# EDGAR Filing Document

**Accession Number:** 0001896670
**File Stem:** 0001193125-25-280578
**Filing Date:** 2025-11
**Character Count:** 21727
**Document Hash:** af6d560879d92b74e9238164d5a5b135
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-280578.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-280578

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251114

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-261454
- **FILM NUMBER:** 251480070

**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 Cap Value ETF (Series ID: S000095017)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263596 | Thrivent Small Cap Value ETF | TSCV            |

![](g35218thriventasstman_blreg.jpg)

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| | |
|:---|:---|
| **September 8, 2025** | &nbsp;&nbsp; ![](g35218img1c29dfda1.jpg)<br>|

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**Thrivent Small Cap Value ETF** 

NYSE Arca, Inc.: TSCV<br>

Summary Prospectus

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This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund's complete prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund online at thriventETFs.com/prospectus. You can also get this information at no cost by calling 800-847-4836, sending an email request to contactus@thriventfunds.com, or contacting your financial intermediary. The Fund's prospectus and statement of additional information, both dated February 18, 2025, as revised or supplemented from time to time, are incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or email address noted above.

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Thrivent Small Cap Value ETF

TSCV

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Investment Objective

Thrivent Small Cap Value ETF (the "Fund") seeks long-term capital growth. The Fund's investment objective may be changed without shareholder approval.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy, hold and/or sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.** 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of<br> the value of your investment) | &nbsp;&nbsp; **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of<br> the value of your investment) |
| Management Fees | 0.60% |
| Other Expenses<sup>1</sup> <br>| 0.00% |
| Total Annual Fund Operating Expenses | 0.60% |

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<sup>1</sup>"Other Expenses" is an estimate based on the expenses the Fund expects to incur for its first full fiscal year.

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated (whether or not shares are sold or redeemed), and also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. It also does not include the transaction fees on purchases and redemptions of creation units ("Creation Units"), because those fees will not be imposed on retail investors. Although your actual costs may be higher or lower, based on these assumptions, your costs would be (based on estimated Fund expenses):

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| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $61 | $192 | $335 | $750 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its

portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the portfolio turnover rate of the Predecessor Mutual Fund (defined below) was 32% of the average value of its portfolio.

Principal Strategies

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of small companies. Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser") focuses mainly on the equity securities of smaller U.S. companies which it defines as those companies that have market capitalizations equivalent to or less than those companies included in widely known indices of small companies, such as the Russell 2000<sup>®</sup> Index, S&P SmallCap 600<sup>®</sup> Index, or the small company market capitalization classification published by Morningstar or Lipper, Inc. The Fund defines small-cap companies as those with market capitalizations at the time of purchase at or below the market capitalization of the largest company represented in either the Russell 2000<sup>®</sup> Index (approximately $15.8 billion as of June 30, 2025) or the S&P SmallCap 600<sup>®</sup> Index (approximately $9.5 billion as of June 30, 2025). Should the Adviser change the investments used for purposes of this 80% threshold, you will be notified at least 60 days prior to the change.

The Fund is an actively managed exchange traded fund. The Fund seeks to achieve its investment objective by investing primarily in common stocks. The Adviser uses fundamental analysis and other investment techniques to identify stocks of companies that it believes are undervalued in relation to their long-term earnings potential or asset value.

The Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or reposition assets to more promising opportunities.

The Fund may make use of the unique features of the ETF structure, such as in-kind transactions and custom

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baskets, to select securities or modify the Fund's investment exposure.

Principal Risks

The Fund is subject to the following principal investment risks, which you should review carefully and in entirety. An investment in the Fund is not a deposit or other obligation of Thrivent Trust Company or any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal agency. The Fund may not achieve its investment objective and you could lose money by investing in 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.

**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.

**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.

**Investment Adviser Risk.** The Fund is actively managed and the success of its investment strategy depends significantly on the skills of the Adviser in assessing the potential of the investments in which the Fund invests. 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.

**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.

**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 (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.

**New and Smaller Sized Fund Risk.** The Fund is new and has a limited operating history as an ETF for investors to evaluate and may not be successful in implementing its

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investment strategies. The Fund 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.

Performance

The Fund is a newly organized series of Thrivent ETF Trust created to acquire the assets and liabilities of Thrivent Core Small Cap Value Fund (the "Predecessor Mutual Fund"), a series of Thrivent Core Funds, in a reorganization (the "Reorganization") that has been approved by the Predecessor Mutual Fund's Board of Trustees. The Predecessor Mutual Fund will be considered the accounting and tax survivor of the Reorganization and, accordingly, certain performance information, financial highlights, and other information relating to the Predecessor Mutual Fund have been included in the Fund's prospectus and presented as if the Reorganization had been consummated.

