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Thrivent
ETF Trust
Prospectus
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Thrivent
International Large Cap ETF (The Nasdaq Stock Market
LLC:TILC) |
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Thrivent
International Small Cap ETF (The Nasdaq Stock Market
LLC:TISC) |
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Securities and Exchange Commission (“SEC”) has not approved or disapproved these
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offense.
Table
of Contents
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Summary
Section |
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6 | |
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23 | |
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25 |
1
Thrivent
International Large Cap ETF
TILC
|
Management
Fees |
|
|
Other
Expenses1
|
|
|
Total
Annual Fund Operating Expenses |
|
1
'Other Expenses'
is an estimate based on the expenses the Fund expects to incur for its first
full fiscal year.
|
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
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,
Thrivent Bank, 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.
2
3
|
|
|
|
|
|
|
|
|
|
|
|
Since
Inception |
|
|
1
Year |
5
Years |
|
|
Fund
(before taxes) |
|
|
|
|
Fund
(after taxes on
distributions) |
|
|
|
|
Fund
(after taxes on
distributions
and
redemptions) |
|
|
|
|
MSCI
All Country World Index
ex-USA
- USD Net Returns
(reflects
no deduction for
fees,
expenses or taxes) |
|
|
|
|
MSCI
EAFE Index - USD Net
Returns
(reflects
no deduction for
fees,
expenses or taxes) |
|
|
|
4
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:
|
Name
and Title |
Portfolio
Manager
of
the Fund Since |
|
Jing
Wang, CFA
Senior
Portfolio Manager |
February
2024 |
|
Noah
J. Monsen, CFA
Senior
Portfolio Manager |
November
2017 |
|
Shu
Guo
Senior
Portfolio Manager |
February
2024 |
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.
5
Thrivent
International Small Cap ETF
TISC
|
Management
Fees |
|
|
Other
Expenses1
|
|
|
Total
Annual Fund Operating Expenses |
|
1
'Other Expenses'
is an estimate based on the expenses the Fund expects to incur for its first
full fiscal year.
|
1
Year |
3
Years |
|
$ |
$ |
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,
Thrivent Bank, 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.
6
7
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:
|
Name
and Title |
Portfolio
Manager
of
the Fund Since |
|
Jing
Wang, CFA
Senior
Portfolio Manager |
Since
inception |
|
Noah
J. Monsen, CFA
Senior
Portfolio Manager |
Since
inception |
|
Shu
Guo
Senior
Portfolio Manager |
Since
inception |
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
8
More
About Investment Strategies and Risks
Each Fund’s
investment objective and principal strategies are described in the “Summary
Section” above. The principal strategies are the strategies that the Adviser
believes are most likely to be important in trying to achieve a Fund’s
investment objectives. Please note that each Fund may also use strategies and
invest in securities that are not described in this prospectus, but that are
described in the Statement of Additional Information (the “SAI”).
This section
provides additional information about some of the securities and other practices
in which the Funds may engage, along with their associated
risks.
Information About
Certain Non-Principal Investment Strategies
Emerging
Markets Securities. A security is
considered to be an “emerging market” security if the Adviser has determined
that the issuer of the security meets one or more of the following
criteria:
•
is organized under
the laws of, or has its principal office in, an emerging market
country;
•
has its principal
securities trading market in an emerging market country; and/or
•
derives a majority
of its annual revenue or earnings or assets from goods produced, sales made or
services performed in an emerging market country.
The Adviser
determines which countries are considered “emerging markets” based on MSCI’s
Market Classification Framework, which evaluates markets based on economic
development, size and liquidity, and market accessibility.
Exchange
Traded Funds. An ETF is an
investment company that trades on a securities exchange and holds a portfolio of
investments. An ETF that is designed to track an index or benchmark may fail to
do so accurately and may trade at a discount to its net asset value. Other ETFs
are actively managed and instead of tracking a particular index or benchmark
they seek to outperform it.
Generally,
investments in other investment companies (including ETFs) are subject to
statutory limitations prescribed by the Investment Company Act of 1940, as
amended (the “1940 Act”), and the rules thereunder. These limitations include a
prohibition on a Fund acquiring more than 3% of the voting shares of any other
investment company, and a prohibition on investing more than 5% of a Fund’s
total assets in the securities of any one investment company or more than 10% of
its total assets, in the aggregate, in investment company securities. Rule
12d1-4 under the 1940 Act permits a Fund to invest in other investment companies
beyond the statutory limits, subject to certain conditions.
Foreign
Currency Transactions. The Funds may
conduct foreign currency exchange transactions, normally either on a spot
(i.e., cash) basis at
the spot rate prevailing in the foreign currency exchange market, or through
entering into forward contracts to purchase or sell foreign currencies. The
value of a Fund’s assets as measured in U.S. dollars may be affected favorably
or unfavorably by changes in currency exchange rates
and exchange
control legislation. The Funds will generally not enter into a forward contract
with a term greater than one year.
Under unusual
circumstances, certain Funds may commit substantial assets to the consummation
of these contracts. Although forward contracts may be used to protect a Fund
from adverse currency movements, they also involve the risk that anticipated
currency movements will not be accurately predicted, and a Fund’s total returns
could be adversely affected as a result.
There are some
markets where it is not possible to engage in effective foreign currency
hedging. This is generally true, for example, for the currencies of various
emerging markets where the foreign exchange markets are not sufficiently
developed to permit hedging activity to take place.
Foreign
Securities. Foreign
securities are generally more volatile than their domestic counterparts, in part
because of the potential for higher political and economic risks, lack of
reliable information and fluctuations in currency exchange rates where
investments are denominated in currencies other than the U.S. dollar. These
risks are usually higher in less developed countries. Each Fund may use foreign
currencies and related instruments, including foreign currency exchange
transactions, to hedge its foreign investments.
In addition,
foreign securities may be more difficult to resell and less liquid than
comparable U.S. securities because the markets for foreign securities are less
efficient. Even where a foreign security increases in price in its local
currency, the appreciation may be diluted by the negative effect of exchange
rates when the security’s value is converted to U.S. dollars. Foreign
withholding taxes also may apply and errors and delays may occur in the
settlement process for foreign securities.
Differences
Between Investing in an ETF and a Mutual Fund
Shareholders of
the Funds should be aware of certain differences between investing in an ETF,
like the Funds, and a mutual fund.
Redeemability. Mutual fund
shares may be bought from, and redeemed with, the issuing fund for cash at NAV
typically calculated once at the end of each business day. Shares of the Funds,
by contrast, cannot be purchased from or redeemed with the Funds except by or
through Authorized Participants and then typically for an in-kind basket of
securities. In contrast, investors who are not Authorized Participants purchase
and sell shares generally for cash on a secondary market at the prevailing
market price. In addition, the Funds issue and redeem shares on a continuous
basis only in large blocks of shares, typically 10,000 shares, called Creation
Units.
Exchange
Listings. Unlike mutual
funds, the Funds’ shares are listed on an exchange and traded in the secondary
market in the same manner as other equity securities and ETFs. Investors can
purchase and sell individual shares of the Funds only on the secondary market
through a broker-dealer. The Funds’ shares may be less actively traded in
certain markets than others, and investors are subject to the execution and
settlement risks and market standards of the market where they or their
broker-dealers
10
direct their
trades for execution. Certain information available to investors who trade Fund
shares on a U.S. stock exchange during regular U.S. market hours may not be
available to investors who trade in other markets, which may result in secondary
market prices in such markets being less efficient. Secondary market
transactions do not occur at NAV, but at market prices that change throughout
the day, based on the supply of, and demand for, shares of the
Funds.
In-Kind
Redemptions. Unlike shares of
many mutual funds that are only bought and sold at closing NAVs, the shares of a
Fund are created and redeemed principally in kind in Creation Units at each
day’s market close at the Fund’s NAV and tradable in a secondary market on an
intraday basis at prevailing market prices. These in-kind arrangements will
potentially mitigate adverse effects on a Fund’s portfolio that could arise from
frequent cash purchase and redemption transactions that continuously affect the
NAV of the Fund. These transactions may reduce transaction costs borne by a
Fund. Moreover, relative to mutual funds, where frequent redemptions can have an
adverse tax impact on taxable shareholders because of the need to sell portfolio
securities that, in turn, may generate taxable gain, a Fund’s in-kind redemption
mechanism is expected to reduce the need to sell portfolio securities to meet
redemption requests, and therefore may lessen the taxable gain generated by such
sales of portfolio securities. A Fund may nevertheless be required to sell
certain securities from its portfolio prior to effecting an in-kind redemption
to ensure it distributes the proper securities to Authorized Participants. Any
such sales may generate taxable gain or loss. A Fund cannot predict to what
extent, if any, it will redeem its shares in kind rather than in cash; nor can a
Fund predict the extent to which any such in kind redemption will reduce the
taxable gain recognized in connection therewith. A Fund may still realize gains
related to either cash redemptions or rebalancing transactions which may need to
be distributed.
