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- Upturn Summary
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Upturn AI Summary
ActivePassive Intermediate Municipal Bond ETF(APMU)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for APMU
10/07/2026: APMU (1-star) is currently NOT-A-BUY. Pass it for now.
APMU is an actively managed ETF that provides diversified exposure to intermediate-term, investment-grade municipal bonds. Its primary strength lies in its active management, which aims to provide tax-advantaged income while managing duration and credit risks more dynamically than passive benchmarks. It is best suited for income-oriented investors, particularly those in high tax brackets looking for capital preservation. Key risks include potential interest rate volatility and the inherent credit risk of municipal issuers. Investors should monitor interest rate trends and changes to tax policy as primary factors influencing the fund's future performance.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
ETF holdings, costs, diversification, valuation, risks, and market conditions provide supporting context about the fund.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Weak fit | This fund focuses on income and capital preservation rather than aggressive capital appreciation. |
| Momentum investor | Weak fit | Municipal bonds generally lack the rapid price momentum required for traditional momentum strategies. |
| Value investor | Mixed fit | Value-oriented investors may find the tax-adjusted yields attractive relative to other fixed-income alternatives. |
| Dividend/Income investor | Strong fit | The fund is specifically designed to provide steady, tax-advantaged income for income-focused portfolios. |
| Low-risk investor | Strong fit | Investment-grade municipal bonds generally offer a stable risk-reward profile suitable for conservative investors. |
Investor Profile
Ideal Investor Profile
The ideal investor is an individual or entity in a high tax bracket seeking tax-advantaged income and portfolio stability.
Suitability
APMU is most suitable for long-term income-focused investors rather than active traders.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Low | Municipal bonds typically exhibit lower price volatility compared to equities. |
| Market risk | Medium | Changes in interest rates can negatively impact the market value of the fund's holdings. |
| Concentration | Medium | The fund is limited to the municipal bond market, creating sector-specific risk. |
| Tracking/expense | Low | As an active fund, it does not aim to track an index, mitigating tracking error risks. |
| Liquidity | Medium | Municipal bonds can sometimes have lower secondary market liquidity compared to U.S. Treasuries. |
| Business/sector quality | Low | The fund prioritizes investment-grade securities, which generally have lower default risk. |
Risk Analysis
Volatility
APMU exhibits volatility consistent with intermediate-term fixed-income markets, typically lower than equity indices.
Market Risk
The primary risk is interest rate sensitivity (duration risk) and the creditworthiness of the underlying state and local government issuers.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Fixed-income type | Investment-Grade Municipal Bonds | 98 | These bonds provide tax-free income streams backed by state and local government issuers. |
| Cash/collateral | Cash and Cash Equivalents | 2 | Cash holdings are maintained for liquidity purposes to facilitate trading and fund operations. |
Price Behavior
Flat / Range-Bound
The stock price has been trading within a narrow range with minimal directional movement.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type ETF | Historic Profit 5.98% | Avg. Invested days 57 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | ETF Returns Performance  2.0 |
| Profits based on simulation | Last Close 10/07/2026 |
ETF Fundamentals 
Source: EOD Historical Data • Updated Oct 7, 2026
Fund Basics
| Metric | Value |
|---|---|
| Fund Size (AUM) | $247.30M |
| Issuer | Active Passive Funds |
| Expense Ratio | 0.36% |
| Distribution Yield | 2.71% |
| Inception | May 2, 2023 |
Performance
| Period | Total Return |
|---|---|
| YTD | -2.66% |
| 1 Year | -2.09% |
| 3 Year | +2.74% |
Risk Metrics
| Metric | Value |
|---|---|
| 1Y Volatility | 4.31% |
| 3Y Volatility | 3.87% |
| 3Y Sharpe Ratio | -0.51 |
Ratings
| Metric | Value |
|---|---|
| Morningstar Rating | ★★★★★ |
Top Sectors
| Sector | Weight |
|---|---|
| Basic Materials | 0.00% |
| Consumer Cyclicals | 0.00% |
| Financial Services | 0.00% |
| Real Estate | 0.00% |
Asset Allocation
Portfolio Characteristics
| Metric | Value |
|---|---|
| Holdings Turnover | 0.0% |
Top Holdings
| Holding | Weight |
|---|---|
| iShares National Muni Bond ETF | 3.12% |
| First American Funds. - Government Obligations Fund | 1.54% |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
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