What this ETF is trying to do

The Nuveen Pennsylvania Quality Municipal Income Fund (ticker: NQP) is an ETF. Based on its name, it focuses on providing income, likely through municipal sources in Pennsylvania.

What the numbers show

As of April 24, 2026, the current price of one share is $12.03. We can also look at what the price was roughly one year ago. Based on the data, the estimated price from about one year ago was $11.16.

It is important to understand two different types of returns:

• Price Return: This only tracks how much the share price itself changed.

• Total Return: This includes the share price change plus any cash distributions (dividends) paid out to investors.

Over the last year, the one-year price return was 7.80%. However, the one-year total return was higher, at 16.81%. This shows that the extra money came from distributions.

Looking at other timeframes:

• Year-to-Date (YTD): The price return is 1.18%, while the total return is 3.84%.

• Three-Year: The price return was 7.03%, and the total return was 29.64%.

To see how price changes work, imagine you invested $10,000 one year ago at the estimated starting price of $11.16. If you only looked at the share price (the 7.80% price return), your investment would have grown to approximately $10,780 before any cash was paid to you.

Income and distribution explanation

This ETF has a distribution yield of 7.78%. This number describes the cash payments made relative to the ETF's price. These distributions happen frequently; in the last 12 months, there were 12 payments, and they usually happen monthly on Fridays.

It is important to remember that receiving regular cash distributions is not the same as a total return. While these payments provide cash income, they do not guarantee that your original investment (your principal) will stay the same value.

NAV erosion explanation

"NAV erosion" is a term used when the value of the underlying assets in a fund drops, which can cause the share price to fall over time. If an ETF's price collapses, an investor could lose a large part of their original money.

For this ETF, the data shows an erosion-risk score of 100, which is labeled as "good." The reports indicate that no price erosion was detected.

Pros

• The ETF has shown positive price returns and total returns over the last year and the last three years.

• It provides regular monthly cash distributions.

Cons

• Like all investments, there is no guarantee of profit.

• High distribution yields can sometimes be misleading if the share price is falling, though that is not currently indicated by this data.

Beginner takeaway

When looking at an ETF like NQP, always check both the price return and the total return. The price return tells you how the share price moved, but the total return shows you the full picture, including the cash paid out to you. High yields can look attractive, but it is important to see if the share price is staying steady or growing alongside those payments.