Glossary of
Principal Risks
The main risks
associated with investing in each Fund are summarized in each Fund’s respective
“Summary Section” above. More detailed descriptions of the risks are provided
below in alphabetical order for ease of reference. Additional risks are
described in the SAI.
ETF
Structure Risks. The Funds are
structured as ETFs and are subject to risks related to exchange trading,
including:
•
Authorized
Participant Concentration Risk. Prior to trading
in the secondary market, shares of the Funds are “created” at their NAV pursuant
to an agreement between Authorized Participants and the Distributor (as defined
below). A creation transaction, which is subject to acceptance by the
Distributor and a Fund, generally takes place when an Authorized Participant
deposits into the Fund a designated portfolio of securities, assets or other
positions (a “creation basket”), and an amount of cash (including any cash
representing the value of any substituted securities, assets or other
positions), if any, that together approximate the holdings of the Fund in
exchange for Creation Units. Similarly, shares can be redeemed only in Creation
Units, generally for a designated portfolio of securities, assets or other
positions (a “redemption basket”) held by a Fund and an amount of cash
(including any portion of such securities for which cash may be substituted).
Only an Authorized Participant may engage in creation or redemption transactions
directly with the Funds.
Each Fund has a
limited number of institutions that may act as Authorized Participants, none of
which are or will be obligated to engage in creation or redemption transactions.
To the extent that these institutions exit the business or are unable or
unwilling to proceed with creation and/or redemption orders with respect to a
Fund and no other Authorized Participant is able or willing to step forward to
create or redeem Creation Units, the Fund’s shares may trade at a greater
premium or discount between the market price and the NAV of the Fund’s shares
and/or wider bid/ask spreads than those experienced by other ETFs. Additionally,
a Fund could possibly 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.
•
Market
Trading Risks.
Absence
of Active Market. Although shares
of the Funds are listed for trading on the Exchange, there can be no assurance
that an active trading market for such shares or a Fund’s underlying portfolio
securities will develop or be maintained by market makers or Authorized
Participants.
Secondary
Market Trading Risk. Shares of the
Funds may trade in the secondary market at times when the Funds do not accept
orders to purchase or redeem shares. At such times, shares may trade in the
secondary market with more significant premiums or discounts than might be
experienced at times when the Funds accept purchase and redemption orders.
Secondary market trading in Fund shares may be halted by the Exchange because of
market conditions or for other reasons.
Shares of the
Funds, similar to shares of other issuers listed on a stock exchange, may be
sold short and are therefore subject to the risk of increased volatility and
price decreases associated with being sold short. Fund shares may be loaned,
borrowed, pledged or purchased on margin, and certain ETFs have options
associated with them. The use of Fund shares in these ways may result in
increased volatility and larger premiums and discounts on Fund shares. In
addition, trading activity in derivative products based on a Fund may lead to
increased trading volume and volatility in the secondary market for the shares
of the Fund.
Shares
of the Fund May Trade at Prices Other Than NAV. Shares of the
Funds trade on the Exchange at prices at, above or below the Funds’ most recent
NAVs. The NAV of each Fund is calculated at the end of each business day and
fluctuates with changes in the market value of the Fund’s holdings. The trading
price of a Fund’s shares fluctuates continuously throughout trading hours based
on both market supply of and demand for Fund shares and the underlying value of
a Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s
shares may deviate significantly from NAV during periods of market volatility,
including during periods of significant redemption requests or other unusual
market conditions. Any
of these factors, among others, may lead to the Funds’ shares trading at a
premium or discount to NAV. However, because
shares can be created and redeemed in Creation Units at NAV, the Adviser
believes that large discounts or premiums to the NAV of a Fund are not likely to
be sustained over the long term (unlike shares of many closed-end funds, which
frequently trade at appreciable discounts from, and sometimes at premiums to,
11
their NAVs). While
the creation/redemption feature is designed to make it more likely that a Fund’s
shares normally will trade on the Exchange at prices close to the Fund’s next
calculated NAV, exchange prices are not expected to correlate exactly with a
Fund’s NAV due to timing reasons, supply and demand imbalances and other
factors. In addition, disruptions to creations and redemptions, including
disruptions at market makers, Authorized Participants, or other market
participants, and during periods of significant market volatility, may result in
trading prices for shares of a Fund that differ significantly from its NAV.
Authorized Participants may be less willing to create or redeem Fund shares if
there is a lack of an active market for such shares or its underlying
investments, which may contribute to a Fund’s shares trading at a premium or
discount to NAV.
Costs
of Buying or Selling Fund Shares. Buying or selling
Fund shares on the Exchange involves two types of costs that apply to all
securities transactions. When buying or selling shares of a Fund through a
broker, you will likely incur a brokerage commission and other charges. In
addition, you may incur the cost of the “bid-ask spread”; that is, the
difference between what investors are willing to pay for Fund shares (the “bid”
price) and the price at which they are willing to sell Fund shares (the “ask”
price).
The bid-ask
spread, which varies over time for shares of a Fund based on trading volume and
market liquidity, is generally narrower if the Fund has more trading volume and
market liquidity and wider if the Fund has less trading volume and market
liquidity. In addition, increased market volatility may cause wider bid-ask
spreads. There may also be regulatory and other charges that are incurred as a
result of trading activity. Because of the costs inherent in buying or selling
Fund shares, frequent trading may detract significantly from investment results
and an investment in Fund shares may not be advisable for investors who
anticipate regularly making small investments through a brokerage account.
•
Fund
Shares Liquidity Risk. Although each
Fund’s shares are listed on the Exchange, there can be no assurance that an
active, liquid or otherwise orderly trading market for shares will be
established or maintained by market makers or Authorized Participants,
particularly in times of stressed market conditions. There is no guarantee that
a Fund will be able to attract market makers and Authorized Participants. There
is no obligation for market makers to make a market in a Fund’s shares or for
Authorized Participants to submit purchase or redemption orders for Creation
Units. Accordingly, if such parties do not perform their functions, such as
during times of market stress, this could, in turn, lead to variances between
the market price of a Fund’s shares and the underlying value of those shares and
bid/ask spreads could widen. Trading in a Fund’s shares on the Exchange also may
be disrupted or even halted due to market conditions or for reasons that, in the
view of the Exchange, make trading in a Fund’s shares inadvisable. In addition,
trading in a Fund’s shares on the Exchange may be subject to trading halts
caused by extraordinary market volatility pursuant to the Exchange “circuit
breaker” rules. There also can be no assurance that the requirements of the
Exchange necessary to maintain the listing of a Fund’s shares will continue to
be met or will remain unchanged.
•
Redemption
Risk.
Authorized Participants may from time to time own a substantial amount of Fund
shares. These Authorized Participants may also pledge or loan Fund shares (to
secure financing or otherwise), which may result in the shares becoming
concentrated in another party. There can be no assurance that any large
Authorized Participant or large group of Authorized Participants would not
redeem their investment or that the size of a Fund would be maintained.
Redemptions of a large number of Fund shares by Authorized Participants may
adversely affect a Fund’s liquidity and net assets. To the extent a Fund permits
redemptions in cash, these redemptions may force the Fund to sell portfolio
securities when it might not otherwise do so, which may negatively impact the
Fund’s NAV, have a material effect on the market price of the shares and
increase the Fund’s brokerage costs and/or accelerate the realization of taxable
income and/or gains and cause the Fund to make taxable distributions to its
investors earlier than the Fund otherwise would have. A Fund also may be
required to sell its more liquid Fund investments to meet a large redemption, in
which case the Fund’s remaining assets may be less liquid, more volatile, and
more difficult to price. To the extent these large Authorized Participants
transact in shares on the secondary market, such transactions may account for a
large percentage of the trading volume for the shares of a Fund and may,
therefore, have a material upward or downward effect on the market price of the
shares.
Artificial
Intelligence Risk. The development
and use of artificial intelligence (“AI”) technologies, including generative AI,
are expanding rapidly and may be employed by issuers in which the Funds invest,
as well as by service providers that support the operations of the Funds. AI
technologies rely on complex algorithms and large data sets, which may produce
incomplete, inaccurate, or biased outcomes and lead to errors in decision
making, reputational damage, legal or operational challenges, and investment
losses affecting the Funds. The broader use of AI may also heighten market
risks, including manipulation, fraud, and cyberattacks.
To the extent a
Fund invests in companies that develop, implement, or are otherwise involved in
AI technologies, the Fund may be impacted by risks affecting such companies.
