At a glance
QCON charges 0.32% a year. It has $24.3M in assets. Over the past year it returned +0.0% with distributions reinvested; over three years it returned +10.3% a year. At its worst it fell 20.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low.
The short version
American Century Quality Convertible Securities ETF (QCON) is an actively managed fund investing mainly in convertible securities — bonds and preferred stocks exchangeable for common stock, which can offer some stock upside with bond-like protection. Managers favor issuers with traits like profitability and balance sheet strength; expenses are 0.32% a year. One caution: its August 31, 2025 report showed 99.73% cash, and it made no distributions in the year to October 27, 2026.
Price history
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QCON 0.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QCON price data to Oct 27, 2026 | 0.0% | 0.0% | +10.3% | +2.0% | — | +1.9% |
- Over the year to Oct 27, 2026, QCON returned 0.0%.
- Its 5-year annualized return was +2.0%.
- Its worst full calendar year was 2022 (-17.7%); its best was 2024 (+12.2%).
- The deepest fall in its price history was 22.5% (Nov 9, 2021 to Oct 14, 2022), recovered by Nov 8, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +8.1% |
| 2024 | +12.2% |
| 2023 | +9.5% |
| 2022 | -17.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.9% over that stretch · deepest drop along the way 20.4%, back to its old high 24.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.2600 | +7.7% |
| 2024 | $1.1700 | +27.2% |
| 2023 | $0.9200 | -22.7% |
| 2022 | $1.1900 |
What's inside
As of Aug 31, 2025, the fund held 0 securities; the ten largest made up 0% of assets, and 99.73% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2025, investors withdrew a net $26.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.91%, +1.09%, +1.01%.
How it works
QCON does not track an index. American Century's managers pick holdings, and under normal conditions at least 80% of net assets go into convertible securities: usually bonds or preferred stocks that can be exchanged for a set amount of a company's common stock at a specified price. When the stock is well above that conversion price, a convertible tends to move like the stock; well below it, more like a bond, sensitive to interest rates and the issuer's credit.
Managers screen for liquidity, or how easily a security trades. They then choose among what remains using computer models and company research on sales or earnings growth, profitability, debt, balance sheet strength, price momentum against peers, and valuation and yield versus other convertibles. Weights reflect each holding's scores, benchmark weight and equity sensitivity (how closely it tracks its stock). The fund may own high-yield, or junk, bonds from companies with weaker credit.
Trading decisions weigh economic conditions, interest rates, credit, costs and taxes. Managers may trade often; the December 2024 prospectus lists 63% turnover, meaning that share of the portfolio was replaced in a year. Frequent trading adds costs and can trigger taxable capital gains distributions. The August 31, 2025 holdings report showed one position and 99.73% cash, well short of its 80% minimum.
What it really costs
- QCON charges 0.32% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $33 in the first year and $406 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QCON | $33 | $103 | $180 | $406 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Convertibles swing partly with stocks, and this small fund fell 22.5% at its worst, made no distributions in the year to October 27, 2026, and was nearly all cash on August 31, 2025.
Convertibles aim to blend stock-like gains with bond-like protection, but QCON's record shows the protection has limits. It launched in February 2021, so it was not tested by the 2008 or 2020 crashes. In the 2022 bear market it fell 20.4%, and 2022 was its worst calendar year, at -17.7%. Its deepest drop, 22.5% from November 2021 to October 2022, took about 25 months to recover. Anyone drawing cash from it in 2022 was redeeming shares well below their earlier peak.
It made no distributions in the year to October 27, 2026, and its August 31, 2025 report showed 99.73% in cash, so its value as an income source is unclear. Costs are 0.32% a year, or $33 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want convertibles chosen by active managers on traits like earnings growth, debt and balance sheet strength, rather than by an index.
- Holders who can tolerate stock-like swings, such as a 22.5% drop from November 2021 to October 2022 that took about 25 months to recover.
- Investors holding it in tax-advantaged accounts, where capital gains payouts from 63% turnover matter less, and who are fine paying 0.32% a year.
Look elsewhere if
- Retirees who need regular income: QCON made no distributions in the year to October 27, 2026.
- Anyone seeking a steady bond substitute: it lost 17.7% in 2022, including a 13.66% drop in the quarter ending June 30, 2022.
- Investors wanting a sizable, fully invested fund: on August 31, 2025, it had about $24.3 million in net assets and 99.73% in cash.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does QCON invest in?
QCON invests mainly in convertible securities: bonds and preferred stocks that can be exchanged for a set amount of a company's common stock at a specified price. Under normal conditions, at least 80% of net assets go into them, and some may be high-yield, or junk, bonds. American Century's managers screen for liquidity, then pick issues using growth, profitability, debt, balance sheet strength, momentum, valuation and yield. Its August 31, 2025 report, however, showed 99.73% in cash.
Does QCON pay monthly dividends?
No. QCON made no distributions in the year to October 27, 2026, so its yield over that period was 0%. Convertible bonds normally pay interest, and the fund's frequent trading can also generate capital gains distributions. But its August 31, 2025 holdings report showed 99.73% of assets in cash and a single position, so the fund's status is worth confirming with American Century.
What is QCON's expense ratio?
QCON's expense ratio is 0.32% a year, all of it a management fee, according to its prospectus filed December 27, 2024. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period, costs would total about $33 after one year, $103 after three, $180 after five and $406 after ten. Trading costs from its 63% turnover come on top of that.
Is QCON good for retirement?
It may fit only as a small, higher-risk piece of a retirement portfolio. QCON lost 17.7% in 2022, and its deepest drop, 22.5% from November 2021 to October 2022, took about 25 months to recover. As of October 27, 2026, its annualized return since its February 2021 launch was 1.9%, and it made no distributions in the year to that date. Past results don't predict future ones, and any plan should consider the whole portfolio.
Is QCON still investing in convertible bonds?
Not as of its August 31, 2025 holdings report. At that date, QCON held 99.73% of assets in cash and a single position, after about $26.2 million in net outflows over the prior three months; net assets were about $24.3 million. Its price was unchanged over the year to October 27, 2026, and it made no distributions. That is far from its 80% convertible minimum under normal conditions, so the fund's status is worth confirming with American Century.