ActivePassive International Equity ETF

ActivePassive International Equity ETF (APIE) is an Envestnet fund that owns stocks of companies outside the US. It buys them only through American depositary receipts (ADRs), which are US-listed shares of foreign companies. The fund mixes index tracking with active management and uses active managers mostly in emerging markets. Its 0.45% expense ratio is below the 0.65% average of the similar funds compared here. Taiwan Semiconductor alone was about 11.5% of assets as of August 31, 2026.

• Over the year to Oct 27, 2026, APIE returned +8.4%, 5th of 6 among similar funds.
• Its worst full calendar year was 2024 (+7.3%); its best was 2025 (+31.4%).
• The deepest fall in its price history was 15.9% (Mar 5, 2025 to Apr 8, 2025), recovered by May 13, 2025.

As of Aug 31, 2026, the fund held 548 securities; the ten largest made up 23.4% of assets. It also reported 21.42% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Aug 31, 2026, investors added a net $82.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.15%, +0.76%, +0.93%.

APIE is actively managed. It measures itself against the S&P Classic ADR Composite Index, which tracks ADRs from developed and emerging markets that trade on the NYSE, on Nasdaq and over the counter. The index weights companies by float-adjusted market value, meaning only shares available to the public count. It rebalances every quarter. The fund puts at least 80% of net assets in non-US stocks and, under normal conditions, reaches them only through ADRs.

Envestnet Asset Management, the adviser, splits the money between two approaches. Between 30% and 80% of net assets is run actively by the adviser and outside sub-advisers. Part of that active money may use "strategic beta," a rules-based tilt toward stock traits, or factors, that research links to higher returns. Envestnet uses more active management in emerging markets, which it sees as less researched, and more passive management in developed markets. The passive portion aims to track the S&P Developed Markets Classic ADR Index using representative sampling. That means it holds a subset of stocks chosen to behave like the index, not every stock in it.

The adviser usually resets the active/passive split once a year. It may do so sooner if markets move sharply or the mix drifts. The prospectus reports portfolio turnover of 33%. As of August 31, 2026, the fund had 548 holdings, and the top 10 made up 23.4% of assets.

• APIE charges 0.45% a year, versus an average of 0.65% for the similar funds below (2nd of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).

APIE adds exposure to non-US developed and emerging market stocks to a portfolio that may be mostly US companies.

As of August 31, 2026, APIE's largest country weights were the United Kingdom (14.1%), Japan (13.2%) and Taiwan (12.4%). Its record is short. It launched in May 2023, so it has no history through the 2008, 2020 or 2022 sell-offs. Its weakest calendar year, 2024, was still a 7.3% gain. Its deepest drop was 15.9%, from March 5 to April 8, 2025, and it recovered by May 13, 2025, about a month later. A retiree who sold near that low would have locked in the loss, and future declines could be deeper and longer. The trailing 12-month yield was 3.46% as of October 27, 2026. The fund pays once a year, so income arrives in one lump. In the SEC's standard $10,000 example, costs are $46 after one year and $567 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).