QTPI ETF Explained: Returns, Expense Ratio, Holdings, and Alternative ETFs
The North Square RCIM Preferred & Income ETF (QTPI) is an actively managed fund that pursues after-tax income centered on preferred securities. For income investors who weigh both dividends and outlook, it stands as a comparable option alongside preferred-stock ETFs such as PFF and FPE.
SubscribeWhat Is the North Square Preferred & Income Equity ETF?
It is an actively managed ETF focused on enhancing after-tax income through the active selection of preferred stocks and income-oriented securities. Rather than passively tracking an index, the portfolio managers adjust holdings and weightings at their discretion.
It suits investors who value stable dividend flow and after-tax income and want diversified exposure to preferred-stock assets.
It is an actively managed ETF run by North Square.
How Does the North Square RCIM Preferred & Income ETF Work?
| Item | Details |
|---|---|
| Benchmark Index | None (Actively Managed) |
| Management Style | Active (Discretionary Selection) |
| Rebalancing Frequency | At Manager Discretion |
| Dividend Schedule | Monthly |
| Asset Classification | Preferred & Income Securities |
| Total Expense Ratio | 0.60% |
The fund actively selects preferred stocks and income-style securities to manage the tax-advantaged income mix and lift after-tax returns. The portfolio managers adjust holdings and weightings to reflect credit conditions and the rate environment.
- Active security selection from an after-tax income perspective
- Preferred-stock-centered income exposure
North Square RCIM Preferred & Income ETF — Size and Cost (AUM & Expense Ratio)
Assets under management (AUM) stand at $76.9M, with a total expense ratio of 0.60% annually.
Compared with the passive preferred-stock ETF PFF, it pursues active management, and given its category characteristics, differences exist in liquidity and expense levels.
North Square RCIM Preferred & Income ETF — Performance and Flows
1-Year Price Performance
Dividend & Yield
52-Week Price RangePreferred-stock assets tend to react sensitively to the direction of interest rates, so recent flows have shown swings in line with changes in rates and credit spreads. Because of the active management style, the portfolio composition may shift depending on the market environment.
During periods when demand for income persists, preferred-stock and high-dividend assets tend to retain investor attention; in rising-rate environments, fund flows can become more volatile as these assets take on a bond-substitute character.
North Square RCIM Preferred & Income ETF — Strengths and Weaknesses
Active management with an after-tax income focus and a monthly dividend orientation are strengths, while the inherent rate sensitivity of preferred stocks and the fund's category-level size are points to watch.
Key Strengths
Points to Watch
North Square RCIM Preferred & Income ETF — Alternative ETFs and Related Products
Within the same preferred-stock and income category, PFF, FPE, and PFLD shown in the table are representative preferred-stock ETFs, each differing in management style and expense level. Among them, PFF is the flagship passive product offering broad preferred-stock exposure; FPE combines active management within the preferred and income space; and PFLD takes a low-duration approach to dampen rate sensitivity. For broader income exposure, the closed-end fund bundle PCEF is also worth reviewing.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 PFF | iShares Trust iShares Preferred and Income Securities ETF | $28.47 | -0.8% | $11.7B | 0.45% | 5.73% | -9.1% |
 FPE | First Trust Preferred Securities and Income ETF | $16.96 | -0.1% | $5.8B | 0.83% | 6.38% | -7.8% |
 PCEF | Invesco CEF Income Composite ETF | $19.15 | -1.2% | $751.0M | 2.71% | 7.79% | -4.1% |
 YYY | Amplify CEF High Income ETF | $10.30 | -0.8% | $672.9M | 3.23% | 13.98% | -12.1% |
 PFLD | AAM Low Duration Preferred and Income Securities ETF | $19.04 | -0.3% | $372.6M | 0.45% | 5.6% | -3.2% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| JPM | JPMorgan Chase & Co | 0.09% | $337.04 | -1.9% | $895.9B | 14.1 | 1.9% |
| C | Citigroup Inc | 0.09% | $122.64 | -2.5% | $205.7B | 12.0 | 2.09% |
| WFC | Wells Fargo & Co | 0.06% | $83.40 | -1.7% | $250.4B | 11.8 | 2.28% |
| BAC | Bank Of America Corp | 0.03% | $50.01 | -2.2% | $346.2B | 11.9 | 2.4% |
| GS | Goldman Sachs Group Inc | 0.03% | $894.55 | -3.6% | $260.5B | 12.9 | 2.13% |
Investor Checklist for the North Square RCIM Preferred & Income ETF
Before investing in QTPI, here are the points to review. As a preferred-stock income product, checking the rate environment, expense level, category size, and dividend sustainability in advance can help inform the investment decision.
| Checkpoint | What to Confirm | Current Status |
|---|---|---|
| 💵 Expense Ratio | Confirm the expense level of an active preferred-stock product | Annual fee applied |
| 📈 Rate Environment | Review the rate sensitivity of preferred stocks | Needs review |
| 💧 Liquidity | Category size and trading convenience | Needs review |
| 💰 Dividend Stream | Whether the monthly dividend is sustained | Maintained |
Preferred-stock assets are sensitive to changes in interest rates and credit spreads, which can produce short-term volatility, and a smaller category size can add to the liquidity burden.
It is a suitable choice for investors who value after-tax income and want active exposure to preferred-stock assets. If cost and size are the priority, PFF is worth comparing; if actively managed preferred-stock income is preferred, QTPI deserves consideration.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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