Thornburg American Opportunities Fund ETF Class (TAOZ) ETF

Snapshot

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Info

Exchange: XNAS
Inception: 2026-03-31
Has Options: No

ETF Profile

holdings as of 2026-09-30

Holdings

46

AUM

$464.0M

Provider

Unknown

Inception

2026-03-31

Exchange

XNAS

Data As Of

2026-09-30

Expense Ratio

—

Dividend Yield

—

Distribution

—

Asset Allocation

Top Holdings

top 46 of 46 holdings

Symbol	Name	Weight %	Asset Class	Country
COHR	Coherent Corp	4.12%	Equity (common)	US
CWST	Casella Waste Systems Inc	3.32%	Equity (common)	US
MTSI	MACOM Technology Solutions Holdings Inc	3.29%	Equity (common)	US
VALU	Marex Group PLC	3.22%	Equity (common)	GB
AIT	Applied Industrial Technologies Inc	2.96%	Equity (common)	US
CLH	Clean Harbors Inc	2.94%	Equity (common)	US
VRT	Vertiv Holdings Co	2.92%	Equity (common)	US
TLN	Talen Energy Corp	2.89%	Equity (common)	US
AGYS	Agilysys Inc	2.87%	Equity (common)	US
WAL	Western Alliance Bancorp	2.86%	Equity (common)	US
PNFPP	Pinnacle Financial Partners Inc	2.85%	Equity (common)	US
VALU	SharkNinja Inc	2.80%	Equity (common)	KY
VALU	TechnipFMC PLC	2.80%	Equity (common)	GB
ITT	ITT Inc	2.73%	Equity (common)	US
DCO	Ducommun Inc	2.66%	Equity (common)	US
THC	Tenet Healthcare Corp	2.63%	Equity (common)	US
SXT	Sensient Technologies Corp	2.54%	Equity (common)	US
MYRG	MYR Group Inc	2.50%	Equity (common)	US
DTM	DT Midstream Inc	2.50%	Equity (common)	US
ACA	Arcosa Inc	2.41%	Equity (common)	US
XPO	XPO Inc	2.38%	Equity (common)	US
TRU	TransUnion	2.34%	Equity (common)	US
AIZ	Assurant Inc	2.29%	Equity (common)	US
BJ	BJ's Wholesale Club Holdings Inc	2.27%	Equity (common)	US
LPLA	LPL Financial Holdings Inc	2.16%	Equity (common)	US
WD	Walker & Dunlop Inc	1.99%	Equity (common)	US
PJT	PJT Partners Inc	1.85%	Equity (common)	US
GPI	Group 1 Automotive Inc	1.84%	Equity (common)	US
TTAN	ServiceTitan Inc	1.84%	Equity (common)	US
CVSA	Adtalem Global Education Inc	1.83%	Equity (common)	US
VRRM	Verra Mobility Corp	1.67%	Equity (common)	US
STKL	SunOpta Inc	1.64%	Equity (common)	CA
CASY	Casey's General Stores Inc	1.60%	Equity (common)	US
P	Pure Storage Inc	1.59%	Equity (common)	US
WH	Wyndham Hotels & Resorts Inc	1.56%	Equity (common)	US
CCC	CCC Intelligent Solutions Holdings Inc	1.55%	Equity (common)	US
CXT	Crane NXT Co	1.45%	Equity (common)	US
NTNX	Nutanix Inc	1.39%	Equity (common)	US
AVTR	Avantor Inc	1.38%	Equity (common)	US
BLDR	Builders FirstSource Inc	1.36%	Equity (common)	US
DECK	Deckers Outdoor Corp	1.18%	Equity (common)	US
BMRN	BioMarin Pharmaceutical Inc	1.16%	Equity (common)	US
MTDR	Matador Resources Co	1.03%	Equity (common)	US
VALU	Constellium SE	1.02%	Equity (common)	FR
—	Thornburg Capital Management Fund	1.00%	Equity (common)	US
ENTG	Entegris Inc	0.93%	Equity (common)	US

