ETF Evaluator:
Thornburg International Growth ETF ()
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(as of Aug 26)
Best Performing in Foreign Large Growth Over the Last Year
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ETF Details
Thornburg International Growth ETF Overview
Thornburg International Growth ETF (TXUG) is an actively managed International Equity Foreign Large Growth exchange-traded fund (ETF). Thornburg launched the ETF in 2025.
The investment seeks long-term capital growth.
The fund adviser expects to invest primarily in equity securities or depositary receipts of non-U.S. developed market issuers selected for their growth potential. Thornburg, the fund’s investment adviser, intends to invest in companies that the advisor believes have growth characteristics, such as growing revenues and earnings or the prospect for such growth in revenues or earnings. The fund can invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies. It is non-diversified.
About Thornburg International Growth ETF (TXUG)
There are 2 members of the management team with an average tenure of 1.52 years: Sean Koung Sun (2025) and Nicholas Anderson (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Thornburg International Growth ETF has 46 securities in its portfolio. The top 10 holdings constitute 42.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Thornburg International Growth ETF is part of the Equity global asset class and is within the International Equity ETF group. Thornburg International Growth ETF has 77.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 19.8% There is 77.7% 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 International Growth ETF has 2.6% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $1 billion average for the Foreign Large 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.
TXUG 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 International Growth ETF expense ratio is above average compared to funds in the Foreign Large Growth category. Thornburg International Growth ETF has an expense ratio of 0.70%, which is 20% 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 International Growth ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 58% for the Foreign Large Growth category.
Recently, in the month of July 2026, Thornburg International Growth ETF returned -2.1%, which earned it a grade of C, as the Foreign Large Growth category had an average return of -2.8%. 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 International Growth ETF has a trailing yield of 0.46%, which is below the 1.31% category average.
The fund normally distributes its income monthly 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 International Growth ETF Grades
Year to date, the ETF has returned 10.1%, 1.8 percentage points better than the category, which translates into a grade of B. The fund has returned 7.1% over the past year (grade of D).
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TXUG 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 |
|
| TXUG Return (NAV) | -2.1% | 3.8% | 7.1% | na | na | na |
| TXUG Return (Price) | 0.0% | 1.1% | 5.0% | na | na | na |
| NAV +/- Price Return | -2.094% | 2.669% | 2.102% | na | na | na |
| Foreign Large Growth Avg | -2.8% | 3.0% | 16.7% | 12.4% | 3.9% | 8.5% |
| TXUG Grade (NAV) | C | C | D | na | na | na |
| +/- Category (NAV) | 0.8% | 0.8% | -9.6% | na | na | na |
| TXUG Tax-Cost Ratio | na | na | 0.1% | na | na | na |
TXUG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TXUG Return (NAV) | 10.1% | na | na | na | na | na | na | na | na | na | na |
| TXUG Return (Price) | 7.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.268% | na | na | na | na | na | na | na | na | na | na |
| Foreign Large Growth Avg | 8.3% | 21.7% | 5.0% | 15.2% | -23.7% | 7.9% | 30.4% | 31.3% | -15.6% | 31.7% | -1.2% |
| TXUG Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 1.8% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 4 Mil |
| Share Class Assets: | $ 4 Mil |
| Turnover: | na |
| Expense Ratio: | 0.70% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Sun Sean Koung (2025), Anderson Nicholas (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 42.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 77.7% |
Portfolio Allocation |
|
| Domestic Stock: | 19.8% |
| Foreign Stock: | 77.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Thornburg |
| Phone Number: | 877-215-1330 |
| Website: | |
| Inception Date: | January 22, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.70% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.59% |
