Exhibit 99.(d)(2)
THORNBURG ETF TRUST
AMENDMENT NO. 1 TO INVESTMENT ADVISORY AGREEMENT
Thornburg ETF Trust (the “Trust”) and Thornburg Investment Management, Inc. (the “Adviser”) hereby agree that the Investment Advisory Agreement dated December 19, 2024, as may be amended from time to time, between the Trust and the Adviser (the “Agreement”) is amended as of this 22nd day of May, 2026, to reflect that the Thornburg Premium Income Builder ETF shall be deemed a “Fund” under the terms of the Agreement, effective May 22, 2026. A revised Schedule A is attached hereto.
THORNBURG ETF TRUST
| By: | /s/ Curtis Holloway | |
| Name: | Curtis Holloway | |
| Title: | CFO & Treasurer |
THORNBURG INVESTMENT MANAGEMENT, INC.
| By: | /s/ Nimish Bhatt | |
| Name: | Nimish Bhatt | |
| Title: | CFO |
Schedule A
(as of May 22, 2026)
| Fund | Management Fee (% of average daily net asset value) |
Effective Date |
| Thornburg Core Plus Bond ETF | 0.45% | December 19, 2024 |
| Thornburg Multi Sector Bond ETF | 0.55% | December 19, 2024 |
| Thornburg International Equity ETF | 0.65% | December 19, 2024 |
| Thornburg International Growth ETF | 0.70% | December 19, 2024 |
| Thornburg Premium Income Builder ETF | 0.79% | May 22, 2026 |