APMU vs ITM: Grades, Fees and Holdings Compared

ActivePassive Intermediate Municipal Bond ETF

APMUCNYSE Arca

VanEck Intermediate Muni ETF

ITMACboe

Overlap

0.0%by weight

Expense ratio

ITM −0.17pt a year

APMU0.35%ITM0.18%

Avg volume · 30D

ITM 19.8×the volume

APMU32.8KITM648K

3Y return · a year

ITM +1.0pt

APMU+3.7%ITM+4.7%

APMU vs ITM Performance

Oct 31, 2025 – Oct 30, 2026

+0.5%APMU+0.1%ITM

Expense ratio: APMU 0.35%; ITM 0.18%, better
Fund size: APMU $257M; ITM $2.33B
1Y total return: APMU +0.5%, better; ITM +0.1%
Yield (12M): APMU 2.53%; ITM 3.08%, better
Holdings: APMU 1236; ITM 1418
Avg volume (30D): APMU 32.8K sh; ITM 648K sh, better
NAV per share: APMU $24.64; ITM $45.60
52W range

ETF.net Grade

Pillar letters and Scores for APMU, ITM, with each pillar’s weight
Pillar	APMU	ITM
Cost30% weight	F24	A84Higher
Mission25% weight	A93	A100Higher
Risk15% weight	C49Higher	D39
Tradability15% weight	C52	B65Higher
Holdings10% weight	B69Higher	B68
Durability5% weight	D39	A91Higher

Rank among Intermediate Municipal Bonds funds

How we build Categories ›

Same Category. APMU and ITM are both graded against the same 19 Intermediate Municipal Bonds funds, so their Grades compare head to head.

Intermediate Municipal Bonds⁠

Category · 19 funds

See all 19 ›

ITM ranks 2nd and APMU 13th of 19 funds in the Intermediate Municipal Bonds Category.

Rank 1ATAXINorthern Trust Intermediate Tax-Exempt Bond ETFScore 84
Rank 2AITMVanEck Intermediate Muni ETFScore 77
Rank 3AEVIMEaton Vance Intermediate Municipal Income ETFScore 76
Rank 12BBKMIBNY Mellon Municipal Intermediate ETFScore 55
Rank 13CAPMUActivePassive Intermediate Municipal Bond ETFScore 54
Rank 14CMMCANYLI MacKay California Muni Intermediate ETFScore 49

Our read on each fund

ETF.net Research

APMUCActivePassive Intermediate Municipal Bond ETF

ITMAVanEck Intermediate Muni 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.

ITM Most big muni ETFs buy the whole curve. ITM, running since 2007, sticks to the middle: a passive, AMT-free national index of roughly 1,400 bonds, paid out monthly, for 0.18% a year.

Stated mandate

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

ITM The fund seeks to track the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Index before fees and expenses.

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.gov sec.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.

ITM 0.18% a year against a 0.30% median for muni ETFs in its group. Modest for a fund that screens the maturity range instead of buying the entire market.
A straight index tracker of the ICE Intermediate AMT-Free Broad National Municipal Index, and it stays unusually close to that benchmark for its cohort.vaneck.com
Mid-curve by design: shorter maturities than long muni funds mean less price movement per shift in rates, with more coupon than the ultra-short end.vaneck.com
Roughly 1,400 bonds, income paid monthly, and a 2007 launch that puts several full rate cycles behind it.

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

ITM Broad national trackers like VTEB, SCMB and MUB run at a few basis points. ITM's fee buys the intermediate screen, not the lowest sticker in the aisle.
Intermediate maturities soften rate moves rather than cancel them, and municipal issuers carry credit risk.
National in scope and AMT-free, so there is no single-state tax focus of the kind state-targeted peers like NYF are built around.

Full APMU profile⁠

Full ITM profile⁠

APMU vs ITM Holdings

How APMU and ITM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of APMU and 0.0% of ITM.

Level by level

Holdings0 in both0.0%
Countryby domicile99.9%

Sector

No Sector split for APMU and ITM.