These risks may include small or limited markets for such securities, changes in
business cycles, impediments to technological progress, rapid obsolescence, and
government regulation. Securities of such companies, especially smaller,
start-up companies, tend to be more volatile than securities of larger, more
established companies. Rapid changes to AI technologies could have a material
adverse effect on such company’s operating results. These companies are
generally heavily dependent on intellectual property rights and may be adversely
affected by loss or impairment of those rights. There can be no assurance that
the steps taken by companies to protect their proprietary intellectual property
rights in AI technologies will be sufficient to prevent the misappropriation of
their technology or that competitors will not independently develop similar
technologies. Such companies may engage in significant amounts of spending on
research and development, and there is no guarantee that the products or
services produced by these companies will be successful. AI technology could
face increased regulatory scrutiny in the future, which may limit the
development of AI technologies and impede the growth of companies that develop
or use such technologies.
12
The use of AI
technologies and applicable laws and regulations continues to evolve. It is not
possible to predict the full extent, impact, or risks of such use.
Conflicts
of Interest Risk. An investment in
the Funds is subject to a number of actual or potential conflicts of interest.
The following does not purport to be a comprehensive list or complete
explanation of all potential conflicts of interest which may affect the Funds. A
Fund may encounter circumstances, or enter into transactions, in which conflicts
of interest may arise, which are not listed or discussed below.
The Adviser or its
affiliates may provide services to the Funds for which the Fund would compensate
the Adviser and/or such affiliates. The Funds may invest in investments
affiliated with the Adviser. The Adviser may have an incentive (financial or
otherwise) to enter into transactions or arrangements on behalf of a Fund with
itself or its affiliates in circumstances where it might not have done so
otherwise.
The Adviser or its
affiliates manage other investment funds and/or accounts (including proprietary
accounts) and have other clients with investment objectives and strategies that
are similar to, or overlap with, the investment objective and strategy of a
Fund, creating conflicts of interest in investment and allocation decisions
regarding the allocation of investments that could be appropriate for the Fund
and other clients of the Adviser or their affiliates. The Adviser and its
affiliates have no obligation to make available any information regarding their
proprietary activities or strategies, or the activities or strategies used for
other funds and/or accounts managed by them, for the benefit of the management
of the Fund. No affiliate of the Adviser is under any obligation to share any
investment opportunity, including an investment technique, idea, model or
strategy, with a Fund. The portfolio compositions and performance results of a
Fund therefore will differ from other such funds and/or accounts. These
conflicts of interest are exacerbated to the extent that the Adviser’s other
clients are proprietary or pay them higher fees or performance-based fees.
Further, the activities in which the Adviser and its affiliates are involved on
behalf of other accounts could limit or preclude the flexibility that a Fund
could otherwise have to participate in certain investments.
Cybersecurity
Risk.
The Funds and their service providers may be susceptible to operational,
information security, privacy, fraud, business disruption, and related risks. In
general, cyber incidents can result from deliberate attacks or unintentional
events. Increased geopolitical tensions may increase the risk, scale, and
sophistication of cyber-attacks. Cyber-attacks include, but are not limited to,
gaining unauthorized access to digital systems to misappropriate assets or
sensitive information, corrupt data, or otherwise disrupt operations. Cyber
incidents affecting the Adviser or other service providers (including, but not
limited to fund accountants, custodians, transfer agents, and financial
intermediaries) have the ability to disrupt and impact business operations,
potentially resulting in financial losses, by interfering with a Fund’s ability
to calculate its NAV, corrupting data or preventing parties from sharing
information necessary for a Fund’s operation, preventing or slowing trades,
stopping shareholders from making transactions, potentially subjecting a Fund or
the Adviser to regulatory fines and penalties, and creating additional
compliance costs. Similar types of cybersecurity risks are also present for
issuers or securities in which a Fund may invest, which could result in material
adverse consequences for such issuers and may cause a Fund’s
investments in
such companies to lose value. While a Fund’s service providers have established
business continuity and incident response plans in the event of such cyber
incidents, there are inherent limitations in such plans and systems.
Additionally, a Fund cannot control the cybersecurity plans and systems put in
place by their service providers or any other third parties whose operations may
affect a Fund or its shareholders. Although each Fund attempts to minimize such
failures through controls and oversight, it is not possible to identify all of
the operational risks that may affect a Fund or to develop processes and
controls that completely eliminate or mitigate the occurrence of such failures
or other disruptions in service. The value of an investment in a Fund’s shares
may be adversely affected by the occurrence of the operational errors or
failures or technological issues or other similar events and a Fund and its
shareholders may bear costs tied to these risks.
Derivatives
Risk.
The use of derivatives (such as futures, options, credit default swaps, and
total return swaps) involves additional risks and transaction costs which could
leave a Fund in a worse position than if it had not used these instruments.
Changes in the value of the derivative may not correlate as intended with the
underlying asset, rate or index, and a Fund could lose much more than the
original amount invested. Derivatives can be highly volatile, illiquid and
difficult to value. Derivatives are also subject to the risk that the other
party in the transaction will not fulfill its contractual
obligations.
Some derivatives
may give rise to a form of economic leverage and may expose a Fund to greater
risk and increase its costs. Such leverage may cause a Fund to liquidate
portfolio positions when it may not be advantageous to do so to satisfy its
obligations. Increases and decreases in the value of a Fund’s portfolio will be
magnified when a Fund uses leverage. Futures contracts, options on futures
contracts, forward contracts, and options on derivatives can allow a Fund to
obtain large investment exposures in return for meeting relatively small margin
requirements. As a result, investments in those transactions may be highly
leveraged.
The success of a
Fund’s derivatives strategies will depend on the Adviser’s ability to assess and
predict the impact of market or economic developments on the underlying asset,
index or rate and the derivative itself, without the benefit of observing the
performance of the derivative under all possible market conditions. Swap
agreements may involve fees, commissions or other costs that may reduce a Fund’s
gains from a swap agreement or may cause a Fund to lose money. Futures contracts
are subject to the risk that an exchange may impose price fluctuation limits,
which may make it difficult or impossible for a Fund to close out a position
when desired.
The use of
derivatives involves the risks associated with the securities or other assets
underlying those derivatives, including the risk of changes in the value of the
underlying assets between the date that a Fund enters into the derivatives
transaction and the date that a Fund closes out that transaction. When a Fund
enters into a futures contract, for example, it commits to purchasing or selling
a particular security at a future date at a specified price. Changes in the
value of the underlying security between the time that a Fund enters into the
futures contract and the time the Fund has to purchase or sell the security may
cause the Fund to have to purchase the security at a price which is greater
than, or to sell the security at a price which is lower than, the security’s
then-current market value. When a Fund enters into
13
an interest rate
swap, it agrees with another party to exchange their respective interest rate
exposures on a similar principal amount (e.g., exchanging fixed rate interest
payments on a specific principal amount for floating rate interest payments on
that same principal amount, or vice versa). If interest rates change in a manner
or to a degree not anticipated by a Fund, the Fund could end up receiving less
interest on its investment than if the Fund had not entered into the swap
agreement. When a Fund enters into a credit default swap, it agrees with another
party to transfer the credit exposure of one or more underlying debt
obligations. The purchaser of the credit default swap agrees to pay the seller a
fixed premium for a specific term, in exchange for which the seller agrees to
make a contingent payment to the buyer in the event the issuer of the underlying
debt obligations defaults or upon the occurrence of another credit event
specified in the swap agreement. If the specified credit event does not occur
during the term of the credit default swap, the swap’s purchaser will have paid
the fixed premiums and received no return on the swap agreement. Conversely, if
the specified credit event does occur during the swap’s term, the swap’s seller
may have to make a payment to the purchaser which exceeds the value of the
premiums that were received by the seller.
The use of derivatives may also
involve risks which differ from, or are potentially greater than, the risks
associated with investing directly in the underlying reference asset. For
example, the use by a Fund of privately negotiated, over-the-counter (“OTC”)
derivatives contracts, including interest rate swaps and credit default swaps,
exposes the Fund to the risk that the counterparty to the OTC derivatives
contract will be unable or unwilling to make timely payments under the contract
or otherwise honor its obligations. There can be no assurance that a
counterparty will meet its obligations, especially during periods of adverse
market conditions. The market for certain types of derivative instruments may
also be less liquid than the market for the underlying reference asset, making
it difficult for a Fund to value its derivative investments or sell those
investments at an acceptable price.
