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%.