What this ETF is trying to do

The North Square RCIM Tax-Advantaged Preferred and Income Securities ETF (QTPI) is designed to provide investors with income. It focuses on preferred and income securities, which are types of investments that often pay regular cash payments.

What the numbers show

As of October 5, 2026, the share price of QTPI was $24.75.

When looking at performance, it is important to distinguish between price return (how the share price changed) and total return (which includes the share price change plus the cash distributions paid out).

• Year-to-Date (YTD): The price return was -3.64%, but the total return was -0.44%.

• One-Year: The price return was -3.67%, while the total return was 0.54%.

To put this in perspective, if you had invested $10,000 exactly one year ago at the estimated price of $25.70, the value of your shares alone would have decreased. However, the total return shows that the cash distributions helped offset that price decline.

Income and distribution explanation

QTPI usually pays distributions monthly. Over the last 12 months, it made 12 payouts totaling $1.09 per share. This results in a distribution yield of approximately 4.41%.

For new investors, it is important to remember that a high distribution yield alone can be misleading. A yield tells you how much cash the fund is paying out relative to its price, but it does not guarantee that the overall value of your investment is growing.

NAV erosion explanation

"NAV erosion" happens when the net asset value (the actual value of the fund's underlying holdings) steadily declines over time.

QTPI has an erosion-risk score of 94, which is labeled as "Stable / sideways" with "good" severity. Additionally, the severe erosion-risk flag is false. This means the fund's price trend and erosion score did not trigger a severe warning.

Pros

• Consistent Payouts: The fund has a history of monthly distributions.

• Stability: The erosion-risk score suggests the fund's value has remained relatively stable or moved sideways.

• Positive Total Return: Despite a drop in share price over the last year, the total return remained slightly positive.

Cons

• Price Decline: The share price has decreased over both the year-to-date and one-year periods.

• Average Income Grade: The fund has an income rating grade of "C."

Beginner takeaway

QTPI is an income-focused ETF. While the share price has fallen slightly over the past year, the cash distributions have helped the total return stay positive. Investors often care about principal stability because they want to earn income without losing the original money they invested.