# EDGAR Filing Document

**Accession Number:** 0002038383
**File Stem:** 0001410368-26-007182
**Filing Date:** 2026-1
**Character Count:** 41094
**Document Hash:** b0f09d89dc106053b97cb0c824cb713d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-007182.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001410368-26-007182

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg ETF Trust
- **CENTRAL INDEX KEY:** 0002038383

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24005
- **FILM NUMBER:** 26558932

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** 617-235-4739

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506

## Series and Classes Contracts Data

### Thornburg International Equity ETF (Series ID: S000089221)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255736 | Thornburg International Equity ETF | TXUE            |

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg International Equity ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  | **Common Stock — 97.4%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Automobile Components — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;123307 | &nbsp;&nbsp;$4028378 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4028378 |
|  | &nbsp;&nbsp;**Banks — 9.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Banks — 9.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;119996 | &nbsp;&nbsp;&nbsp;&nbsp; 10262174 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV Series N | &nbsp;&nbsp;314867 | &nbsp;&nbsp;&nbsp;&nbsp; 8167116 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;582078 | &nbsp;&nbsp;&nbsp;&nbsp; 9039834 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27469124 |
|  | &nbsp;&nbsp;**Capital Goods — 19.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp; 15766 | &nbsp;&nbsp;&nbsp;&nbsp; 6446118 |
|  | &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp;&nbsp; 1524039 |
|  | &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp; 12186 | &nbsp;&nbsp;&nbsp;&nbsp; 4105559 |
|  | &nbsp;&nbsp;&nbsp;**Building Products — 1.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp; 47996 | &nbsp;&nbsp;&nbsp;&nbsp; 4787011 |
|  | &nbsp;&nbsp;&nbsp;**Construction & Engineering — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;115321 | &nbsp;&nbsp;&nbsp;&nbsp; 7556372 |
|  | &nbsp;&nbsp;&nbsp;**Electrical Equipment — 6.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ABB Ltd. | &nbsp;&nbsp; 86686 | &nbsp;&nbsp;&nbsp;&nbsp; 6231417 |
|  | &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;229482 | &nbsp;&nbsp;&nbsp;&nbsp; 6210205 |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp; 22660 | &nbsp;&nbsp;&nbsp;&nbsp; 6074855 |
|  | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp;250651 | &nbsp;&nbsp;&nbsp;&nbsp; 7979713 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp; 16964 | &nbsp;&nbsp;&nbsp;&nbsp; 4494674 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55409963 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Professional Services — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 82721 | &nbsp;&nbsp;&nbsp;&nbsp; 4243924 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4243924 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 4.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 3.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Barratt Redrow plc | &nbsp;&nbsp;277635 | &nbsp;&nbsp;&nbsp;&nbsp; 1450865 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;292881 | &nbsp;&nbsp;&nbsp;&nbsp; 8586546 |
|  | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.8%** |  |  |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;Amer Sports, Inc. | &nbsp;&nbsp; 41301 | &nbsp;&nbsp;&nbsp;&nbsp; 1533506 |
|  | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp;&nbsp; 825296 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12396213 |
|  | &nbsp;&nbsp;**Consumer Services — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Compass Group plc | &nbsp;&nbsp; 99204 | &nbsp;&nbsp;&nbsp;&nbsp; 3117882 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. ADR | &nbsp;&nbsp;228535 | &nbsp;&nbsp;&nbsp;&nbsp; 5900774 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9018656 |
|  | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 99388 | &nbsp;&nbsp;&nbsp;&nbsp; 5441904 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5441904 |
|  | &nbsp;&nbsp;**Energy — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Shell plc | &nbsp;&nbsp;108992 | &nbsp;&nbsp;&nbsp;&nbsp; 4029995 |
|  | &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;134361 | &nbsp;&nbsp;&nbsp;&nbsp; 8856979 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12886974 |
|  | &nbsp;&nbsp;**Financial Services — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.2%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg International Equity ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;316203 | &nbsp;&nbsp;$3630104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3630104 |
| &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Beverages — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Diageo plc Sponsored ADR | &nbsp;&nbsp; 22647 | &nbsp;&nbsp;&nbsp;&nbsp; 2074692 |
| &nbsp;&nbsp;&nbsp;**Food Products — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp; 36013 | &nbsp;&nbsp;&nbsp;&nbsp; 3218208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5292900 |
| &nbsp;&nbsp;**Health Care Equipment & Services — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp; 94457 | &nbsp;&nbsp;&nbsp;&nbsp; 7512328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7512328 |
| &nbsp;&nbsp;**Household & Personal Products — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Personal Care Products — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp; 15441 | &nbsp;&nbsp;&nbsp;&nbsp; 6730775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6730775 |
| &nbsp;&nbsp;**Insurance — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Insurance — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;156785 | &nbsp;&nbsp;&nbsp;&nbsp; 6219288 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;135695 | &nbsp;&nbsp;&nbsp;&nbsp; 9839407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16058695 |
| &nbsp;&nbsp;**Materials — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp; 22095 | &nbsp;&nbsp;&nbsp;&nbsp; 4234067 |
| &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp; 13300 | &nbsp;&nbsp;&nbsp;&nbsp; 5457256 |
| &nbsp;&nbsp;&nbsp;**Metals & Mining — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp; 53914 | &nbsp;&nbsp;&nbsp;&nbsp; 2317224 |
| &nbsp;&nbsp;&nbsp;Glencore plc | &nbsp;&nbsp;939808 | &nbsp;&nbsp;&nbsp;&nbsp; 4492846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16501393 |
| &nbsp;&nbsp;**Media & Entertainment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Entertainment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 15348 | &nbsp;&nbsp;&nbsp;&nbsp; 1502453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1502453 |
| &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc Sponsored ADR | &nbsp;&nbsp;119937 | &nbsp;&nbsp;&nbsp;&nbsp; 11120559 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 23202 | &nbsp;&nbsp;&nbsp;&nbsp; 8882614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20003173 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 92212 | &nbsp;&nbsp;&nbsp;&nbsp; 4230852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4230852 |
| &nbsp;&nbsp;**Software & Services — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Software — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp; 7852 | &nbsp;&nbsp;&nbsp;&nbsp; 1900442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1900442 |
| &nbsp;&nbsp;**Technology Hardware & Equipment — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 14731 | &nbsp;&nbsp;&nbsp;&nbsp; 5016375 |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;214232 | &nbsp;&nbsp;&nbsp;&nbsp; 4612749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9629124 |
| &nbsp;&nbsp;**Telecommunication Services — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Internet Initiative Japan, Inc. | &nbsp;&nbsp;200313 | &nbsp;&nbsp;&nbsp;&nbsp; 3687916 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg International Equity ETF** | *November 30, 2025 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;683855 | &nbsp;&nbsp;$11261869 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14949785 |
|  | &nbsp;&nbsp;**Transportation — 4.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Deutsche Post AG ADR | &nbsp;&nbsp; 85787 | &nbsp;&nbsp;&nbsp;&nbsp; 4470361 |
|  | &nbsp;&nbsp;&nbsp;**Ground Transportation — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;104465 | &nbsp;&nbsp;&nbsp;&nbsp; 7581025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12051386 |
|  | &nbsp;&nbsp;**Utilities — 11.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 7.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;182628 | &nbsp;&nbsp;&nbsp;&nbsp; 6625526 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;782602 | &nbsp;&nbsp;&nbsp;&nbsp; 8090684 |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;386454 | &nbsp;&nbsp;&nbsp;&nbsp; 8155962 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 3.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;518656 | &nbsp;&nbsp;&nbsp;&nbsp; 9239572 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32111744 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $256,947,052) |  | &nbsp;&nbsp;&nbsp;&nbsp;283000290 |
|  | **Short-Term Investments — 2.9%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;846570 | &nbsp;&nbsp;&nbsp;&nbsp; 8465697 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $8,465,697) |  | &nbsp;&nbsp;&nbsp;&nbsp; 8465697 |
|  | **Total Investments — 100.3% (Cost $265,412,749)** |  | &nbsp;&nbsp;$291465987 |
|  | **Liabilities Net of Other Assets — (0.3)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967782) |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$290498205 |

