |
|  | Repsol E&P Capital Markets U.S. LLC, |  |
| 500000 | 4.81%, 9/16/2028 <sup>a</sup> <br>| 502165 |
|  | **Total** | **2545494** |
| **<u>Financials 32.1%</u>** | **<u>Financials 32.1%</u>** | **<u>Financials 32.1%</u>** |
|  | ABN AMRO Bank NV, |  |
| 1000000 | 4.20%, 7/7/2028 <sup>a</sup> <br>| 1003123 |
|  | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |
| 800000 | 2.45%, 10/29/2026 | 785988 |
|  | Aircastle, Ltd., |  |
| 450000 | 4.25%, 6/15/2026 | 449536 |
|  | Ally Financial, Inc., |  |
| 450000 | 5.75%, 11/20/2025 | 450267 |
| 100000 | (SOFRINDEX + 1.960%), 5.74%, <br> 5/15/2029 <sup>b</sup> <br>| 102358 |
|  | American Express Co., |  |
| 200000 | (SOFRINDEX + 0.970%), 5.27%, <br> 7/28/2027 <sup>b</sup> <br>| 200875 |
| 750000 | (SOFRRATE + 1.260%), 5.56%, <br> 4/25/2029 <sup>b</sup> <br>| 760499 |
|  | American Tower Corp., |  |
| 500000 | 3.38%, 10/15/2026 | 496345 |
|  | ARES Capital Corp., |  |
| 300000 | 2.88%, 6/15/2027 | 292770 |
|  | Ares Strategic Income Fund, |  |
| 250000 | 5.45%, 9/9/2028 <sup>a</sup> <br>| 251950 |
|  | Athene Global Funding, |  |
| 150000 | 5.62%, 5/8/2026 <sup>a</sup> <br>| 151273 |
|  | Australia & New Zealand Banking <br> Group, Ltd.,<br>|  |
| 1000000 | (SOFRRATE + 0.620%), 4.80%, <br> 6/18/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1003910 |
|  | Aviation Capital Group LLC, |  |
| 400000 | 3.50%, 11/1/2027 <sup>a</sup> <br>| 392838 |
|  | Banco Santander SA, |  |
| 200000 | (SOFRRATE + 1.120%), 5.45%, <br> 7/15/2028 <sup>b</sup> <br>| 201259 |
|  | Bank of America Corp., |  |
| 750000 | (TSFR3M + 1.774%), 3.71%, <br> 4/24/2028 <sup>b</sup> <br>| 745162 |
| 500000 | (SOFRRATE + 1.110%), 5.38%, <br> 5/9/2029 <sup>b</sup> <br>| 503527 |
| 500000 | (SOFRRATE + 1.010%), 5.31%, <br> 1/24/2031 <sup>b</sup> <br>| 500685 |
|  | Bank of Montreal, |  |
| 550000 | (SOFRRATE + 0.880%), 4.57%, <br> 9/10/2027 <sup>b</sup> <br>| 551890 |
| 350000 | (5 yr. USD Swap + 1.432%), 3.80%, <br> 12/15/2032 <sup>b</sup> <br>| 343801 |
|  | Bank of New York Mellon Corp., |  |
| 1000000 | (SOFRINDEX + 0.680%), 4.87%, <br> 6/9/2028 <sup>b</sup> <br>| 1002433 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** |
|  | Bank of Nova Scotia, |  |
| $1000000 | (SOFRRATE + 0.760%), 4.94%, <br> 9/15/2028, Series I <sup>b</sup> <br>| $1000414 |
|  | Banque Federative du Credit Mutuel <br> SA,<br>|  |
| 750000 | (SOFRRATE + 0.990%), 5.31%, <br> 10/16/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 752307 |
|  | Barclays plc, |  |
| 1100000 | 5.20%, 5/12/2026 | 1105230 |
| 300000 | (CMT 1Y + 3.050%), 7.33%, <br> 11/2/2026 <sup>b</sup> <br>| 300691 |
|  | Blackstone Private Credit Fund, |  |
| 250000 | 2.63%, 12/15/2026 | 244107 |
|  | Blackstone Secured Lending Fund, |  |
| 450000 | 2.75%, 9/16/2026 | 442943 |
|  | Blue Owl Capital Corp., |  |
| 100000 | 3.40%, 7/15/2026 | 99082 |
|  | Blue Owl Credit Income Corp., |  |
| 300000 | 7.75%, 9/16/2027 | 315225 |
|  | Blue Owl Technology Finance Corp., |  |
| 350000 | 6.10%, 3/15/2028 <sup>a</sup> <br>| 354500 |
|  | BNP Paribas SA, |  |
| 350000 | (SOFRRATE + 1.004%), 1.32%, <br> 1/13/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 346804 |
| 400000 | (5 yr. USD Swap + 1.483%), 4.38%, <br> 3/1/2033 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 395252 |
|  | Boston Properties LP, |  |
| 300000 | 2.75%, 10/1/2026 | 295220 |
|  | Brown & Brown, Inc., |  |
| 750000 | 4.70%, 6/23/2028 | 757161 |
|  | CaixaBank SA, |  |
| 500000 | (SOFRRATE + 1.140%), 4.63%, <br> 7/3/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 503501 |
|  | Canadian Imperial Bank of Commerce, |  |
| 1000000 | (SOFRRATE + 0.800%), 5.00%, <br> 9/8/2028 <sup>b</sup> <br>| 1001330 |
| 100000 | (SOFRRATE + 1.030%), 5.18%, <br> 3/30/2029 <sup>b</sup> <br>| 100592 |
|  | Capital One Financial Corp., |  |
| 450000 | (SOFRRATE + 0.855%), 1.88%, <br> 11/2/2027 <sup>b</sup> <br>| 438467 |
|  | Citibank NA, |  |
| 500000 | 4.58%, 5/29/2027 | 504424 |
|  | Citigroup, Inc., |  |
| 450000 | 4.45%, 9/29/2027 | 451832 |
| 500000 | (SOFRRATE + 1.143%), 5.41%, <br> 5/7/2028 <sup>b</sup> <br>| 503412 |
| 400000 | (SOFRRATE + 0.870%), 5.07%, <br> 3/4/2029 <sup>b</sup> <br>| 400061 |
|  | Commonwealth Bank of Australia, |  |
| 500000 | (SOFRRATE + 0.640%), 4.84%, <br> 3/14/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 502477 |
|  | Cooperatieve Rabobank UA, |  |
| 250000 | (SOFRRATE + 0.590%), 4.81%, <br> 5/27/2027 <sup>b</sup> <br>| 250774 |
| 300000 | (SOFRINDEX + 0.890%), 5.21%, <br> 10/17/2029 <sup>b</sup> <br>| 301663 |
|  | Corebridge Financial, Inc., |  |
| 1300000 | 3.65%, 4/5/2027 | 1288843 |
|  | Crown Castle, Inc., |  |
| 450000 | 1.05%, 7/15/2026 | 438786 |
|  | Deutsche Bank AG, |  |
| 400000 | (SOFRRATE + 2.520%), 7.15%, <br> 7/13/2027 <sup>b</sup> <br>| 408561 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** |
| $250000 | (SOFRRATE + 1.210%), 5.54%, <br> 1/10/2029 <sup>b</sup> <br>| $251243 |
|  | Extra Space Storage LP, |  |
| 300000 | 3.50%, 7/1/2026 | 298607 |
|  | F&G Global Funding, |  |
| 750000 | 4.65%, 9/8/2028 <sup>a</sup> <br>| 752655 |
|  | Fortitude Global Funding, |  |
| 500000 | 4.63%, 10/6/2028 <sup>a</sup><sup>,</sup><sup>d</sup> <br>| 500316 |
|  | Goldman Sachs Group, Inc., |  |
| 550000 | 4.25%, 10/21/2025 | 549638 |
| 1600000 | (SOFRRATE + 1.290%), 5.59%, <br> 4/23/2028 <sup>b</sup> <br>| 1614048 |
|  | Goldman Sachs Private Credit Corp., |  |
| 200000 | 5.88%, 5/6/2028 <sup>a</sup> <br>| 202973 |
|  | Golub Capital BDC, Inc., |  |
| 300000 | 2.50%, 8/24/2026 | 294728 |
|  | HPS Corporate Lending Fund, |  |
| 250000 | 5.30%, 6/5/2027 <sup>a</sup> <br>| 251332 |
| 250000 | 4.90%, 9/11/2028 <sup>a</sup> <br>| 248713 |
|  | HSBC Holdings plc, |  |
| 200000 | (SOFRRATE + 1.030%), 5.25%, <br> 3/3/2029 <sup>b</sup> <br>| 200761 |
|  | HSBC USA, Inc., |  |
| 750000 | 4.65%, 6/3/2028 | 760606 |
|  | ING Groep NV, |  |
| 700000 | (SOFRINDEX + 1.010%), 5.16%, <br> 3/25/2029 <sup>b</sup> <br>| 703469 |
|  | JPMorgan Chase & Co., |  |
| 1500000 | (SOFRRATE + 1.190%), 5.04%, <br> 1/23/2028 <sup>b</sup> <br>| 1517013 |
| 650000 | (SOFRRATE + 0.800%), 5.10%, <br> 1/24/2029, Series FRN <sup>b</sup> <br>| 650722 |
|  | KeyCorp, |  |
| 350000 | 2.25%, 4/6/2027 | 340022 |
|  | Lloyds Banking Group plc, |  |
| 200000 | (SOFRINDEX + 1.060%), 5.30%, <br> 11/26/2028 <sup>b</sup> <br>| 201078 |
| 500000 | (SOFRRATE + 1.060%), 5.24%, <br> 6/13/2029 <sup>b</sup> <br>| 501950 |
|  | LPL Holdings, Inc., |  |
| 350000 | 4.90%, 4/3/2028 | 353784 |
|  | Macquarie Airfinance Holdings, Ltd., |  |
| 350000 | 5.20%, 3/27/2028 <sup>a</sup> <br>| 355964 |
|  | Macquarie Group, Ltd., |  |
| 745000 | (SOFRRATE + 0.995%), 1.94%, <br> 4/14/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 718600 |
|  | Manufacturers & Traders Trust Co., |  |
| 750000 | (SOFRRATE + 0.950%), 4.76%, <br> 7/6/2028 <sup>b</sup> <br>| 757225 |
|  | Morgan Stanley, |  |
| 500000 | (SOFRRATE + 1.000%), 2.48%, <br> 1/21/2028 <sup>b</sup> <br>| 489385 |
| 1150000 | 3.59%, 7/22/2028 <sup>b</sup> <br>| 1137898 |
| 350000 | (SOFRRATE + 1.380%), 5.70%, <br> 4/12/2029 <sup>b</sup> <br>| 355255 |
|  | Morgan Stanley Private Bank NA, |  |
| 500000 | (SOFRRATE + 0.770%), 4.47%, <br> 7/6/2028 <sup>b</sup> <br>| 502804 |
| 500000 | (SOFRRATE + 0.770%), 5.10%, <br> 7/6/2028 <sup>b</sup> <br>| 501618 |
|  | National Bank of Canada, |  |
| 550000 | (SOFRRATE + 0.557%), 4.70%, <br> 3/5/2027 <sup>b</sup> <br>| 550766 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** |
|  | National Securities Clearing Corp., |  |
| $500000 | (SOFRRATE + 0.570%), 4.81%, <br> 5/20/2027 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| $501912 |
|  | Nationwide Building Society, |  |
| 1000000 | (SOFRRATE + 1.070%), 5.40%, <br> 7/14/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1001580 |
|  | NatWest Group plc, |  |
| 450000 | (SOFRRATE + 1.250%), 5.47%, <br> 3/1/2028 <sup>b</sup> <br>| 453018 |
| 250000 | (SOFRRATE + 1.100%), 5.33%, <br> 5/23/2029 <sup>b</sup> <br>| 251039 |
|  | NatWest Markets plc, |  |
| 500000 | (SOFRRATE + 0.950%), 5.10%, <br> 3/21/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 502069 |
|  | New York Life Global Funding, |  |
| 350000 | (SOFRRATE + 0.880%), 5.18%, <br> 4/25/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 352693 |
|  | North Haven Private Income Fund LLC, |  |
| 500000 | 5.13%, 9/25/2028 <sup>a</sup> <br>| 497417 |
|  | Omega Healthcare Investors, Inc., |  |
| 450000 | 5.25%, 1/15/2026 | 450117 |
|  | PNC Bank NA, |  |
| 500000 | (SOFRRATE + 0.630%), 4.54%, <br> 5/13/2027 <sup>b</sup> <br>| 500776 |
| 500000 | (SOFRRATE + 0.730%), 5.04%, <br> 7/21/2028 <sup>b</sup> <br>| 500785 |
|  | PNC Financial Services Group, Inc., |  |
| 650000 | (SOFRINDEX + 1.085%), 4.76%, <br> 1/26/2027 <sup>b</sup> <br>| 650702 |
|  | Reinsurance Group of America, Inc., |  |
| 350000 | 3.95%, 9/15/2026 | 349641 |
|  | Royal Bank of Canada, |  |
| 350000 | (SOFRINDEX + 0.720%), 4.51%, <br> 10/18/2027 <sup>b</sup> <br>| 351189 |
| 250000 | (SOFRINDEX + 0.830%), 5.13%, <br> 1/24/2029 <sup>b</sup> <br>| 250329 |
| 1000000 | (SOFRINDEX + 0.880%), 5.15%, <br> 8/6/2029 <sup>b</sup> <br>| 1001976 |
|  | Santander Holdings USA, Inc., |  |
| 100000 | (SOFRRATE + 1.610%), 5.76%, <br> 3/20/2029 <sup>b</sup> <br>| 101051 |
