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ActivePassive Core Bond ETF
Active ETF
APCB
Payout Change
Pending
Price as of:
$29.07
+0.05
+0.17%
primary theme
N/A
APCB (ETF)
ActivePassive Core Bond ETF
Payout Change
Pending
Price as of:
$29.07
+0.05
+0.17%
primary theme
N/A
APCB (ETF)
ActivePassive Core Bond ETF
Payout Change
Pending
Price as of:
$29.07
+0.05
+0.17%
primary theme
N/A
Name
As of 05/06/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-1.6%
1 yr return
0.5%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$264 M
Holdings in Top 10
36.4%
52 WEEK LOW AND HIGH
$29.0
$27.82
$30.06
Expenses
OPERATING FEES
Expense Ratio 0.36%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 05/06/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
APCB - Profile
Distributions
- YTD Total Return -1.6%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 2.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameActivePassive Core Bond ETF
-
Fund Family NameN/A
-
Inception DateMay 03, 2023
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
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 U.S. Aggregate Bond Index (the “Underlying Index”). Under normal market conditions, the Fund will invest
at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities that are rated investment grade or better and up to 20% of its net assets in high yield debt securities, also known as “junk bonds.” The ratio of the Fund’s assets that are allocated to active versus passive investment strategies is determined by Envestnet Asset Management, Inc., the Fund’s investment adviser (the “Adviser”), and is based on a variety of factors, including the Adviser’s proprietary research that looks at the likelihood of active managers outperforming or underperforming within the asset classes in which the Fund invests, the Adviser’s research and due diligence on available investment sub-advisers (each, a “Sub-Adviser”) within the different asset classes in which the Fund invests and the Adviser’s assessment of how different Sub-Advisers will contribute to overall Fund performance. The Adviser also considers academic research on factor investing, which is an investment approach that involves selecting securities based on attributes associated with higher returns, and the long-term performance of factor investing with established style factors across the asset classes in which the Fund invests. The Adviser generally employs a balanced approach to allocating between active and passive investment management of taxable fixed income portfolios. The Adviser takes advantage of the low costs and index tracking of passive investing and balances it with active investing which can provide the opportunity to add value through risk mitigation and security selection. The portion of the Fund’s investment portfolio that is actively managed by the Sub-Advisers and Adviser will range from 10% to 60% of the Fund’s net assets and is expected to shift over time as economic conditions change and the available information about the asset classes in which the Fund invests evolves. The remaining portion of the Fund’s portfolio will be allocated to the passive investment strategy. The Adviser will generally rebalance the Fund’s portfolio between the active and passive investment strategies on an annual basis but may rebalance the portfolio more frequently if market conditions warrant or the allocation between active and passive drifts significantly from the target allocation.
The fixed income securities in which the Fund may invest include corporate bonds, U.S. government securities, U.S. agency securities, mortgage- and asset-backed securities, and foreign fixed income securities, as well as ETFs that primarily invest in fixed income securities. The Fund may also invest in privately placed securities that have not been registered under the Securities Act of 1933 (the “Securities Act”), as amended, but may be resold to qualified institutional buyers in accordance with the provisions of Rule 144A under the Securities Act (“Rule 144A Securities”). The Fund’s investments in mortgage- and asset-backed securities may include commercial mortgage-backed securities, and agency and non-agency residential mortgage-backed securities including fixed and adjustable rate pass-throughs, collateralized loan obligations (“CLOs”), collateralized mortgage obligations (“CMOs”) and other structures such as interest only, principal only and credit risk transfer securities. The fixed income securities in which the Fund may invest may have fixed, floating or variable rates. The Adviser and the Sub-Advisers will seek to limit volatility in the Fund’s portfolio by investing in fixed income securities with different maturity dates and credit ratings that the Adviser and the Sub-Advisers believe will provide stable and consistent returns to the Fund. The Fund may invest in fixed income securities with a range of maturities, from short-term obligations carrying maturities of less than one year to long-term obligations with maturities more than 20 years. It is expected that the weighted average maturity of the securities in the Fund will approximate the weighted average maturity of the Underlying Index. The debt securities in which the Fund invests must be rated CCC+ or better at the time of purchase by any nationally recognized statistical rating organization (“NRSRO”). In the event a security is split rated by two or more NRSROs, the Adviser will use the lower rating to determine credit quality.
