ActivePassive Intermediate Municipal Bond ETF (APMU)

APMU is an actively-managed fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Bloomberg Municipal 1-10 Year Blend Index, the Fund’s benchmark index. The ratio of the Fund’s investment portfolio that is actively versus passively managed is determined by a variety of factors, including Envestnet's proprietary methodologies and academic research on factor investing. APMU will invest at least 80% of its net assets in U.S. municipal bond securities that are exempt from U.S. federal income tax and are rated investment grade or better. The Fund may also invest up to 20% of its net assets in high-yield municipal bonds. The Fund carries an expense ratio of 0.36%.

Fund Data & Pricing Data as of 04/26/2024
Net Assets as of 04/26/2024 $126.82m
NAV $24.51
Shares Outstanding 5,175,000
Premium/discount Percentage 0.26%
Closing Price $24.57
Median 30 Day Spread 0.08%

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Fund Details
Inception Date 05/03/2023
Ticker APMU
Primary Exchange NYSE
CUSIP 89834G745
IOPV Symbol APMU.IV
NAV Symbol APMU.NV
Expense Ratio 0.36%
30 Day Sec Yield*

* As of 05/03/2023

Performance Quarter end returns as of 2/29/2024
  Avg. Annualized  
  3 Month 6 Month 9 Month Since Inception
Fund NAV 1.37% 2.96% 2.95% 0.96%
Market Price 1.73% 3.36% 3.21% 1.36%
Bloomberg Municipal 1-10 Year Blend Total Return Index 1.37% 3.28% 3.53% 2.62%

Expense ratio: 0.36%

Inception Date:  05/03/2023

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 1-800-617-0004.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Periods of less than 1-Year are unannualized

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Distribution Detail
Ex-Date Record Date 1 Year Payable Date
4/2/2024 4/3/2024 4/4/2024
3/1/2024 3/4/2024 3/5/2024
2/01/2024 2/02/2024 2/05/2024
DOWNLOAD PREMIUM DISCOUNT INFORMATION
TOP 10 HOLDINGS
% Of Net Assets Name Ticker CUSIP Shares Held Market Value
26.26% iShares National Muni Bond ETF MUB 464288414 313,510 33,351,193.80
8.64% First American Government Obligations Fund 12/01/2 FGXXX 31846V336 10,976,679 10,976,679.33
1.45% Snohomish County Housing Authority 4% 04/01/2033 83309AGJ4 83309AGJ4 1,810,000 1,842,741.45
1.22% Grant County Public Utility District No 2 Electric 387874YX2 387874YX2 1,540,000 1,552,390.69
1.12% Los Angeles Unified School District/CA 5% 07/01/20 544647HN3 544647HN3 1,250,000 1,421,048.00
1.06% Maine Municipal Bond Bank 5% 11/01/2028 56045R7R4 56045R7R4 1,250,000 1,352,324.63
0.91% Board of Regents of the University of Texas System 91514AHG3 91514AHG3 1,130,000 1,152,514.23
0.87% State of Oregon 5% 05/01/2030 68609UKM6 68609UKM6 1,000,000 1,110,397.20
0.86% Oklahoma Capitol Improvement Authority 5% 07/01/20 679088MU5 679088MU5 1,000,000 1,090,747.00
0.82% City of Houston TX Combined Utility System Revenue 44244CS32 44244CS32 1,000,000 1,039,586.90

Data as of 04/30/2024. Holdings are subject to change.

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IMPORTANT INFORMATION:

Investing in securities involves risk and there is no guarantee of principal.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004 or visit our website at www.activepassive.com. Read the prospectus or summary prospectus carefully before investing.

The information, analysis, and opinions expressed herein are for general information only. Nothing contained herein is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. Investing carries certain risks and there is no assurance that investing in accordance with the portfolios mentioned will provide positive performance over any period of time. Investors could lose money if they invest in accordance with the portfolios discussed herein. Past performance is not indicative of future results.
 
Exchange Traded Funds (ETFs) are subject to risks similar to those of stocks, such as market risk. Investing in ETFs may bear indirect fees and expenses charged by ETFs in addition to its direct fees and expenses, as well as indirectly bearing the principal risks of those ETFs. Income (bond) ETFs are subject to interest rate risk which is the risk that debt securities in a fund’s portfolio will decline in value because of increases in market interest rates.
 
Investments that utilize an ActivePassive strategy carry specific risks that investors should consider before investing in ActivePassive portfolios. In certain market conditions, combining active and passive investment strategies may lose value or underperform fully active or fully passive strategies. ActivePassive investment strategies are also subject to the risks of both active and passive investment strategies. Active investment strategies are subject to active risk. Active risk arises by deviating a portfolio or investment away from its passive benchmark through portfolio management decisions that are made by either humans or software which are subject to error and/or bias. Passive investment strategies have the risk of not closely track the performance of the underlying index they seek to replicate. While attempting to track an index, passive investments often do not consider a company’s profitability, financial health, or growth potential in their investment selection criteria.
 
Advisors should always conduct their own research and due diligence on investment products and the product managers prior to offering or making a recommendation to a client.

Credit Risk. Credit risk is the risk that an issuer will not make timely payments of principal and interest, which may cause an underlying investment to lose value. Debt Securities Risk. The values of debt securities may increase or decrease as a result market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. High-Yield Securities Risk. The fixed income investments held by the Fund that are rated below investment grade, also known as “junk bonds”, are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Interest Rate Risk. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Liquidity Risk. Liquidity risk exists when certain investments are difficult to purchase or sell, possibly preventing the Fund from selling such illiquid investments at an advantageous time or price. New Fund Risk. The Fund is a recently organized, giving prospective investors a limited track record on which to base their investment decision. Prepayment Risk. The risk that the issuer of a debt security repays all or a portion of the principal prior to the security’s maturity resulting in lower yields to shareholders of the Fund. The Fund may be unable to re-invest the proceeds in an investment with as great a yield. Tax Risk. Municipal securities may decrease in value during times when federal income tax rates are falling. The Fund’s investments are affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, interest income on municipal obligations. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the case of an obligation backed by a U.S. agency or instrumentality, said entity may be privately owned and there can be no assurance the U.S. Government would provide financial support to the obligated agency or instrumentality.

The Bloomberg 1-10 Year Municipal Bond Index is a market value-weighted index which covers the short and intermediate components of the Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market.

The funds are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Envestnet.