Geographic Breakdown

Fund Holdings

Thornburg Small/Mid Cap Core Fund · NPORT-P period 2026-09-30 (filed 2026-02-20)

Net assets: $464M · 46 total positions · equity 100.12%

#	Symbol	Issuer	Weight	Value
1	Coherent Corp	Coherent Corp	4.12%	$19.1M
2	Casella Waste Systems Inc	Casella Waste Systems Inc	3.32%	$15.4M
3	MACOM Technology Solutions Holdings Inc	MACOM Technology Solutions Holdings Inc	3.29%	$15.3M
4	Marex Group PLC	Marex Group PLC	3.22%	$15.0M
5	Applied Industrial Technologies Inc	Applied Industrial Technologies Inc	2.96%	$13.7M
6	Clean Harbors Inc	Clean Harbors Inc	2.94%	$13.7M
7	Vertiv Holdings Co	Vertiv Holdings Co	2.92%	$13.6M
8	Talen Energy Corp	Talen Energy Corp	2.89%	$13.4M
9	Agilysys Inc	Agilysys Inc	2.87%	$13.3M
10	Western Alliance Bancorp	Western Alliance Bancorp	2.86%	$13.3M
11	Pinnacle Financial Partners Inc	Pinnacle Financial Partners Inc	2.85%	$13.2M
12	SharkNinja Inc	SharkNinja Inc	2.80%	$13.0M
13	TechnipFMC PLC	TechnipFMC PLC	2.80%	$13.0M
14	ITT Inc	ITT Inc	2.73%	$12.7M
15	Ducommun Inc	Ducommun Inc	2.66%	$12.4M
16	Tenet Healthcare Corp	Tenet Healthcare Corp	2.63%	$12.2M
17	Sensient Technologies Corp	Sensient Technologies Corp	2.54%	$11.8M
18	MYR Group Inc	MYR Group Inc	2.50%	$11.6M
19	DT Midstream Inc	DT Midstream Inc	2.50%	$11.6M
20	Arcosa Inc	Arcosa Inc	2.41%	$11.2M
21	XPO Inc	XPO Inc	2.38%	$11.1M
22	TransUnion	TransUnion	2.34%	$10.9M
23	Assurant Inc	Assurant Inc	2.29%	$10.6M
24	BJ's Wholesale Club Holdings Inc	BJ's Wholesale Club Holdings Inc	2.27%	$10.5M
25	LPL Financial Holdings Inc	LPL Financial Holdings Inc	2.16%	$10.0M

Showing top 25 of 46 equity holdings.

Price History

Seasonality

Month	Avg Return	Years of Data
Jan	—	0
Feb	—	0
Mar	—	0
Apr	+4.42%	1
May	+1.51%	1
Jun	-0.31%	1
Jul	—	0
Aug	—	0
Sep	—	0
Oct	—	0
Nov	—	0
Dec	—	0

Technical Indicators

? Indicator Guide

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators

SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
+DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.

Momentum Oscillators

RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility

Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
ATR / True Range — average daily $ move; sizing and stop-loss reference.
HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $85.41

SMA 50: $84.91

SMA 200: —

Current: $85.83

EMA 12: $85.54

EMA 26: $85.30

MACD: 0.2397 | Signal: -0.0573

BULLISH

ADX (14): 10.67

RANGE

+DI: 35.80

−DI: 40.81

Momentum Oscillators

RSI (14): 56.39

NEUTRAL

Stoch %K: 35.77

Stoch %D: 33.69

Williams %R: -48.90

Volume & Volatility

BB Upper: $86.75

BB Lower: $84.07

NEUTRAL

OBV: 21,151

Vol SMA 20: 1,448

Vol ROC: -49.25%

ATR: $0.55

True Range: $0.45

HV 20: 11.6%

HV 30: 10.3%

HV 60: —

Data Summary

Data Points: 51

Last Updated: 2026-06-13T13:41:41.524000

Date Range: 2026-04-01T00:00:00 – 2026-06-12T00:00:00

AI Analysis

Choose Frenzy-Fast™ for quick analysis or Frenzy-Pro™ for comprehensive analysis.

