Fund Evaluator:
North Square Tactical Defensive A (ETFRX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
North Square Tactical Defensive A Overview
North Square Tactical Defensive A (ETFRX) is an actively managed Allocation Tactical Allocation fund. North Square launched the fund in 2006.
The investment seeks capital appreciation. The fund invests primarily in and allocates its investments primarily between fund investments that the Sub-Adviser believes have the potential for capital appreciation and Cash Positions. The "fund investments" include actively managed and index-based ETFs, mutual funds and other investment companies. "Cash Positions" include cash and short-term, highly liquid investments, such as money market instruments, U.S. government obligations, commercial paper, repurchase agreements, and other cash or cash equivalent positions.
About North Square Tactical Defensive A (ETFRX)
There are 2 members of the management team with an average tenure of 11.84 years: Brad Thompson (2009), Clayton Wilkin (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Morningstar Mod Tgt Risk TR USD index with a weighting of 100%. North Square Tactical Defensive A has 6 securities in its portfolio. The top 10 holdings constitute 100.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
North Square Tactical Defensive A is part of the Allocation global asset class and is within the Allocation fund group. North Square Tactical Defensive A has 21.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 57.4%. There is 21.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). North Square Tactical Defensive A has 21.5% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ETFRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The North Square Tactical Defensive A expense ratio is high compared to funds in the Tactical Allocation category. North Square Tactical Defensive A has an expense ratio of 2.03%, which is 15% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. North Square Tactical Defensive A has a portfolio turnover rate of 225%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, North Square Tactical Defensive A returned -0.6%, which earned it a grade of C, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
North Square Tactical Defensive A has a trailing yield of 0.46%, which is below the 2.86% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
North Square Tactical Defensive A Grades
Year to date, the fund has returned 6.2%, 2.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.0% over the past year (grade of D), 7.5% over the past three years (grade of F) and 4.3% per year over the past five years (grade of C) and 6.4% per year over the past 10 years (grade of C).
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ETFRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ETFRX Return (NAV) | -0.6% | 2.5% | 13.0% | 7.5% | 4.3% | 6.4% |
| ETFRX Grade | C | B | D | F | C | C |
| +/- Category | 0.2% | 1.0% | -3.2% | -3.1% | -1.0% | 0.1% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| ETFRX Tax Cost Ratio | na | na | 0.2% | 0.2% | 0.1% | 0.2% |
ETFRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ETFRX Return (NAV) | 6.2% | 8.4% | 7.3% | 5.6% | -8.2% | 13.5% | 4.0% | 12.5% | -3.0% | 15.3% | 10.4% |
| ETFRX Grade | D | D | C | D | B | C | D | C | A | B | A |
| +/- Category | -2.1% | -4.2% | -1.6% | -5.1% | 4.9% | 0.8% | -6.2% | -1.1% | 3.2% | 2.1% | 4.8% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 9.6% |
| Total Risk Index: | 0.78 - Below Average |
| Category Risk Index: | 0.93 - Average |
| Category Risk Grade: | C (49% Rank) |
| Beta: | 0.73 |
| R-Squared: | 51% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $50 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 225% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 16.8 years | |||
| Average Tenure: 11.8 years | |||
| Managers (Year): Thompson Brad (2009), Wilkin Clayton (2019) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.1% |
Portfolio Allocation |
|
| Domestic Stock: | 57.4% |
| Foreign Stock: | 21.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 21.5% |
Purchase Information
| Fund Family: | North Square |
| Phone Number: | 855-551-5521 |
| Website: | www.stadionfunds.com |
| Status: | Open |
| Inception Date: | September 15, 2006 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 2.03% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | North Square Tactical Defensive A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
