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Thrivent Exchange Traded Funds

Investing in a better tomorrow

Thrivent Asset Management introduced its first exchange traded fund (ETF), launching into a new chapter of potential solutions to help clients meet their investing goals. Thrivent’s ETF is managed by investment professionals who have a history of managing our Thrivent Mid Cap Stock Fund and Thrivent Small Cap Stock Fund. 

Thrivent Small-Mid Cap ESG ETF


Shaping a more positive tomorrow starts today. Thrivent Small-Mid Cap ESG ETF (TSME) seeks to capitalize on stakeholder value and commitment to sustainability through investing in small- and mid-sized companies. Management analyzes how companies generate value for each of their stakeholders and combines traditional bottom-up fundamental investment research with in-depth environmental, social and governance (ESG) analysis.

This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:
 - You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
 - The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
 - These additional risks may be even greater in bad or uncertain market conditions.
 - The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.
The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance. For additional information regarding the unique attributes and risks of the ETF, see the Principal Risks section of the prospectus.
How ESG is the driver of Alpha generation
  • The goal of Thrivent Small-Mid Cap ESG ETF is to generate alpha (which is the excess return above a benchmark) by investing in companies that demonstrate a commitment to addressing ESG issues.
  • We fully integrate ESG analysis into our research process to identify sustainable businesses.
  • We seek to invest in companies that deliver positive value to all six stakeholders as shown.

Thrivent Small-Mid Cap ESG ETF Investment Process
  • Thrivent Small-Mid Cap ESG ETF conducts a thorough review of three key aspects of each company included in the portfolio:
    • Stakeholder analysis is used to try to find companies generating positive value for all their constituencies.
    • Sustainability Accounting Standards Board (SASB) financial materiality framework identifies sustainability issues most closely related to long-term value.
    • Fundamental analysis is what the management team uses to identify high-quality companies trading at attractive valuations.
  • Companies that exhibit some degree of all three characteristics would be strongly considered for inclusion in the portfolio.

Related insights

Fund Commentary [VIDEO]


Portfolio Manager Q&A: Thrivent Small-Mid Cap ESG ETF [VIDEO]

Portfolio Manager Q&A: Thrivent Small-Mid Cap ESG ETF [VIDEO]

Portfolio Manager Q&A: Thrivent Small-Mid Cap ESG ETF [VIDEO]

Chad Miller, senior portfolio manager, shares insights into Thrivent Asset Management’s new ETF that combines active management with a proprietary environmental, social, and governance (ESG) analysis process.

Chad Miller, senior portfolio manager, shares insights into Thrivent Asset Management’s new ETF that combines active management with a proprietary environmental, social, and governance (ESG) analysis process.


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The ETF is newly formed and does not have any operating history. Small and medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The ETF’s value is influenced by a number of factors, including the performance of the broader market, and risks specific to the Fund’s asset classes, investment styles, and issuers. Markets may also be impacted by domestic or global events, including public health threats, terrorism, natural disasters or similar events. ESG strategies may result in investment returns that may be lower than if decisions were based solely on investment considerations. Because ESG criteria exclude certain securities/products for non-financial reasons, investors may forego some market opportunities available to those who do not use these criteria. ETFs trade like stocks, are subject to investment risk, and will fluctuate in market value. Unlike mutual funds, ETF shares are not individually redeemable directly with the Fund, and are bought and sold on the secondary market at market price, which may be higher or lower than the ETF’s net asset value (NAV). Transactions in shares of ETFs will result in brokerage commissions, which will reduce returns. The Adviser’s assessment of investments and ESG considerations may prove incorrect, resulting in losses, poor performance, or failure to achieve ESG objectives. The Adviser is also subject to actual or potential conflicts of interest. These and other risks are described in the prospectus.