Analysis includes technical indicators, news sentiment, risk assessment, and specific price levels to watch.

News

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Earnings History

Options Activity

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Options Chain

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Spread Scanner GPU

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? Score Guide Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR25 and BF25 from the live options chain. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)

Group 1 · Directional Bias (±0.25)

RSI <40 bullish / >60 bearish
MACD crossover + histogram trend
Price vs SMA 50 & SMA 200

Group 2 · Momentum (±0.10)

Stochastic %K <20 / >80
Williams %R <−80 / >−20

Group 3 · Volatility (up to −0.25 / +0.15)

Blended ATR + straddle expected-move penalty
Bollinger Band signal (+ counter-trend penalty)
BB width — vol contraction boost for ICs

Group 4 · IV Regime (±0.15)

IV rank ≥ 75 → strong boost for credit spreads
IV rank < 25 → penalty (selling cheap vol)

Group 5 · Liquidity (penalty up to −0.10)

Min open interest across all legs
OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Dealer Positioning

—

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Volatility Surface

Enter a ticker to render the implied volatility surface.

Skew Metrics per Expiry ? Guide

Risk Reversal (RR)

IV(10% OTM call) − IV(10% OTM put)

Measures the direction of skew — which side the market is paying up for. Expressed as a vol difference in percentage points.

−3% to −10% → mild to moderate put skew. Normal for most large-cap stocks — puts always carry some premium from portfolio hedging demand.
−10% to −20% → strong put skew. Elevated fear, heavy hedging, or an upcoming catalyst (earnings, macro event). Worth noting.
Below −20% → extreme put skew. Stress signal — market aggressively buying downside protection.
−3% to 0% → nearly symmetric. Rare for equities; means the market sees roughly equal up/down risk.
Positive → calls more expensive than puts. Unusual — signals strong upside momentum, short squeeze risk, or takeover speculation.

Butterfly (BF)

½ × (IV call + IV put) − IV ATM

Measures curvature — how much the wings are bid up relative to ATM. Always expressed as a positive number (wing premium). Think of it as the cost of a tail hedge above and beyond the ATM vol.

0% to 2% → flat smile. Market pricing near-normal return distribution, low tail risk.
2% to 5% → moderate wing premium. Some tail risk priced in — typical in earnings cycles or elevated VIX environments.
Above 5% → high curvature. Fat tails aggressively priced — market expects a large move but is uncertain of direction. Very common right before earnings.

Reading them together

RR	BF	Interpretation
-15%	+5%	Strong put skew + fat tails — fear or upcoming catalyst (earnings, FDA)
-5%	+1%	Normal mild put skew, calm market
-20%	+8%	Extreme fear — heavy hedging, major event risk
~0%	+2%	Balanced market, no strong directional bias
+5%	+3%	Call skew — bullish momentum or short squeeze risk

Expiry	DTE	ATM IV	25d Put IV	25d Call IV	Risk Reversal	Butterfly	Interpretation	Strategy Suggestions (hover for rationale)

IV Rank (7 DTE)

IV Rank (30 DTE)

Straddle Price (30 DTE)

Beta Analysis

Beta (1Y vs SPY): 0.73
Correlation (SPY): 76.1%
R²: 0.58
Ann. Volatility: 12.7%
SPY Volatility: 13.2%

Low volatility - stock moves less than market

Beta & Alpha Over Time

Institutional Ownership (13F)

Latest filings — 2026-03-31

? 13F Guide

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

Shares — long equity positions in this name, aggregated across share classes.
Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
% of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

