At a glance
TXUG charges 0.7% a year, above the 0.39% average of the 6 funds most like it (the most expensive of 7). It has $4.4M in assets, the 7th largest of that group; it paid 0.46% of its price in distributions over the past 12 months, annual. Over the past year it returned +2.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds. Its ten largest positions make up 41.2% of the fund, out of 44 in all.
The short version
Thornburg International Growth Fund ETF (TXUG) is an actively managed fund that aims to hold 35 to 50 growth stocks, mostly from developed markets outside the U.S. As of August 31, 2026, it owned 44 stocks, led by ASML, Taiwan Semiconductor and Hoya, and had just $4.4 million in assets. Its 0.70% expense ratio is higher than that of any of six similar funds, which averaged 0.39%.
Price history
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TXUG +2.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TXUG price data to Oct 27, 2026 | +7.7% | +2.1% | — | — | — | +3.2% |
- Over the year to Oct 27, 2026, TXUG returned +2.1%, 7th of 7 among similar funds.
- The deepest fall in its price history was 18.6% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Aug 31, 2026, the fund held 44 securities; the ten largest made up 41.16% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding NV | 7.95% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.76% | |
| Hoya Corp | 4.42% | |
| Rolls-Royce Holdings PLC | 3.94% | |
| Advanced Micro Devices Inc | 3.84% | |
| AstraZeneca PLC | 3.13% | |
| Air Liquide SA | 3.12% | |
| Schneider Electric SE | 3.07% | |
| Lonza Group AG | 3.02% | |
| Ferrari NV | 2.90% | |
| Mastercard Inc | 2.87% | |
| ASM International NV | 2.74% | |
| Diploma PLC | 2.71% | |
| Arista Networks Inc | 2.57% | |
| Leonardo SpA | 2.56% |
By country
Netherlands 17.63%United States 17.61%Japan 13.91%United Kingdom 9.79%Germany 9.17%By asset type
Stocks 99.99%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.31%, -2.11%, +2.49%.
How it works
TXUG doesn't track an index. Its adviser, Thornburg Investment Management, picks companies of any size that show growth traits, such as rising revenues and earnings, or the prospect of them. It invests primarily in developed markets outside the U.S., which the prospectus defines broadly. For example, any member of a widely used foreign-stock index, such as the MSCI EAFE Index, counts. "Primarily" isn't "only": as of August 31, 2026, about 17.6% of assets were in U.S. companies such as Advanced Micro Devices and Mastercard.
Thornburg aims for a focused portfolio of 35 to 50 companies. On August 31, 2026, it held 44, and the top 10 made up about 41% of assets. The fund is non-diversified, so it can make bigger bets on fewer companies. The prospectus sets no weighting formula or rebalancing schedule. Position sizes and sector tilts, sometimes toward technology or healthcare, follow Thornburg's views. Turnover, the share of the portfolio replaced, was about 25% in the period the prospectus reports.
The fund can hold shares priced in foreign currencies or depositary receipts (certificates that stand for foreign shares), so currency swings affect returns. Thornburg may hedge currencies with forward contracts, but the holdings report as of August 31, 2026 showed no derivatives. Like any ETF, its market price can drift from the value of its holdings.
What it really costs
- TXUG charges 0.7% a year, versus an average of 0.39% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TXUG | $72 | $224 | $390 | $871 |
In a retirement portfolio
A concentrated, actively managed growth portfolio with a high fee, a short record and very small assets fits better as a small side position than as a foundation.
TXUG could add foreign growth companies such as ASML, Hoya and Rolls-Royce to a portfolio that leans on U.S. stocks. It launched on January 23, 2025, so it has no record in the 2008, 2020 or 2022 downturns and no full calendar-year return. Its deepest drop, 18.6% from February 18 to April 8, 2025, took about 3.5 months to recover. Its beta, a gauge of market sensitivity, was 1.25 for the year to October 27, 2026, so it swung more than the market. A retiree drawing cash in a slump could lock in deeper losses.
