Loitering munitions (LM) of today vary greatly in design. To support Swedish acquisition processes of LMs for the Swedish army and future proof selected designs, an increased understanding of the connection between system design and operational uses for different cost categories is needed. To address this, FOI has performed an early tradespace exploration (TSE) analysis on LMs of conventional fixed-wing type armed with small to medium-large sized warheads for the time perspective 2035 and onwards. Performed work involved LM system analysis, the development of an early LM TSE-framework and the analysis of found tradespace for the duel between a LM and an armoured infantry fighting vehicle. The developed framework has been used to generate a tradespace for different performance and efficiency metrics within which concepts similar to that of LMs existing on the market today have been identified. The performed TSE-analysis has enabled a broad assessment of different design implications related to studied design variables and parameters. To deepen the understanding for different LMs, the current framework needs to be developed further for more LM configurations. Additional development within subsystems navigation, sensors and warhead design is also needed to enable the use of the framework in more realistic scenarios.