|  | Santander U.K. Group Holdings plc, |  |
| 200000 | (SOFRRATE + 0.989%), 1.67%, <br> 6/14/2027 <sup>b</sup> <br>| 196274 |
|  | Skandinaviska Enskilda Banken AB, |  |
| 500000 | (SOFRRATE + 0.750%), 4.96%, <br> 6/2/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 502731 |
|  | Societe Generale SA, |  |
| 250000 | (SOFRRATE + 1.410%), 5.74%, <br> 4/13/2029 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 251539 |
|  | State Street Corp., |  |
| 750000 | (SOFRRATE + 0.950%), 5.25%, <br> 4/24/2028 <sup>b</sup> <br>| 753753 |
|  | Stellantis Financial Services <br> U.S. Corp.,<br>|  |
| 500000 | 4.95%, 9/15/2028 <sup>a</sup> <br>| 499868 |
|  | Sumitomo Mitsui Financial Group, Inc., |  |
| 200000 | (SOFRRATE + 1.170%), 5.52%, <br> 7/9/2029 <sup>b</sup> <br>| 202178 |
|  | Sumitomo Mitsui Trust Bank, Ltd., |  |
| 1000000 | (SOFRRATE + 0.750%), 4.97%, <br> 9/11/2028 <sup>a</sup><sup>,</sup><sup>b</sup> <br>| 1003350 |
|  | Svenska Handelsbanken AB, |  |
| 250000 | 4.38%, 5/23/2028 <sup>a</sup> <br>| 252638 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** | **<u>Financials 32.1% – continued</u>** |
|  | Toronto-Dominion Bank, |  |
| $700000 | (5 yr. USD Swap + 2.205%), 3.63%, <br> 9/15/2031 <sup>b</sup> <br>| $694319 |
|  | Truist Bank, |  |
| 500000 | (SOFRRATE + 0.590%), 4.67%, <br> 5/20/2027 <sup>b</sup> <br>| 501074 |
| 750000 | (SOFRRATE + 0.770%), 4.42%, <br> 7/24/2028 <sup>b</sup> <br>| 753200 |
|  | Truist Financial Corp., |  |
| 450000 | (SOFRRATE + 2.050%), 6.05%, <br> 6/8/2027 <sup>b</sup> <br>| 455222 |
|  | U.S. Bancorp, |  |
| 750000 | (SOFRRATE + 1.430%), 5.73%, <br> 10/21/2026 <sup>b</sup> <br>| 750504 |
|  | U.S. Bank NA, |  |
| 250000 | (SOFRRATE + 0.910%), 5.16%, <br> 5/15/2028 <sup>b</sup> <br>| 250972 |
|  | VICI Properties LP/VICI Note Co., Inc., |  |
| 350000 | 4.50%, 9/1/2026 <sup>a</sup> <br>| 349988 |
|  | Wells Fargo & Co., |  |
| 550000 | 4.10%, 6/3/2026 | 549568 |
| 1000000 | (SOFRRATE + 1.370%), 5.67%, <br> 4/23/2029 <sup>b</sup> <br>| 1013808 |
|  | Westpac Banking Corp., |  |
| 650000 | (5 yr. USD SOFR ICE Swap + <br> 2.236%), 4.32%, 11/23/2031 <sup>b</sup> <br>| 648105 |
|  | Weyerhaeuser Co., |  |
| 33000 | 4.75%, 5/15/2026 | 33088 |
|  | Zions Bancorp NA, |  |
| 750000 | (SOFRRATE + 1.155%), 4.70%, <br> 8/18/2028 <sup>b</sup> <br>| 752331 |
|  | **Total** | **57388125** |
| **<u>Industrials 3.3%</u>** | **<u>Industrials 3.3%</u>** | **<u>Industrials 3.3%</u>** |
|  | Amphenol Corp., |  |
| 500000 | 4.38%, 6/12/2028 | 504522 |
|  | Amrize Finance U.S. LLC, |  |
| 200000 | 4.60%, 4/7/2027 <sup>a</sup> <br>| 201190 |
|  | BAE Systems plc, |  |
| 400000 | 5.00%, 3/26/2027 <sup>a</sup> <br>| 404643 |
|  | Boeing Co., |  |
| 500000 | 3.10%, 5/1/2026 | 496654 |
| 500000 | 2.25%, 6/15/2026 | 492923 |
| 450000 | 3.25%, 2/1/2028 | 439523 |
|  | Caterpillar Financial Services Corp., |  |
| 250000 | (SOFRRATE + 0.520%), 4.73%, <br> 3/3/2028 <sup>b</sup> <br>| 250482 |
|  | Howmet Aerospace, Inc., |  |
| 400000 | 5.90%, 2/1/2027 | 409311 |
|  | John Deere Capital Corp., |  |
| 200000 | (SOFRRATE + 0.500%), 4.71%, <br> 3/6/2028 <sup>b</sup> <br>| 200378 |
|  | L3Harris Technologies, Inc., |  |
| 500000 | 3.85%, 12/15/2026 | 498447 |
|  | Lockheed Martin Corp., |  |
| 500000 | 4.15%, 8/15/2028 | 503118 |
|  | Molex Electronic Technologies LLC, |  |
| 250000 | 4.75%, 4/30/2028 <sup>a</sup> <br>| 252449 |
|  | Regal Rexnord Corp., |  |
| 450000 | 6.05%, 2/15/2026 | 452178 |
|  | Siemens Funding BV, |  |
| 500000 | 4.35%, 5/26/2028 <sup>a</sup> <br>| 504944 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Industrials 3.3% – continued</u>** | **<u>Industrials 3.3% – continued</u>** | **<u>Industrials 3.3% – continued</u>** |
|  | Spirit AeroSystems, Inc., |  |
| $300000 | 4.60%, 6/15/2028 | $299615 |
|  | **Total** | **5910377** |
| **<u>Mortgage-Backed Securities 4.4%</u>** | **<u>Mortgage-Backed Securities 4.4%</u>** | **<u>Mortgage-Backed Securities 4.4%</u>** |
|  | Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br> Certificates,<br>|  |
| 263059 | 3.00%, 12/25/2025, Series K053, <br> Class A2<br>| 261925 |
| 139552 | 3.95%, 12/25/2029, Series K159, <br> Class A1<br>| 139064 |
|  | Federal Home Loan Mortgage Corp. <br> REMICS,<br>|  |
| 105464 | 1.75%, 6/15/2028, Series 4216, <br> Class KC<br>| 103705 |
| 239833 | (SOFR30A + 0.614%), 4.99%, <br> 1/15/2032, Series 3218, Class FN <sup>b</sup> <br>| 239480 |
| 226514 | 1.50%, 5/15/2032, Series 4224, <br> Class KA<br>| 224124 |
| 422430 | 3.00%, 4/15/2034, Series 4482, <br> Class CA<br>| 418123 |
| 158942 | 3.00%, 6/15/2038, Series 4391, <br> Class VB<br>| 158292 |
| 39010 | 4.00%, 9/15/2039, Series 3786, <br> Class ED<br>| 38928 |
| 110728 | 3.50%, 8/15/2040, Series 4001, <br> Class ML<br>| 109768 |
| 589880 | 6.00%, 11/25/2048, Series 5349, <br> Class A<br>| 590618 |
|  | Federal National Mortgage Association, |  |
| 350000 | 3.15%, 3/1/2026 | 347973 |
| 345872 | 3.11%, 5/1/2026 | 343300 |
| 410157 | 2.50%, 8/1/2032 | 403073 |
|  | Federal National Mortgage Association <br> REMICS,<br>|  |
| 88815 | 1.50%, 9/25/2027, Series 2012-100, <br> Class BA<br>| 86983 |
| 155382 | 1.50%, 9/25/2027, Series 2012-98, <br> Class YM<br>| 152085 |
| 104225 | 1.50%, 1/25/2028, Series 2012-153, <br> Class DA<br>| 101940 |
| 163016 | 1.50%, 1/25/2028, Series 2012-148, <br> Class DC<br>| 159797 |
| 844311 | 2.25%, 7/25/2028, Series 2013-73, <br> Class BL<br>| 831238 |
| 61799 | 3.50%, 1/25/2035, Series 2014-53, <br> Class VB<br>| 61528 |
| 362760 | (SOFR30A + 0.414%), 4.77%, <br> 11/25/2036, Series 2006-108, <br> Class FB <sup>b</sup> <br>| 359645 |
| 236873 | 3.00%, 8/25/2043, Series 2016-99, <br> Class H<br>| 234728 |
|  | Government National Mortgage <br> Association REMICS,<br>|  |
| 185843 | 3.50%, 9/20/2042, Series 2013-91, <br> Class PB<br>| 184607 |
| 1166897 | (TSFR1M + 0.314%), 4.45%, <br> 9/20/2043, Series 2013-135, <br> Class FM <sup>b</sup> <br>| 1158114 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount**<br>| **Long-Term Fixed Income 97.2%** | **Value** |
| **<u>Mortgage-Backed Securities 4.4% – continued</u>** | **<u>Mortgage-Backed Securities 4.4% – continued</u>** | **<u>Mortgage-Backed Securities 4.4% – continued</u>** |
| $173949 | 3.50%, 5/20/2045, Series 2018-122, <br> Class HA<br>| $172806 |
| 1014221 | 5.00%, 1/20/2050, Series 2023-68, <br> Class EA<br>| 1014531 |
|  | **Total** | **7896375** |
| **<u>Technology 2.5%</u>** | **<u>Technology 2.5%</u>** | **<u>Technology 2.5%</u>** |
|  | Analog Devices, Inc., |  |
| 500000 | 4.25%, 6/15/2028 | 503502 |
|  | Dell International LLC/EMC Corp., |  |
| 400000 | 6.02%, 6/15/2026 | 403226 |
| 300000 | 4.75%, 4/1/2028 | 304399 |
|  | Fidelity National Information Services, <br> Inc.,<br>|  |
| 350000 | 1.15%, 3/1/2026 | 345544 |
|  | Hewlett Packard Enterprise Co., |  |
| 450000 | 4.45%, 9/25/2026 | 451709 |
| 500000 | 4.05%, 9/15/2027 | 499071 |
|  | Oracle Corp., |  |
| 800000 | 2.65%, 7/15/2026 | 790613 |
|  | Synopsys, Inc., |  |
| 400000 | 4.55%, 4/1/2027 | 402352 |
|  | VMware LLC, |  |
| 750000 | 4.65%, 5/15/2027 | 750307 |
|  | **Total** | **4450723** |
| **<u>U.S. Government & Agencies 7.2%</u>** | **<u>U.S. Government & Agencies 7.2%</u>** | **<u>U.S. Government & Agencies 7.2%</u>** |
|  | U.S. Treasury Notes, |  |
| 8975000 | 4.88%, 5/31/2026 | 9034740 |
| 3850000 | 1.38%, 8/31/2026 | 3768578 |
|  | **Total** | **12803318** |
| **<u>Utilities 1.9%</u>** | **<u>Utilities 1.9%</u>** | **<u>Utilities 1.9%</u>** |
|  | Capital Power U.S. Holdings, Inc., |  |
| 250000 | 5.26%, 6/1/2028 <sup>a</sup> <br>| 254750 |
|  | Evergy Kansas Central, Inc., |  |
| 150000 | 4.70%, 3/13/2028 | 151832 |
|  | Georgia Power Co., |  |
| 500000 | 4.00%, 10/1/2028 | 499991 |
|  | Jersey Central Power & Light Co., |  |
| 350000 | 4.30%, 1/15/2026 <sup>a</sup> <br>| 349966 |
|  | NextEra Energy Capital Holdings, Inc., |  |
| 350000 | 4.95%, 1/29/2026 | 350889 |
| 1000000 | 4.69%, 9/1/2027 | 1010875 |
|  | Pacific Gas & Electric Co., |  |
| 300000 | 3.15%, 1/1/2026 | 299045 |
|  | Xcel Energy, Inc., |  |
| 400000 | 3.35%, 12/1/2026 | 396044 |
|  | **Total** | **3313392** |
|  | **Total Long-Term Fixed Income** <br>**(Cost $173,057,800)**<br>| **173761359** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares or** <br>**Principal** <br>**Amount**<br>| **Short-Term Investments 2.3%** | **Value** |
|  | Federal Home Loan Mortgage Corp. <br> Discount Notes,<br>|  |
| 200000 | 3.92%, 12/8/2025 <sup>e</sup><sup>,</sup><sup>f</sup> <br>| 198522 |
|  | Federal National Mortgage Association <br> Discount Notes,<br>|  |
| 100000 | 4.21%, 10/22/2025 <sup>e</sup><sup>,</sup><sup>f</sup> <br>| 99754 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Shares or**<br> **Principal**<br> **Amount**<br>| **Short-Term Investments 2.3%** | **Value** |
|  | State Street Institutional <br> U.S. Government Money Market Fund - <br> Premier Class,<br>|  |
| 3786679 | 4.09% <sup>f</sup> <br>| $3786679 |
|  | **Total Short-Term Investments** <br>**(Cost $4,084,975)**<br>| **4084955** |
|  | **Total Investments** <br>**(Cost $177,142,775) 99.5%**<br>| **$177846314** |
|  | **Other Assets and Liabilities, Net 0.5%** | **841121** |
|  | **Total Net Assets 100.0%** | **$178687435** |