The Underlying Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The sponsor of the Underlying Index determines the composition of the Underlying Index and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. Neither the Fund nor the Adviser is affiliated with the sponsor of the Underlying Index. The Underlying Index includes U.S. government securities, U.S. agency securities, corporate bonds, and mortgage- and asset-backed securities. To be included
in the Underlying Index, securities must be U.S. dollar denominated, be rated investment grade, be fixed-rate coupons and have at least one year to maturity. Securities included in the Underlying Index must have at least $300 million outstanding for U.S. government, U.S. agency and corporate securities, $1 billion outstanding for mortgage-backed securities, $25 million for asset-backed securities, and $300 million for collateralized mortgage-backed securities. Securities included in the Underlying Index must be fully taxable. In addition, securities included in the Underlying Index must be SEC-registered or exempt from registration at the time of issuance. The Underlying Index is rebalanced monthly.
The Adviser is responsible for developing, constructing and monitoring the asset allocation and portfolio strategy for the Fund and will generally quantitatively manage the passive allocation of the Fund’s investment portfolio. Quantitative investing, also known as systematic investing, is an investment approach that uses mathematical modeling, computer systems and data analysis to evaluate a specific universe of potential investments. Quantitative investing uses data to build portfolios that either attempt to track an index, provide exposure to specific investment style factors, or structure the portfolio according to desired attributes. The Adviser’s quantitative strategy with respect to the Fund seeks to construct the passive allocation of the portfolio to provide investment results that, before expenses, correspond to the price and performance of the Underlying Index. The Adviser manages the passive allocation utilizing a representative sampling strategy, meaning that the Fund may not purchase all of the securities represented in the Underlying Index, but it will attempt to construct the passive allocation of the Fund to hold a portfolio of individual fixed income securities that, in the aggregate, have risk, return and credit quality characteristics that resemble the risk, return and credit quality characteristics of the Underlying Index. As part of the passive allocation, the Fund may invest in passively-managed ETFs in trying to construct the passive allocation to track the Underlying Index. The passive allocation may be represented by securities maturing at regular intervals, meaning that the fixed-income securities in the Fund’s passive allocation will have maturity dates that are evenly spaced across several years so that the proceeds may be reinvested at regular intervals as the securities mature.
The Adviser also believes that the Fund’s reward and risk characteristics can be enhanced by employing one or more Sub-Advisers, with complementary styles and approaches, who actively manage distinct segments of a market, asset class or investment style for the Fund. The Fund currently employs two Sub-Advisers to manage the Fund’s qualitative active allocation, Sage Advisory Services, Ltd. Co. (“Sage Advisory”) and Neuberger Berman Investment Advisers LLC (“NBIA”). Sage Advisory will manage a sleeve of the qualitative active allocation by seeking to invest in a broad range of investment grade fixed income securities with an anticipated average maturity between three and seven years. Sage Advisory will emphasize safety of principal and liquidity in selecting securities for the Fund. NBIA will manage a sleeve of the qualitative active allocation and select securities for the Fund’s portfolio utilizing a disciplined relative value approach to sector allocation, research-driven security selection and duration management. The Sub-Advisers generally rely on detailed proprietary research and focus on the sectors and securities they believe are undervalued relative to the market. The Sub‑Advisers will actively trade the portion of Fund’s investment portfolio they manage, and the Fund may experience a high portfolio turnover rate. In selecting securities for investment, the Sub-Advisers typically:
•Use in-depth fundamental research to identify sectors and securities for potential investment and to analyze risk;
•Analyze the credit quality of issuers, an issuer’s potential for success, the credit, currency, and economic risks of potential investments and their issuers, security-specific features, current and potential future valuation of potential investments, and trading opportunities to select investments;
•Look to capitalize on rapidly shifting market risks and dynamics caused by economic and technical factors; and
•Consider the liquidity of securities and the portfolio overall as an important factor in portfolio construction.