Equity
Security Risk. Equity
securities held by a 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, company, industry, or sector of the
market. From time to time, a Fund may invest a significant portion of its assets
in one particular sector, industry, or geographic region which would make the
Fund more vulnerable to adverse developments affecting such sectors, industries,
or geographic regions. Equity securities are generally more volatile than most
debt securities. The prices of individual stocks generally do not all move in
the same direction at the same time. A variety of factors can negatively affect
the price of a particular company’s stock. These factors may include, but are
not limited to: poor earnings reports, a loss of customers, litigation against
the company, general unfavorable performance of the company’s sector or
industry, or changes in government regulations affecting the company or its
industry.
Foreign
Currency Risk. The value of a
foreign currency may decline against the U.S. dollar, which would reduce the
dollar value of securities denominated in that currency. The overall impact of
such a decline of foreign currency can be significant, unpredictable, and long
lasting, depending on the currencies represented, how each one appreciates or
depreciates in relation to the U.S. dollar, and whether currency positions are
hedged.
Further, exchange
rate movements are volatile, and it is not possible to effectively hedge the
currency risks of many developing countries.
Foreign
Securities Risk. To the extent a
Fund is exposed to foreign securities, it is subject to various risks associated
with such securities. Foreign securities are generally more volatile than their
domestic counterparts, in part because of potential for higher political and
economic risks, lack of reliable information and fluctuations in currency
exchange rates where investments are denominated in currencies other than the
U.S. dollar. Certain events in foreign markets may adversely affect foreign and
domestic issuers, including interruptions in the global supply chain, market
closures, war, terrorism, natural disasters and outbreak of infectious diseases.
Foreign securities also may be more difficult to resell than comparable U.S.
securities because the markets for foreign securities are often less liquid.
Even when a foreign security increases in price in its local currency, the
appreciation may be diluted by adverse changes in exchange rates when the
security’s value is converted to U.S. dollars. Foreign withholding taxes also
may apply and errors and delays may occur in the settlement process for foreign
securities.
Securities of
foreign companies in which a Fund invests generally carry more risk than
securities of U.S. companies. The economies and financial markets of certain
regions—such as Latin America, Asia, Europe and the Mediterranean region—can be
highly interdependent and may decline at the same time. Certain European
countries in which a Fund may invest have recently experienced significant
volatility in financial markets and may continue to do so in the future. The
potential departure of one or more countries from the European Union, such as
the United Kingdom’s departure from the European Union (“EU”) (commonly known as
“Brexit”), may have significant political and financial consequences for global
markets and may adversely impact Fund performance. The long-term impact of
Brexit is unknown and the risks related to Brexit could be more pronounced if
one or more additional EU member states seek to leave the EU.
Other risks result
from the varying stages of economic and political development of foreign
countries; the differing regulatory environments, trading days, and accounting
standards of foreign markets; and higher transaction costs. A Fund’s investment
in any country could be subject to governmental actions such as capital or
currency controls, nationalizing a company or industry, expropriating assets, or
imposing punitive taxes that would have an adverse effect on security prices and
impair a Fund’s ability to repatriate capital or income.
Investment
Adviser Risk. The Funds are
actively managed and the success of a Fund’s 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 Fund investments may
prove incorrect, resulting in losses or poor performance, even in rising
markets. Poor investments by the Adviser may cause a Fund to underperform
relative to its benchmark or similar funds. 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 a company to which a
Fund’s portfolio is exposed will affect the market prices of the company’s
securities and therefore the value of the Fund. Some factors affecting the
performance of a company include demand for the company’s products or
14
services, the
quality of management of the company and brand recognition and loyalty. To the
extent that a Fund invests in common stock, common stock of a company is
subordinate to other securities issued by the company. If a company becomes
insolvent, interests of investors owning common stock will be subordinated to
the interests of other investors in and general creditors of, the
company.
Large
Shareholder Risk. From time to
time, shareholders of a Fund (which may include institutional investors,
financial intermediaries, investment models constructed by the Adviser or its
affiliates, or affiliated funds or accounts) may make or result in relatively
large redemptions or purchases of shares. These transactions may cause a Fund to
sell securities at disadvantageous prices or invest additional cash, as the case
may be. While it is impossible to predict the overall impact of these
transactions over time, there could be adverse effects on a Fund’s performance
to the extent that a Fund may be required to sell securities or invest cash at
times when it would not otherwise do so. Redemptions of a large number of shares
also may increase transaction costs or have adverse tax consequences for
shareholders of a Fund by requiring a sale of portfolio securities. In addition,
a large redemption could result in a Fund's current expenses being allocated
over a smaller asset base, leading to an increase in the Fund's expense
ratio.
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 a
Fund’s investments may move with these cycles and, in some instances, increase
or decrease more than the applicable market(s) as measured by a Fund’s benchmark
index(es). The securities markets may also decline because of factors that
affect a particular industry or market sector.
Price declines may
occur in response to general market and economic conditions or events, including
conditions and developments outside of the financial markets such as significant
changes in interest and inflation rates and the availability of credit. In
addition, domestic or global events, including regulatory events, economic
downturn, government shutdowns, the spread of an infectious illness such as the
outbreak of COVID-19, public health crises, war, terrorism, social unrest,
recessions, natural disasters or similar events could reduce consumer demand or
economic output, result in market closures, travel restrictions or quarantines,
and generally have a significant impact on the world economies, which in turn
could adversely affect a Fund's investments. Any investment is subject to the
risk that the financial markets as a whole may decline in value, thereby
depressing the investment’s price.
Mid
Cap Risk. Medium-sized
companies often have greater price volatility, lower trading volume, and less
liquidity than larger, more-established companies. These companies tend to have
smaller revenues, narrower product lines, less management depth and experience,
smaller shares of their product or service markets, fewer financial resources,
and less competitive strength than larger companies.
New
and Smaller Sized Fund Risk. Funds that are
relatively new or relatively small are subject to additional risks. A Fund that
is relatively new has a limited operating history for investors to evaluate and
may not be successful in implementing its investment strategies. A Fund that is
relatively small 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. In addition, a Fund that is relatively small may not be successful
in implementing its investment strategies after the Fund’s assets grow beyond a
certain size, which could adversely affect the Fund’s performance. Smaller ETFs
will have a lower public float and lower trading volumes, leading to wider
bid/ask spreads.
Quantitative
Investing Risk. Securities
selected according to a quantitative analysis methodology can perform
differently from the market as a whole based on the model and the factors used
in the analysis, the weight placed on each factor and changes in the factor’s
historical trends. Such models are based on assumptions relating to these and
other market factors, and the models may not take into account certain factors,
or perform as intended, and may result in a decline in the value of a Fund’s
portfolio. If models or data used in the models are incorrect or incomplete, any
decisions made in reliance thereon expose a Fund to potential risks. If
incorrect market data is entered into even a well-founded model, the resulting
information will be incorrect and could lead to losses for a Fund. For example,
the data on which a model is based may be imprecise or become stale due to new
events or changing circumstances. Market performance can be affected by
non-quantitative factors (for example, investor fear or over-reaction or other
emotional considerations) that are not easily integrated into quantitative
analysis, which could adversely affect performance of these models and, in turn,
a Fund. The performance of a model may also be impaired by technical issues with
the construction and implementation of quantitative models such as software or
other technology system malfunctions, or programming inaccuracies. Human
judgment plays a role in building, utilizing, testing and modifying the
financial algorithms and formulas underlying the models and accordingly such
models are subject to the risk of human error and biases.
Regional
Risk.
A Fund will generally have more exposure to the specific regional or country
economic risks where it has significant investments. In the event of economic or
political turmoil or a deterioration of diplomatic relations in a region or
country where a substantial portion of the Fund’s assets are invested, the Fund
may experience substantial volatility, illiquidity or reduction in the value of
the Fund’s investments.
Regulatory
Risk.
Legal, tax, and regulatory developments may adversely affect a Fund. Securities
and futures markets are subject to comprehensive statutes, regulations, and
margin requirements enforced by the SEC, other regulators and self-regulatory
organizations, and exchanges, which are authorized to take extraordinary actions
in the event of market emergencies. The regulatory environment for the Funds is
evolving, and changes in the regulation of investment funds, managers, and their
trading activities and capital markets, or a regulator’s disagreement with a
Fund’s interpretation of the application of certain regulations, may adversely
affect the ability of the Fund to pursue its investment strategy, its ability to
obtain leverage and financing, and the value of investments held by 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. A Fund may have
difficulty selling holdings of these companies at a desired time and price.
Smaller companies tend to have small revenues, narrower product lines, less
management depth and experience,
15
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. It may be a substantial period of time before a Fund could realize a
gain, if any, on an investment in a small cap company.
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. Value style investing may be out of favor with investors from time to
time and value stocks may underperform the securities of other companies or the
stock market in general.
