New ETFs from Envestnet

NumbersGal

Envestnet, which usually caters to RIAs and high net worth accounts has announced 4 new active/passive ETFs. Per their announcement, "The product suite comprises the ActivePassive U.S. Equity ETF (APUE), ActivePassive International Equity ETF (APIE), ActivePassive Core Bond ETF (APCB), and ActivePassive Intermediate Municipal Bond ETF (APMU).
All four funds employ passive and strategic beta exposures that are managed by Envestnet | PMC's Quantitative Research Group. The active exposures are managed by third-party subadvisors. "

Funds began on May 3 and I haven't been able to find any other info about them.

MikeM

@NumbersGal, what brings these funds to your attention? I've never heard of Envestnet. Do they have good pedigree? I do see them available at Schwab, but as you said, really no info given.

ActivePassive. Kind of like a split personality

rforno

MikeM said:

@NumbersGal, what brings these funds to your attention? I've never heard of Envestnet. Do they have good pedigree? I do see them available at Schwab, but as you said, really no info given.

ActivePassive. Kind of like a split personality

Company info: https://en.wikipedia.org/wiki/Envestnet

MikeM

Thanks @rforno. Here's a synopsis of the company from wikipedia:

Envestnet, Inc. is an American financial technology corporation which develops and distributes wealth management technology and products to financial advisors and institutions.[2][non-primary source needed] Their flagship product is an advisory platform that integrates the services and software used by financial advisors in wealth management.[3]

Envestnet received controversy in 2020 when it was sued in a class action for its collection of consumer financial data. The company filed a motion to dismiss in November of 2020, which was partially granted but partially denied by the court.[4][5]