---

&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 September 30, 2025, the value of these <br> investments was $69,314,355 or 38.8% of total net assets.<br>|
| b | Denotes variable rate securities. The rate shown is as of <br> September 30, 2025. The rates of certain variable rate securities are <br> based on a published reference rate and spread; these may vary by <br> security and the reference rate and spread are indicated in their <br> description. The rates of other variable rate securities are <br> determined by the issuer or agent and are based on current market <br> conditions. These securities do not indicate a reference rate and <br> spread in their description.<br>|
| c | 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 September 30, 2025.<br>|
| d | Denotes investments purchased on a when-issued or delayed-<br> delivery basis.<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 |

---

**<u>Unrealized Appreciation (Depreciation)</u>**

Gross unrealized appreciation and depreciation of investments of the portfolio as a whole (including derivatives, if any), based on cost for federal income tax purposes, were as follows:

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

---

| | |
|:---|:---|
| Gross unrealized appreciation | $841980 |
| Gross unrealized depreciation | (163808) |
| Net unrealized appreciation (depreciation) | $678172 |
| Cost for federal income tax purposes | $177168142 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

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

The following table is a summary of the inputs used, as of September 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 |  |  |  |  |
| Asset-Backed Securities | 41623282 |  | 41623282 |  |
| Basic Materials | 2653806 |  | 2653806 |  |
| Collateralized Mortgage Obligations | 2915576 |  | 2915576 |  |
| Commercial Mortgage-Backed Securities | 2609317 |  | 2609317 |  |
| Communication Services | 2532772 |  | 2532772 |  |
| Consumer Discretionary | 15238679 |  | 15238679 |  |
| Consumer Staples | 11880123 |  | 11880123 |  |
| Energy | 2545494 |  | 2545494 |  |
| Financials | 57388125 |  | 57388125 |  |
| Industrials | 5910377 |  | 5910377 |  |
| Mortgage-Backed Securities | 7896375 |  | 7896375 |  |
| Technology | 4450723 |  | 4450723 |  |
| U.S. Government & Agencies | 12803318 |  | 12803318 |  |
| Utilities | 3313392 |  | 3313392 |  |
| Short-Term Investments | 4084955 | 3786679 | 298276 |  |
| **Total Investments at Value** | **$177846314** | **$3786679** | **$174059635** | **$—** |

---

The following table is a summary of the inputs used, as of September 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** |
| Asset Derivatives |  |  |  |  |
| Futures Contracts | 12175 | 12175 |  |  |
| **Total Asset Derivatives** | **$12175** | **$12175** | **$—** | **$—** |

---

The following table presents Ultra Short Bond ETF's futures contracts held as of September 30, 2025. Investments and/or cash totaling $298,276 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;(65) | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(13547759) | &nbsp;&nbsp;&nbsp;&nbsp; $1861 |
| CBOT 3 Yr. U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(62) | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp; (13200814) | &nbsp;&nbsp;&nbsp;&nbsp; 10314 |
| **Total Futures Short Contracts** | **Total Futures Short Contracts** | **Total Futures Short Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **$(26748573)** | &nbsp;&nbsp;&nbsp;&nbsp; **$12175** |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **$(26748573)** | &nbsp;&nbsp;&nbsp;&nbsp; **$12175** |

---

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

---

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

---

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of September 30, 2025, for Ultra Short Bond ETF Fund's investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
| **Derivatives by risk category** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Asset Derivatives |  |  |
| Interest Rate Contracts |  |  |
| Futures\* | Net Assets - Distributable earnings/(accumulated loss) | $12175 |
| **Total Interest Rate Contracts** |  | **12175** |
| **Total Asset Derivatives** |  | **$12175** |

---

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

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The accompanying Notes to Financial Statements are an integral part of this schedule.

------

Thrivent Ultra Short Bond ETF

Schedule of Investments as of September 30, 2025

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the year ended September 30, 2025, for Ultra Short Bond ETF Fund's investments in financial derivative instruments by primary risk exposure.

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

---

| | | |
|:---|:---|:---|
| **Derivatives by risk category** | **Statement of Operations Location** | **Realized Gains/(Losses)** <br>**recognized in Income**<br>|
| Interest Rate Contracts |  |  |
| Futures | Net realized gains/(losses) on Futures contracts | (69248) |
| **Total Interest Rate Contracts** |  | **(69248)** |
| **Total** |  | **$(69248)** |

---

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the year ended September 30, 2025, for Ultra Short Bond ETF Fund's investments in financial derivative instruments by primary risk exposure.

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

---

| | | |
|:---|:---|:---|
| **Derivatives by risk category** | **Statement of Operations Location** | **Change in unrealized** <br>**appreciation/(depreciation)** <br>**recognized in Income**<br>|
| Interest Rate Contracts |  |  |
| Futures | Change in net unrealized appreciation/(depreciation) on Futures contracts | 12175 |
| **Total Interest Rate Contracts** |  | **12175** |
| **Total** |  | **$12175** |

---

The following table presents Ultra Short Bond ETF Fund's average volume of derivative activity during the year ended September 30, 2025.

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

---

| | |
|:---|:---|
| **Derivative Risk Category**  | **Average Notional Value** |
| Interest Rate Contracts <br>Futures - Short<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23109853 |

---

The accompanying Notes to Financial Statements are an integral part of this schedule.