APCB - Performance
Return Ranking - Trailing
| Period | APCB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.6% | N/A | N/A | N/A |
| 1 Yr | 0.5% | N/A | N/A | N/A |
| 3 Yr | N/A* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
| Period | APCB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
| Period | APCB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.6% | N/A | N/A | N/A |
| 1 Yr | 0.5% | N/A | N/A | N/A |
| 3 Yr | N/A* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | APCB Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
APCB - Holdings
Concentration Analysis
| APCB | Category Low | Category High | APCB % Rank | |
|---|---|---|---|---|
| Net Assets | 264 M | N/A | N/A | N/A |
| Number of Holdings | 787 | N/A | N/A | N/A |
| Net Assets in Top 10 | 90.8 M | N/A | N/A | N/A |
| Weighting of Top 10 | 36.36% | N/A | N/A | N/A |
Top 10 Holdings
- iShares MBS ETF 11.78%
- Vanguard Total International Bond ETF 10.10%
- iShares Core U.S. Aggregate Bond ETF 7.60%
- United States Treasury Note/Bond 1.21%
- United States Treasury Note/Bond 1.08%
- United States Treasury Note/Bond 0.96%
- United States Treasury Note/Bond 0.95%
- United States Treasury Note/Bond 0.94%
- United States Treasury Note/Bond 0.90%
- United States Treasury Note/Bond 0.82%
Asset Allocation
| Weighting | Return Low | Return High | APCB % Rank | |
|---|---|---|---|---|
| Bonds | 68.35% | N/A | N/A | N/A |
| Stocks | 29.48% | N/A | N/A | N/A |
| Other | 1.18% | N/A | N/A | N/A |
| Cash | 0.90% | N/A | N/A | N/A |
| Preferred Stocks | 0.08% | N/A | N/A | N/A |
| Convertible Bonds | 0.00% | N/A | N/A | N/A |
Stock Sector Breakdown
| Weighting | Return Low | Return High | APCB % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | N/A | N/A | N/A |
| Technology | 0.00% | N/A | N/A | N/A |
| Real Estate | 0.00% | N/A | N/A | N/A |
| Industrials | 0.00% | N/A | N/A | N/A |
| Healthcare | 0.00% | N/A | N/A | N/A |
| Financial Services | 0.00% | N/A | N/A | N/A |
| Energy | 0.00% | N/A | N/A | N/A |
| Communication Services | 0.00% | N/A | N/A | N/A |
| Consumer Defense | 0.00% | N/A | N/A | N/A |
| Consumer Cyclical | 0.00% | N/A | N/A | N/A |
| Basic Materials | 0.00% | N/A | N/A | N/A |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | APCB % Rank | |
|---|---|---|---|---|
| US | 29.48% | N/A | N/A | N/A |
| Non US | 0.00% | N/A | N/A | N/A |
Bond Sector Breakdown
| Weighting | Return Low | Return High | APCB % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 0.69% | N/A | N/A | N/A |
| Derivative | 0.00% | N/A | N/A | N/A |
| Securitized | 0.00% | N/A | N/A | N/A |
| Corporate | 0.00% | N/A | N/A | N/A |
| Municipal | 0.00% | N/A | N/A | N/A |
| Government | 0.00% | N/A | N/A | N/A |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | APCB % Rank | |
|---|---|---|---|---|
| US | 68.35% | N/A | N/A | N/A |
| Non US | 0.00% | N/A | N/A | N/A |
APCB - Expenses
Operational Fees
| APCB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.36% | N/A | N/A | N/A |
| Management Fee | 0.35% | N/A | N/A | N/A |
| 12b-1 Fee | N/A | N/A | N/A | N/A |
| Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
| APCB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | N/A | N/A | N/A |
| Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
| APCB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| APCB Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | N/A | N/A | N/A |
APCB - Distributions
Dividend Yield Analysis
| APCB | Category Low | Category High | APCB % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.21% | N/A | N/A | N/A |
Dividend Distribution Analysis
| APCB | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly |
Net Income Ratio Analysis
| APCB | Category Low | Category High | APCB % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
| APCB | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency |
Distributions History
| Date | Amount | Type |
|---|---|---|
| May 01, 2024 | $0.053 | OrdinaryDividend |
| Apr 02, 2024 | $0.101 | OrdinaryDividend |
| Mar 01, 2024 | $0.085 | OrdinaryDividend |
| Feb 01, 2024 | $0.142 | OrdinaryDividend |
| Dec 26, 2023 | $0.068 | OrdinaryDividend |
| Dec 01, 2023 | $0.089 | OrdinaryDividend |
| Nov 01, 2023 | $0.097 | OrdinaryDividend |
| Oct 02, 2023 | $0.084 | OrdinaryDividend |
| Sep 01, 2023 | $0.091 | OrdinaryDividend |
| Aug 01, 2023 | $0.091 | OrdinaryDividend |
| Jul 03, 2023 | $0.143 | OrdinaryDividend |
