ActivePassive Core Bond ETF (APCB)

APCB is an actively-managed fund that blends active and passive investment strategies to optimize costs, tracking and potential return over the Bloomberg U.S. Aggregate Bond 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. APCB will invest at least 80% of its net assets in fixed income securities that are rated investment grade or better and up to 20% of its net assets in high yield debt securities. The fixed income securities include corporate bonds, U.S. government securities, U.S. agency securities, mortgage- and asset-backed securities, as well as ETFs that primarily invest in fixed income securities. The Fund carries an expense ratio of 0.36%.

Fund Data & Pricing Data as of 09/22/2023
Net Assets as of 09/22/2023 $98.2m
NAV $28.67
Shares Outstanding 3,425,000
Premium/discount Percentage 0.12%
Closing Price $28.70
Median 30 Day Spread 0.07%

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 APCB
Primary Exchange NYSE
CUSIP 89834G752
IOPV Symbol APCB.IV
NAV Symbol APCB.NV
Expense Ratio 0.36%

* As of 05/03/2023

Performance Quarter end returns as of 05/31/2023
  Avg. Annualized  
  Quarter 1 Year 3 Year Since Inception Cumulative
Fund NAV 00.00% 00.00% 00.00% -1.13%
Market Price 00.00% 00.00% 00.00% -1.01%
Bloomberg U.S. Aggregate Bond Index 00.00% 00.00% 00.00% -1.07%

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.

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
7/03/2023 07/05/2023 - 7/06/2023
DOWNLOAD PREMIUM DISCOUNT INFORMATION
TOP 10 HOLDINGS
% Of Net Assets Name Ticker CUSIP Shares Held Market Value
13.01% ISHARES TR MBS ETF MBB 464288588 141,799 12,771,835.93
10.19% VANGUARD CHARLOTTE FDS TOTAL INT BD ETF BNDX 92203J407 207,841 10,009,622.56
3.38% ISHARES TR CORE US AGGBD ET AGG 464287226 34,949 3,321,902.45
2.28% UNITED STATES TREAS NTS 3.875% 03/31/2025 91282CGU9 91282CGU9 2,285,000 2,238,764.44
2.05% UNITED STATES TREAS NTS 3.625% 03/31/2028 91282CGT2 91282CGT2 2,100,000 2,016,082.03
1.83% UNITED STATES TREAS NTS 4.625% 02/28/2025 91282CGN5 91282CGN5 1,809,000 1,792,252.62
1.79% UNITED STATES TREAS BDS 6.125% 11/15/2027 912810FB9 912810FB9 1,666,000 1,757,760.15
1.75% UNITED STATES TREAS BDS 6.75% 08/15/2026 912810EX2 912810EX2 1,637,000 1,720,448.63
1.74% UNITED STATES TREAS BDS 5.25% 11/15/2028 912810FF0 912810FF0 1,659,000 1,707,603.52
1.68% UNITED STATES TREAS NTS 4.625% 03/15/2026 91282CGR6 91282CGR6 1,657,000 1,645,543.40

Data as of 09/25/2023.  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.

Asset-Backed and Mortgage-Backed Securities Risk. Asset-backed and mortgage-backed securities are subject to risks of prepayment and extension. They may decline in value because of foreclosures or defaults on the underlying obligations. 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. 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 Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

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