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Thrivent ETF Trust

Statement of Assets and Liabilities

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

---

| | | | |
|:---|:---|:---|:---|
| As of September 30, 2025 | **Core Plus Bond ETF** | **Small-Mid Cap Equity ETF** | **Ultra Short Bond ETF** |
| **Assets** |  |  |  |
| Investments in unaffiliated securities, at cost | &nbsp;&nbsp;&nbsp; $248500729 | &nbsp;&nbsp;&nbsp; $544671718 | &nbsp;&nbsp;&nbsp; $177142775 |
| Investments in unaffiliated securities, at value | &nbsp;&nbsp;&nbsp; 254609192 | &nbsp;&nbsp;&nbsp; 649674827 | &nbsp;&nbsp;&nbsp; 177846314 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 2244464 | &nbsp;&nbsp;&nbsp; 128073 | &nbsp;&nbsp;&nbsp; 1385454 |
| Receivable for: |  |  |  |
| Investments sold | &nbsp;&nbsp;&nbsp; 7752901 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp;&nbsp; **264606557** | &nbsp;&nbsp;&nbsp; **649802900** | &nbsp;&nbsp;&nbsp; **179231768** |
| **Liabilities** |  |  |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp;&nbsp; 16501255 | &nbsp;&nbsp;&nbsp; 1773811 | &nbsp;&nbsp;&nbsp; 499930 |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 79210 | &nbsp;&nbsp;&nbsp; 305134 | &nbsp;&nbsp;&nbsp; 29062 |
| Variation margin on open futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15335 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp; **16580465** | &nbsp;&nbsp;&nbsp; **2078945** | &nbsp;&nbsp;&nbsp; **544333** |
| **Net Assets** |  |  |  |
| Capital stock (beneficial interest) | &nbsp;&nbsp;&nbsp; 240887722 | &nbsp;&nbsp;&nbsp; 546093724 | &nbsp;&nbsp;&nbsp; 177859629 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp;&nbsp; 7138370 | &nbsp;&nbsp;&nbsp; 101630231 | &nbsp;&nbsp;&nbsp; 827806 |
| **Total Net Assets** | &nbsp;&nbsp;&nbsp; $248026092 | &nbsp;&nbsp;&nbsp; $647723955 | &nbsp;&nbsp;&nbsp; $178687435 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp; 4825000 | &nbsp;&nbsp;&nbsp; 15604000 | &nbsp;&nbsp;&nbsp; 3550000 |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $51.40 | &nbsp;&nbsp;&nbsp; $41.51 | &nbsp;&nbsp;&nbsp; $50.33 |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

------

Thrivent ETF Trust

Statement of Operations

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

---

| | | | |
|:---|:---|:---|:---|
| For the year ended September 30, 2025 | **Core Plus Bond ETF**<sup>#</sup> <br>| **Small-Mid Cap Equity ETF** | **Ultra Short Bond ETF**<sup>#</sup> <br>|
| **Investment Income**  |  |  |  |
| Dividend | $— | $3612033 | $— |
| Interest | 5630110 | 209151 | 3532665 |
| Foreign tax withholding |  | (1564) |  |
| **Total Investment Income**  | **5630110** | **3819620** | **3532665** |
| **Expenses** |  |  |  |
| Adviser fees | 440118 | 2371061 | 149562 |
| **Total Net Expenses** | **440118** | **2371061** | **149562** |
| **Net Investment Income/(Loss)** | **5189992** | **1448559** | **3383103** |
| **Realized and Unrealized Gains/(Losses)** |  |  |  |
| Net realized gains/(losses) on: |  |  |  |
| Investments | 926522 | (2133388) | 116784 |
| In-kind redemptions | 63683 | 4212812 |  |
| Futures contracts |  |  | (69248) |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |
| Investments | 6108463 | 76785438 | 703539 |
| Futures contracts |  |  | 12175 |
| **Net Realized and Unrealized Gains/(Losses)** | **7098668** | **78864862** | **763250** |
| **Net Increase/(Decrease) in Net Assets Resulting From** <br> **Operations**<br>| **$12288660** | **$80313421** | **$4146353** |

---

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

# For the period from February 19, 2025 (inception) through September 30, 2025.

The accompanying Notes to Financial Statements are an integral part of this statement.

------

Thrivent ETF Trust

Statement of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| For the periods ended | &nbsp;&nbsp; **Core Plus** <br>**Bond ETF#** <br>**September 30, 2025**<br>| &nbsp;&nbsp; **Small-Mid Cap** <br>**Equity ETF** <br>**September 30, 2025**<br>| &nbsp;&nbsp; **Small-Mid Cap** <br>**Equity ETF** <br>**September 30, 2024**<br>| &nbsp;&nbsp; **Ultra Short** <br>**Bond ETF#** <br>**September 30, 2025**<br>|
| **Operations** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp;&nbsp; $5189992 | &nbsp;&nbsp;&nbsp; $1448559 | &nbsp;&nbsp;&nbsp; $874009 | &nbsp;&nbsp;&nbsp; $3383103 |
| Net realized gains/(losses) | &nbsp;&nbsp;&nbsp; 990205 | &nbsp;&nbsp;&nbsp; 2079424 | &nbsp;&nbsp;&nbsp; 22143075 | &nbsp;&nbsp;&nbsp; 47536 |
| Change in net unrealized <br> appreciation/(depreciation)<br>| &nbsp;&nbsp;&nbsp; 6108463 | &nbsp;&nbsp;&nbsp; 76785438 | &nbsp;&nbsp;&nbsp; 22412097 | &nbsp;&nbsp;&nbsp; 715714 |
| **Net Change in Net Assets Resulting From** <br> **Operations**<br>| &nbsp;&nbsp;&nbsp; **12288660** | &nbsp;&nbsp;&nbsp; **80313421** | &nbsp;&nbsp;&nbsp; **45429181** | &nbsp;&nbsp;&nbsp; **4146353** |
| **Distributions to Shareholders** |  |  |  |  |
| From net investment income/net realized <br> gains<br>| &nbsp;&nbsp;&nbsp; (5051568)<br>| &nbsp;&nbsp;&nbsp; (953019)<br>| &nbsp;&nbsp;&nbsp; (840025)<br>| &nbsp;&nbsp;&nbsp; (3288625)<br>|
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp; **(5051568)**<br>| &nbsp;&nbsp;&nbsp; **(953019)**<br>| &nbsp;&nbsp;&nbsp; **(840025)**<br>| &nbsp;&nbsp;&nbsp; **(3288625)**<br>|
| **Capital Stock Transactions** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp; 248449651 | &nbsp;&nbsp;&nbsp; 413777149 | &nbsp;&nbsp;&nbsp; 149786722 | &nbsp;&nbsp;&nbsp; 185386568 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7660651)<br>| &nbsp;&nbsp;&nbsp; (59955301)<br>| &nbsp;&nbsp;&nbsp; (113194880)<br>| &nbsp;&nbsp;&nbsp; (7556861)<br>|
| **Total Capital Stock Transactions** | &nbsp;&nbsp;&nbsp; **240789000** | &nbsp;&nbsp;&nbsp; **353821848** | &nbsp;&nbsp;&nbsp; **36591842** | &nbsp;&nbsp;&nbsp; **177829707** |
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp; **248026092** | &nbsp;&nbsp;&nbsp; **433182250** | &nbsp;&nbsp;&nbsp; **81180998** | &nbsp;&nbsp;&nbsp; **178687435** |
| **Net Assets, Beginning of Period**  | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **214541705** | &nbsp;&nbsp;&nbsp; **133360707** | &nbsp;&nbsp;&nbsp; **—** |
| **Net Assets, End of Period** | &nbsp;&nbsp;&nbsp; **$248026092** | &nbsp;&nbsp;&nbsp; **$647723955** | &nbsp;&nbsp;&nbsp; **$214541705** | &nbsp;&nbsp;&nbsp; **$178687435** |
| **Capital Stock Share Transactions** |  |  |  |  |
| Sold | &nbsp;&nbsp;&nbsp; 4975002 | &nbsp;&nbsp;&nbsp; 11300000 | &nbsp;&nbsp;&nbsp; 4760000 | &nbsp;&nbsp;&nbsp; 3700002 |
| Redeemed | &nbsp;&nbsp;&nbsp; (150002)<br>| &nbsp;&nbsp;&nbsp; (1560000)<br>| &nbsp;&nbsp;&nbsp; (3690000)<br>| &nbsp;&nbsp;&nbsp; (150002)<br>|
| **Total Capital Stock Share Transactions** | &nbsp;&nbsp;&nbsp; **4825000** | &nbsp;&nbsp;&nbsp; **9740000** | &nbsp;&nbsp;&nbsp; **1070000** | &nbsp;&nbsp;&nbsp; **3550000** |

---

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

# For the period from February 19, 2025 (inception) through September 30, 2025.

The accompanying Notes to Financial Statements are an integral part of this statement.

------

Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

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

**(1)** **ORGANIZATION**

Thrivent ETF Trust (the "Trust") was organized as a Massachusetts Business Trust on September 2, 2021, and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940. The Trust is currently comprised of 3 separate series (each, a "Fund" and, collectively, the "Funds"), each with its own investment objective and policies. The Trust currently consists of two fixed-income Funds and one equity Fund. The Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value (if any) in one or more series as the Trust's Board of Trustees (the "Board") may determine from time to time.

Prior to January 31, 2025, Thrivent Small-Mid Cap Equity ETF was named Thrivent Small-Mid Cap ESG ETF.

The Funds are each investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 – Financial Services – Investment Companies.

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that provide general damage clauses. The Trust's maximum exposure under these contracts is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects the risk of loss to be remote.

**(2)** **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.

**Valuation of International Securities** — The Funds may invest in certain foreign securities traded on foreign exchanges that close prior to the close of the New York Stock Exchange and are fair valued using pricing service. The fair value pricing service uses a multi-factor model that may take into account the local close, relevant general and sector indices, currency fluctuation, prices of other securities (including ADRs, New York registered shares, and ETFs), and futures, as applicable, to determine price adjustments for each security in order to reflect the effects of post-closing events. The Board has authorized the Adviser to make fair valuation determinations pursuant to policies approved by the Board.

------

Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

**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.

**Federal Income Taxes** — No provision has been made for income taxes because the Funds' policy is to qualify as a regulated investment company under the Internal Revenue Code and distribute substantially all investment company taxable income and net capital gain on a timely basis. It is also the intention of each Fund to distribute an amount sufficient to avoid imposition of any federal excise tax. The Funds, accordingly, anticipate paying no federal taxes and no federal tax provision was recorded. Each Fund is treated as a separate taxable entity for federal income tax purposes. The Funds may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction.

