ActivePassive Intermediate Municipal Bond ETF
APMU
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- ActivePassive Intermediate Municipal Bond ETF (APMU) is an actively managed exchange-traded fund that blends active and passive investment strategies to seek current income exempt from U.S. federal income taxes consistent with low volatility of principal, benchmarking the Bloomberg Municipal 1-10 Year Blend Index. The fund invests at least 80% of its net assets in investment-grade U.S. municipal bonds exempt from federal income tax, including general obligation bonds, revenue bonds, and pre-refunded bonds issued by states, territories, possessions, and local governments or agencies; it may allocate up to 20% to high-yield municipal bonds rated CCC+ or better. The passive portion employs an optimized sampling strategy to replicate index characteristics, while the active portion is sub-advised by GW&K Investment Management, LLC, focusing on bottom-up research for undervalued short- to intermediate-term municipal bonds; portfolio managers include Kara M. South, Martin R. Tourigny, and Brian T. Moreland, each since March 2023. Launched on May 3, 2023, and listed on NYSE Arca, APMU is a series of the Trust for Professional Managers, with investment advisory services provided by Envestnet Asset Management, Inc., a subsidiary of Envestnet, Inc., headquartered at 222 N. LaSalle St., Suite 625, Chicago, IL 60601. In recent developments, shareholders approved a new investment advisory agreement with Envestnet on January 8, 2025, transitioning from an interim arrangement. The Trust underwent significant board and officer changes effective April 18, 2025, including the resignation of John P. Buckel as Trustee, President, and Chairperson due to retirement, with Erik K. Olstein appointed Chairperson, Jennifer A. Lima as President and Principal Executive Officer, and Kelly A. Strauss as Vice President, Treasurer, Principal Financial Officer, and Principal Accounting Officer. Envestnet updated its address in May 2025, and in November 2024, Envestnet, Inc. was acquired by a consortium led by Bain Capital for approximately $4.5 billion, including BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors.