ActivePassive International Equity ETF

The ActivePassive International Equity ETF (APIE), listed on NYSE Arca under the ticker APIE, is an actively managed ETF launched on May 3, 2023, that employs a distinctive "core and explore" investment strategy by blending passive and active investment approaches to optimize costs, tracking error, and potential returns relative to its benchmark, the S&P Classic ADR Composite Index. Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of non-U.S. companies across varying market capitalizations, including common and preferred stocks of firms domiciled or primarily operating outside the United States, with exposure to both developed and emerging markets. The fund also incorporates a strategic beta strategy for a portion of its portfolio, with the active-versus-passive allocation ratio determined by Envestnet's proprietary methodologies and academic factor investing research. With approximately $918 million in assets under management, an expense ratio of 0.45%, and a diversified portfolio of over 500 holdings spanning regions such as the Eurozone, United Kingdom, Developed Asia, and Japan, APIE offers investors a cost-efficient vehicle for broad international equity diversification.