---

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Non-income producing. |
| b | Investment in Affiliates. |

---

#### Portfolio Abbreviations<br> To simplify the listings of securities, abbreviations are used per the table below:
ADR American Depositary Receipt

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg International Equity ETF** | *November 30, 2025 (Unaudited)* |

---

------

#### NOTE 1 – ORGANIZATION
Thornburg International Equity ETF (the "Fund") is a series of Thornburg ETF Trust (the "Trust"). The Trust was organized as a Massachusetts Business Trust on September 9, 2024 and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. The Fund is non-diversified within the meaning of the 1940 Act. The shares of the Fund are bought and sold through exchange trading at market prices (not net asset value ("NAV")), and are not individually redeemable with the Fund. Shares may trade at a premium or discount to their NAV in the secondary market. The Fund is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it.

#### NOTE 2 – SECURITY VALUATION
Valuation of the Fund's portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust's investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund's "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the "Valuation Policy and Procedures").

In its capacity as the Fund's valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the "Committee"), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund's investments. The Committee provides reports on its activities to the Trustees' Audit Committee, which is responsible for overseeing the Committee's and the Advisor's work in discharging the functions under the Valuation Policy and Procedures.

In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund's financial statements. The Committee's calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.

<u>Valuation of Securities:</u> Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment's value in accordance with the first sentence of this paragraph will be the close of that investment's primary exchange preceding the Fund's valuation time.

In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment's primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment.

Investments in U.S. exchange-traded funds are valued at the exchange-traded price if they are listed.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg International Equity ETF** | *November 30, 2025 (Unaudited)* |

---

------

Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.

If the market quotation for an investment is expressed in a foreign currency, that market quotation will be converted to U.S. dollars using a foreign exchange quotation from a third-party service at the time of valuation. Foreign investments held by the Fund may be traded on days and at times when the Fund is not open for business. Consequently, the value of Fund's investments may be significantly affected on days when shareholders cannot purchase or sell Fund's shares.

#### NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund's holding represented 5% or more of the company's voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Value<br> 8/31/25** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 11/30/25** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $8584100 | &nbsp;&nbsp;$21332117 | &nbsp;&nbsp;$(21450520) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8465697 | &nbsp;&nbsp;$88822 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-24005

- **c. CIK number of Registrant:** 0002038383

- **d. LEI of Registrant:** 254900IY5G5O8L5LH268

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

  - **Street Address 1:** 2300 NORTH RIDGETOP ROAD

  - **City:** SANTA FE

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506

  - **Telephone number:** 505-984-0200

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

- **a. Name of Series:** Thornburg International Equity ETF

- **b. EDGAR series identifier (if any):** S000089221

- **c. LEI of Series:** 254900L4IZ4WRQ8DOL80

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $291891221.97

**Total Liabilities:** $1394279.01

**Net Assets:** $290496942.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255736 | 1.10%                | 0.07%                | 1.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-749608.60              | $2502453.27                                |
| Month 2  | $18538.30                | $-192658.34                                |
| Month 3  | $508487.67               | $4909655.09                                |

