EQTY vs NPFE: Grades, Fees and Holdings Compared

Kovitz Core Equity ETF

EQTYCNYSE Arca

Npf Core Equity Etf

NPFEACboe

Overlap

19.6%by weight

Expense ratio

NPFE −0.59pt a year

EQTY0.99%NPFE0.40%

Avg volume · 30D

EQTY 3.8×the volume

EQTY38.5KNPFE10.1K

EQTY vs NPFE Performance

Jul 31, 2026 – Nov 2, 2026

+2.2%EQTY+2.2%NPFE

Expense ratio: EQTY 0.99%; NPFE 0.40%, better
Fund size: EQTY $1.39B; NPFE $655M
1Y total return: EQTY +14.3%; NPFE No data
Yield (12M): EQTY 0.02%; NPFE No data
Holdings: EQTY 38; NPFE 162
Avg volume (30D): EQTY 38.5K sh, better; NPFE 10.1K sh
NAV per share: EQTY $29.58; NPFE $28.20
52W range

ETF.net Grade

Pillar letters and Scores for EQTY, NPFE, with each pillar’s weight
Pillar	EQTY	NPFE
Cost30% weight	F6	A94Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B61	A83Higher
Tradability15% weight	A89Higher	B63
Holdings10% weight	A72Higher	B69
Durability5% weight	A87Higher	B55

Rank among US Active Quality funds

How we build Categories ›

Same Category. EQTY and NPFE are both graded against the same 16 US Active Quality funds, so their Grades compare head to head.

US Active Quality⁠

Category · 16 funds

See all 16 ›

NPFE ranks 1st and EQTY 9th of 16 funds in the US Active Quality Category.

Rank 1ANPFENpf Core Equity EtfScore 79
Rank 2AQLTYGMO US Quality ETFScore 75
Rank 8CBBHLBBH Select Large Cap ETFScore 53
Rank 9CEQTYKovitz Core Equity ETFScore 47
Rank 10DFMCEFM Compounders Equity ETFScore 39

Our read on each fund

ETF.net Research

EQTYCKovitz Core Equity ETF

NPFEANpf Core Equity Etf

In short

EQTY An active take on quality: Kovitz hunts moats, real profits and free cash flow, and charges 0.99% for the privilege. Launched in December 2022, it reached billion-dollar scale in short order.

NPFE No data

Stated mandate

EQTY The December 31, 2025 supplement states that the Fund's investment objective, policies, and principal investment strategies remain unchanged under the proposed new advisory agreement; it does not restate the substantive objective.

NPFE No data

Why people hold it

EQTY Real active management, not an index in disguise: the mandate screens on profitability, quality and value, and can hold names outside the US when the manager wants them.
Investors showed up early. It crossed billion-dollar territory within a few years of its December 2022 launch, rare air for a boutique active stock fund.
Sits in the upper half of its quality-and-free-cash-flow peer group, with solid marks for how the portfolio is built and how consistent the strategy has stayed.

NPFE No data

Worth knowing

EQTY The fee is the headline trade-off: 0.99% against a 0.57% cohort median, while PSET (0.15%) and ABFL (0.49%) run their own quality playbooks for a fraction of it.
Big fund, quiet tape. Shares change hands lightly, so spreads can widen when markets get jumpy.
A December 2025 supplement flagged a proposed new advisory agreement, with the objective and strategies unchanged. Worth knowing who is steering the ship.

NPFE No data

Full EQTY profile⁠

Full NPFE profile⁠

EQTY vs NPFE Holdings

How EQTY and NPFE differ

Overlap by weight

19.6%

Shared holdings make up 44.0% of EQTY and 36.2% of NPFE.

Level by level

Holdings17 in both19.6%
Sector11 Sectors76.0%
Countryby domicile96.1%
Asset classEquity100%

Sector

Sector weights in EQTY and NPFE, widest gap first
Sector	More in EQTYMore in NPFE	EQTY	NPFE
Technology	NPFE +11.5 points	24.8%	36.3%
Financials	EQTY +10.9 points	23.1%	12.2%
Materials	NPFE +6.4 points	0.0%	6.4%
Consumer Discretionary	NPFE +5.9 points	7.5%	13.4%
Communication	EQTY +4.6 points	10.8%	6.2%
Consumer Staples	EQTY +3.8 points	4.1%	0.3%
Health Care	EQTY +2.8 points	15.8%	13.0%
Energy	EQTY +1.6 points	1.9%	0.3%
Industrials	EQTY +0.1 points	12.0%	11.9%
Utilities	NPFE +0.1 points	0.0%	0.1%
Real Estate	NPFE +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in EQTY and NPFE, widest gap first
Country	More in EQTYMore in NPFE	EQTY	NPFE
Switzerland	EQTY +3.9 points	3.9%	0.0%
Taiwan	NPFE +2.8 points	0.0%	2.8%
United States	NPFE +0.9 points	96.1%	97.0%
Other countries (5)	NPFE +0.2 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

EQTY42.6%
NPFE44.1%

Securities held

EQTY38
NPFE162

Asset class

EQTY: Equity
NPFE: Equity

Holdings

Only in EQTY21
In both17
Only in NPFE145

Only in EQTY

21 securities, 56.1% of EQTY by weight

Alphabet Inc-C5.45%
Intercont Exch I4.50%
Becton Dickinson4.39%
Bbh Sweep Vehicle4.06%
Keysight Tec3.71%
Schwab (Charles)3.65%
Alcon Inc3.06%
Ashtead Grou-Adr3.04%
Paccar Inc3.02%
Jacobs Solutions2.96%
Waters Corp2.74%
Cooper Cos Inc2.50%
Amentum Holdings2.19%
Dollar Tree Inc2.03%
Adobe Inc1.92%
Universal-Adr1.66%
Apple Inc1.55%
Hayward Holdings1.07%
Ryan Specialty H1.05%
Carmax Inc0.79%
Floor & Decor-A0.74%

