# Portfolio overlap — APMU vs VTES Comparing **ActivePassive Intermediate Municipal Bond ETF** (2026-02-28) and **VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF** (2026-02-28). - Shared positions: 318 - ActivePassive Intermediate Municipal Bond ETF covered by VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF: 0.06949157582666786649239693789 - VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF covered by ActivePassive Intermediate Municipal Bond ETF: 0.06949157582666786649239693787 ## ActivePassive Intermediate Municipal Bond ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | ISHARES NATIONAL MUNI BOND ETF ISHARES NATIONAL MUNI BOND E | 0.038945 | | | Mount Vernon Liquid Assets Portfolio, LLC | 0.037784 | | | FRST AM-GV OB-X | 0.014284 | | | TX TRANSPRTN-C-REF | 0.009673 | | | MET TRANSPRTN AUTH NY REVENUE | 0.009492 | ✓ | | STATE OF NEW YORK PERSONAL INCOME TAX REVENUE 5.0% 03-15-33 | 0.008877 | ✓ | | NJ TRANSPRTN TRUST-A | 0.008774 | | | GREAT LAKES WTR -B | 0.008584 | ✓ | | Snohomish County Housing Authority | 0.008415 | | | STATE OF CALIFORNIA | 0.007335 | | | Volusia County Educational Facility Authority, Series 2025, RB | 0.007205 | | | PENNSYLVANIA ST COMMONWEALTH OF PENNSYLVANIA | 0.006723 | ✓ | | SAN ANTONIO TX ELEC & GAS REVENUE | 0.006647 | | | Pennsylvania Turnpike Commission | 0.006389 | | | KY COMMONWEALTH-B-REF | 0.006375 | | | NEW YORK NY | 0.006235 | | | Capital Trust Authority | 0.006209 | | | State of Illinois Sales Tax Revenue, Series 2025, RB | 0.006134 | | | State of Ohio | 0.006124 | | | LOS ANGELES DEPT-B | 0.006100 | ✓ | | State of Connecticut Special Tax Revenue | 0.006095 | | | Pennsylvania Turnpike Commission Registration Fee Revenue | 0.006057 | | | TEMPLE UNIV-REF-FIRST | 0.005977 | | | Maine Municipal Bond Bank, Series 2024A | 0.005909 | | | Harris County Cultural Education Facilities Finance Corp | 0.005903 | | | Illinois (State of) Finance Authority (The University of Chicago), Series 2024, RB | 0.005885 | | | State of Maryland | 0.005721 | ✓ | | District of Columbia | 0.005168 | | | NYC TRANSITIONL-S-1 | 0.005130 | | | New York State Thruway Authority | 0.005128 | | | State of Louisiana Gasoline & Fuels Tax Revenue | 0.005119 | | | Pennsylvania Turnpike Commission | 0.005113 | | | CALIFORNIA COMMUNITY VAR | 0.005056 | | | PHILADELPHIA-C-REF | 0.005047 | | | State of California, Series 2025, GO Bonds | 0.005024 | ✓ | | Miami Beach Redevelopment Agency | 0.005016 | | | DOWNTWN PUB INFRA-A | 0.005010 | | | NJ TRANSPRTN TRUST-AA | 0.004978 | | | State of Florida | 0.004907 | | | Lower Colorado River Authority, Series 2025 | 0.004874 | ✓ | | Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health), Series 2024 B, Ref. RB | 0.004764 | | | Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB | 0.004750 | | | MO HWYS & TRANSPRN -A | 0.004700 | | | State of Florida | 0.004619 | | | State of Connecticut | 0.004614 | | | UNIV OF TEXAS TX UNIV REVENUES | 0.004610 | ✓ | | District of Columbia, Series 2024 A, GO Bonds | 0.004558 | | | Commonwealth Financing Authority, Series 2018, RB | 0.004537 | | | Harris County-Houston Sports Authority, Series 2024A | 0.004504 | ✓ | | Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A | 0.004443 | | ## VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | Vanguard Municipal Cash Management Fund | 0.021044 | | | NYC TRANSITIONAL-G-1 | 0.003163 | | | CALIFORNIA ST-REF | 0.002916 | | | NEW JERSEY ST ECON DEV AUTH REVENUE | 0.002674 | | | Dallas Independent School District, Series 2026B | 0.002671 | | | State of Illinois, Series D | 0.002608 | ✓ | | State of New Jersey, Series 2020A | 0.002551 | | | New Jersey Transportation Trust Fund Authority, Series 2016A1 | 0.002468 | | | Wyandotte County Unified School District No. 500, Series A | 0.002303 | | | E CO AWP JT PWRS-A-1 | 0.002274 | | | CA REGENTS UNIV-CD | 0.002141 | | | OH WTR DEV AUTH | 0.002138 | | | LOS ANGELES UNIF SD-A | 0.002017 | | | State of New Jersey, Series A | 0.001950 | | | NEW YORK-G-G-1 | 0.001902 | | | State of New Jersey, Series 2020A | 0.001871 | | | Los Angeles Department of Water & Power, Series 2025A | 0.001852 | | | OHIO WTR DEV AUTH-A | 0.001835 | | | Bay Area Toll Authority, Series 2026A | 0.001826 | | | State of New Jersey, Series 2020A | 0.001824 | | | State of New Jersey, Series 2020A | 0.001800 | | | LOS ANGELES DEPT-C | 0.001769 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.001768 | | | UNIV OF TEXAS UNIV-A | 0.001724 | | | NJ TPK AUTH-B | 0.001711 | | | MASSACHUSETTS ST | 0.001667 | | | State of California, Series 2025, GO Bonds | 0.001661 | | | State of New Jersey, Series 2020A | 0.001636 | | | Virginia Public Building Authority, Series 2021A-1 | 0.001600 | | | UNIV OF PITTSBURGH PA OF THE C REGD B/E 5.00000000 | 0.001599 | | | State of California, Series 2023 | 0.001598 | | | WI ST GF APP 5% 5/1/2026Q | 0.001569 | | | NEW YORK CITY-C-REF | 0.001561 | | | KY ST PROP 5% 11/1/2027 | 0.001536 | ✓ | | State of California, Series 2007 | 0.001534 | | | WASHINGTON ST WAS 07/26 FIXED 4 | 0.001512 | | | State of North Carolina, Series 2019 | 0.001481 | | | SOUTH CAROLINA ST ASSN OF GOVTL ORGANIZATIONS COPS | 0.001474 | | | CT HLTH & EDUCTNL-B-2 | 0.001467 | | | DE VLY FIN -A | 0.001437 | ✓ | | NJ TRANSPRTN TRUST-A | 0.001436 | | | GREAT LAKES WTR AUTH- | 0.001436 | | | E CO AWP JT PWRS-A-2 | 0.001428 | | | State of California | 0.001425 | | | State of Maryland | 0.001421 | | | NEW YORK MUNI WTR-AA2 | 0.001413 | | | STATE OF CALIFORNIA 5.0% 04-01-29 | 0.001402 | | | Washington Metropolitan Area Transit Authority, Series 2021A | 0.001343 | | | State of California, Series 2017 | 0.001342 | | | GUILFORD CO | 0.001340 | | ## Sources - N-PORT (fund A) — accession `0000894189-26-012794` (as of 2026-02-28) - N-PORT (fund B) — accession `0000105563-26-000162` (as of 2026-02-28) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _