At a glance
APUE charges 0.31% a year, above the 0.07% average of the 8 funds most like it (the most expensive of 9). It has $2.49B in assets, the 8th largest of that group; it paid 0.73% of its price in distributions over the past 12 months, annual. Over the past year it returned +14.4% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +24.6% a year. Its ten largest positions make up 37.3% of the fund, out of 449 in all.
The short version
ActivePassive U.S. Equity ETF (APUE) is an actively managed Envestnet fund that holds mostly large U.S. stocks. It combines a core that tracks an index with hired active managers, who focus more on smaller companies, and it aims to beat the CRSP U.S. Total Market Index. The trade-off is cost. Its prospectus filed December 18, 2025 lists a 0.31% expense ratio, the highest among it and eight similar funds, which averaged 0.07%.
Price history
The interactive chart needs JavaScript.
APUE +14.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| APUE official prospectus, to Dec 31, 2025 | — | +23.85% | — | — | — | +25.59% |
| APUE price data to Oct 27, 2026 | +13.9% | +14.4% | +24.6% | — | — | +21.4% |
- Over the year to Oct 27, 2026, APUE returned +14.4%, 1st of 9 among similar funds.
- Its worst full calendar year was 2025 (+17.5%); its best was 2024 (+23.9%).
- The deepest fall in its price history was 18.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.9% | — |
| 2025 | +17.5% | +23.85% |
| 2024 | +23.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.3470 | +23.0% |
| 2024 | $0.2820 |
What's inside
As of Aug 31, 2026, the fund held 449 securities; the ten largest made up 37.27% of assets, and 2.39% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 6.99% | |
| Apple Inc | 6.41% | |
| Microsoft Corp | 5.22% | |
| Dimensional US Small Cap ETF | 4.57% | |
| Amazon.com Inc | 3.47% | |
| Alphabet Inc | 2.77% | |
| Broadcom Inc | 2.42% | |
| Alphabet Inc | 2.19% | |
| Meta Platforms Inc | 1.73% | |
| Micron Technology Inc | 1.50% | |
| Tesla Inc | 1.43% | |
| Eli Lilly & Co | 1.36% | |
| JPMorgan Chase & Co | 1.31% | |
| Advanced Micro Devices Inc | 1.06% | |
| ExxonMobil Holdings Corp | 0.95% |
By country
United States 97.62%Ireland 1.29%Switzerland 0.26%United Kingdom 0.09%Canada 0.06%By asset type
Stocks 99.41%By sector
Sectors of the companies held, for the 81.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $99.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.24%, -0.24%, +2.63%.
How it works
APUE measures itself against the CRSP U.S. Total Market Index. That index holds nearly 4,000 U.S. stocks of every size, weighted by free-float market value, meaning the value of shares actually available to trade. The fund must keep at least 80% of its assets in stocks from that index and at least 60% in large U.S. companies. It can put up to 20% in other U.S.-listed stocks.
The portfolio has two parts. Envestnet runs the passive part with computer models, aiming to match the CRSP U.S. Large Cap Index, which covers the biggest companies making up the top 85% of the market's value. The active part, which can range from 15% to 65% of assets, is run by Envestnet and outside sub-advisers. It may use a strategic beta approach, which means picking stocks by set rules based on traits such as value or size. Envestnet's research suggests large companies are already heavily studied, so it uses active managers more for smaller ones. The fund can also own other ETFs. As of August 31, 2026, Dimensional US Small Cap ETF made up 4.6% of assets.
Envestnet usually rebalances between the active and passive parts once a year, or sooner if the mix drifts far from target. Portfolio turnover was a modest 19%. As of August 31, 2026, the fund had 449 holdings and no derivatives. The top 10 made up 37% of assets, led by NVIDIA (7.0%), Apple (6.4%) and Microsoft (5.2%).
What it really costs
- APUE charges 0.31% a year, versus an average of 0.07% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.3% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $32 in the first year and $393 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| APUE | $32 | $100 | $174 | $393 |
In a retirement portfolio
It owns a broad mix of U.S. stocks and has moved almost in step with the market, with a one-year beta of 0.99 as of October 27, 2026.