16
Management
of the Funds
Investment
Adviser
The Funds are
managed by Thrivent Asset Mgt., 901 Marquette Avenue, Suite 2500, Minneapolis,
Minnesota 55402-3211. Thrivent Asset Mgt. had approximately $37.2 billion in
assets under management as of December 31, 2025. Thrivent Asset Mgt. is an
indirect wholly owned subsidiary of Thrivent Financial for Lutherans
(“Thrivent”). Thrivent and its affiliates have been in the investment advisory
business since 1986 and had approximately $205.2 billion in assets under
management as of December 31, 2025. Thrivent Asset Mgt. provides investment
research and supervision of the assets for the Funds.
Management
Fees
Each Fund pays an
annual management fee to the Adviser expressed as a percentage of the Fund’s
average daily net assets as shown in the table below. A discussion regarding the
basis for the Board’s approval of the Funds’ Investment Advisory Agreement will
be included in the Funds’ first Form N-CSR filing.
|
Fund |
Management
Fee |
|
Thrivent
International Large Cap ETF |
0.52% |
|
Thrivent
International Small Cap ETF |
0.55% |
Portfolio
Management
Information about
the portfolio managers who are jointly and primarily responsible for the
day-to-day management for each Fund is shown below. The SAI for the Funds
provides information about the portfolio managers’ compensation, other accounts
managed by the portfolio managers, and the portfolio managers’ ownership of
shares of the Funds.
Thrivent
International Large Cap ETF
|
Name |
Industry
Experience |
|
Jing
Wang, CFA |
Industry
professional since
2008;
joined Thrivent in 2019 |
|
Noah
J. Monsen, CFA |
Industry
professional since
2008;
joined Thrivent in 2000 |
|
Shu
Guo |
Industry
professional since
2011;
prior to joining Thrivent
in
2022, at Pine River Capital
Management
from 2011 to
2022 |
Mr. Wang, Mr. Monsen,
and Mr. Guo were portfolio managers of the Predecessor Mutual Fund since 2024,
2017, and 2024, respectively.
Thrivent
International Small Cap ETF
|
Name |
Industry
Experience |
|
Jing
Wang, CFA |
Industry
professional since
2008;
joined Thrivent in 2019 |
|
Noah
J. Monsen, CFA |
Industry
professional since
2008;
joined Thrivent in 2000 |
|
Shu
Guo |
Industry
professional since
2011;
prior to joining Thrivent
in
2022, at Pine River Capital
Management
from 2011 to
2022 |
Other Service
Providers
Administrator. State Street Bank
and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts
02114-2016, serves as the Funds’ administrator and performs certain accounting
and administrative services for the Funds.
Distributor. ALPS
Distributors, Inc., 1290 Broadway, Suite 1000, Denver, Colorado 80203, serves as
the distributor (the “Distributor”) of Creation Units for the Funds on an agency
basis. The Distributor will deliver a prospectus to Authorized Participants
purchasing shares in Creation Units and will maintain records of both orders
placed with it and confirmations of acceptance furnished by it to Authorized
Participants. The Distributor does not maintain a secondary market in shares of
the Fund. The Distributor has no role in determining the investment policies of
the Funds or which securities are to be purchased or sold by the Funds. The
Adviser has entered into an agreement with the Distributor under which it makes
payments to the Distributor in consideration for its services under the
Distribution Agreement. The payments made by the Adviser to the Distributor do
not represent an additional expense to the Funds or their
shareholders.
Custodian. State Street Bank
and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts
02114-2016, serves as the Custodian for the Funds.
Transfer
Agent. State Street Bank
and Trust Company, One Congress Street, Suite 1, Boston, Massachusetts
02114-2016, serves as shareholder servicing and transfer agent for the
Funds.
Primary
Listing Exchange. The shares of the
Funds are listed for trading on The Nasdaq Stock Market LLC (the “Exchange”), a
national securities exchange.
Personal
Securities Investments
Personnel of
Thrivent Asset Mgt. may invest in securities for their own account pursuant to
codes of ethics that establish procedures for personal investing and restrict
certain transactions. Transactions in securities that may be held by the Funds
are permitted by Thrivent Asset Mgt., subject to compliance with applicable
provisions under the applicable codes of ethics.
17
Trademarks and
Disclaimers
Trademarks
MSCI Inc. ("MSCI")
makes no express or implied warranties or representations and shall have no
liability whatsoever with respect to any MSCI data contained herein. The MSCI
data may not be further redistributed or used as a basis for other indexes or
any securities or financial products. This prospectus is not approved, endorsed,
reviewed, or produced by MSCI. None of the MSCI data is intended to constitute
investment advice or a recommendation to make (or refrain from making) any kind
of investment decision and may not be relied on as such.
Although MSCI
shall obtain information for inclusion in or for use in the calculation of the
MSCI Indexes from sources that MSCI considers reliable, neither MSCI, nor any of
its affiliates, nor any of its information providers or any other third party
involved in, or related to, compiling, computing or creating any MSCI Index
(collectively, the “MSCI Parties”) warrants or guarantees the originality,
accuracy and/or the completeness of any MSCI Index or any data included therein.
None of the MSCI Parties makes any warranty, express or implied, as to results
to be obtained by the issuer of the fund, owners of the fund, or any other
person or entity, from the use of any MSCI Index or any data included therein.
None of the MSCI Parties shall have any liability for any errors, omissions, or
interruptions of or in connection with any MSCI Index or any data included
therein. Further, none of the MSCI Parties makes any express or implied
warranties of any
kind, and the MSCI
Parties hereby expressly disclaim all warranties of merchantability and fitness
for a particular purpose, with respect to each MSCI Index and any data included
therein. Without limiting any of the foregoing, in no event shall any of the
MSCI Parties have any liability for any direct, indirect, special, punitive,
consequential or any other damages (including lost profits) even if notified of
the possibility of such damages.
Disclaimers
Shares of the
Funds are not sponsored, endorsed or promoted by The Nasdaq Stock Market LLC.
The Nasdaq Stock Market LLC makes no representation or warranty, express or
implied, to the owners of the shares of a Fund or any member of the public
regarding the ability of a Fund to achieve its investment objective. The Nasdaq
Stock Market LLC is not responsible for, nor has it participated in, the
determination of the Funds’ investments, nor in the determination of the timing
of, prices of, or quantities of shares of the Funds to be issued, nor in the
determination or calculation of the equation by which the shares are redeemable.
The Nasdaq Stock Market LLC has no obligation or liability to owners of the
shares of the Funds in connection with the administration, marketing or trading
of the shares of the Funds. Without limiting any of the foregoing, in no event
shall The Nasdaq Stock Market LLC have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits)
even if notified of the possibility of such damages.
18
Shareholder
Information
Buying and
Selling Shares
Shares of the
Funds may be acquired or redeemed directly from the Funds only in Creation Units
or multiples thereof, as discussed in the “Purchase, Redemption and Pricing
Shares” section of the SAI. Only an Authorized Participant may engage in
creation or redemption transactions directly with the Funds. An Authorized
Participant is either a “participating party” (i.e., a broker-dealer or other
participant in the clearing process through the Continuous Net Settlement System
of the National Securities Clearing Corporation) or a Depository Trust Company
(“DTC”) participant, in either case, who has executed an agreement with the
Distributor, and accepted by the Transfer Agent, with respect to creations and
redemptions of Creation Units. Once created, shares of the Funds generally trade
in the secondary market in amounts less than a Creation Unit.
Most investors
will buy and sell shares of the Funds in secondary market transactions through
broker-dealers. Shares of the Funds are listed for trading on a national
securities exchange during the trading day. Shares can be bought and sold
throughout the trading day like shares of other publicly traded companies.
However, there can be no guarantee that an active trading market will develop or
be maintained, or that a Fund shares listing will continue or remain unchanged.
The Funds do not impose any minimum investment for shares of the Funds purchased
on an exchange. Buying or selling a Fund’s shares involves certain costs that
apply to all securities transactions. When buying or selling shares of a Fund
through a financial intermediary, you may incur a brokerage commission or other
charges determined by your financial intermediary. Due to these brokerage costs,
if any, frequent trading may detract significantly from investment returns. In
addition, you may also incur the cost of the spread (the difference between the
bid price and the ask price of the Fund’s shares). The commission is frequently
a fixed amount and may be a significant cost for investors seeking to buy or
sell small amounts of Fund shares. The spread varies over time for shares of a
Fund based on its trading volume and market liquidity, and is generally narrower
if the Fund has more trading volume and market liquidity and wider if the Fund
has less trading volume and market liquidity. Shares of the Funds trade on an
exchange at prices that may differ to varying degrees from the daily NAV of the
shares.
