NPFE vs QLTY: Grades, Fees and Holdings Compared

Npf Core Equity Etf

NPFEACboe

GMO US Quality ETF

QLTYANYSE Arca

Overlap

35.7%by weight

Expense ratio

NPFE −0.10pt a year

NPFE0.40%QLTY0.50%

Avg volume · 30D

QLTY 39.7×the volume

NPFE10.1KQLTY402K

NPFE vs QLTY Performance

Jul 31, 2026 – Oct 30, 2026

+1.8%NPFE+4.4%QLTY

Expense ratio: NPFE 0.40%, better; QLTY 0.50%
Fund size: NPFE $655M; QLTY $5.4B
1Y total return: NPFE No data; QLTY +17.4%
Yield (12M): NPFE No data; QLTY 0.65%
Holdings: NPFE 162; QLTY 47
Avg volume (30D): NPFE 10.1K sh; QLTY 402K sh, better
NAV per share: NPFE $28.20; QLTY $43.53
52W range

ETF.net Grade

Pillar letters and Scores for NPFE, QLTY, with each pillar’s weight
Pillar	NPFE	QLTY
Cost30% weight	A94Higher	A75
Mission25% weight	Not scored	A77
Risk15% weight	A83Higher	B68
Tradability15% weight	B63	A80Higher
Holdings10% weight	B69	A75Higher
Durability5% weight	B55	A89Higher

Rank among US Active Quality funds

How we build Categories ›

Same Category. NPFE and QLTY 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 QLTY 2nd of 16 funds in the US Active Quality Category.

Rank 1ANPFENpf Core Equity EtfScore 79
Rank 2AQLTYGMO US Quality ETFScore 75
Rank 3BAQECAQE Core ETFScore 66

Our read on each fund

ETF.net Research

NPFEANpf Core Equity Etf

QLTYAGMO US Quality ETF

In short

NPFE No data

QLTY Most quality ETFs run a rules screen. QLTY hands the job to GMO's stock pickers, who buy US companies they judge high quality and chase plain total return. Active conviction, priced like it: 0.50% a year.

Stated mandate

NPFE No data

QLTY The Fund seeks total return. It is actively managed and invests primarily in equities of U.S. companies that GMO believes are high quality.

Why people hold it

NPFE No data

QLTY Actively managed, not index-tracking. GMO's team chooses the US companies it considers high quality, under a straightforward total-return mandate instead of a published factor formula.
GMO's read on quality leans toward wide moats and free cash flow, so the lineup can look meaningfully different from the index-built quality funds it sits beside.
Opened in 2023 and already a multi-billion-dollar fund with moderate daily trading and a quarterly distribution schedule.
The filings match the label: a standard 1940-Act fund holding US equities, screened on quality, no derivative wrapper or offshore complexity.

Worth knowing

NPFE No data

QLTY The 0.50% fee runs above the typical quality-cohort charge, and index-built rivals undercut it hard: QUAL at 0.15%, JQUA at 0.12%.
No index to fall back on. Everything rides on GMO's stock selection, and the ETF's own record only starts in 2023.
Mostly on that fee, it sits in the lower half of its US quality peer group even though it does the job its documents describe.

Full NPFE profile⁠

Full QLTY profile⁠

NPFE vs QLTY Holdings

How NPFE and QLTY differ

Overlap by weight

35.7%

Shared holdings make up 62.2% of QLTY and 45.2% of NPFE.

Level by level

Holdings26 in both35.7%
Sector11 Sectors75.2%
Countryby domicile97.0%
Asset classEquity100%

Sector

Sector weights in NPFE and QLTY, widest gap first
Sector	More in NPFEMore in QLTY	NPFE	QLTY
Health Care	QLTY +10.6 points	13.0%	23.6%
Industrials	NPFE +8.0 points	11.9%	3.9%
Consumer Staples	QLTY +6.6 points	0.3%	6.9%
Consumer Discretionary	NPFE +6.4 points	13.4%	7.0%
Materials	NPFE +5.8 points	6.4%	0.6%
Communication	QLTY +5.7 points	6.2%	11.9%
Financials	NPFE +4.1 points	12.2%	8.1%
Technology	QLTY +1.8 points	36.3%	38.1%
Energy	NPFE +0.3 points	0.3%	0.0%
Utilities	NPFE +0.1 points	0.1%	0.0%
Real Estate	NPFE +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in NPFE and QLTY, widest gap first
Country	More in NPFEMore in QLTY	NPFE	QLTY
United States	QLTY +3.0 points	97.0%	100.0%
Taiwan	NPFE +2.8 points	2.8%	0.0%
Other countries (6)	NPFE +0.2 points	0.2%	0.0%

Concentration

Weight in the 10 largest Holdings

NPFE44.1%
QLTY43.4%

Securities held

NPFE162
QLTY46

Asset class

NPFE: Equity
QLTY: Equity

Holdings

Only in NPFE136
In both26
Only in QLTY20

Only in NPFE

136 securities, 54.8% of NPFE by weight

Ball Corp4.13%
Allison Transmission Holdings3.65%
Berkshire Hathaway Inc CL B3.61%
Danaher Corp3.40%
Applied Materials Inc3.33%
Verisk Analytics Inc3.16%
Linde PLC3.03%
Taiwan Semiconductor Manufacturing Co Ltd ADR2.93%
Union Pacific Corp2.71%
Waste Management Inc2.68%
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%
EPAM Systems Inc1.32%
Entegris Inc1.26%
SS&C Technologies Holdings Inc1.26%
Tyler Technologies Inc1.15%
Zebra Technologies Corp0.90%
Nordson Corp0.88%
Viking Holdings Ltd0.66%
Arista Networks Inc0.60%
Cadence Design Systems Inc0.49%
State Street Inst U.s. Government Mmkt Admn Class0.14%
Goldman Sachs Group Inc/The0.05%
Norfolk Southern Corp0.05%
PepsiCo Inc0.04%
Advanced Micro Devices Inc0.03%
Analog Devices Inc0.03%
Rolls-Royce Holdings PLC0.03%
3M Co0.03%
Automatic Data Processing Inc0.03%
American Express Co0.03%
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%
Sysco Corp0.02%
Otis Worldwide Corp0.02%
Cincinnati Financial Corp0.02%
Coca-Cola Europacific Partners0.02%
Walt Disney Co/The0.02%