GAAP requires management of the Funds (i.e., the Adviser) to make additional tax disclosures with respect to the tax effects of certain income tax positions, whether those positions were taken on previously filed tax returns or are expected to be taken on future returns. These positions must meet a "more-likely-than-not" standard that, based on the technical merits of the position, it would have a greater than 50 percent likelihood of being sustained upon examination. In evaluating whether a tax position has met the "more-likely-than-not" recognition threshold, the Adviser must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.

The Adviser analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for examination by taxing authorities. Major jurisdictions for the Funds include U.S. Federal, and certain state jurisdictions as well as certain foreign countries. The Funds' federal income tax returns are subject to examination for a period of three years after the filing of the return for the tax period. State returns may be subject to examination for an additional year depending on the jurisdiction. The Funds have no examinations in progress, and none are expected at this time.

As of September 30, 2025, the Adviser has reviewed all open tax years and major jurisdictions and concluded that there is no effect to the Funds' tax liability, financial position, or results of operations. There is no tax liability resulting from unrecognized tax benefits related to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09 - Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The ASU is effective for the Core Plus Bond ETF and Ultra Short Bond ETF with their inception dates of February 19, 2025, and will be effective for Small-Mid Cap Equity ETF for the reporting year ending September 30, 2026. At this time, management is evaluating the implications of these changes on the financial statements for Small-Mid Cap Equity ETF and does not expect a material impact. For Core Plus Bond ETF and Ultra Short Bond ETF there were no income taxes paid for the period ended September 30, 2025.

**Foreign Income Taxes** — Funds are subject to foreign income taxes imposed by certain countries in which they invest. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country's tax rules and rates. These amounts are shown as foreign tax withholding on the Statement of Operations. The Funds pay tax on foreign capital gains, where applicable. Taxes paid on foreign capital gains, if any, are included in the net realized gains/(losses) on investments on the Statement of Operations.

**Expenses and Income** — Estimated expenses are accrued daily. The Funds are charged for those expenses that are directly attributable to them. Expenses that are not directly attributable to a Fund are generally allocated among all appropriate affiliated funds in proportion to their respective net assets or other reasonable basis.

Interest income is recorded daily on all debt securities, as is accretion of market discount and original issue discount and amortization of premium. Paydown gains and losses on mortgage-backed and asset-backed securities are recorded as components of interest income. Dividend income and capital gain distributions are recorded on the ex-dividend date. However, certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Non-cash income, if any, is recorded at the fair market value of the securities received.

For certain securities, including real estate investment trusts, the Funds record distributions received in excess of income as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available. Actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions as adjustments to

------

Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

investment income, unrealized appreciation/depreciation and realized gain/loss on investments as necessary, once the issuers provide information about the actual composition of the distributions.

**Distributions to Shareholders** — Dividend and capital gain distributions are recorded on the ex-dividend date. Net realized gains from securities transactions, if any, are paid annually after the close of the fiscal year. In addition, the Funds may claim a portion of the payment to redeeming shareholders as a distribution for income tax purposes. Distributions to shareholders are recorded on the ex-dividend date.

The dividend distribution schedule is as follows:

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Dividends** <br>**Declared**<br>| **Dividends** <br>**Paid**<br>|
| Core Plus Bond ETF | Monthly | Monthly |
| Small-Mid Cap Equity ETF | Annually | Annually |
| Ultra Short Bond ETF | Monthly | Monthly |

---

**Derivatives** — 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 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

------

Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

and Liabilities. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default.

During the year ended September 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.

**Swap Agreements —** Each Fund may enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Fund is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at the clearinghouse end of day prices as furnished by an independent pricing service. The pricing service takes into account such factors as swap curves, default probabilities, recent trades, recovery rates and other factors it deems relevant in determining valuations. Daily fluctuations in the value of the centrally cleared credit default contracts are recorded in variation margin in the Statement of Assets and Liabilities and recorded as unrealized gain or loss. The Fund accrues for the periodic payment and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount recorded as realized gains or losses in the Statement of Operations. Receipts and payments received or made as a result of a credit event or termination of the contract are also recognized as realized gains or losses in the Statement of Operations. Collateral, in the form of cash or securities, may be required to be held with the Fund's custodian, or a third party, in connection with these agreements. Certain swap agreements are over-the-counter. In these types of transactions, the Fund is exposed to counterparty risk, which is the discounted net amount of payments owed to the Fund. This risk is partially mitigated by the Fund's collateral posting requirements. As the swap increases in value to the Fund, the Fund receives collateral from the counterparty. Certain interest rate and credit default index swaps must be cleared through a clearinghouse or central counterparty.

**Credit Default Swaps** — A credit default swap ("CDS") is a swap agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference entity. In a CDS transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a CDS contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the

reference entity. A buyer of a CDS is said to buy protection whereas a seller of a CDS is said to sell protection. The Funds may be either the protection seller or the protection buyer.

Certain Funds enter into credit default derivative contracts directly through CDSs or through credit default swap indices ("CDX Indices"). CDX Indices are static pools of equally weighted CDSs referencing corporate bonds and/or loans designed to increase or decrease diversified credit exposure to these asset classes.

Funds sell default protection and assume long-risk positions in individual credits or indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost-efficient and diversified structure. In the event that a position defaults, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract, the maximum potential amount of future payments would be the notional amount.

Funds buy default protection in order to reduce their overall credit exposure to the corporate bond and/or loan markets in a cost efficient and diversified structure. If a default event as specified in the CDS reference entity agreement occurs, the Fund has the option to receive a cash payment in exchange for the credit loss of the reference entity obligation as of the date of the credit event. A realized gain or loss is recorded upon a default event or the maturity or termination of the CDS agreement.

For CDS, the default events could be bankruptcy and failing to pay interest or principal on borrowed money or a restructuring. A restructuring is a change in the underlying obligations which could include a reduction in interest or principal, maturity extension and subordination to other obligations.

During the year ended September 30, 2025, the Funds did not engage in these types of transactions.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

**Mortgage Dollar Roll Transactions —** Certain Funds enter into dollar roll transactions on securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, in which the Funds sell mortgage securities and simultaneously agree to repurchase similar (same type and coupon) securities at a later date at an agreed upon price. The Funds must maintain liquid securities having a value at least equal to the repurchase price (including accrued interest) for such dollar rolls. In addition, the Funds are required to segregate collateral with the fund custodian (depending on market movements) on their mortgage dollar rolls. The value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities.

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Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

During the period between the sale and repurchase, the Funds forgo principal and interest paid on the mortgage securities sold. The Funds are compensated from negotiated fees paid by brokers offered as an inducement to the Funds to "roll over" their purchase commitments, thus enhancing the yield. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. These purchase and sale transactions may increase portfolio turnover rate.

**When-Issued and Delayed-Delivery Transactions** — Each Fund may purchase or sell securities on a when-issued or delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value.

A Fund may dispose of a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, a Fund does not participate in future gains and losses with respect to the security.

**Treasury Inflation Protected Securities** — Certain Funds may invest in treasury inflation protected securities ("TIPS"). These securities are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The coupon interest rate is generally fixed at issuance. Interest is paid based on the principal value, which is adjusted for inflation. Any increase in the principal amount will be included as interest in the Statement of Operations and received in cash upon maturity or sale of the security.

**Stripped Securities** — Certain Funds may invest in interest only and principal only stripped mortgage or asset backed securities. These securities represent a participation in securities that are structured in classes with rights to receive different portions of the interest and principal. Interest only securities receive all the interest, and principal only securities receive all the principal. Interest only securities are particularly sensitive to changes in interest rates and therefore are subject to greater fluctuation in prices than typical interest bearing debt securities. As interest rates rise, the value of the interest only security increases. Similarly, as interest rates decrease, the value of the interest only security decreases. If the underlying pool of mortgages or assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in an interest only security. Principal only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The market value of these securities is also highly sensitive to changes in interest rates. As interest rates increase, the price of the principal only security decreases. Similarly, as interest rates decrease, the price of the principal only security increases. The principal only security represents the payment with the longest maturity, therefore making it the most sensitive to interest rate changes.

**Accounting Estimates —** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

**Contingent Liabilities —** In the event of adversary action proceedings where the Funds are a defendant, a loss contingency will not be accrued as a liability until the amount of potential damages and the likelihood of loss can be reasonably estimated. For the year ended September 30, 2025, no contingent liabilities were reported.

**Litigation** — Awards from class action litigation are recorded as a reduction of cost if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

**Other —** For financial statement purposes, investment security transactions are accounted for on the trade date. Realized gains or losses on sales are determined on a specific cost identification basis, which is the same basis for federal income tax purposes.

**(3)** **FEES AND COMPENSATION PAID TO AFFILIATES**

**Investment Advisory Fees** — The Trust has entered into an investment advisory agreement with the Adviser pursuant to which the Adviser will pay all of the ordinary operating expenses of the Funds, except for (i) payments under the Fund's Rule 12b-1 plan (if any), (ii) interest expense or other costs of a Fund's borrowing(s) or financing activities, (iii) taxes and governmental fees, (iv) acquired fund fees and expenses, (v) broker's commissions and any other transaction- or investment-related expenses incurred by or for a Fund, (vi) costs related to meetings of shareholders, (vii) litigation expenses, (viii) indemnification expenses, (ix) fees or expenses payable or other costs incurred in connection with a Fund's securities lending program, (x) expenses of a Fund which are capitalized in accordance with generally accepted accounting principles, (xi) extraordinary expenses, and (xii) such other expenses as approved by a majority of the Trust's Board of Trustees.

The Adviser makes investment decisions for the Funds and continuously reviews and administers the Funds' investment programs and manages the operations of the Funds under the general supervision of the Board. The Adviser will be paid an advisory fee from each of the Funds for its investment advisory services (fees are accrued daily and paid monthly) based on annual rates of fees as a percentage of average daily net assets under the investment advisory agreement as follows:

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

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee Rate** |
| Core Plus Bond ETF | 0.39% |
| Small-Mid Cap Equity ETF | 0.65% |
| Ultra Short Bond ETF | 0.20% |

---

**Distribution Plan —** ALPS Distributors, Inc. ("ALPS"), a Colorado corporation, is the distributor and principal underwriter of the Funds'

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Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

Shares. ALPS serves as the distributor of aggregations of shares of the Funds known as "Creation Units". ALPS is not entitled to compensation from the Trust for services provided under this agreement but receives compensation from the Adviser for its services.

**Other Expenses —** The Trust has entered into an agreement with State Street Bank and Trust Company ("State Street"), to provide transfer agency and dividend payment services, custodian and administration services necessary to the Funds. Under the transfer agency agreement, State Street performs shareholder services and acts as the dividend disbursing agent. Pursuant to administration agreement, State Street provides certain accounting and administrative personnel and services to the Funds. Under the custody agreement, State Street provides custodian services for the Funds' assets. Additionally, the Trust has entered into an agreement with Thrivent Financial Investor Services Inc., to provide primarily call center services and to assist in coordinating with other service providers for the distribution of the Funds' regulatory filings to shareholders.