The Funds’ primary
listing exchange is The Nasdaq Stock Market LLC. The Nasdaq Stock Market LLC is
open for trading Monday through Friday and is closed on the following holidays:
New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday,
Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and
Christmas Day.
A “Business Day”
with respect to the Funds is each day the Funds are open and includes any day
that the Funds are required to be open under Section 22(e) of the 1940 Act.
Orders from Authorized Participants to create or redeem Creation Units will only
be accepted on a Business Day. On days when The Nasdaq Stock Market LLC closes
earlier than normal, the Funds may require orders to create or redeem Creation
Units to be placed earlier in the day. Please see the SAI for more
information.
Book
Entry
Shares are held in
book entry form, which means that no stock certificates are issued. The DTC, or
its nominee, is the registered owner of all outstanding shares of the Funds and
is recognized as the owner of all shares. Participants in DTC include securities
brokers and dealers, banks, trust companies, clearing corporations and other
institutions that directly or indirectly maintain a custodial relationship with
DTC. As a beneficial owner of shares, you are not entitled to receive physical
delivery of share certificates or to have shares registered in your name, and
you are not considered a registered owner of shares. Therefore, to exercise any
right as an owner of shares, you must rely on the procedures of DTC and its
participants. These procedures are the same as those that apply to any stocks
that you hold in book entry or “street name” through your brokerage account.
Your account information will be maintained by your financial intermediary,
which will provide you with account statements, confirmations of your purchases
and sales of shares, and tax information. Your financial intermediary also will
be responsible for distributing income dividends and capital gain distributions
and for ensuring that you receive shareholder reports and other communications
from the Funds.
Share Trading
Prices
The trading prices
of a Fund’s shares in the secondary market generally differ from the Fund’s
daily NAV and are affected by market forces such as the supply of and demand for
shares of the Fund and shares of underlying securities held by the Fund,
economic conditions and other factors. The quotations of certain Fund holdings
may not be updated during U.S. trading hours if such holdings do not trade in
the United States.
Calculating Net
Asset Value
The Funds
determine their NAV once daily at the close of regular trading on The Nasdaq
Stock Market LLC (the “Exchange”), which is normally 4:00 p.m. Eastern time. If
the Exchange has an unscheduled early close but certain other markets remain
open until their regularly scheduled closing time, the NAV may be determined as
of the regularly scheduled closing time of the Exchange. If the Exchange and/or
certain other markets close early due to extraordinary circumstances (e.g.,
weather, terrorism, etc.), the NAV may be calculated as of the early close of
the Exchange and/or certain other markets. The NAV generally will not be
determined on days when, due to extraordinary circumstances, the Exchange and/or
certain other markets do not open for trading. The Funds generally do not
determine NAV on holidays observed by the Exchange or on any other day when the
Exchange is closed. The Exchange is regularly closed on Saturdays and Sundays,
New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday,
Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and
Christmas Day. The price at which an Authorized Participant purchases shares of
a Fund is based on the next calculation of the NAV after the Fund receives a
purchase request in good order.
19
Each Fund
determines its NAV by dividing the total Fund assets, less all liabilities, by
the total number of outstanding shares. To determine the NAV, a Fund generally
values its securities at current market value using readily available market
prices. If market prices are not readily available or if the Adviser determines
that they are not reliable, the Board has designated the Adviser to make fair
valuation determinations in accordance with Rule 2a-5 under the 1940 Act
pursuant to policies approved by the Board. Fair valuation of a particular
security is an inherently subjective process, with no single standard to utilize
when determining a security’s fair value. In each case where a security is fair
valued, consideration is given to the facts and circumstances relevant to the
particular situation. This consideration includes a review of various factors
set forth in the pricing policies. For any portion of a Fund’s assets that are
invested in mutual funds, the NAV is calculated based upon the NAV of the mutual
funds in which the Fund invests, and the prospectuses for those mutual funds
explain the circumstances under which they will use fair value pricing and the
effects of such a valuation.
Rule 12b-1
Fees
The Board has
approved, and the Funds have adopted, a distribution and service plan (the
“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are
authorized to pay distribution fees to the Distributor and other firms that
provide distribution and shareholder services (the “Service Providers”). If a
Service Provider provides such services, a Fund may pay fees at an annual rate
not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under
the 1940 Act.
No distribution or
service fees are currently paid by the Funds, however, and there are no current
plans to impose these fees. Future payments may be made under the Plan without
any further shareholder approval. In the event Rule 12b-1 fees are charged, over
time they would increase the cost of an investment in the
Fund.
Policy Regarding
Short-Term or Excessive Trading
The Funds do not
impose any restrictions on the frequency of purchases and redemptions of Fund
shares. When considering that a policy regarding short-term or excessive trading
was not necessary for the Funds, the Board considered the structure of the Funds
as ETFs and that Fund shares are purchased and redeemed directly with the Funds
only in Creation Units by Authorized Participants who are authorized to purchase
and redeem shares directly with the Funds. Because purchase and redemption
transactions with Authorized Participants are an essential part of the ETF
process and help keep ETF trading prices in line with NAV, the Funds accommodate
frequent purchases and redemptions by Authorized Participants. Frequent
purchases and redemptions for cash may increase portfolio transaction costs and
may lead to realization of capital gains. Frequent in-kind creations and
redemptions do not give rise to these concerns. The Funds reserve the right to
reject or limit any purchase order at any time.
The Funds reserve
the right to impose restrictions on disruptive or abusive trading. Such trading
is defined by the Funds as purchases and sales of Fund shares in amounts and
frequency determined by the Funds to be significant and in a pattern of
activity that can
potentially be detrimental to a Fund and its shareholders. Such adverse effects
can include diluting the value of the shareholders’ holdings, increasing Fund
transaction costs, disrupting portfolio management strategy, incurring unwanted
taxable gains or forcing the Fund to hold excess levels of cash. The Funds may
reject purchase or redemption orders in such instances. The Funds also impose a
transaction fee on Creation Unit transactions that is designed to offset a
Fund’s transfer and other transaction costs associated with the issuance and
redemption of the Creation Units. The Board may determine that policies and
procedures regarding the frequency of purchases and redemptions of fund shares
are necessary in the future.
Investments by
Registered Investment Companies
Section 12(d)(1)
of the 1940 Act, as amended, restricts investments by registered investment
companies in the securities of other investment companies, including shares of
the Funds. Registered investment companies are permitted under Rule 12d1-4 under
the 1940 Act to invest in the Funds beyond the limits set forth in section
12(d)(1), subject to certain terms and conditions, including, potentially, that
such investment companies enter into an agreement with the
Funds.
Payment to
Broker-Dealers and Other Financial Intermediaries
Shareholder
Services
The Adviser may
make arrangements for the Funds to make payments, directly or through the
Adviser or its affiliates, to selected financial intermediaries (such as brokers
or third party administrators) for providing certain shareholder services,
including, potentially, sub-transfer agency and related administrative services
to shareholders holding Fund shares in nominee or street name. Those services
may include, without limitation: maintaining investor accounts at the financial
intermediary level and keeping track of purchases, redemptions and exchanges by
such accounts; processing and mailing trade confirmations, monthly statements,
prospectuses, annual reports, semiannual reports, and shareholder notices and
other SEC-required communications; capturing and processing tax data; issuing
and mailing dividend checks to shareholders who have selected cash
distributions; preparing record date shareholder lists for proxy solicitations;
collecting and posting distributions to shareholder accounts; and establishing
and maintaining systematic withdrawals and automated investment plans and
shareholder account registrations. The Funds may pay a fee for these services,
directly or through the Adviser or its affiliates, to financial intermediaries
selected by the Adviser and/or its affiliates. The actual services provided, and
the fees paid for such services, may vary from firm to firm.
The payments
described above may be material to financial intermediaries relative to other
compensation paid by the Funds and/or the Adviser and their affiliates and may
be in addition to any (i) distribution and/or servicing (12b-1) fees and (ii)
revenue sharing fees described herein. The Adviser relies primarily on
contractual arrangements with financial intermediaries to verify whether such
intermediaries are providing the services for which they are receiving such
payments. Although the Adviser does not audit such financial intermediaries,
they may make periodic
20
information
requests to verify certain information about the services provided.
Other
Payments
Thrivent Asset
Mgt. has entered into an agreement with the Distributor, pursuant to which
Thrivent Asset Mgt. makes payments to the Distributor in consideration for its
services under the Distribution Agreement. The payments made by the Adviser to
the Distributor do not represent an additional expense to the Funds or their
shareholders.