### Schedule of Portfolio Investments

| Name                                         | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Barratt Redrow PLC                           | Barratt Redrow PLC                           | CUSIP: 000000000<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |    277635 | NS      | $1450864.95   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc                 | Alimentation Couche-Tard Inc                 | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     99388 | NS      | $5441903.83   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca PLC                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    119937 | NS      | $11120558.64  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City Ltd             | Canadian Pacific Kansas City Ltd             | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    104465 | NS      | $7581025.05   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                             | Deutsche Post AG                             | CUSIP: 25157Y202<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |     85787 | NS      | $4470360.57   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                   | Diageo PLC                                   | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     22647 | NS      | $2074691.67   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                         | Freeport-McMoRan Inc                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     53914 | NS      | $2317223.72   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd               | Galaxy Entertainment Group Ltd               | CUSIP: 36318L203<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |    228535 | NS      | $5900773.70   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Generali                                     | Generali                                     | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |    156785 | NS      | $6219287.54   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                   | L'Oreal SA                                   | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     15441 | NS      | $6730775.02   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE          | LVMH Moet Hennessy Louis Vuitton SE          | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      1119 | NS      | $825295.94    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                        | Schneider Electric SE                        | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     22660 | NS      | $6074855.51   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                       | SAP SE                                       | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      7852 | NS      | $1900441.71   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                      | E.ON SE                                      | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    518656 | NS      | $9239571.99   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                    | Orange SA                                    | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    683855 | NS      | $11261869.47  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                                    | Endesa SA                                    | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |    182628 | NS      | $6625526.63   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                               | Rheinmetall AG                               | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |       887 | NS      | $1524039.06   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                   | Siemens AG                                   | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     16964 | NS      | $4494674.47   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Eventim AG & Co KGaA                     | CTS Eventim AG & Co KGaA                     | CUSIP: 000000000<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |     15348 | NS      | $1502453.17   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc           | Mitsubishi UFJ Financial Group Inc           | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    582078 | NS      | $9039833.60   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FUJIFILM Holdings Corp                       | FUJIFILM Holdings Corp                       | CUSIP: 000000000<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |    214232 | NS      | $4612749.25   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd                                  | Hitachi Ltd                                  | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |    250651 | NS      | $7979712.71   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                                 | Keyence Corp                                 | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     14731 | NS      | $5016375.14   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Electric Corp                     | Mitsubishi Electric Corp                     | CUSIP: 000000000<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |    229482 | NS      | $6210204.97   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc                     | Japan Exchange Group Inc                     | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |    316203 | NS      | $3630103.65   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                              | Sony Group Corp                              | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    292881 | NS      | $8586546.46   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd    | Taiwan Semiconductor Manufacturing Co Ltd    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     92212 | NS      | $4230851.68   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                                      | ABB Ltd                                      | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     86686 | NS      | $6231416.55   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                             | Roche Holding AG                             | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     23202 | NS      | $8882613.86   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                     | Enel SpA                                     | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |    782602 | NS      | $8090683.82   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                               | BNP Paribas SA                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    119996 | NS      | $10262174.45  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA                       | Cie de Saint-Gobain SA                       | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     47996 | NS      | $4787011.40   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Thornburg Capital Management Fund            | Thornburg Capital Management Fund            | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |    843922 | NS      | $8439216.24   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                     | Alcon AG                                     | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     94457 | NS      | $7512328.31   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrovial SE                                 | Ferrovial SE                                 | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |    115321 | NS      | $7556372.19   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                    | Safran SA                                    | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     12186 | NS      | $4105558.81   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Internet Initiative Japan Inc                | Internet Initiative Japan Inc                | CUSIP: 000000000<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |    200313 | NS      | $3687915.73   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MTU Aero Engines AG                          | MTU Aero Engines AG                          | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |     15766 | NS      | $6446117.73   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                             | TotalEnergies SE                             | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    134361 | NS      | $8856979.32   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                    | Danone SA                                    | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     36013 | NS      | $3218207.88   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                               | Air Liquide SA                               | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     22095 | NS      | $4234067.27   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                 | Iberdrola SA                                 | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    386454 | NS      | $8155961.74   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                 | Glencore PLC                                 | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    939808 | NS      | $4492846.01   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC                            | Compass Group PLC                            | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     99204 | NS      | $3117882.44   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NN Group NV                                  | NN Group NV                                  | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |    135695 | NS      | $9839407.19   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                    | Shell PLC                                    | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    108992 | NS      | $4029994.57   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA | Cie Generale des Etablissements Michelin SCA | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |    123307 | NS      | $4028377.84   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd                      | Recruit Holdings Co Ltd                      | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     82721 | NS      | $4243923.91   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                 | ING Groep NV                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    314867 | NS      | $8167116.32   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                              | Amer Sports Inc                              | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |     41301 | NS      | $1533506.13   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                    | Linde PLC                                    | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     13300 | NS      | $5457256.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-16

**Name of Applicant:** Thornburg ETF Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin