Board/The rate regime/TPLS

TPLS

Thornburg Core Plus Bond ETF

Thornburg · $14.4m in assets, October 8, 2026

TPLS, the Thornburg Core Plus Bond ETF, is a $14 million ETF whose main story is the rate regime. Over the past year it returned −2.1%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.

TPLS · the ETFFRI OCT 2Market price total return
+1.6% a yearTotal return since launch, February 2025
−2.1%Last 12 months
−2.7%Year to date
4.5%Volatility since launch

The narrative it carries

This is its only narrative.

The rate regime →

Bonds, cash and Treasuries: the interest rates every other asset is priced against.

The rate regime · the narrative this week
57.8HOT level, 3 of 22
last four weeks
424ETFs carry it
27.8%held by the top five
BNDlargest holder, 7.6%
$1,607 bncapital, 2nd of 22

The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.

Who owns the capital
BND 7.6%SGOV 7.5%AGG 6.3%BIL 3.3%TLT 3.1%419 other ETFs 72.2%27.8%top five
#ETFSHAREASSETS1 YEARCOST
1BND7.6%$161.78bn−2.1%0.03%
2SGOV7.5%$112.26bn+3.8%0.09%
3AGG6.3%$135.65bn−2.2%0.03%
4BIL3.3%$49.79bn+3.7%0.14%
5TLT3.1%$46.23bn−9.5%0.15%
419 other ETFs72.2%
TPLS: 0.0%

Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 424 ETFs on the narrative page →

FRI OCT 2MARKET PRICE TOTAL RETURN

1M3MYTD1Y3Y*5Y*
TPLS−2.6%−3.4%−2.7%−2.1%––
The rate regimeits narrative−1.6%−2.2%−1.2%−0.6%+4.3%+0.5%
The marketbroad US ETFs+0.8%+2.6%+14.6%+16.8%+22.9%+12.9%

1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on February 5, 2025: +1.6% a year.

$10,000 invested February 28, 2025

TPLS $10,130The rate regime $10,267The market $13,284
$0$10,000$20,000Feb 2025Aug 2025Feb 2026$0$10,000$20,000Feb 2025Feb 2026

Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.

Common questions

What story is TPLS selling?

TPLS’s main story is the rate regime, which covers bonds, cash and Treasuries: the interest rates every other asset is priced against.

Which ETFs compete with TPLS?

The ETFs whose weekly returns move most like TPLS’s over the past 3 years are XTEN (0.98), LFAI (0.98) and GOVI (0.98).

How has TPLS performed against its story?

Over the past year TPLS returned −2.1%, the ETFs carrying the rate regime −0.6% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.98 with the story. Past performance only.

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Narrative figures are from the weekly board. Performance is market price total return as of October 2, 2026. Assets are StoryVector’s weekly figure. Classification and measurement. Not investment advice. How the measurement works →