In addition,
Thrivent Asset Mgt. and Thrivent Distributors, LLC make payments, out of their
own resources, to financial intermediaries that sell shares of the Funds in
order to promote the distribution and retention of Fund shares. Such payments
may be made for a variety of purposes or services, including, without
limitation, marketing and/or fund promotion activities and presentations,
educational training programs, events or conferences (including sponsorships of
such events by the Adviser), data analytics and support, printing and mailing
costs, and the development of technology platforms and reporting systems. In
addition, the Adviser makes payments to certain intermediaries (through Thrivent
Distributors) that promote or make shares of the Funds available to their
clients and to intermediaries for activities that the Adviser and Thrivent
Distributors believe facilitate investment in the Funds. This compensation,
often referred to as revenue sharing, is in addition to any compensation paid by
the Funds through the Plan or for administrative, sub-transfer agency,
networking, recordkeeping, and/or other shareholder support services. Currently,
payments made to intermediaries are generally 0.10% on assets for each
intermediary. However, these payments are expected to vary year to year and may
differ depending on the intermediary. The Adviser may make arrangements at other
rates with certain intermediaries.
These payments
create an incentive for the financial intermediary or its financial
representatives to recommend or offer shares of the Funds to you. The Adviser
could make payments (through Thrivent Distributors) based on any number of
metrics, including payments in fixed amounts, amounts based upon an
intermediary’s services at defined levels, amounts based on the intermediary’s
net sales of a Fund or one or more Thrivent funds in a year or other period, or
calculated in basis points based on average net assets attributed to the
intermediary, any of which arrangements may include an agreed-upon minimum or
maximum payment, or any combination of the foregoing. Payments to an
intermediary may be significant and may create conflicts of interest for the
intermediary.
Revenue sharing
arrangements are separately negotiated between the Adviser and/or its
affiliates, and the recipients of these payments. Revenue sharing payments are
not made by the Funds and are not reflected as additional expenses in the fee
table in the Fund’s prospectus.
For additional
information regarding agreements in place as of the date of this prospectus to
make such payments, please see the section entitled “Underwriting and
Distribution Services – Other Payments” in the SAI.
Redeeming Fund
Shares
Shares can be
redeemed only in Creation Units, generally for a designated portfolio of
securities (including any portion of such securities for which cash may be
substituted) and a specified amount of cash. Except when aggregated in Creation
Units, shares are not redeemable by the Funds.
The prices at
which redemptions occur are based on the next calculation of NAV after a
creation or redemption order is received in an acceptable form. These prices may
differ from the market price of a Fund’s shares. Only an Authorized Participant
may create or redeem Creation Units directly with the Funds. In the event of a
system failure or other interruption, including disruptions at market makers or
Authorized Participants, orders to redeem Creation Units either may not be
executed according to a Fund’s instructions or may not be executed at all, or
the Fund may not be able to place or change orders.
When a Fund
engages in in-kind transactions, the Fund intends to comply with the U.S.
federal securities laws in accepting securities for deposit and satisfying
redemptions with redemption securities by, among other means, assuring that any
securities accepted for deposit and any securities used to satisfy redemption
requests will be sold in transactions that would be exempt from registration
under the Securities Act of 1933, as amended (“Securities Act”). Further, an
Authorized Participant that is not a “qualified institutional buyer,” as such
term is defined under Rule 144A of the Securities Act, will not be able to
receive restricted securities eligible for resale under Rule 144A.
Redemptions must
be made through a firm that is either a member of the Continuous Net Settlement
System of the National Securities Clearing Corporation or a DTC participant and
has executed an agreement with the Distributor with respect to creations and
redemptions of Creation Unit aggregations. The Funds impose a redemption
transaction fee to offset transfer and other transaction costs associated with
the issuance and redemption of Creation Units. Information about the procedures
regarding redemption of Creation Units (including the cut-off times for receipt
of creation and redemption orders) and the applicable transaction fees are
included in the SAI. In addition, creation and redemption baskets may differ and
the Funds may accept “custom baskets." The Adviser may decide to use a “custom
basket” when doing so would be in the best interests of the Fund and its
shareholders, in accordance with policies and procedures adopted by the Funds.
See the "Custom Baskets" section of the SAI.
Your broker-dealer
or agent may charge you a fee to effect transactions in Fund
shares.
Disclosure of
Portfolio Holdings
A description of
the Funds’ policies and procedures with respect to the disclosure of the Funds’
portfolio securities is available in the SAI. Each Fund discloses its portfolio
holdings daily at thriventETFs.com/individual.
21
Distributions
and Taxes
Dividends
Dividends of the
Funds, if any, are generally declared and paid annually. Income dividends are
derived from investment income, including dividends, interest, and certain
foreign currency gains, if any, received by the Fund.
A 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 (in which case you will be taxed upon withdrawal from such
account).
At the time you
purchase Fund shares, the Fund's NAV may reflect undistributed income,
undistributed capital gains, or net unrealized appreciation of portfolio
securities held by the Fund. For taxable investors, a subsequent distribution to
you of such amounts, although constituting a return of your investment, would be
taxable. Buying shares in a Fund just before the Fund declares an income
dividend or capital gain distribution is sometimes known as “buying a dividend"
because a taxable investor would be purchasing shares at a price that may
include the amount of an upcoming distribution and then receiving a portion of
the purchase price back in the form of a taxable
distribution.
Capital
Gains
Capital gains
distributions, if any, usually will be declared and paid in
December.
Taxes
The Funds intend
to make distributions that may be taxed as ordinary income or capital gains. In
general, any net investment income and short-term capital gain distributions you
receive from a Fund is taxable as ordinary income. To the extent a Fund receives
and distributes qualified dividend income, you may be eligible for a tax rate
lower than that on other ordinary income distributions if certain requirements
are met. Distributions of other net capital gains by a Fund are generally
taxable as capital gains—in most cases, at different rates from those that apply
to ordinary income. In addition, there is a possibility that some of the
distributions of a Fund may be classified as return of capital.
The tax you pay on
a given capital gains distribution generally depends on how long the Fund has
held the Fund securities it sold. It does not depend on how long you have owned
your Fund shares or whether you reinvest your distributions or take them in
cash.
A sale, redemption
or exchange of Fund shares is a taxable event. This includes redemptions where
you are paid in securities. Your sales, redemptions and exchanges of Fund
shares, including those paid in securities or other instruments, usually will
result in a taxable capital gain or loss to you, equal to the difference between
the amount you receive for your shares (or are deemed to have received in the
case of exchanges) and your adjusted tax basis in the shares, which is generally
the amount you paid (or are deemed to have paid in the case of exchanges) for
them. Any such capital gain or loss generally will be long-term capital gain or
loss if you have held your Fund shares for more than one year at the time of
sale or exchange. In certain circumstances, capital losses may be converted from
short-term to long-term; in other circumstances, capital losses may be
disallowed under the “wash sale” rules.
Back-up
Withholding
By law, the Funds
must withhold 24% of your distributions and proceeds as a prepayment of federal
income tax if you have not provided complete, correct taxpayer
information.
Authorized
Participants Purchasing and Redeeming in Creation Units
An Authorized
Participant that exchanges equity securities for one or more Creation Units will
generally recognize a gain or a loss on the exchange. The gain or loss will be
equal to the difference between (i) the market value of the Creation Unit(s) at
the time and, (ii) the exchanger’s aggregate basis in the securities surrendered
plus (or minus) any cash component paid (or received). A person who redeems one
or more Creation Units for equity securities will generally recognize a gain or
loss equal to the difference between (i) the exchanger’s basis in the Creation
Unit(s) and, (ii) the aggregate market value of the securities received plus (or
minus) any cash component received (or paid). Any capital gain or loss realized
upon a redemption of one or more Creation Units is generally treated as
long-term capital gain or loss if the Creation Unit(s) have been held for more
than one year and as short-term capital gain or loss if they have been held for
one year or less. Authorized Participants exchanging securities for Creation
Units or redeeming Creation Units should consult with their own tax adviser. If
you purchase or redeem Creation Units, you will be sent a confirmation statement
showing how many shares you purchased or sold and at what price. Authorized
Participants who are dealers in securities are subject to the tax rules
applicable to dealers, which may result in tax consequences to such Authorized
Participants different from those described herein.
22
Other
Information
Premium/Discount
Information
Information
regarding how often the shares of a Fund traded on the Exchange at a price above
(i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during
the most recently completed calendar year, and the most recently completed
calendar quarters since that year, as applicable, can be found at
thriventETFs.com/individual.