The following bar chart and table beneath it provide some indication of the risks of investing in the Fund. The Fund is adopting the performance of the Predecessor Mutual Fund as the result of the Reorganization. The Adviser to the Fund also served as the investment adviser to the Predecessor Mutual Fund. Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart shows the Predecessor Mutual Fund's performance from year to year (represented by the performance of the Predecessor Mutual Fund's Class S shares). The table shows how the Predecessor Mutual Fund's average annual returns (represented by the average annual returns of the Predecessor Mutual Fund's Class S shares) for the indicated periods compared with those of an appropriate broad-based securities market index that represents the overall domestic equity market and more narrowly based indices that reflect the market segments in which the Fund invests. The bar chart and table include the effects of the Predecessor Mutual Fund's expenses and assume that you sold your shares at the end of the period. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as

individual retirement accounts. Had the Predecessor Mutual Fund been structured as an ETF, its performance may have differed.

The Fund compares its performance to the Russell 3000<sup>®</sup> Index, an appropriate broad-based securities market index, to comply with new regulations that require the Fund's broad-based securities market index to reflect the overall market in which the Fund may invest. The Fund also compares its performance to the Russell 2000<sup>®</sup> Value Index and S&P SmallCap 600<sup>®</sup> Value Index. The Russell 2000<sup>®</sup> Value Index is an unmanaged market capitalization-weighted index of small capitalization value-oriented stocks in the Russell 2000 Index.

The Fund's (and the Predecessor Mutual Fund's) past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available on the Fund's website at thriventETFs.com/individual or by calling 800-847-4836.

**Year-by-Year Total Return**

![](g35218tcfscv.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q4 2023 | +12.18% |
| Worst Quarter: | Q3 2022 | (11.71)% |

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**Average Annual Total Returns**

(Periods Ending December 31, 2024)

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| | | |
|:---|:---|:---|
|  |  | **Since**<br> **Inception**<br>|
|  | **1 Year** | **3/31/2022** |
| (before taxes) | 21.03% | &nbsp;&nbsp; 8.02% |
| (after taxes on distributions) | 17.80% | &nbsp;&nbsp; 6.69% |
| (after taxes on distributions and <br> redemptions)<br>| 14.89% | &nbsp;&nbsp; 6.17% |
| Russell 3000® Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| 23.81% | 10.91% |
| Russell 2000® Value Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 3.02% |
| S&P SmallCap® 600 Value Index<br> (reflects no deduction for fees, <br> expenses or taxes)<br>| &nbsp;&nbsp; 7.56% | &nbsp;&nbsp; 4.12% |

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Management

**Investment Adviser**

The Fund is managed by Thrivent Asset Management, LLC ("Thrivent Asset Mgt." or the "Adviser").

**Portfolio Managers**

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund:

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| | |
|:---|:---|
| **Name and Title** | **Portfolio Manager** <br> **of the Fund Since**<br>|
| Christopher J. Parker, CFA<br> Senior Portfolio Manager<br>| Since Inception |
| Charmaine Chan, CFA<br> Portfolio Manager<br>| Since Inception |

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Mr. Parker and Ms. Chan were each portfolio managers of the Predecessor Mutual fund since 2023.

Purchase and Sale of Fund Shares

The Fund issues and redeems shares at its NAV only in Creation Units. These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund.

Individual shares of the Fund may only be purchased and sold in the secondary market (i.e., on a national securities exchange) through a broker or dealer at market prices. Because Fund shares trade at market prices rather than at NAV, Fund shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) (the "bid-ask spread"). When available, recent information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be available at thriventETFs.com/individual.

Tax Information

The Fund's distributions may be comprised of taxable ordinary income, taxable capital gains and/or a non-taxable return of capital, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Investments in such tax-advantaged plans will generally be taxed only upon withdrawal of monies from the tax-advantaged arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Fund and its related companies may pay the intermediary for the sale of the Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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![](g35218thriventasstman_bl.jpg)

4321 N. Ballard Rd. <br>Appleton, WI 54919-0001

**A better way to deliver documents.** In response to concerns regarding multiple mailings, we send one copy of a prospectus and each annual and semiannual report for Thrivent ETF Trust to each household. This consolidated mailing process is known as householding. It helps save money by reducing printing and postage costs. If you wish to discontinue householding in the future, contact your financial intermediary.

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| | | |
|:---|:---|:---|
| **Investment Adviser**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrivent Asset Management, LLC<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 Marquette Avenue, Suite 2500<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis, Minnesota 55402-3211<br>| **Legal Counsel**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ropes & Gray LLP<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Tower, 800 Boylston Street<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, Massachusetts 02199-3600<br>| **Independent Registered Public Accounting Firm**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 South Seventh Street, Suite 3400<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis, Minnesota 55402<br>|
| **Distributor**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALPS Distributors, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 Broadway, Suite 1000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver, Colorado 80203<br>| **Transfer Agent, Administrator & Custodian**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Congress Street, Suite 1<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, Massachusetts 02114-2016<br>|  |

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

36446A R9-25

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