Each Trustee who is not affiliated with the Adviser receives an annual fee from the Adviser for services as a Trustee. In addition, the Adviser reimburses unaffiliated Trustees for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

Certain officers and non-independent Trustees of the Trust are officers and directors of Thrivent Asset Mgt., the Adviser, Thrivent Financial Investor Services Inc. and Thrivent Distributors, LLC. Employees of the Adviser and board consultants are reimbursed for reasonable expenses incurred in relation to board meeting attendance by the Adviser.

**Interfund Lending —** The Fund may participate in an interfund lending program (the "Program") pursuant to an exemptive order issued by the SEC. The Program permits the Fund to borrow cash for temporary purposes from Thrivent Core Short-Term Reserve Fund. Interest is charged to each participating Fund based on its borrowings at the average of the repo rate and bank loan rate, each as defined in the Program. Each borrowing made under the Program matures no later than seven calendar days after the date of the borrowing, and each borrowing must be securitized by a pledge of segregated collateral with a market value at least equal to 102% of the outstanding principal value of the loan. For the year ended September 30, 2025, no Fund borrowed cash through the interfund lending program.

**(4)** **SEGMENT REPORTING**

In accordance with FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), management evaluates the Funds' business activities to determine the segment reporting needed for the Funds. The intent of ASU 2023-07 is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that

are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Principal Officers of the Funds, consisting of the President as the Principal Executive Officer and the Treasurer as the Principal Financial and Accounting Officer, jointly act as the Funds' CODMs. Management has determined that each Fund is a single operating segment because the CODMs monitor the net increase or decrease in net assets resulting from operations of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. As investment companies, the Funds primarily engage in investing in securities to generate a return on investment for shareholders. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights. Fund net assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Net Assets" and significant fund expenses are listed on the accompanying Statement of Operations.

**(5)** **TAX INFORMATION**

Distributions are based on amounts calculated in accordance with applicable federal income tax regulations, which may differ from GAAP. The differences between book-basis and tax-basis distributable earnings are primarily attributable to timing differences recognizing certain gains and losses on investment transactions, such as wash sales. At the end of the year, reclassifications between net assets accounts are made for differences that are permanent in nature. These differences relate to the tax treatment of in-kind transactions.

On the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made as follows [Increase/(Decrease)]:

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

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| | | |
|:---|:---|:---|
| **Fund** | **Distributable** <br>**earnings/** <br>**(accumulated** <br>**loss)**<br>| **Capital Stock** |
| Core Plus Bond ETF | $(98722) | $98722 |
| Small-Mid Cap Equity ETF | (4164449) | 4164449 |
| Ultra Short Bond ETF | (29922) | 29922 |

---

At September 30, 2025, the components of distributable earnings on a tax basis were as follows:

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income\***<br>| **Undistributed** <br>**Long-Term Capital** <br>**Gain**<br>|
| Core Plus Bond ETF | $1058712 | $— |
| Small-Mid Cap Equity ETF | 990409 |  |
| Ultra Short Bond ETF | 149634 |  |

---

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

\* Undistributed Ordinary Income includes income derived from short-term capital gains, if any.

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Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

At September 30, 2025, the following Fund had accumulated net capital loss carryovers as follows:

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

---

| | |
|:---|:---|
| **Fund** | **Capital Loss** <br>**Carryover**<br>|
| Small-Mid Cap Equity ETF | $3364321 |

---

To the extent that this Fund realizes future net capital gains, taxable distributions will be reduced by any unused capital loss carryovers as permitted by the Internal Revenue Code.

During the fiscal year 2025, capital loss carryovers utilized by the Funds were as follows:

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

---

| | |
|:---|:---|
| **Fund** | **Capital Loss** <br>**Carryover**<br>|
| Small-Mid Cap Equity ETF | $112573 |

---

The tax character of distributions paid during the years ended September 30, 2025 and 2024 was as follows:

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

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Ordinary Income** |
| **Fund** | **09/30/2025** | **09/30/2024** |
| Core Plus Bond ETF | $5051568 | $— |
| Small-Mid Cap Equity ETF | 953019 | 840025 |
| Ultra Short Bond ETF | 3288625 |  |

---

**(6)** **CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES**

The Funds issue and redeem shares on a continuous basis at NAV in large blocks of shares called "Creation Units". A Creation Unit consists of 10,000 shares. Creation Units are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying securities basket. Investors such as market markers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for the Funds include both cash and in-kind transactions and are disclosed in detail in the Statement of Changes in Net Assets.

Transaction fees are imposed to cover the cost associated with the issuance and redemption of Creation Units. There is fixed and variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of the Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed, as part of a cash order, is applicable to each creation or redemption transaction and is paid to the Funds. Variable transaction fees received by the Funds are included in the Capital Share Transaction section of the Statement of Changes in Net Assets.

**(7)** **SECURITY TRANSACTIONS**

**Purchases and Sales of Investment Securities** — For the year ended September 30, 2025, the in-kind contributions and the in-kind redemptions were as follows:

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

---

| | | |
|:---|:---|:---|
| **Fund** | **In-kind** <br>**Contributions**<br>| **In-kind** <br>**Redemptions**<br>|
| Core Plus Bond ETF | $— | $4070353 |
| Small-Mid Cap Equity ETF | 362842387 | 14066721 |
| Ultra Short Bond ETF | 4558715 |  |

---

The cost of purchases and the proceeds from sales, other than U.S. Government securities, were as follows:

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Core Plus Bond ETF | $151750219 | $21844732 |
| Small-Mid Cap Equity ETF | 292179623 | 293593002 |
| Ultra Short Bond ETF | 177856287 | 39843313 |

---

Purchases and sales of U.S. Government securities were:

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Core Plus Bond ETF | $180318772 | $69414990 |
| Ultra Short Bond ETF | 14384614 | 3715766 |

---

**(8)** **SECURITY TRANSACTIONS WITH AFFILIATED FUNDS**

The Funds are permitted to purchase or sell securities from or to certain other Funds, or affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is executed at the current market price.

During the year ended September 30, 2025, the Funds did not engage in these types of transactions.

**(9)** **SUBSEQUENT EVENTS**

The Adviser has evaluated the impact of subsequent events through the date the financial statements were issued, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

**(10)** **PRINCIPAL RISKS**

Investing in the Funds involves risks. The following is an alphabetical list of significant risks associated with investing in the Funds. Refer to the prospectus for risks specific to each Fund.

**Collateralized Debt Obligations Risk.** The risks of an investment in a collateralized debt obligation ("CDO") depend largely on the quality and type of the collateral and the tranche of the CDO in which the Fund invests. In addition to the typical risks associated with fixed income securities and asset-backed securities, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value, and/or be downgraded; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the

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Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

**Conflicts of Interest Risk.** An investment in the Funds is subject to a number of actual or potential conflicts of interest. The following does not purport to be a comprehensive list or complete explanation of all potential conflicts of interest which may affect the Funds. A Fund may encounter circumstances, or enter into transactions, in which conflicts of interest may arise, which are not listed or discussed below.

The Adviser or its affiliates may provide services to the Funds for which the Fund would compensate the Adviser and/or such affiliates. The Funds may invest in investments affiliated with the Adviser. The Adviser may have an incentive (financial or otherwise) to enter into transactions or arrangements on behalf of a Fund with itself or its affiliates in circumstances where it might not have done so otherwise.

The Adviser or its affiliates manage other investment funds and/or accounts (including proprietary accounts) and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of a Fund, creating conflicts of interest in investment and allocation decisions regarding the allocation of investments that could be appropriate for the Fund and other clients of the Adviser or their affiliates. The Adviser and its affiliates have no obligation to make available any information regarding their proprietary activities or strategies, or the activities or strategies used for other funds and/or accounts managed by them, for the benefit of the management of the Fund. No affiliate of the Adviser is under any obligation to share any investment opportunity, including an investment technique, idea, model or strategy, with a Fund. The portfolio compositions and performance results of a Fund therefore will differ from other such funds and/or accounts. These conflicts of interest are exacerbated to the extent that the Adviser's other clients are proprietary or pay them higher fees or performance-based fees. Further, the activities in which the Adviser and its affiliates are involved on behalf of other accounts could limit or preclude the flexibility that a Fund could otherwise have to participate in certain investments.

**Credit Risk.** Credit risk is the risk that an issuer of a debt security to which the Fund is exposed may no longer be able or willing to pay its debt. As a result of such an event, the debt security may decline in price and affect the value of the Fund.

**Cybersecurity Risk.** The Funds and their service providers may be susceptible to operational, information security, privacy, fraud, business disruption, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems to misappropriate assets or sensitive information, corrupt data, or otherwise disrupt operations. Cyber incidents affecting the Adviser or other service providers (including, but not limited to fund accountants, custodians, transfer agents, and financial intermediaries) have the ability to disrupt and impact

business operations, potentially resulting in financial losses, by interfering with the Funds' ability to calculate their NAV, corrupting data or preventing parties from sharing information necessary for the Funds' operation, preventing or slowing trades, stopping shareholders from making transactions, potentially subjecting the Funds or the Adviser to regulatory fines and penalties, and creating additional compliance costs. Similar types of cybersecurity risks are also present for issuers or securities in which the Funds may invest, which could result in material adverse consequences for such issuers and may cause the Funds' investments in such companies to lose value. While the Funds' service providers have established business continuity and incident response plans in the event of such cyber incidents, there are inherent limitations in such plans and systems. Additionally, the Funds cannot control the cybersecurity plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders. Although each Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service. The value of an investment in a Fund's shares may be adversely affected by the occurrence of the operational errors or failures or technological issues or other similar events and a Fund and its shareholders may bear costs tied to these risks.

**Derivatives Risk.** The use of derivatives (such as futures) involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. The Fund utilizes futures on U.S. Treasuries in order to manage duration, or interest rate risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the contract. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index, and the Fund could lose much more than the original amount invested. Derivatives can be highly volatile, illiquid and difficult to value. Certain derivatives may also be subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations due to its financial condition, market events, or other reasons.