35 filers1,860,077 shares$79.65M value

#	Filer	Shares	Value	% of Total	% of Float	Period
1	KELLEHER FINANCIAL ADVISORS	662,034	$27.10M	34.03%	—	2026-03-31
2	Keystone Financial Group	365,182	$17.53M	22.01%	—	2026-03-31
3	McIlrath & Eck, LLC	201,934	$7.92M	9.94%	—	2026-03-31
4	NORTH STAR ASSET MANAGEMENT INC	95,627	$4.98M	6.25%	—	2026-03-31
5	Arvest Bank Trust Division	75,465	$4.52M	5.67%	—	2026-03-31
6	Garton & Associates Financial Advisors LLC	78,925	$2.91M	3.66%	—	2026-03-31
7	Ethos Financial Group, LLC	44,140	$2.37M	2.98%	—	2026-03-31
8	FULTON BANK, N.A.	27,733	$1.79M	2.24%	—	2026-03-31
9	FIRST MERCHANTS CORP	18,525	$1.28M	1.60%	—	2026-03-31
10	SPIRIT OF AMERICA MANAGEMENT CORP/NY	20,254	$981.89K	1.23%	—	2026-03-31
11	Westside Investment Management, Inc.	14,574	$903.27K	1.13%	—	2026-03-31
12	Diversified Trust Co	15,186	$886.86K	1.11%	—	2026-03-31
13	Ascentis Independent Advisors Custodian	36,722	$633.10K	0.79%	—	2026-03-31
14	ORG Partners LLC Custodian	36,721	$633.10K	0.79%	—	2025-12-31
15	MOODY LYNN LIEBERSON & WALKER, LLC	9,416	$629.67K	0.79%	—	2026-03-31
16	NORTHSTAR ASSET MANAGEMENT Co	8,500	$629.30K	0.79%	—	2026-03-31
17	BECK MACK & OLIVER LLC	8,170	$604.33K	0.76%	—	2026-03-31
18	IRONWOOD INVESTMENT MANAGEMENT LLC	6,044	$404.15K	0.51%	—	2026-03-31
19	WOODSTOCK CORP	5,493	$402.03K	0.50%	—	2026-03-31
20	GREAT LAKES ADVISORS, LLC	6,297	$369.10K	0.46%	—	2026-03-31
21	Violich Capital Management, Inc.	4,849	$358.70K	0.45%	—	2026-03-31
22	Private Capital Advisors, Inc.	5,028	$336.22K	0.42%	—	2026-03-31
23	Transce3nd, LLC	7,490	$325.38K	0.41%	—	2026-03-31
24	CENTRAL BANK & TRUST CO	5,373	$316.62K	0.40%	—	2026-03-31
25	Financial Gravity Asset Management, Inc.	6,505	$254.94K	0.32%	—	2026-03-31

#	Filer	Notional Value	% of Total	Period

#	Filer	Notional Value	% of Total	Period

Insider Activity

Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.

Filed	Reporter	Role	Action	Shares	Avg Price	Net $	Link

Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

Recent SEC Filings

Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).

Filing Date	Accession	Link

Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.

Filing Date	Accession	Link

Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.

Filing Date	Accession	Link

ETF Holders

#	ETF	Provider	Weight	$ Exposure	ETF AUM	As Of

Fundamentals

? Fundamentals Guide

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics

Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.

How to read the bars

Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
YoY growth — compare to the same quarter a year earlier to remove seasonality.
Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Valuation

? Valuation Guide

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples

P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
EV/Sales — like P/S but accounts for debt + cash. Compare within sector.

Profitability & Yields

ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.

Balance Sheet

Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.

Reading the history chart

Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
Multiples expanding while earnings are flat = sentiment-driven rally.
Multiples compressing while earnings grow = value coming from fundamentals.

Metric:

Short Interest & Float

? Short Interest Guide

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions

Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
SI % of Float — short interest / free float. The key crowding metric.
Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
Free Float — shares available for public trading (total shares minus insider / restricted).
Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.

How to read the signals

SI % of Float < 5% — typical, no particular signal.
5–15% — elevated; watch for catalysts (earnings, guidance, macro).
15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
>30% — extreme; borrow is likely expensive and squeeze risk is material.
Days to Cover > 5 combined with high SI% amplifies squeeze potential.

History chart

Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Metric:

Constituent Performance

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Constituents

Symbol	Price	1 Day	1 Week	1 Month

Thornburg American Opportunities Fund ETF Class(TAOZ · ETF)

Thornburg American Opportunities Fund ETF Class (TAOZ) ETF

Overlays

Oscillators (sub-panels)

Trend Indicators

Momentum Oscillators

Volume & Volatility

Data Summary