ETF Evaluator:
Thornburg Focus Growth ETF ()
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(as of Aug 25)
Best Performing in Mid-Cap Growth Over the Last Year
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ETF Details
Thornburg Focus Growth ETF Overview
Thornburg Focus Growth ETF (TFGZ) is an actively managed U.S. Equity Mid-Cap Growth exchange-traded fund (ETF). Thornburg launched the ETF in 2026.
The investment seeks long-term growth of capital by investing in equity securities selected for their growth potential.
Under normal conditions, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies.
About Thornburg Focus Growth ETF (TFGZ)
There are 2 members of the management team with an average tenure of 0.52 years: Nicholas Anderson (2026) and Julian Serafini (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Russell 1000 Growth TR USD index with a weighting of 100%. Thornburg Focus Growth ETF has 44 securities in its portfolio. The top 10 holdings constitute 48.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Thornburg Focus Growth ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Thornburg Focus Growth ETF has 2.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.5% There is 2.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Thornburg Focus Growth ETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $1 billion average for the Mid-Cap Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TFGZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Thornburg Focus Growth ETF expense ratio is above average compared to funds in the Mid-Cap Growth category. Thornburg Focus Growth ETF has an expense ratio of 0.79%, which is 50% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Thornburg Focus Growth ETF has a portfolio turnover rate of 34%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 166% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Thornburg Focus Growth ETF returned -3.2%, which earned it a grade of B, as the Mid-Cap Growth category had an average return of -6.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Thornburg Focus Growth ETF has a trailing yield of 0.00%, which is below the 0.41% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Thornburg Focus Growth ETF Grades
Year to date, the ETF has returned 9.1%, 0.4 percentage points worse than the category, which translates into a grade of B. The fund has returned 15.9% over the past year (grade of B), 10.8% over the past three years (grade of F) and -0.2% per year over the past five years (grade of D) and 8.5% per year over the past 10 years (grade of F).
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TFGZ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TFGZ Return (NAV) | -3.2% | 3.7% | 15.9% | 10.8% | -0.2% | 8.5% |
| TFGZ Return (Price) | -0.4% | 4.9% | na | na | na | na |
| NAV +/- Price Return | -2.849% | -1.265% | na | na | na | na |
| Mid-Cap Growth Avg | -6.0% | 2.2% | 13.8% | 14.5% | 4.1% | 11.9% |
| TFGZ Grade (NAV) | B | B | B | F | D | F |
| +/- Category (NAV) | 2.8% | 1.5% | 2.1% | -3.7% | -4.3% | -3.4% |
| TFGZ Tax-Cost Ratio | na | na | na | na | na | na |
TFGZ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TFGZ Return (NAV) | 9.1% | 4.3% | 19.7% | 19.6% | -34.2% | -4.3% | 41.6% | 28.9% | -2.6% | 23.9% | -2.3% |
| TFGZ Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Mid-Cap Growth Avg | 9.5% | 11.5% | 20.5% | 23.6% | -30.6% | 9.4% | 50.3% | 29.2% | -8.2% | 29.5% | 7.9% |
| TFGZ Grade (NAV) | B | D | B | C | D | F | C | C | A | C | F |
| +/- Category | -0.4% | -7.2% | -0.9% | -4.1% | -3.6% | -13.7% | -8.6% | -0.3% | 5.7% | -5.6% | -10.2% |
| Risk Measures | |
| Beta: | 1.36 |
| R-Squared: | 82% |
| Standard Deviation: | 19.6% |
| Category Risk Index: | 0.93 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.60 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 227 Mil |
| Share Class Assets: | $ 7 Mil |
| Turnover: | 34.1% |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | Russell 1000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Anderson Nicholas (2026), Serafini Julian (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 48.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.4% |
Portfolio Allocation |
|
| Domestic Stock: | 96.5% |
| Foreign Stock: | 2.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Inception Date: | March 31, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.53% |