APUE could serve as a core U.S. stock fund, but its record is short. It launched in May 2023, so it has no history from the 2008, 2020 or 2022 downturns. Its deepest drop was 18.8%, from February 19 to April 8, 2025. It got back to its old high by June 27, 2025, about 2.6 months later. It has not had a losing calendar year yet. A longer bear market could still hurt more, and anyone forced to sell shares for spending money in that kind of year would lock in losses.
Income is small. The trailing yield was 0.73% as of October 27, 2026, paid once a year. Costs are higher than for most similar funds: in the SEC's standard $10,000 example, costs come to about $393 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want broad U.S. stock exposure, with a passive large-company core and active managers used mainly for smaller companies.
- People who want one fund that covers large and small U.S. stocks, with 449 holdings as of August 31, 2026 and modest 19% turnover.
- Long-term holders who accept a short record: launched May 2023, its deepest drop of 18.8% recovered in about 2.6 months.
Look elsewhere if
- Cost-focused investors: APUE's 0.31% expense ratio compares with 0.03% for VOO and IVV and 0.07% for Vanguard Russell 3000 ETF (VTHR).
- Income seekers: the trailing yield was just 0.73% as of October 27, 2026, and the fund pays out only once a year.
- Those wary of concentration: technology was 32.4% of sector-classified assets, and the top 10 holdings were 37% of assets as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| APUE this fund | — | 0.31% | $2.49B | +14.4% | +24.6% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 86% | 0% | $5.47B | +13.4% | +25.4% |
| VTHR Vanguard Russell 3000 ETF | 84% | 0.07% | $6.41B | +13.1% | +24.5% |
| USPX Franklin U.S. Equity Index ETF | 83% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPY SPDR S&P 500 ETF Trust | 83% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 83% | 0.03% | $888.13B | +11.5% | +22.0% |
| DFUS Dimensional U.S. Equity Market ETF | 83% | 0.09% | $20.88B | +11.7% | +22.0% |
| VOO Vanguard S&P 500 ETF | 83% | 0.03% | $1.67T | +12.4% | +23.6% |
Questions investors ask
What does APUE invest in?
Mostly large U.S. stocks. As of August 31, 2026, APUE had 449 holdings worth about $2.5 billion. The largest were NVIDIA (7.0%), Apple (6.4%), Microsoft (5.2%), Dimensional US Small Cap ETF (4.6%) and Amazon (3.5%). Technology was the biggest sector, at 32.4% of the assets classified by sector. U.S. companies made up about 98% of assets, with small amounts in companies based in Ireland and Switzerland.
What's the difference between APUE and VTHR?
APUE mixes index tracking with active managers, while Vanguard Russell 3000 ETF (VTHR) simply tracks a broad U.S. stock index. About 84% of their holdings overlapped, based on the latest N-PORT reports. VTHR charges 0.07% a year, compared with 0.31% for APUE. As of October 27, 2026, APUE returned 14.4% over one year versus 13.1% for VTHR. Over three years the two were close: 24.6% a year for APUE and 24.5% for VTHR.
Does APUE pay dividends?
Yes, but not much, and only once a year. In the 12 months to October 27, 2026, APUE paid about $0.35 per share, a yield of 0.73%. Most of its return has come from rising share prices, not income, and it isn't designed as an income fund. Investors who need regular cash would have to sell shares or rely on other sources of income.
Why is APUE's expense ratio higher than an index fund's?
Because part of the portfolio pays for active managers. APUE's expense ratio is 0.31%, which includes a 0.30% management fee, according to its prospectus filed December 18, 2025. The similar funds it was compared with averaged 0.07%. In the SEC's standard example, where $10,000 grows 5% a year, costs come to about $32 in the first year and $393 over 10 years. The prospectus also notes the fund pays its share of the expenses of any ETFs it owns.
Has APUE outperformed similar ETFs?
Mixed so far. In the year to October 27, 2026, APUE's 14.4% return was the highest among it and eight similar funds. Over three years it ranked 8th of 9, at 24.6% a year. By comparison, Vanguard S&P 500 ETF (VOO) returned 24.9% a year over three years as of October 29, 2026. The gaps are small, and APUE's 3.5-year history is too short to show whether its active approach adds value over time.