Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Thornburg Core Plus Bond ETF
$24.10−0.03 (−0.12%)
- 0.45%
- $19M
- −1.7%
- 5.04%
- 0M sh
- $24.03
- low $23.85high $26.00
The ETF.net TPLS Grade
C
Score 52 out of 100
- 78 of 117
Score 52 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D26 out of 100Rank 83 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A95 out of 100Rank 67 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B63 out of 100Rank 26 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D25 out of 100Rank 100 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B56 out of 100Rank 60 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D31 out of 100Rank 97 of 117
Our read on TPLS
CThornburg's 2025 debut in the crowded aggregate-bond aisle, and it refuses to stay in the aisle: an active core-plus mandate that can wander into emerging market bonds, bank loans and structured debt, paying monthly.
The fund invests in a diversified portfolio of fixed-income instruments, including emerging market bonds, bank loans, and loan participants.
Why people hold it
- Core plus, and the plus is real: the mandate reaches past Treasuries and corporates into emerging market bonds, bank loans and loan participations.
- Pays income at least monthly, so coupons arrive on a steady rhythm rather than a quarterly lump.
- What it holds lines up closely with the wide-ranging mandate it advertises. No index-hugger wearing an active label.
- Plain 1940 Act fund structure: ordinary ETF plumbing, 1099 at tax time, no partnership paperwork.
Worth knowing
- The 0.45% fee is active-manager pricing in a category where index anchors like BND and SPAB charge 0.03%. The roaming mandate has to earn that gap.
- Small and thinly traded, which tends to mean wider bid-ask spreads than the giants of the aggregate-bond group.
- Launched in 2025, so the record is short. Thornburg also discloses that distributions can include return of capital, meaning part of a payout may be your own money back.
TPLS Holdings
- Bonds
- 366
- 26%
- United States Treasury Strip Coupon
TPLS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
TPLS$9,829
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TPLS |
|---|---|
| Year to date | −2.2% |
| 1 month | −1.3% |
| 3 months | −2.4% |
| 1 year | −1.7% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TPLS |
|---|---|---|
| 2026 YTD | −2.2% | |
| 2025 | +5.6% |
TPLS in the news
TPLS Dividends
- 5.04%
- $1.21
- $0.09 per share
- Monthly
Distribution history
TPLS Risk
- 4.1%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.76
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −4.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.07
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TPLS Cost
0.45%
TPLS0.45%
- The middle half of US Aggregate Bond funds
- Median 0.34%
79 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- CWABFWestern Asset Bond ETFExpense ratio 0.35%1 year return −2.2%
- CFTCBFirst Trust Core Investment Grade ETFExpense ratio 0.56%1 year return −2.6%
- CCRUXColumbia Core Bond ETFExpense ratio 0.32%1 year return —
- COACPOneAscent Core Plus Bond ETFExpense ratio 0.74%1 year return −2.0%
- CVBNDVident U.S. Bond Strategy ETFExpense ratio 0.41%1 year return −2.0%