Income is slim: the yield was 0.46% as of October 27, 2026, paid once a year. Costs are high at 0.70% a year. In the SEC's standard $10,000 example, they total $871 over 10 years. The fund's tiny size also raises the risk that it closes. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a manager's hand-picked mix of foreign growth companies such as ASML, Hoya and Rolls-Royce, rather than a broad index fund.
- Those comfortable with a concentrated, non-diversified fund: 44 stocks as of August 31, 2026, with the top 10 at about 41% of assets.
- Those adding a small side position in growth stocks who can stomach swings like the 18.6% drop between February and April 2025.
Look elsewhere if
- Cost-conscious investors: its 0.70% expense ratio is higher than all six similar funds, including iShares MSCI EAFE Growth ETF (EFG) at 0.36%.
- Anyone wary of tiny, new funds: it held $4.4 million as of August 31, 2026, and could close without a shareholder vote.
- Those wanting only non-U.S. stocks: about 17.6% of assets were in U.S. companies such as Advanced Micro Devices and Mastercard as of August 31, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TXUG this fund | — | 0.7% | $4.4M | +2.1% | — |
| DNL WisdomTree Global ex-U.S. Quality Dividend … | 22% | 0.42% | $486.5M | +6.2% | +13.3% |
| JIG JPMorgan International Growth ETF | 18% | 0.55% | $480.4M | +6.3% | +18.5% |
| EFG iShares MSCI EAFE Growth ETF | 17% | 0.36% | $16.60B | +5.4% | +13.1% |
| IQDG WisdomTree International Quality Dividend G… | 10% | 0.42% | $695.5M | +6.7% | +14.0% |
| CGGO Capital Group Global Growth Equity ETF | 7% | 0.47% | $11.90B | +8.8% | +21.2% |
| IGRO iShares International Dividend Growth ETF | 7% | 0.15% | $1.24B | +16.7% | +20.6% |
Questions investors ask
What does TXUG invest in?
TXUG invests mainly in growth stocks from developed markets outside the U.S., picked by Thornburg rather than by an index. As of August 31, 2026, it held 44 stocks. The largest were ASML (7.95%), Taiwan Semiconductor (5.76%), Hoya (4.42%), Rolls-Royce (3.94%) and Advanced Micro Devices (3.84%). The Netherlands and the U.S. each made up about 17.6% of assets, followed by Japan at 13.9% and the U.K. at 9.8%. That U.S. share may surprise anyone expecting a purely foreign fund.
What is TXUG's expense ratio?
TXUG's expense ratio, the yearly fee taken from fund assets, is 0.70%, according to its prospectus filed December 29, 2025. All of it is the management fee. That is higher than all six similar funds, which averaged 0.39%. For example, iShares MSCI EAFE Growth ETF (EFG) charges 0.36%. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs total $72 after one year, $224 after three, $390 after five and $871 after ten.
What's the difference between TXUG and JIG?
Both focus on international growth stocks, but JPMorgan International Growth ETF (JIG) costs less and is far larger. JIG charges 0.55% a year, against 0.70% for TXUG. JIG had about $480 million in net assets as of July 31, 2026, compared with $4.4 million for TXUG as of August 31, 2026. Over the year to October 27, 2026, JIG returned 6.3% and TXUG 2.1%. Only about 18% of their holdings overlap, so the two portfolios differ a lot.
Does TXUG pay dividends?
Yes, but very little, and only once a year. TXUG paid $0.12 per share in the year to October 27, 2026, a yield of 0.46%. That fits its focus on growth companies, which often reinvest profits rather than pay them out. Retirees who count on steady cash from their investments would get little from this fund, and one payment a year doesn't line up with monthly bills.
How risky is TXUG?
TXUG has swung more than the market and carries extra risks from its focus and size. Over the year to October 27, 2026, its beta, a measure of sensitivity to market moves, was 1.25, and its volatility was 19.1%. Its deepest drop was 18.6%, from February 18 to April 8, 2025, and it recovered by July 23, 2025. It held just 44 stocks as of August 31, 2026. Its small size, $4.4 million in assets, raises the risk it closes without a shareholder vote.