Continuous
Offering
You should be
aware of certain legal risks unique to investors purchasing Creation Units
directly from the Funds. Because new Creation Units are issued and sold by the
Funds on an ongoing basis, a “distribution,” as such term is used in the
Securities Act, may occur at any point. Broker-dealers and other persons are
cautioned that some activities on their part may, depending on the
circumstances, result in their being deemed participants in a distribution in a
manner that could render them statutory underwriters and subject them to the
prospectus delivery and liability provisions of the Securities Act. For example,
a broker-dealer firm or its client may be deemed a statutory underwriter if it
takes Creation Units after placing an order with the Distributor, breaks them
down into constituent shares, and sells such shares directly to customers, or if
it chooses to couple the creation of a supply of new shares with an active
selling effort involving solicitation of secondary market demand for shares. A
determination of whether one is an underwriter for purposes of the Securities
Act must take into account all the facts and circumstances pertaining to the
activities of the broker-dealer or its client in the particular case, and the
examples mentioned above should not be considered a complete description of all
the activities that could lead to a categorization as an underwriter.
Broker-dealers who are not “underwriters” but are participating in a
distribution of shares are generally required to deliver a prospectus. This is
because the prospectus delivery exemption in Section 4(a)(3) of the Securities
Act is not available in respect of such transactions as a result of Section
24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers
who are
not underwriters
but are participating in a distribution (as contrasted with ordinary secondary
market transactions) and thus dealing with the shares that are part of an
overallotment within the meaning of Section 4(a)(3)(A) of the Securities Act
would be unable to take advantage of the prospectus delivery exemption provided
by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery
obligation with respect to shares are reminded that, under Rule 153 of the
Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the
Securities Act owed to an exchange member in connection with a sale on the
primary listing exchange is satisfied by the fact that the prospectus is
available at the primary listing exchange upon request. The prospectus delivery
mechanism provided in Rule 153 is only available with respect to transactions on
an exchange. In addition, certain affiliates of the Funds and the Adviser may
purchase and resell Fund shares pursuant to this prospectus.
Conflicts of
Interest
It is also
possible that, from time to time, the Adviser and its affiliates (including
their directors, partners, trustees, managing members, officers and employees
(collectively, the “Affiliates”)) may, subject to compliance with applicable
law, purchase and hold shares of the Funds. Increasing a Fund’s assets may
enhance liquidity, investment flexibility and diversification. The Adviser and
its Affiliates reserve the right, subject to compliance with applicable law, to
sell or redeem at any time some or all of the shares of a Fund acquired for
their own accounts, and any such sale may be done in reliance on this
Registration Statement. A large sale or redemption of shares of a Fund by the
Adviser or its Affiliates could significantly reduce the asset size of the Fund,
which might have an adverse effect on the Fund’s liquidity, investment
flexibility and portfolio diversification. The Adviser seeks to consider the
effect of redemptions on a Fund and other shareholders in deciding whether to
redeem its shares. For more information about conflicts of interest, see the
“Investment Adviser and Portfolio Managers–Investment Adviser–Conflicts of
Interest” section in the SAI.
23
Financial
Highlights
The Funds are new
and have no performance history as of the date of this prospectus.
Thrivent
International Large Cap ETF (“ILC ETF”) will acquire all of the assets, subject
to the liabilities, of the Thrivent Core International Equity Fund (the
“Predecessor ILC Mutual Fund”), a series of Thrivent Core Funds, in a
reorganization (the “ILC Reorganization”). As a result of the ILC
Reorganization, the financial highlights for the ILC ETF will become the
financial history of the Predecessor ILC Mutual Fund. The financial highlights
for the Predecessor ILC Mutual Fund are intended to help you understand the
Predecessor ILC Mutual Fund’s financial performance for the past five complete
fiscal years. Certain information reflects financial results for a single
Predecessor ILC Mutual Fund share. The total returns in the tables represent the
rate that an investor would have earned or lost on an investment in the
Predecessor ILC Mutual Fund’s shares (assuming reinvestment of all dividends and
distributions). This information has been audited by PricewaterhouseCoopers LLP,
an independent registered public accounting firm, whose reports, along with the
Predecessor ILC Mutual Fund’s financial statements, are included in the
Predecessor ILC Mutual Fund’s Form N-CSR filing for the fiscal year ended
October 31, 2025. This information is available upon request. The financial
highlights should be read in conjunction with the financial statements and notes
thereto.
25
Thrivent
Core International Equity Fund
Financial
Highlights
|
|
PER SHARE
OUTSTANDING THROUGHOUT EACH PERIOD* | |||||
|
|
|
Income
From Investment Operations |
Less
Distributions From | |||
|
|
Net
Asset
Value,
Beginning
of
Period |
Net
Investment
Income/(Loss) |
Net
Realized
and
Unrealized
Gain/(Loss)
on Investments(a) |
Total
from
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gain
on
Investments |
|
INTERNATIONAL
EQUITY FUND |
| |||||
|
Year Ended
10/31/2025 |
$10.84 |
$0.35 |
$2.00 |
$2.35 |
$(0.36) |
$— |
|
Year Ended
10/31/2024 |
9.12 |
0.30 |
1.78 |
2.08 |
(0.36) |
— |
|
Year Ended
10/31/2023 |
8.27 |
0.33 |
0.74 |
1.07 |
(0.22) |
— |
|
Year Ended
10/31/2022 |
11.38 |
0.37 |
(2.95) |
(2.58) |
(0.53) |
— |
|
Year Ended
10/31/2021 |
8.45 |
0.24 |
2.92 |
3.16 |
(0.23) |
— |
(a)The amount shown may not
correlate with the change in aggregate gains and losses of portfolio securities
due to the timing of sales and redemptions of portfolio shares.
*All per share amounts have been
rounded to the nearest cent.
26
Thrivent
Core International Equity Fund
Financial
Highlights – continued
|
|
RATIOS /
SUPPLEMENTAL DATA | |||||||
|
|
|
|
|
Ratio to
Average
Net
Assets |
Ratios to
Average Net Assets
Before
Expenses Waived,
Credited
or Acquired Fund
Fees and
Expenses |
| ||
|
Total
Distributions |
Net
Asset
Value,
End
of
Period |
Total Return(b) |
Net
Assets,
End of
Period
(in
millions) |
Expenses |
Net
Investment
Income/(Loss) |
Expenses |
Net
Investment
Income/(Loss) |
Portfolio
Turnover
Rate |
|
|
|
|
|
|
|
|
|
|
|
$(0.36) |
$12.83 |
22.54% |
$713.5 |
0.08% |
3.03% |
0.08% |
3.03% |
84% |
|
(0.36) |
10.84 |
23.07% |
581.8 |
0.08% |
2.88% |
0.08% |
2.88% |
87% |
|
(0.22) |
9.12 |
13.09% |
437.8 |
0.09% |
3.31% |
0.09% |
3.31% |
86% |
|
(0.53) |
8.27 |
(23.81)% |
430.6 |
0.09% |
2.61% |
0.09% |
2.61% |
81% |
|
(0.23) |
11.38 |
37.77% |
793.0 |
0.08% |
2.19% |
0.08% |
2.19% |
102% |
(b)Total return assumes dividend
reinvestment and does not reflect any deduction for applicable sales charges.
Not annualized for periods less than one year.
27
4321 N. Ballard
Rd.
Appleton, WI 54919-0001
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.
|
Investment
Adviser
Thrivent
Asset Management, LLC
901
Marquette Avenue, Suite 2500
Minneapolis,
Minnesota 55402-3211 |
Legal
Counsel
Ropes
& Gray LLP
Prudential
Tower, 800 Boylston Street
Boston,
Massachusetts 02199-3600 |
Independent
Registered Public Accounting Firm
PricewaterhouseCoopers
LLP
45
South Seventh Street, Suite 3400
Minneapolis,
Minnesota 55402 |
|
Distributor
ALPS
Distributors, Inc.
1290
Broadway, Suite 1000
Denver,
Colorado 80203 |
Transfer
Agent, Administrator & Custodian
State
Street Bank and Trust Company
One
Congress Street, Suite 1
Boston,
Massachusetts 02114-2016 |
|
The SAI,
which is incorporated by reference into this prospectus, contains additional
information about the Funds. Additional information about a Fund’s investments
will be available in the Fund’s annual and semiannual reports to shareholders
and in Form N-CSR. In a Fund’s annual report, you will find a discussion of the
market conditions and investment strategies that significantly affected the
Fund’s performance during its last fiscal year. In Form N-CSR, you will find a
Fund’s annual and semiannual financial statements. To make shareholder inquiries
or to request a free copy of the SAI, a Fund’s annual or semiannual report (when
available), or other information such as a Fund’s financial statements (when
available), call 800-847-4836 or visit thriventETFs.com/prospectus. Reports and
other information about the Funds are available on the EDGAR database on the
SEC’s website at sec.gov, and you may request copies of this information, after
paying a duplicating fee, by sending an email to
[email protected].
1940 Act File
No. 811-23759
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.
32097PR-IN N5-26