ABFL vs FQAL: Grades, Fees and Holdings Compared

Abacus FCF Leaders ETF

ABFLCCboe

Fidelity Quality Factor ETF

FQALANYSE Arca

Overlap

27.6%by weight

Expense ratio

FQAL −0.34pt a year

ABFL0.49%FQAL0.15%

Avg volume · 30D

FQAL 2.3×the volume

ABFL25.4KFQAL58.6K

10Y return · a year

FQAL +0.3pt

ABFL+14.1%FQAL+14.4%

ABFL vs FQAL Performance

Oct 29, 2021 – Oct 30, 2026

+57.2%ABFL+67.7%FQAL

Expense ratio: ABFL 0.49%; FQAL 0.15%, better
Fund size: ABFL $466M; FQAL $1.41B
1Y total return: ABFL +10.5%; FQAL +12.2%, better
Yield (12M): ABFL 0.60%; FQAL 1.16%, better
Holdings: ABFL 56; FQAL 138
Avg volume (30D): ABFL 25.4K sh; FQAL 58.6K sh, better
NAV per share: ABFL $80.68; FQAL $83.39
52W range

ETF.net Grade

Pillar letters and Scores for ABFL, FQAL, with each pillar’s weight
Pillar	ABFL	FQAL
Cost30% weight	D26	A84Higher
Mission25% weight	B63	A89Higher
Risk15% weight	D38	A70Higher
Tradability15% weight	B61Higher	C54
Holdings10% weight	C54Higher	C52
Durability5% weight	C52	A76Higher

Rank among US Quality Index funds

How we build Categories ›

Same Category. ABFL and FQAL are both graded against the same 26 US Quality Index funds, so their Grades compare head to head.

US Quality Index⁠

Category · 26 funds

See all 26 ›

FQAL ranks 3rd and ABFL 19th of 26 funds in the US Quality Index Category.

Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
Rank 3AFQALFidelity Quality Factor ETFScore 75
Rank 4ASPHQInvesco S&P 500 Quality ETFScore 74
Rank 17CSFLOVictoryShares Small Cap Free Cash Flow ETFScore 49
Rank 19CABFLAbacus FCF Leaders ETFScore 46
Rank 20CFTCEFirst Trust New Constructs Core Earnings Leaders ETFScore 43

Our read on each fund

ETF.net Research

ABFLCAbacus FCF Leaders ETF

FQALAFidelity Quality Factor ETF

In short

ABFL One of the original free-cash-flow ETFs, trading since 2016 under three different names and one unchanged idea: rank US large and mid caps by cash generated per dollar of invested capital, then own the leaders.

FQAL Fidelity's own quality screen, boxed into an ETF: roughly 130 U.S. companies picked for profitability, steady cash flow and clean balance sheets, at 0.15% a year, well under the typical fee in the quality-factor group.

Stated mandate

ABFL The SEC identifies ABFL as the renamed FCF US Quality ETF and states that the December 2024 name and ticker changes did not alter the Fund’s investment objective or principal investment strategies.

FQAL The fund prioritizes U.S. companies exhibiting higher profitability, stable cash flows, and strong balance sheets.

Why people hold it

ABFL Live since 2016, long before free cash flow became a crowded ETF theme. The December 2024 rename to Abacus changed the label, not the objective or the strategy.
0.49% a year sits below the typical fund in its quality-focused peer group, which is unusual for an active, hand-built portfolio rather than a plain index tracker.abacusfcf.com
The screen is free cash flow return on invested capital: cash left after the bills, per dollar of capital deployed. Harder to dress up than reported earnings.abacusfcf.com
One of the strongest overall showings in its US quality and moat cohort, ahead of peers like EQTY and ABIG.

FQAL Costs 0.15% a year, roughly half the typical fee among quality-factor ETFs. That puts it in the cheapest tier of the group, alongside JQUA, VFQY and QUAL.
The rulebook is Fidelity's own: the Fidelity U.S. Quality Factor Index, tracked tightly. One of the closer index implementations in its peer group.
Live since 2016 and now a multi-billion-dollar fund, so this is a settled product rather than a launch still finding its footing.
The screen is explicit about what it wants: higher profitability, stable cash flows, strong balance sheets. No vague 'quality' hand-waving.

Worth knowing

ABFL Thinly traded next to big index funds, so bid-ask spreads can widen and larger orders may move the price.
Cheaper quality exposure exists in the group: PSET charges 0.15%. Here you are paying for an active cash-flow screen.
Active and concentrated, so it can drift a long way from the Russell 3000 in either direction. Distributions come quarterly.

