OTAX vs QLTY: Grades, Fees and Holdings Compared

Optimal Tax Managed Equity ETF

OTAX—NYSE

GMO US Quality ETF

QLTYANYSE Arca

Overlap

27.2%by weight

Expense ratio

QLTY −0.08pt a year

OTAX0.58%QLTY0.50%

Avg volume · 30D

QLTY 20.6×the volume

OTAX19.5KQLTY402K

OTAX vs QLTY Performance

Oct 2, 2026 – Nov 2, 2026

−4.2%OTAX+0.8%QLTY

Expense ratio: OTAX 0.58%; QLTY 0.50%, better
Fund size: OTAX $74M; QLTY $5.4B
1Y total return: OTAX No data; QLTY +17.2%
Yield (12M): OTAX No data; QLTY 0.65%
Holdings: OTAX 236; QLTY 47
Avg volume (30D): OTAX 19.5K sh; QLTY 402K sh, better
NAV per share: OTAX $48.60; QLTY $43.53
52W range

ETF.net Grade

—OTAXNot yet graded

Pillar letters and Scores for OTAX, QLTY, with each pillar’s weight
Pillar	OTAX	QLTY
Cost30% weight	Not scored	A75
Mission25% weight	Not scored	A77
Risk15% weight	Not scored	B68
Tradability15% weight	Not scored	A80
Holdings10% weight	Not scored	A75
Durability5% weight	Not scored	A89

Rank among US Active Quality funds

How we build Categories ›

US Active Quality⁠

Category · 16 funds

See all 16 ›

QLTY ranks 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
OTAXNot yet graded

Our read on each fund

ETF.net Research

OTAX—Optimal Tax Managed Equity ETF

QLTYAGMO US Quality ETF

In short

OTAX 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

OTAX 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

OTAX 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

OTAX 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 OTAX profile⁠

Full QLTY profile⁠

OTAX vs QLTY Holdings

How OTAX and QLTY differ

Overlap by weight

27.2%

Shared holdings make up 76.4% of QLTY and 31.0% of OTAX.

Level by level

Holdings27 in both27.2%
Countryby domicile94.9%
Asset classEquity100%

Sector

No Sector split for OTAX.

Country, concentration and asset class

Country by domicile

Country weights in OTAX and QLTY, widest gap first
Country	More in OTAXMore in QLTY	OTAX	QLTY
United States	QLTY +5.1 points	94.9%	100.0%
Taiwan	OTAX +3.4 points	3.4%	0.0%
Canada	OTAX +0.6 points	0.6%	0.0%
Other countries (13)	OTAX +1.2 points	1.2%	0.0%

Concentration

Weight in the 10 largest Holdings

OTAX37.5%
QLTY42.3%

Securities held

OTAX236
QLTY46

Asset class

OTAX: Equity
QLTY: Equity

Holdings

Only in OTAX209
In both27
Only in QLTY19

Only in OTAX

209 securities, 69.0% of OTAX by weight

Columbia Research Enhanced Core ETF8.19%
Vanguard S&P 500 ETF3.11%
Taiwan Semiconductor Manufacturing Co Ltd2.87%
Palo Alto Networks Inc2.35%
Snowflake Inc2.31%
Alphabet Inc1.47%
Tesla Inc1.39%
Dell Technologies Inc1.31%
Vanguard Dividend Appreciation ETF1.22%
Micron Technology Inc0.98%
JPMorgan Chase & Co.0.91%
Vanguard Information Technology ETF0.82%
Advanced Micro Devices Inc0.82%
ExxonMobil Holdings Corp0.80%
Berkshire Hathaway Inc0.77%
Crowdstrike Holdings Inc0.75%
Eaton Corp PLC0.74%
AbbVie Inc0.69%
Invesco QQQ Trust Series 10.63%
Williams Cos Inc/The0.61%
ATI Inc0.56%
Walmart Inc0.54%
iShares Core S&P Small-Cap ETF0.54%
Ares Management Corp0.49%
Morgan Stanley0.48%
Costco Wholesale Corp0.48%
SM Energy Co0.47%
Chevron Corp0.47%
CF Industries Holdings Inc0.45%
Tenet Healthcare Corp0.43%
Caterpillar Inc0.43%
ONEOK Inc0.42%
Goldman Sachs Group Inc/The0.42%
Cisco Systems Inc0.42%
T-Mobile US Inc0.40%
Palantir Technologies Inc0.39%
Coca-Cola Consolidated Inc0.38%
State Street SPDR Dow Jones Industrial Average ETF Trust0.38%
Simon Property Group Inc0.38%
Hasbro Inc0.37%
Etsy Inc0.37%
Jones Lang LaSalle Inc0.37%
First American Government Obligations Fund 12/01/20310.37%
Brinker International Inc0.36%
Exelixis Inc0.36%
APA Corp0.36%
FT Vest Laddered Buffer ETF0.35%
Host Hotels & Resorts Inc0.34%
RingCentral Inc0.34%
Abercrombie & Fitch Co0.33%

