APMU vs EVIM

APMUCActivePassive Intermediate Municipal Bond ETF

EVIMAEaton Vance Intermediate Municipal Income ETF

In short

APMU The name is the strategy: an index-tracking muni core plus an active sleeve from GW&K, aimed at federally tax-free income with low volatility of principal in the 1-10 year slice of the curve.

EVIM Active muni management at index-fund pricing. Eaton Vance charges 0.11% for a federally tax-exempt, intermediate-maturity bond portfolio built by bond pickers instead of copied from a benchmark.

Stated mandate

APMU The Fund seeks current income exempt from federal income taxes while maintaining relatively low volatility.

EVIM The fund seeks income through a diversified portfolio of debt securities whose interest is exempt from regular federal income tax, with at least 80% of assets committed to that municipal-bond strategy.

Why people hold it

• APMU Literal name: the adviser runs an index-tracking sleeve against the Bloomberg Municipal 1-10 Year Blend Index while GW&K manages an active sleeve. Two jobs, one ticker.sec.govsec.gov 2
• Tight mandate: at least 80% of net assets in US municipal bonds exempt from federal income tax and rated investment grade or better.sec.gov
• Income arrives monthly, and the portfolio has hewed closely to the muni mandate its prospectus describes.

• EVIM Charges 0.11% a year against a roughly 0.30% muni-ETF median. That is a hands-on bond desk priced in index-fund territory.
• At least 80% of assets go to munis whose interest is exempt from regular federal income tax, with room for up to 20% in taxable munis and Treasuries.aaii.com
• Income lands monthly, and the core of it escapes regular federal income tax.
• Diversified core muni exposure across sectors, states and credit tiers, and one of the stronger implementations in a crowded tax-exempt bond field.eatonvance.com

Worth knowing

• APMU Cost is the trade-off: 0.35% a year, near the category median, while index-based rivals run leaner (TAXI 0.05%, ITM 0.18%, EVIM 0.11% net of a waiver through February 1, 2027).
• It trades thinly next to the category's big index names, so spreads can be wider and size can be harder to move.
• The active sleeve can push results away from the 1-10 year benchmark in either direction, and muni prices still swing with rates and credit.sec.gov

• EVIM Index rivals cost less: VTEB and SCMB at 0.03%, MUB at 0.05%. The gap is what the active team costs.
• Trades lighter than the household-name index munis, so spreads can widen and limit orders matter more.
• Launched in 2023, so the record is short, and results trace back to the manager's bond selection rather than a published index.aaii.com

Full APMU profile⁠

Full EVIM profile⁠