At a glance
QPFF charges 0.32% a year. It has $40.1M in assets. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.9% a year. At its worst it fell 13.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low.
The short version
American Century Quality Preferred ETF (QPFF) is an actively managed fund that buys preferred securities, mostly from financial companies. Preferred securities are hybrids that share traits of both stocks and bonds. QPFF doesn't track an index. Its managers screen issuers for profitability, leverage, yield and valuation, and the fund charges 0.32% a year. Its latest holdings report, as of August 31, 2025, showed 99.51% of assets in cash, so check the fund's status with American Century.
Price history
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QPFF 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 | |
|---|---|---|---|---|---|---|
| QPFF price data to Oct 27, 2026 | 0.0% | 0.0% | +6.9% | +1.6% | — | +2.7% |
- Over the year to Oct 27, 2026, QPFF returned 0.0%.
- Its 5-year annualized return was +1.6%.
- Its worst full calendar year was 2022 (-12.2%); its best was 2023 (+11.2%).
- The deepest fall in its price history was 15.2% (Nov 3, 2021 to Oct 21, 2022), recovered by Jan 26, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +3.4% |
| 2024 | +6.6% |
| 2023 | +11.2% |
| 2022 | -12.2% |
| 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 13.3% over that stretch · deepest drop along the way 13.3%, back to its old high 15.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.4600 | -34.8% |
| 2024 | $2.2400 | +4.7% |
| 2023 | $2.1400 | +7.5% |
| 2022 | $1.9900 |
What's inside
As of Aug 31, 2025, the fund held 0 securities; the ten largest made up 0% of assets, and 99.51% 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 $29.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.91%, +2.38%, +0.98%.
How it works
QPFF is an actively managed ETF, so it doesn't copy an index. In normal markets it puts at least 80% of net assets into preferred securities from US and non-US companies. These can include traditional preferred stock and hybrid preferreds that act partly like debt. They can also include floating-rate preferreds, whose payouts move with interest rates, plus junior subordinated debt, repackaged preferreds and convertibles. The fund can also hold "baby bonds," which are senior notes sold in small $25 units. It concentrates in the financials sector.
The managers combine number-driven screens with company research. They look at liquidity, credit risk, size, quality and momentum. They also screen for profitability and leverage, then pick issuers and issues with good quality, yield and valuation. The fund can hold securities of any maturity. It trades often: portfolio turnover was 84% in the prospectus filed December 27, 2024. Frequent trading can raise costs and lead to capital gains payouts.
Holders should know how preferreds work. They usually rank below a company's other debt, which adds credit risk. They rarely carry voting rights. In some cases the issuer can put off payments. Preferreds that pay a fixed rate can also lose value when interest rates rise.
What it really costs
- QPFF 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 |
|---|---|---|---|---|
| QPFF | $33 | $103 | $180 | $406 |
In a retirement portfolio
The fund's stated goal is current income from preferred securities, but it made no payouts in the year to October 27, 2026, and its latest holdings report showed it was almost entirely in cash.
QPFF was designed to provide income from preferred securities issued mainly by financial companies. It launched in February 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 13.3%. It took about 15 months, until January 2024, to recover. Its deepest drop was 15.2%, and 2022 was its worst calendar year at -12.17%. Anyone who had to sell shares in 2022 would have locked in those losses. The bigger concern is income. The fund made no distributions in the year to October 27, 2026. Its holdings report as of August 31, 2025, showed 99.51% in cash. It costs 0.32% a year, or about $33 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors studying preferred securities who want managers to screen issuers for profitability, leverage, yield and valuation instead of following an index.
- People comfortable with heavy exposure to banks and other financial companies, the sector QPFF concentrates in.
- Holders who can sit through stock-like drops, such as the 15.2% fall from November 2021 that took about 15 months to recover.
Look elsewhere if
- Anyone who needs steady income: QPFF made no payouts in the year to October 27, 2026, and held 99.51% cash as of August 31, 2025.
- Investors who want broad sector diversification, since the fund concentrates in financials, so trouble at banks could hit most holdings together.
- Investors who want a large fund: net assets were about $40.1 million as of August 31, 2025, after roughly $29.8 million left in three months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does QPFF pay monthly dividends?
No. QPFF made no distributions in the year to October 27, 2026, and its trailing 12-month yield was 0%. That is unusual for a fund whose stated goal is current income. Its latest holdings report, dated August 31, 2025, showed 99.51% of assets in cash and one position. About $29.8 million had flowed out over the prior three months. Anyone counting on income from QPFF may want to confirm the fund's status with American Century.
What is QPFF's expense ratio?
QPFF's expense ratio is 0.32%, according to the prospectus filed December 27, 2024. All of it is the management fee, and there is no fee waiver. The SEC's standard example assumes $10,000 invested with a 5% yearly return and the shares sold at the end of each period. On that basis, total costs would be about $33 after one year, $103 after three years, $180 after five years and $406 after ten years.
Is QPFF an index fund?
No. QPFF is an actively managed ETF and doesn't try to match any index. Its managers use number-driven screens and company research to pick preferred securities. They look at liquidity, credit risk, size, quality and momentum, and favor issuers that are profitable and not heavily indebted. The fund trades often: turnover was 84% in its December 2024 prospectus. That can raise trading costs and lead to taxable capital gains payouts.
How did QPFF do in 2022?
Badly. QPFF lost 12.17% in calendar 2022, its worst year. From January 3 to October 12, 2022, it fell 13.3%. Its worst quarter was the one ending June 30, 2022, at -6.01%. It rebounded 11.18% in 2023, and its best quarter was the one ending December 31, 2023, at 5.58%. It didn't fully recover its 2022 losses until January 2024, about 15 months after the low.
Is QPFF risky?
It's riskier than many bond funds. Preferred securities usually rank below a company's other debt, and issuers can sometimes put off payments. QPFF also concentrates in financial companies. Its deepest drop was 15.2%, from November 2021 to October 2022, and its three-year volatility was 6.1% as of October 27, 2026. Over the three years to that date it returned 6.9% a year. Over five years it returned 1.6% a year.