Only in QLTY

19 securities, 23.3% of QLTY by weight

Aramark1.92%
Hilton Worldwide Holdings In1.90%
Us Bancorp1.76%
Accenture PLC Class A1.72%
Synopsys Inc1.69%
The Cigna Group1.62%
Elevance Health Inc1.53%
Constellation Brands Inc A1.43%
Roper Technologies Inc1.23%
Tradeweb Markets Inc Class A1.10%
Uber Technologies Inc1.08%
Martin Marietta Materials1.05%
Quest Diagnostics Inc1.04%
Brown Forman Corp Class B0.85%
Stryker Corp0.83%
Moody’s Corp0.76%
Jack Henry & Associates Inc0.66%
State Str Instl Invt Tr0.57%
Ferguson Enterprises Inc0.53%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in OTAX and QLTY, widest gap first
Holding	More in OTAXMore in QLTY	OTAX	QLTY
Thermo Fisher Scientific IncTMO	QLTY +4.06 points	0.30%	4.36%
Microsoft CorpMSFT	QLTY +3.82 points	4.11%	7.93%
Johnson & JohnsonJNJ	QLTY +3.79 points	0.67%	4.46%
Texas Instruments IncTXN	QLTY +3.48 points	0.39%	3.87%
Lam Research CorpLRCX	QLTY +3.04 points	0.30%	3.34%
Meta Platforms IncMETA	QLTY +2.61 points	1.38%	3.99%
Alphabet IncGOOGL	QLTY +2.47 points	1.71%	4.18%
Abbott LaboratoriesABT	QLTY +2.33 points	0.11%	2.44%
UnitedHealth Group IncUNH	QLTY +2.24 points	0.37%	2.61%
Netflix IncNFLX	QLTY +1.93 points	0.26%	2.19%
Mastercard IncMA	QLTY +1.92 points	0.52%	2.44%
Kla CorpKLAC	QLTY +1.91 points	0.24%	2.15%
Eli Lilly & CoLLY	QLTY +1.88 points	1.18%	3.06%
Salesforce IncCRM	QLTY +1.84 points	0.24%	2.08%
NVIDIA CorpNVDA	OTAX +1.84 points	4.98%	3.14%
Visa IncV	QLTY +1.74 points	0.72%	2.46%
Procter & Gamble Co/ThePG	QLTY +1.72 points	0.38%	2.10%
Apple IncAAPL	OTAX +1.70 points	5.08%	3.38%
Coca-Cola Co/TheKO	QLTY +1.38 points	0.37%	1.75%
Broadcom IncAVGO	QLTY +1.26 points	1.99%	3.25%
Ge AerospaceGE	QLTY +1.26 points	0.33%	1.59%
TJX Cos Inc/TheTJX	QLTY +1.09 points	0.17%	1.26%
Intuitive Surgical IncISRG	QLTY +1.04 points	0.16%	1.20%
Amazon.com IncAMZN	QLTY +1.03 points	2.52%	3.55%
Philip Morris International IncPM	QLTY +0.77 points	0.32%	1.09%
Home Depot Inc/TheHD	QLTY +0.56 points	0.34%	0.90%
Merck & Co IncMRK	OTAX +0.24 points	1.85%	1.61%

All OTAX 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.

OTAX vs QLTY Cost

Overpaying OTAX vs QLTY

$1,474

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

OTAX 0.58%
$11,453
QLTY 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

OTAX 0.58%
QLTY 0.50%
Overpaying

Year by year

Year	OTAX	QLTY	Overpaying
10	$1,041	$900	$141
20	$3,986	$3,460	$526
30	$11,453	$9,979	$1,474

Expense ratio

0.58%OTAX
0.50%QLTY, cheaper

QLTY0.50%OTAX0.58%

0.40%1.52%

Middle half of US Active Quality funds
Median 0.65%

QLTY 4th cheapest of 16 funds

OTAX 8th cheapest of 16 funds

OTAX vs QLTY Dividends

Last 12 months to Nov 2, 2026

Yield (12M): OTAX No data; QLTY 0.65%
Payout (12M): OTAX None; QLTY $0.28
Last payment: OTAX No data; QLTY $0.06
Ex-dividend: OTAX No data; QLTY Sep 30, 2026
Paid on: OTAX No data; QLTY Oct 1, 2026
Frequency: OTAX No data; QLTY Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

OTAXAll OTAX payments⁠

No distribution history available.

QLTYQuarterly · 12 paymentsAll QLTY payments⁠

OTAX vs QLTY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: OTAX No dataQLTY 11.9%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: OTAX No dataQLTY 1.27since Dec 2023
Worst fallMax drawdown, 5 years: OTAX No dataQLTY −17.0%since Nov 2023
Market sensitivityBeta, 5 years: OTAX 0.00QLTY 0.98; Market = 1

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