**Emerging Markets Risk.** The risks and volatility of investing in foreign securities is increased in connection with investments in emerging markets. The economic, political and market structures of developing countries in emerging markets, in most cases, are not as strong as the structures in the U.S. or other developed countries in terms of wealth, stability, liquidity and transparency. The Fund may not achieve its investment objective and portfolio performance will likely be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries in the midst of, among other things, hyperinflation, currency devaluation, trade disagreements, sudden political upheaval or interventionist government policies, and the risks of such events are heightened within emerging market countries. Fund performance may also be negatively affected by portfolio exposure to countries and corporations domiciled in, or with revenue exposures to, countries with less developed or unreliable legal, tax, regulatory, accounting, recordkeeping and corporate governance systems and standards. In particular, there may be less publicly available and transparent information about issuers in emerging markets than

------

Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

would be available about issuers in more developed capital markets because such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets may also have differing legal systems, many of which provide fewer security holder rights and practical remedies to pursue claims than are available for securities of companies in the U.S. or other developed countries, including class actions or fraud claims. Significant buying or selling actions by a few major investors may also heighten the volatility of emerging market securities.

**Equity Security Risk.** Equity securities held by the Fund may decline significantly in price, sometimes rapidly or unpredictably, over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, geographic region, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one particular country or geographic region or one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such countries, geographic regions, sectors or industries. Equity securities generally do not move in the same direction at the same time and are generally more volatile than most debt securities.

**ETF Structure Risks.** The Fund is structured as an ETF and is subject to risks related to exchange trading, including:

• The Fund's shares are listed for trading on a national securities exchange (the "Exchange") and are bought and sold on the secondary market at market prices. Although it is expected that the market price of Fund shares will typically approximate the Fund's net asset value ("NAV"), there may be times when the market price reflects a significant premium or discount to NAV.

• Although the Fund's shares are listed on the Exchange, it is possible that an active trading market in the Fund's shares may not be maintained.

• The Fund could potentially face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.

• Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

**Financial Sector Risk.** To the extent that the financials sector represents a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a

greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

**Foreign Securities Risk.** Foreign securities generally carry more risk and are more volatile than their domestic counterparts, in part because of potential for higher political and economic risks, lack of reliable information and fluctuations in currency exchange rates where investments are denominated in currencies other than the U.S. dollar. Certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, market closures, war, terrorism, natural disasters and outbreak of infectious diseases. The Fund's investment in any country could be subject to governmental actions such as capital or currency controls, nationalizing a company or industry, expropriating assets, or&nbsp;&nbsp;&nbsp;&nbsp; imposing punitive taxes that would have an adverse effect on security prices, and impair the Fund's ability to repatriate capital or income. Foreign securities may also be more difficult to resell than comparable U.S. securities because the markets for foreign securities are often less liquid. Even when a foreign security increases in price in its local currency, the appreciation may be diluted by adverse changes in exchange rates when the security's value is converted to U.S. dollars. Foreign withholding taxes also may apply and errors and delays may occur in the settlement process for foreign securities.

**Futures Contract Risk.** The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund's initial investment in such contracts. In addition, the value of the futures contract may not accurately track the value of the underlying instrument.

**Government Securities Risk.** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Federal Home Loan Bank, Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Federal Home Loan Banks, Ginnie Mae, Fannie Mae or Freddie Mac are not issued directly by the U.S. government. Ginnie Mae is a wholly owned U.S. corporation that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related organizations such as Federal Home Loan Banks, Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. In addition, the value of U.S. government securities may be affected by changes in the credit rating of the U.S. government, which may be negatively impacted by rising levels of indebtedness. It is possible that issuers of U.S.

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Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

government securities will not have the funds to meet their payment obligations in the future.

**Growth Investing Risk.** Growth style investing includes the risk of investing in securities whose prices historically have been more volatile than other securities, especially over the short term. Growth stock prices reflect projections of future earnings or revenues and, if a company's earnings or revenues fall short of expectations, its stock price may fall dramatically.

**High-Yield Risk.** High-yield securities – commonly known as "junk bonds" – to which the Fund is exposed are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. If the issuer of the security is in default with respect to interest or principal payments, the value of the Fund may be negatively affected. High-yield securities generally have a less liquid resale market.

**Interest Rate Risk.** Interest rate risk is the risk that prices of debt securities decline in value when interest rates rise for debt securities that pay a fixed rate of interest. Debt securities with longer durations (a measure of price sensitivity of a bond or bond fund to changes in interest rates) or maturities (i.e., the amount of time until a bond's issuer must pay its principal or face value) tend to be more sensitive to changes in interest rates than debt securities with shorter durations or maturities. Changes in general economic conditions, inflation, and monetary policies, such as certain types of interest rate changes by the Federal Reserve, could affect interest rates and the value of some securities. During periods of low interest rates or when inflation rates are high or rising, the Fund may be subject to a greater risk of rising interest rates.

**Investment Adviser Risk.** The Funds are actively managed and the success of their investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Funds invest. This assessment of investments may prove incorrect, resulting in losses or poor performance, even in rising markets. There is also no guarantee that the Adviser will be able to effectively implement the Fund's investment objective.

**Issuer Risk.** Issuer risk is the possibility that factors specific to an issuer to which the Fund is exposed will affect the market prices of the issuer's securities and therefore the value of the Fund.

**Large Shareholder Risk.** From time to time, shareholders of the Fund (which may include institutional investors, financial intermediaries, investment models constructed by the Adviser or its affiliates, or affiliated funds or accounts) may make or result in relatively large redemptions or purchases of shares. These transactions may cause the Fund to sell securities at disadvantageous prices or invest additional cash, as the case may be. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on the Fund's performance to the extent that the Fund may be required to sell securities or invest cash at times when it would not otherwise do so. Redemptions of a large number of shares also may increase transaction costs or have adverse tax consequences for shareholders of the Fund by requiring a sale of portfolio securities. In addition, a large redemption could result in the Fund's current

expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**Liquidity Risk.** Liquidity is the ability to sell a security relatively quickly for a price that most closely reflects the actual value of the security. To the extent that dealers do not maintain inventories of bonds that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance.

**Market Risk.** Over time, securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The value of the Fund's investments may move with these cycles and, in some instances, increase or decrease more than the applicable market(s) as measured by the Fund's benchmark index(es). The securities markets may also decline because of factors that affect a particular industry or market sector, or due to impacts from domestic or global events, including regulatory events, economic downturn, government shutdowns, the spread of infectious illness such as the outbreak of COVID-19, public health crises, war, terrorism, social unrest, recessions, natural disasters or similar events.

**Mid Cap Risk.** Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more-established companies. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies.

**Mortgage-Backed and Other Asset-Backed Securities Risk.** The value of mortgage-backed and asset-backed securities are influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, both mortgage-backed and asset-backed securities are sensitive to changes in the repayment patterns of the underlying security. If the principal payment on the underlying asset is repaid faster or slower than the holder of the asset-backed or mortgage-backed security anticipates, the price of the security may fall, particularly if the holder must reinvest the repaid principal at lower rates or must continue to hold the security when interest rates rise. This effect may cause the value of the Fund to decline and reduce the overall return of the Fund. Mortgage-backed securities are also subject to extension risk, which is the risk that when interest rates rise, certain mortgage-backed securities are paid in full by the issuer more slowly than anticipated. This can cause the market value of the security to fall because the market may view its interest rate as low for a longer-term investment.

------

Thrivent ETF Trust

Notes to Financial Statements

September 30, 2025

**New and Smaller Sized Fund Risk.** The Funds are new and have a limited operating history as an ETF for investors to evaluate and may not be successful in implementing its investment strategies. The Funds may fail to attract sufficient assets to achieve or maintain economies of scale, which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Smaller ETFs will have a lower public float and lower trading volumes, leading to wider bid/ask spreads.

**Prepayment Risk.** When interest rates fall, certain obligations are paid off by the obligor more quickly than originally anticipated, and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment generally reduces the yield to maturity and the average life of the security.

**Regulatory Risk.** Legal, tax, and regulatory developments may adversely affect a Fund. Securities and futures markets are subject to comprehensive statutes, regulations, and margin requirements enforced by the SEC, other regulators and self-regulatory organizations, and exchanges, which are authorized to take

extraordinary actions in the event of market emergencies. The regulatory environment for the Funds is evolving, and changes in the regulation of investment funds, managers, and their trading activities and capital markets, or a regulator's disagreement with a Fund's interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund.

**Small Cap Risk.** Smaller, less seasoned companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. These companies tend to have small revenues, narrower product lines, less management depth and experience, small shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. Such companies seldom pay significant dividends that could soften the impact of a falling market on returns.

**Tax Risk.** Changes in federal income tax laws or rates may affect both the net asset value of a Fund and the returns generated from securities in a Fund.

**Value Investing Risk.** Value style investing includes the risk that stocks of undervalued companies may not rise as quickly as anticipated if the market doesn't recognize their intrinsic value or if value stocks are out of favor.

------

Thrivent ETF Trust

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Outstanding Throughout Each Period\*** | **Per Share Outstanding Throughout Each Period\*** | **Per Share Outstanding Throughout Each Period\*** | **Per Share Outstanding Throughout Each Period\*** | **Per Share Outstanding Throughout Each Period\*** |  |
|  |  | **Income from Investment Operations** | **Income from Investment Operations** | **Income from Investment Operations** | **Less Distributions From** | **Less Distributions From** |
|  | **Net Asset** <br>**Value,** <br>**Beginning of** <br>**Period\*** <br>| **Net Investment** <br>**Income/(Loss)**<br>| **Net Realized** <br>**and Unrealized** <br>**Gain/(Loss) on** <br>**Investments**<sup>(a)</sup> <br>| **Total from** <br>**Investment** <br>**Operations**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized** <br>**Gain on** <br>**Investments**<br>|
| **Core Plus Bond ETF** |  |  |  |  |  |  |
| Period Ended September 30, 2025 <sup>(d),#</sup> <br>| $50.00 | $1.42 | $1.23 | $2.65 | $(1.25) | $— |
| **Small-Mid Cap Equity ETF** |  |  |  |  |  |  |
| Year Ended September 30, 2025 <sup>(d)</sup> <br>| 36.59 | 0.15 | 4.91 | 5.06 | (0.14) |  |
| Year Ended September 30, 2024 <sup>(d)</sup> <br>| 27.82 | 0.18 | 8.75 | 8.93 | (0.16) |  |
| Period Ended September 30, 2023 <sup>(d),##</sup> <br>| 25.00 | 0.18 | 2.68 | 2.86 | (0.04) |  |
| **Ultra Short Bond ETF** |  |  |  |  |  |  |
| Period Ended September 30, 2025 <sup>(d),#</sup> <br>| 50.00 | 1.39 | 0.18 | 1.57 | (1.24) |  |

---

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

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and <br> redemptions of fund shares.<br>|
| <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; Total return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less <br> than one year.<br>|
| <sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; Portfolio turnover rate may include mortgage dollar roll purchase and sale transactions which may increase portfolio turnover rates. Additional <br> information can be found in the accompanying Notes to Financial Statements<br>|
| <sup>(d)</sup> <br>| Per share amounts have been calculated using the average shares outstanding method. |
| \* <br>| All per share amounts have been rounded to the nearest cent. |
| \*\* <br>| Computed on an annualized basis for periods less than one year. |
| <sup>#</sup> <br>| For the period from February 19, 2025 (inception) through September 30, 2025. |
| <sup>##</sup> <br>| For the period from October 5, 2022 (inception) through September 30, 2023. |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