Country, concentration and asset class

Country by domicile

Country weights in APMU and ITM, widest gap first
Country	More in APMUMore in ITM	APMU	ITM
United States	APMU +0.1 points	100.0%	99.9%
Guam	ITM +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

APMU11.4%
ITM6.3%

Securities held

APMU1,093
ITM454

Asset class

APMU: Fixed Income
ITM: Multi-Asset

Holdings

Only in APMU1,093
In both0
Only in ITM454

Only in APMU

1,093 securities, 98.3% of APMU by weight

iShares National Muni Bond ETF3.09%
New Jersey Transportation Trust Fund Authority 5% 06/15/20351.84%
First American Government Obligations Fund 12/01/20311.57%
City of Gainesville FL Utilities System Revenue 5% 10/01/20340.86%
Aquarion Water Authority 5.25% 02/01/20310.84%
Metropolitan Transportation Authority 5% 11/15/20290.84%
Central Texas Turnpike System 5% 08/15/20330.83%
Snohomish County Housing Authority 4% 04/01/20330.75%
New York State Dormitory Authority 5% 03/15/20330.75%
Great Lakes Water Authority Sewage Disposal System Revenue 5% 07/01/20310.74%
State of Illinois 5% 04/01/20350.73%
State of California 5% 03/01/20350.65%
County of Hamilton OH Sales Tax Revenue 5% 12/01/20350.65%
Texas State University System 5% 03/15/20330.64%
Texas Private Activity Bond Surface Transportation Corp 5% 12/31/20320.63%
City of Mesa AZ Utility System Revenue 5% 07/01/20300.62%
Volusia County Educational Facility Authority 5% 10/15/20300.62%
New Jersey Economic Development Authority 5% 06/15/20290.61%
New Jersey Transportation Trust Fund Authority 5% 06/15/20320.60%
City of San Antonio TX Electric & Gas Systems Revenue 3% 02/01/20300.59%
Commonwealth of Pennsylvania 5% 09/01/20320.58%
New York City Transitional Finance Authority Building Aid Revenue 5% 07/15/20330.56%
Illinois Finance Authority 5% 04/01/20330.55%
Capital Trust Authority 5% 12/01/20300.54%
Kentucky State Property & Building Commission 5% 04/01/20340.54%
City of New York NY 5% 08/01/20320.53%
State of Illinois Sales Tax Revenue 5% 06/15/20320.53%
State of Ohio 5% 10/01/20310.53%
Philadelphia Gas Works Co 5% 10/01/20320.52%
Pennsylvania Turnpike Commission Registration Fee Revenue 5% 07/15/20310.52%
Los Angeles Department of Water & Power 5% 07/01/20310.52%
Maine Municipal Bond Bank 5% 11/01/20280.52%
State of Connecticut Special Tax Revenue 5% 07/01/20330.52%
Temple University-of The Commonwealth System of Higher Education 5% 04/01/20300.52%
Oklahoma City Public Property Authority 5% 06/01/20290.51%
California Community Choice Financing Authority 5% 01/01/20560.51%
Rhode Island Commerce Corp 5% 06/15/20310.50%
Harris County Cultural Education Facilities Finance Corp 5% 12/01/20310.50%
Black Belt Energy Gas District 5% 12/01/20550.49%
State of Maryland 5% 06/01/20320.49%
Southeast Alabama Gas Supply District/The 5% 08/01/20540.48%
Board of Regents of the University of Texas System 5% 08/15/20280.48%
Commonwealth of Massachusetts 5.5% 01/01/20340.45%
Harris County-Houston Sports Authority 5% 11/15/20270.45%
State of Louisiana Gasoline & Fuels Tax Revenue 5% 05/01/20340.43%
Pennsylvania Turnpike Commission 5% 12/01/20340.43%
City of Miami Beach FL 5% 09/01/20340.43%
Downtown Revitalization Public Infrastructure District 5% 06/01/20330.43%
Illinois Finance Authority 5% 04/01/20300.43%
City of Philadelphia PA 5% 08/01/20330.43%