FQAL Roughly 130 stocks, not the whole market. A narrower bench means individual names and sector tilts carry more weight than in a total-market fund.
Trading volume is light next to the category's biggest quality funds, which can show up as wider bid-ask spreads.
Distributions come quarterly, but the screen hunts profitability and balance-sheet strength, not yield.

Full ABFL profile⁠

Full FQAL profile⁠

ABFL vs FQAL Holdings

How ABFL and FQAL differ

Overlap by weight

27.6%

Shared holdings make up 59.4% of ABFL and 32.0% of FQAL.

Level by level

Holdings26 in both27.6%
Sector11 Sectors81.5%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in ABFL and FQAL, widest gap first
Sector	More in ABFLMore in FQAL	ABFL	FQAL
Health Care	ABFL +9.9 points	19.7%	9.8%
Financials	FQAL +7.0 points	4.9%	11.9%
Industrials	ABFL +5.7 points	14.8%	9.1%
Communication	FQAL +4.6 points	4.6%	9.2%
Consumer Discretionary	FQAL +3.2 points	5.2%	8.4%
Utilities	FQAL +1.9 points	0.0%	1.9%
Real Estate	FQAL +1.9 points	0.0%	1.9%
Materials	ABFL +1.5 points	3.5%	2.0%
Energy	ABFL +1.4 points	5.0%	3.6%
Technology	ABFL +0.1 points	38.0%	37.9%
Consumer Staples	Same weight	4.3%	4.3%

Country, concentration and asset class

Country by domicile

Country weights in ABFL and FQAL, widest gap first
Country	More in ABFLMore in FQAL	ABFL	FQAL
United States	ABFL +0.4 points	100.0%	99.6%
Switzerland	FQAL +0.4 points	0.0%	0.4%

Concentration

Weight in the 10 largest Holdings

ABFL35.4%
FQAL38.9%

Securities held

ABFL55
FQAL135

Asset class

ABFL: Equity
FQAL: Equity

Holdings

Only in ABFL29
In both26
Only in FQAL109

Only in ABFL

29 securities, 40.5% of ABFL by weight

Palo Alto Networks Inc2.59%
Cheniere Energy Partners LP2.56%
Arista Networks Inc2.50%
Kla Corp2.25%
Lockheed Martin Corp2.11%
NetApp Inc2.10%
F5 Inc1.98%
Exelixis Inc1.73%
Medpace Holdings Inc1.66%
Sandisk Corp1.59%
Expedia Group Inc1.53%
Autodesk Inc1.40%
Broadridge Financial Solutions Inc1.39%
Argan Inc1.29%
Southern Copper Corp1.20%
Tutor Perini Corp1.20%
EMCOR Group Inc1.17%
Nextpower Inc1.14%
New York Times Co/The1.04%
Cardinal Health Inc1.01%
Spotify Technology SA0.97%
AZZ Inc0.94%
Sterling Infrastructure Inc0.91%
Chemed Corp0.87%
Powell Industries Inc0.86%
Uber Technologies Inc0.83%
Gen Digital Inc0.81%
Hess Midstream LP0.51%
Us Bank Mmda - Usbgfs 9 09/01/20370.38%