Only in NPFE

145 securities, 63.8% of NPFE by weight

Ball Corp4.13%
Allison Transmission Holdings3.65%
NVIDIA Corp3.57%
Danaher Corp3.40%
Merck & Co Inc3.17%
Verisk Analytics Inc3.16%
Linde PLC3.03%
Taiwan Semiconductor Manufacturing Co Ltd ADR2.93%
Moody's Corp2.82%
Union Pacific Corp2.71%
Waste Management Inc2.68%
Mastercard Inc2.50%
Sherwin-Williams Co/The2.28%
Coherent Corp1.86%
Motorola Solutions Inc1.82%
Knight-Swift Transportation Holdings Inc1.80%
Ecolab Inc1.54%
Eaton Corp PLC1.54%
Trimble Inc1.41%
KLA Corp1.40%
EPAM Systems Inc1.32%
Entegris Inc1.26%
SS&C Technologies Holdings Inc1.26%
Tyler Technologies Inc1.15%
Zebra Technologies Corp0.90%
Stryker Corp0.90%
Nordson Corp0.88%
Home Depot Inc/The0.82%
TJX Cos Inc/The0.80%
Viking Holdings Ltd0.66%
Cadence Design Systems Inc0.49%
Synopsys Inc0.48%
State Street Inst U.s. Government Mmkt Admn Class0.14%
Intuitive Surgical Inc0.06%
Broadcom Inc0.06%
Goldman Sachs Group Inc/The0.05%
Norfolk Southern Corp0.05%
PepsiCo Inc0.04%
Rolls-Royce Holdings PLC0.03%
3M Co0.03%
Automatic Data Processing Inc0.03%
Lincoln Electric Holdings Inc0.03%
Parker-Hannifin Corp0.03%
Mondelez International Inc0.03%
Phillips 660.03%
Ally Financial Inc0.03%
Kinder Morgan Inc0.03%
Deere & Co0.02%
Canadian National Railway Co0.02%
CSX Corp0.02%

Weight gaps

All 17 Holdings in both funds, largest gap first.

Holding weights in EQTY and NPFE, widest gap first
Holding	More in EQTYMore in NPFE	EQTY	NPFE
Microsoft CorpMSFT	NPFE +7.17 points	3.92%	11.09%
Philip Morris InPM	EQTY +4.19 points	4.21%	0.02%
Aon Plc-Class AAON	EQTY +3.58 points	3.59%	<0.01%
Alphabet Inc-AGOOGL	NPFE +2.98 points	0.61%	3.59%
Salesforce IncCRM	EQTY +2.81 points	2.82%	<0.01%
Analog DevicesADI	EQTY +2.56 points	2.59%	0.03%
Abbott LabsABT	NPFE +2.40 points	0.06%	2.46%
Adv Micro DeviceAMD	EQTY +2.03 points	2.06%	0.03%
Lowe's Cos IncLOW	EQTY +2.01 points	2.01%	<0.01%
Meta Platforms-AMETA	EQTY +1.92 points	3.13%	1.21%
Berkshire Hath-BBRK.B	NPFE +1.83 points	1.78%	3.61%
American ExpressAXP	EQTY +1.58 points	1.61%	0.03%
Thermo FisherTMO	EQTY +1.45 points	3.88%	2.44%
Applied MaterialAMAT	NPFE +1.30 points	2.03%	3.33%
Arista NetworksANET	EQTY +1.14 points	1.74%	0.60%
Amazon.com IncAMZN	EQTY +1.05 points	4.79%	3.74%
Visa Inc-Class AV	NPFE +0.87 points	3.11%	3.98%

All EQTY holdings⁠All NPFE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EQTY vs NPFE Cost

Overpaying EQTY vs NPFE

$10,435

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EQTY 0.99%
$18,525
NPFE 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

EQTY 0.99%
NPFE 0.40%
Overpaying

Year by year

Year	EQTY	NPFE	Overpaying
10	$1,746	$723	$1,023
20	$6,565	$2,793	$3,772
30	$18,525	$8,090	$10,435

Expense ratio

0.99%EQTY
0.40%NPFE, cheaper

NPFE0.40%EQTY0.99%

0.40%1.52%

Middle half of US Active Quality funds
Median 0.65%

NPFE cheapest of 16 funds

EQTY 15th cheapest of 16 funds

EQTY vs NPFE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): EQTY 0.02%; NPFE No data
Payout (12M): EQTY $0.0061; NPFE No data
Last payment: EQTY $0.0061; NPFE $0.08
Ex-dividend: EQTY Dec 26, 2025; NPFE Sep 29, 2026
Paid on: EQTY Dec 31, 2025; NPFE Sep 30, 2026
Frequency: EQTY Annual; NPFE Irregular

Distribution history

Per share, 2022 to 2026, same scale for both

EQTYAnnual · 4 paymentsAll EQTY payments⁠

NPFEIrregular · 1 paymentAll NPFE payments⁠

EQTY vs NPFE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EQTY 12.1%NPFE No data
Return per unit of riskSharpe ratio, 3 years: EQTY 1.16NPFE No data
Worst fallMax drawdown, 5 years: EQTY −17.3%since Dec 2022NPFE No data
Market sensitivityBeta, 5 years: EQTY 0.94NPFE 0.48; Market = 1

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