------

Thrivent ETF Trust

Financial Highlights

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  |  |  |  | **Ratio to Average Net** <br>**Assets\*\*** | **Ratio to Average Net** <br>**Assets\*\*** | **Ratio to Average Net** <br>**Assets Before Expenses** <br>**Waived, Credited or** <br>**Acquired Fund Fees and** <br>**Expenses \*\*** | **Ratio to Average Net** <br>**Assets Before Expenses** <br>**Waived, Credited or** <br>**Acquired Fund Fees and** <br>**Expenses \*\*** |  |
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp; **Net Asset Value,** <br>**End of Period**<br>| **Total Return**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Net Assets,** <br>**End of Period** <br>**(in millions)**<br>| **Expenses** | &nbsp;&nbsp; **Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)**<br>| **Expenses** | &nbsp;&nbsp; **Net Investment** <br>**Income/(Loss)**<br>| &nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**rate**<sup>(c)</sup> <br>|
| $(1.25) | $51.40 | 5.38% | $248.0 | 0.39% | 4.57% | 0.39% | 4.57% | 52% |
| (0.14) | 41.51 | 13.88% | 647.7 | 0.65% | 0.40% | 0.65% | 0.40% | 80% |
| (0.16) | 36.59 | 32.21% | 214.5 | 0.65% | 0.55% | 0.65% | 0.55% | 58% |
| (0.04) | 27.82 | 7.65% | 133.4 | 0.65% | 0.67% | 0.65% | 0.67% | 47% |
| (1.24) | 50.33 | 3.18% | 178.7 | 0.20% | 4.50% | 0.20% | 4.50% | 43% |

---

The accompanying Notes to Financial Statements are an integral part of this statement.

------

Federal Tax Information

(unaudited)

**Shareholder Notification of Federal Tax Information**

Small-Mid Cap Equity ETF designates 100% of dividends declared from net investment income as dividends qualifying for the 70% dividends received deduction for corporations and 100% as qualified dividend income for individuals under the Jobs and Growth Tax Relief Reconciliation Act of 2003 for the tax period ending September 30, 2025.

------

Changes in and Disagreements with Accountants

None during the reporting period.

------

Proxy Disclosures

None during the reporting period.

------

Remuneration Paid to Directors, Officers, and Others

The information is disclosed in the Statement of Operations and as part of the Fees and Compensation Paid to Affiliates section of the Notes to Financial Statements included in Item 7 of this Form N-CSR.

------

Statement Regarding Basis for Approval of Investment Advisory Contract

None during the registrant's most recent fiscal half-year.

------

8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

None during the reporting period.

9. Proxy Disclosures for Open-End Management Investment Companies.

None during the reporting period.

10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is disclosed in the Statement of Operations and as part of the Fees and Compensation Paid to Affiliates section of the Notes to Financial Statements included in Item 7 of this Form N-CSR.

11. Statement Regarding Basis for Approval of Investment Advisory Contract.

None during the registrant's most recent fiscal half-year.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant's board of trustees since the registrant last provided disclosure in response to this Item.

#### Item 16. Controls and Procedures
(a) Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits

------

(a)(1) [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: See EX-99.CODE filed herewith.](d70744dex99codeeth.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed: Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT filed herewith.](d70744dex99cert.htm)  |

---

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(5) Change in the registrant's independent public accountant: Not applicable.

(b) [If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906 CERT filed herewith.](d70744dex99906cert.htm)

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 25, 2025 | Thrivent ETF Trust | Thrivent ETF Trust |
|  | By: | /s/ Michael W. Kremenak |
|  |  | Michael W. Kremenak |
|  |  | President |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: November 25, 2025 | By: | /s/ Michael W. Kremenak |
|  |  | Michael W. Kremenak |
|  |  | President |
|  |  | (principal executive officer) |
| Date: November 25, 2025 | By: | /s/ Sarah L. Bergstrom |
|  |  | Sarah L. Bergstrom |
|  |  | Treasurer and Principal Accounting Officer |
|  |  | (principal financial officer) |

---

## Ex-99.Code

## CODE OF ETHICS
**(Sarbanes-Oxley Act of 2002, Section 406)** 

for

PRINCIPAL EXECUTIVE OFFICER

PRINCIPAL FINANCIAL OFFICER

AND

PRINCIPAL ACCOUNTING OFFICER

OF

THRIVENT MUTUAL FUNDS

THRIVENT CASH MANAGEMENT TRUST

THRIVENT SERIES FUND, INC.

THRIVENT CORE FUNDS

AND

THRIVENT ETF TRUST

**October 10, 2023** 

------

**I. CODE OF ETHICS** 

It is the policy of the Thrivent Mutual Funds, Thrivent Cash Management Trust, Thrivent Series Fund, Inc., Thrivent Core Funds and Thrivent ETF Trust (collectively, the "**Funds**") that the President, as chief executive officer, and the Treasurer, as chief financial officer and chief accounting officer (or persons performing similar functions), of each Fund adhere to and advocate the following principles governing their professional and ethical conduct in the fulfillment of their responsibilities:

A. Act with honesty and integrity, and ethically handle actual or apparent conflicts between his or her
personal, private interests and the interests of the Funds, including receiving improper personal benefits as a result of his or her position.

B. Take such actions as are necessary as to ensure that periodic reports filed with the Securities and Exchange
Commission and other public communications contain information which provides full, fair, accurate, timely and understandable disclosure. Such actions shall include adoption and maintenance of adequate disclosure controls and procedures.

C. Comply with laws of federal, state, and local governments applicable to the Funds, and the rules and
regulations of private and public regulatory agencies having jurisdiction over the Funds.

D. Act in good faith, responsibly, with due care and diligence, without misrepresenting or omitting material
facts or allowing independent judgment to be compromised.

E. Respect the confidentiality of information acquired in the course of the performance of his or her
responsibilities except when authorized or otherwise legally obligated to disclose such information. Do not use confidential information acquired in the course of the performance of his or her responsibilities for personal advantage.

F. Proactively promote ethical behavior among subordinates and peers.

G. Use Fund assets and resources employed or entrusted in a responsible manner.

H. Do not use Fund information, assets, opportunities or one's position with the Funds for personal gain.
Do not compete directly or indirectly with the Funds.

I. Promptly report any violation of this Code to the Chief Compliance Officer.

J. Comply in all respects with (a) the Funds' Code of Ethics; (b) Thrivent Financial for
Lutheran's Code of Conduct, and (c) Thrivent Financial for Lutherans' and Thrivent Asset Management, LLC's Policy on Insider Trading.

K. Acknowledge and certify compliance with the foregoing annually and file a copy of such certification with
the Audit Committee of each Fund's Board of Directors/Trustees ("Fund Board").

------

**II. ADMINISTRATION OF CODE** 

A. <u>Chief Compliance Officer.</u> 

The Independent Directors of each Fund Board shall appoint a Chief Compliance Officer, who shall have overall responsibility for ensuring this Code is adhered to. In such capacity, the Chief Compliance Officer shall report to each Fund Board's Audit Committee. The Chief Compliance Officer shall be a person who has sufficient status within Thrivent Financial for Lutherans to engender respect for the Code and the authority adequately to deal with the persons subject to the Code regardless of their stature in the company.

B. <u>Amendments</u> 

Any material amendment to this Code shall be disclosed in accordance with the requirements of Rule 30b2-1(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), and form N-CSR. Form N-CSR does not require disclosure of technical, administrative or other non-substantive amendments.

C. <u>Waivers</u> 

A waiver of a provision of this Code must be requested whenever there is a reasonable likelihood that a contemplated action will violate the Code. Requests for waivers must be in writing and submitted to the Chief Compliance Officer, who shall make a recommendation to the Audit Committee for final determination. Any waiver or implicit waiver shall be disclosed in accordance with the requirements of Rule 30b2-1(a) under the 1940 Act and Form N-CSR.

As used herein, "waiver" means any approval by the Audit Committee of a material departure from a provision of this Code. "Implicit waiver" means failure by the Chief Compliance Officer or the Audit Committee to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended) of the Funds.

D. <u>Violations</u> 

Upon learning of a violation or potential violation of this Code, the Chief Compliance Officer shall prepare a written report to Audit Committee providing full details and recommendations for further action.

The Audit Committee will, in consultation with the Chief Compliance Officer and/or such legal counsel as the Audit Committee deems appropriate, make the final determination of whether a violation has occurred and the action, if any, to be taken in response thereto. The Audit Committee may take into account the qualitative and quantitative materiality of the violation from the perspective of either the determent to the Fund or the benefit to the violating officer, the policy behind the provision violated and such other facts and circumstances as it deems advisable under all of the facts and circumstances.

------

Any material violation shall be reported in accordance with the requirements of Rule 30b2-1 of the 1940 Act and Form N-CSR.

E. <u>Regulatory Filing</u> 

A copy of this Code of Ethics shall be filed as an exhibit to each Fund's annual report on Form N-CSR.

F. <u>Records</u> 

The Chief Compliance Officer or Chief Legal Officer shall retain copies of all records required by Form N-CSR and/or rules and regulations promulgated under the 1940 Act.

## Ex-99.Cert

**Certification** 

I, Michael W. Kremenak, certify that:

1. I have reviewed this report on Form N-CSR of Thrivent ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in
this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 25, 2025 | <u>/s/ Michael W. Kremenak</u> |
|  | Michael W. Kremenak |
|  | President |
|  | (principal executive officer) |

---

------

**Certification** 

I, Sarah L. Bergstrom, certify that:

1. I have reviewed this report on Form N-CSR of Thrivent ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in
this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to registrant's auditors and the audit
committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 25, 2025 | <u>/s/ Sarah L. Bergstrom</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarah L. Bergstrom |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Accounting Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (principal financial officer) |

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## Exhibit 99.906

**Certification Under Section 906 of Sarbanes-Oxley Act of 2002** 

Name of Registrant: Thrivent ETF Trust

In connection with the Report on Form N-CSR for the above-named issuer, the undersigned hereby certify, to the best of their knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Issuer.

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| | |
|:---|:---|
| Date: November 25, 2025 | <u>/s/ Michael W. Kremenak</u> |
|  | Michael W. Kremenak |
|  | President |
|  | (principal executive officer) |
| Date: November 25, 2025 | <u>/s/ Sarah L. Bergstrom</u> |
|  | Sarah L. Bergstrom |
|  | Treasurer and Principal Accounting Officer |
|  | (principal financial officer) |

---