ETF Evaluator:
ActivePassive Intermediate Mcpl Bd ETF ()
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(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
Risk
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Risk
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ETF Details
ActivePassive Intermediate Mcpl Bd ETF Overview
ActivePassive Intermediate Mcpl Bd ETF (APMU) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). Active Passive Funds launched the ETF in 2023.
The investment seeks current income that is exempt from federal income taxes consistent with low volatility of principal.
The fund is an actively-managed exchange-traded fund (“ETF”) that blends active and passive investment strategies to optimize costs, tracking and potential return over the fund’s benchmark index, the Bloomberg Municipal 1-10 Year Blend Index. Under normal market conditions, the fund 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.
About ActivePassive Intermediate Mcpl Bd ETF (APMU)
There are 8 members of the management team with an average tenure of 3.25 years: Brandon Thomas (2023), Brian Moreland (2023), Martin Tourigny (2023), Janis Zvingelis (2023), Kara South (2023), Timothy Murphy (2023), John Fox (2023) and Gregory Classen (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
ActivePassive Intermediate Mcpl Bd ETF has 1273 securities in its portfolio. The top 10 holdings constitute 11.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ActivePassive Intermediate Mcpl Bd ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. ActivePassive Intermediate Mcpl Bd ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.0% (97.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ActivePassive Intermediate Mcpl Bd ETF has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $243 million in total assets, which is below the $2 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
APMU Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ActivePassive Intermediate Mcpl Bd ETF expense ratio is below average compared to funds in the Muni National Interm category. ActivePassive Intermediate Mcpl Bd ETF has an expense ratio of 0.35%, which is 24% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ActivePassive Intermediate Mcpl Bd ETF has a portfolio turnover rate of 23%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, ActivePassive Intermediate Mcpl Bd ETF returned -1.1%, which earned it a grade of A, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ActivePassive Intermediate Mcpl Bd ETF has a trailing yield of 2.72%, which is below the 3.53% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ActivePassive Intermediate Mcpl Bd ETF Grades
Year to date, the ETF has returned -0.3%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.3% over the past year (grade of F) and 2.6% over the past three years (grade of F).
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APMU Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| APMU Return (NAV) | -1.1% | -0.4% | 2.3% | 2.6% | na | na |
| APMU Return (Price) | -1.2% | -0.4% | 2.1% | 2.6% | na | na |
| NAV +/- Price Return | 0.059% | 0.000% | 0.137% | 0.005% | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| APMU Grade (NAV) | A | C | F | F | na | na |
| +/- Category (NAV) | 0.5% | 0.0% | -2.7% | -0.7% | na | na |
| APMU Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
APMU Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| APMU Return (NAV) | -0.3% | 4.7% | 1.0% | na | na | na | na | na | na | na | na |
| APMU Return (Price) | -0.3% | 4.5% | 0.9% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.016% | -0.033% | -0.120% | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| APMU Grade (NAV) | F | C | F | na | na | na | na | na | na | na | na |
| +/- Category | -0.6% | -0.0% | -1.0% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.60 |
| R-Squared: | 92% |
| Standard Deviation: | 3.6% |
| Category Risk Index: | 0.72 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.29 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 2.7% |
| Total Assets: | $ 244 Mil |
| Share Class Assets: | $ 244 Mil |
| Turnover: | 23.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 8 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Thomas Brandon (2023), Moreland Brian (2023), Tourigny Martin (2023), Zvingelis Janis (2023), South Kara (2023), Murphy Timothy (2023), Fox John (2023), Classen Gregory (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1273 |
| % in Top 10 Holdings: | 11.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | 2.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Active Passive Funds |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | May 2, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