Only in FQAL

109 securities, 64.4% of FQAL by weight

Microsoft Corp5.95%
Alphabet Inc Class A3.81%
Broadcom Inc2.71%
Micron Technology Inc2.11%
Meta Platforms Inc Class A2.03%
JPMorgan Chase & Co1.78%
Palantir Technologies Inc1.43%
Johnson & Johnson1.27%
Exxonmobil Holdings Corp1.22%
Cisco Systems Inc1.16%
Applied Materials Inc0.96%
UnitedHealth Group Inc0.85%
Procter & Gamble Co0.80%
Coca Cola Co0.80%
Progressive Corp Ohio0.79%
Cme Group Inc Class A0.79%
Chevron Corp0.78%
Home Depot Inc0.77%
Thermo Fisher Scientific Inc0.77%
Adobe Inc0.76%
Travelers Companies Inc0.70%
Ge Aerospace0.70%
Moodys Corp0.70%
Fortinet Inc0.70%
Msci Inc0.70%
Caterpillar Inc0.64%
Mcdonalds Corp0.60%
East West Bancorp Inc0.60%
Union Pacific Corp0.58%
Kinsale Capital Group Inc0.57%
Ameriprise Financial Inc0.57%
Mckesson Corp0.56%
Cullen Frost Bankers Inc0.56%
Marriott International Inc A0.54%
Tjx Companies Inc New0.54%
Popular Inc0.53%
Zions Bancorp0.53%
Hilton Worldwide Holdings Inc0.53%
Axos Financial Inc0.52%
Hasbro Inc0.52%
Airbnb Inc Class A0.50%
Automatic Data Processing Inc0.50%
Lowes Cos Inc0.50%
Cintas Corp0.48%
Fair Isaac Corp0.48%
Mettler-Toledo Intl Inc0.47%
Conocophillips0.45%
Ww Grainger Inc0.45%
Yum Brands Inc0.45%
O'reilly Automotive Inc0.45%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in ABFL and FQAL, widest gap first
Holding	More in ABFLMore in FQAL	ABFL	FQAL
GE Vernova IncGEV	ABFL +3.01 points	3.62%	0.61%
NVIDIA CorpNVDA	FQAL +2.65 points	4.89%	7.54%
Gilead Sciences IncGILD	ABFL +2.53 points	3.25%	0.72%
Bristol-Myers Squibb CoBMY	ABFL +2.23 points	2.73%	0.50%
AbbVie IncABBV	ABFL +2.22 points	3.33%	1.11%
Altria Group IncMO	ABFL +2.13 points	2.61%	0.48%
TechnipFMC PLCFTI	ABFL +1.82 points	2.01%	0.19%
Vertiv Holdings CoVRT	ABFL +1.80 points	2.22%	0.42%
Apple IncAAPL	FQAL +1.72 points	5.85%	7.57%
Eli Lilly & CoLLY	ABFL +1.70 points	3.56%	1.86%
Mastercard IncMA	ABFL +1.61 points	2.96%	1.35%
Tapestry IncTPR	ABFL +1.49 points	1.80%	0.31%
Booking Holdings IncBKNG	ABFL +1.38 points	1.81%	0.43%
Lam Research CorpLRCX	ABFL +1.29 points	2.24%	0.95%
Visa IncV	ABFL +1.09 points	2.64%	1.55%
Merck & Co IncMRK	ABFL +0.99 points	1.88%	0.89%
Netflix IncNFLX	ABFL +0.97 points	1.45%	0.48%
Newmont CorpNEM	ABFL +0.94 points	1.22%	0.28%
VeriSign IncVRSN	ABFL +0.94 points	1.67%	0.73%
CF Industries Holdings IncCF	ABFL +0.87 points	1.01%	0.14%
AppLovin CorpAPP	ABFL +0.74 points	0.94%	0.20%
Colgate-Palmolive CoCL	ABFL +0.66 points	1.08%	0.42%
Amgen IncAMGN	ABFL +0.52 points	1.26%	0.74%
Seagate Technology Holdings PLCSTX	ABFL +0.50 points	1.25%	0.75%
Philip Morris International IncPM	ABFL +0.36 points	1.10%	0.74%
QUALCOMM IncQCOM	ABFL +0.03 points	1.05%	1.02%

All ABFL holdings⁠All 130 FQAL 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.

ABFL vs FQAL Cost

Overpaying ABFL vs FQAL

$6,655

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

ABFL 0.49%
$9,792
FQAL 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

ABFL 0.49%
FQAL 0.15%
Overpaying

Year by year

Year	ABFL	FQAL	Overpaying
10	$883	$274	$609
20	$3,394	$1,071	$2,323
30	$9,792	$3,137	$6,655

Expense ratio

0.49%ABFL
0.15%FQAL, cheaper

FQAL0.15%ABFL0.49%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

FQAL 3rd cheapest of 26 funds

ABFL 17th cheapest of 26 funds

ABFL vs FQAL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ABFL 0.60%; FQAL 1.16%, better
Payout (12M): ABFL $0.48; FQAL $0.97
Last payment: ABFL $0.11; FQAL $0.24
Ex-dividend: ABFL Sep 29, 2026; FQAL Sep 18, 2026
Paid on: ABFL Sep 30, 2026; FQAL Sep 22, 2026
Frequency: ABFL Quarterly; FQAL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ABFLQuarterly · 21 paymentsAll ABFL payments⁠

FQALQuarterly · 39 paymentsAll FQAL payments⁠

ABFL vs FQAL Risk

Fall from peak · 5 years

ABFL
FQAL

Risk facts

VolatilityStd dev, 3 years: ABFL 13.1%FQAL 11.0%, better
Return per unit of riskSharpe ratio, 3 years: ABFL 0.96FQAL 1.45, better
Worst fallMax drawdown, 5 years: ABFL −21.9%, betterFQAL −25.5%
Market sensitivityBeta, 5 years: ABFL 0.89FQAL 0.95; Market = 1

ABFL and FQAL in the news

All news⁠

Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026FQAL

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ABFL vs FQAL

In short

Stated mandate

Why people hold it

Worth knowing

How ABFL and FQAL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ABFL

Only in FQAL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Cash-flow quality returned 42% while QUAL returned 17%

How ABFL and FQAL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ABFL

Only in FQAL

Weight gaps