APMU Fees and Costs — ActivePassive Intermediate Municipal Bond ETF
Data updated: 2026-07-28
The net expense ratio is 0.35%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $28K in broker commissions, 0.0344% of average net assets, and portfolio turnover was 23%.
APMU Fees and Expenses
Annual operating expenses and sales charges of APMU. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.35% |
| Fee waiver | — |
| Net expense ratio | 0.35% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
APMU Costs Over Time
On $10,000 invested in APMU, assuming 5% a year before costs, total costs come to $243 over 5 years, cutting the return by 0.40% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.35%) | $37 | $115 | $201 |
| Trading costs (broker commissions) | $4 | $11 | $20 |
| Lost growth on money paid in costs | $0 | $6 | $22 |
| Total costs | $40 | $133 | $243 |
| Value after costs | $10,460 | $11,443 | $12,519 |
| Impact on return, per year | 0.40% | 0.40% | 0.40% |
APMU Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0344%
- Total broker commissions: $28K
- Bought from dealers (principal trades, not a cost): $108.2M
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
APMU Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $27K | 97.88% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $583 | 2.12% |
APMU Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TRADEWEB LLC | $38.6M | 35.66% |
| MADISON WILLIAMS AND COMPANY | $25.1M | 23.17% |
| PERSHING LLC | $9.0M | 8.29% |
| J.P. MORGAN SECURITIES LLC | $8.0M | 7.38% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $7.8M | 7.24% |
| MORGAN STANLEY & CO LLC | $5.8M | 5.40% |
| WELLS FARGO SECURITIES LLC | $5.4M | 5.00% |
| RBC CAPITAL MARKETS LLC | $4.1M | 3.78% |
| JEFFRIES LLC | $3.0M | 2.78% |
| B.C. ZIEGLER & COMPANY | $1.4M | 1.31% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.