Only in ITM

454 securities, 98.2% of ITM by weight

New York City Transitional Finance Auth4.06%
State Of California3.63%
New York State Dormitory Authority3.21%
California Community Choice Financing A2.71%
City Of New York Ny1.80%
Commonwealth Of Massachusetts1.67%
State Of Illinois1.35%
Black Belt Energy Gas District1.27%
Los Angeles Department Of Water & Power1.26%
New Jersey Transportation Trust Fund Au1.26%
Texas Water Development Board1.24%
California State Public Works Board1.22%
Metropolitan Transportation Authority1.16%
Colorado Health Facilities Authority1.14%
University Of California1.12%
State Of Washington1.09%
District Of Columbia Income Tax Revenue1.02%
Pennsylvania Turnpike Commission0.96%
State Of Delaware0.95%
State Of Connecticut0.92%
New York City Municipal Water Finance A0.91%
California Health Facilities Financing0.89%
Indiana Finance Authority0.89%
Massachusetts Development Finance Agenc0.86%
New Hampshire Business Finance Authorit0.80%
Illinois Finance Authority0.79%
New Jersey Educational Facilities Autho0.78%
New York State Thruway Authority0.76%
State Of Minnesota0.75%
Southeast Energy Authority A Cooperativ0.73%
North Texas Tollway Authority0.72%
Triborough Bridge & Tunnel Authority0.72%
State Of Ohio0.71%
State Of Maryland0.70%
State Of Wisconsin0.70%
Los Angeles Unified School District/Ca0.67%
New York State Urban Development Corp0.66%
Board Of Regents Of The University Of T0.59%
Michigan State Hospital Finance Authori0.59%
Port Authority Of New York & New Jersey0.59%
State Of Connecticut Special Tax Revenu0.58%
State Of Maryland Department Of Transpo0.56%
Energy Northwest0.52%
Private Colleges & Universities Authori0.49%
State Of North Carolina0.49%
State Of Louisiana0.47%
Los Angeles County Metropolitan Transpo0.47%
Washington Metropolitan Area Transit Au0.47%
Kentucky Public Energy Authority0.45%
Salem-Keizer School District No 24j0.45%

Weight gaps

APMU and ITM share no securities.

All APMU holdings⁠All 1,365 ITM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

APMU vs ITM Cost

Overpaying APMU vs ITM

$3,377

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

APMU 0.35%
$7,126
ITM 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

APMU 0.35%
ITM 0.18%
Overpaying

Year by year

Year	APMU	ITM	Overpaying
10	$634	$328	$306
20	$2,454	$1,281	$1,173
30	$7,126	$3,749	$3,377

Expense ratio

0.35%APMU
0.18%ITM, cheaper

ITM0.18%APMU0.35%

0.05%0.44%

Middle half of Intermediate Municipal Bonds funds
Median 0.30%

ITM 3rd cheapest of 19 funds

APMU 12th cheapest of 19 funds

APMU vs ITM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): APMU 2.53%; ITM 3.08%, better
Payout (12M): APMU $0.62; ITM $1.41
Last payment: APMU $0.03; ITM $0.11
Ex-dividend: APMU Oct 1, 2026; ITM Oct 1, 2026
Paid on: APMU Oct 2, 2026; ITM Oct 6, 2026
Frequency: APMU Monthly; ITM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

APMUMonthly · 40 paymentsAll APMU payments⁠

ITMMonthly · 45 paymentsAll ITM payments⁠

APMU vs ITM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: APMU 4.2%, betterITM 6.2%
Return per unit of riskSharpe ratio, 3 years: APMU −0.18ITM 0.05, better
Worst fallMax drawdown, 5 years: APMU −5.0%since May 2023ITM −14.4%
Market sensitivityBeta, 5 years: APMU 0.63ITM 0.97; Market = 1

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