Only in QLTY

20 securities, 37.8% of QLTY by weight

Johnson & Johnson4.44%
Apple Inc4.38%
Texas Instruments Inc3.96%
Lam Research Corp3.17%
Eli Lilly & Co2.93%
Aramark1.97%
Hilton Worldwide Holdings In1.88%
Coca Cola Co/The1.71%
General Electric1.63%
The Cigna Group1.60%
Elevance Health Inc1.52%
Constellation Brands Inc A1.35%
Roper Technologies Inc1.17%
Uber Technologies Inc1.08%
Tradeweb Markets Inc Class A1.06%
Quest Diagnostics Inc1.04%
Martin Marietta Materials1.03%
Brown Forman Corp Class B0.82%
State Str Instl Invt Tr0.56%
Ferguson Enterprises Inc0.53%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in NPFE and QLTY, widest gap first
Holding	More in NPFEMore in QLTY	NPFE	QLTY
Broadcom IncAVGO	QLTY +3.34 points	0.06%	3.40%
Microsoft CorpMSFT	NPFE +3.13 points	11.09%	7.96%
Meta Platforms IncMETA	QLTY +2.80 points	1.21%	4.01%
UnitedHealth Group IncUNH	QLTY +2.60 points	<0.01%	2.61%
Netflix IncNFLX	QLTY +2.16 points	<0.01%	2.16%
Moody's CorpMCO	NPFE +2.08 points	2.82%	0.74%
Salesforce IncCRM	QLTY +2.06 points	<0.01%	2.07%
Procter & Gamble Co/ThePG	QLTY +2.05 points	0.02%	2.07%
Thermo Fisher Scientific IncTMO	QLTY +1.94 points	2.44%	4.38%
US BancorpUSB	QLTY +1.76 points	<0.01%	1.77%
Accenture PLCACN	QLTY +1.62 points	<0.01%	1.63%
Merck & Co IncMRK	NPFE +1.61 points	3.17%	1.56%
Visa IncV	NPFE +1.57 points	3.98%	2.41%
Synopsys IncSNPS	QLTY +1.28 points	0.48%	1.76%
Intuitive Surgical IncISRG	QLTY +1.17 points	0.06%	1.23%
Philip Morris International IncPM	QLTY +1.05 points	0.02%	1.07%
KLA CorpKLAC	QLTY +0.85 points	1.40%	2.25%
NVIDIA CorpNVDA	NPFE +0.67 points	3.57%	2.90%
Jack Henry & Associates IncJKHY	QLTY +0.64 points	<0.01%	0.65%
Alphabet IncGOOGL	QLTY +0.60 points	3.59%	4.19%
TJX Cos Inc/TheTJX	QLTY +0.45 points	0.80%	1.25%
Amazon.com IncAMZN	NPFE +0.18 points	3.74%	3.56%
Mastercard IncMA	NPFE +0.10 points	2.50%	2.40%
Abbott LaboratoriesABT	NPFE +0.08 points	2.46%	2.38%
Home Depot Inc/TheHD	QLTY +0.07 points	0.82%	0.89%
Stryker CorpSYK	NPFE +0.02 points	0.90%	0.88%

All NPFE holdings⁠All QLTY 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.

NPFE vs QLTY Cost

Overpaying QLTY vs NPFE

$1,889

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

NPFE 0.40%
$8,090
QLTY 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

NPFE 0.40%
QLTY 0.50%
Overpaying

Year by year

Year	NPFE	QLTY	Overpaying
10	$723	$900	$177
20	$2,793	$3,460	$667
30	$8,090	$9,979	$1,889

Expense ratio

0.40%NPFE, cheaper
0.50%QLTY

NPFE0.40%QLTY0.50%

0.40%1.52%

Middle half of US Active Quality funds
Median 0.65%

NPFE cheapest of 16 funds

QLTY 4th cheapest of 16 funds

NPFE vs QLTY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): NPFE No data; QLTY 0.65%
Payout (12M): NPFE No data; QLTY $0.28
Last payment: NPFE $0.08; QLTY $0.06
Ex-dividend: NPFE Sep 29, 2026; QLTY Sep 30, 2026
Paid on: NPFE Sep 30, 2026; QLTY Oct 1, 2026
Frequency: NPFE Irregular; QLTY Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

NPFEIrregular · 1 paymentAll NPFE payments⁠

QLTYQuarterly · 12 paymentsAll QLTY payments⁠

NPFE vs QLTY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NPFE No dataQLTY 11.9%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: NPFE No dataQLTY 1.27since Dec 2023
Worst fallMax drawdown, 5 years: NPFE No dataQLTY −17.0%since Nov 2023
Market sensitivityBeta, 5 years: NPFE 0.48QLTY 0.98; Market = 1

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