ABFL vs SPHQ: Grades, Fees and Holdings Compared

Abacus FCF Leaders ETF

ABFLCCboe

Invesco S&P 500 Quality ETF

SPHQANYSE Arca

Overlap

31.1%by weight

Expense ratio

SPHQ −0.34pt a year

ABFL0.49%SPHQ0.15%

Avg volume · 30D

SPHQ 53.3×the volume

ABFL25.4KSPHQ1.35M

10Y return · a year

SPHQ +0.5pt

ABFL+14.1%SPHQ+14.6%

ABFL vs SPHQ Performance

Oct 29, 2021 – Oct 30, 2026

+57.2%ABFL+72.5%SPHQ

Expense ratio: ABFL 0.49%; SPHQ 0.15%, better
Fund size: ABFL $466M; SPHQ $18.5B
1Y total return: ABFL +10.5%; SPHQ +13.2%, better
Yield (12M): ABFL 0.60%; SPHQ 1.05%, better
Holdings: ABFL 56; SPHQ 102
Avg volume (30D): ABFL 25.4K sh; SPHQ 1.35M sh, better
NAV per share: ABFL $80.68; SPHQ $82.92
52W range

ETF.net Grade

Pillar letters and Scores for ABFL, SPHQ, with each pillar’s weight
Pillar	ABFL	SPHQ
Cost30% weight	D26	A84Higher
Mission25% weight	B63	B69Higher
Risk15% weight	D38	B62Higher
Tradability15% weight	B61	A95Higher
Holdings10% weight	C54Higher	D38
Durability5% weight	C52	A91Higher

Rank among US Quality Index funds

How we build Categories ›

Same Category. ABFL and SPHQ 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 ›

SPHQ ranks 4th 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 5AVFQYVanguard U.S. Quality Factor ETFScore 70
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

SPHQAInvesco S&P 500 Quality 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.

SPHQ Live since 2005, SPHQ is an elder statesman of quality investing: rank the S&P 500 on profitability, earnings quality and balance-sheet strength, hold the top 100, charge 0.15% net of a waiver through August 31, 2028.

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.

SPHQ The fund seeks exposure to the S&P 500 Quality Index and normally invests at least 90% of assets in common stocks included in that index.

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.

SPHQ 0.15% net of a waiver through August 31, 2028 (0.20% gross), below the median for quality factor funds and level with QUAL and FQAL at 0.15%.
The rules are published and mechanical: score the S&P 500 on return on equity, accruals ratio and financial leverage ratio, take the top 100, weight by quality score times market cap.spglobal.com
Universe discipline: candidates come only from the S&P 500, so every holding is an established large cap rather than a smaller name screened in from a broader pool.spglobal.com
A multi-billion-dollar fund that trades actively, pays quarterly, and has run since 2005. It sits in the stronger tier of quality factor ETFs.

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.

SPHQ About 100 stocks, weighted by quality score times market cap, so the biggest high-scorers carry real weight. Narrower than owning the full S&P 500.spglobal.com
The index rebalances semiannually, so a company whose fundamentals slip mid-period stays in the portfolio until the next reshuffle.spglobal.com
Two peers undercut it on fee: JQUA at 0.12% and VFQY at 0.13%.

Full ABFL profile⁠

Full SPHQ profile⁠

ABFL vs SPHQ Holdings

How ABFL and SPHQ differ

Overlap by weight

31.1%

Shared holdings make up 44.9% of SPHQ and 41.5% of ABFL.

Level by level

Holdings21 in both31.1%
Sector9 Sectors79.8%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in ABFL and SPHQ, widest gap first
Sector	More in ABFLMore in SPHQ	ABFL	SPHQ
Health Care	ABFL +16.0 points	19.7%	3.7%
Financials	SPHQ +12.0 points	4.9%	16.9%
Energy	ABFL +3.6 points	5.0%	1.4%
Consumer Staples	SPHQ +3.6 points	4.3%	7.9%
Industrials	SPHQ +2.2 points	14.8%	17.0%
Technology	SPHQ +1.5 points	38.0%	39.5%
Communication	SPHQ +0.6 points	4.6%	5.2%
Materials	ABFL +0.5 points	3.5%	3.0%
Consumer Discretionary	SPHQ +0.3 points	5.2%	5.5%

Country, concentration and asset class

Country by domicile

Country weights in ABFL and SPHQ, widest gap first
Country	More in ABFLMore in SPHQ	ABFL	SPHQ
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

ABFL35.4%
SPHQ43.5%

Securities held

ABFL55
SPHQ99

Asset class

ABFL: Equity
SPHQ: Equity

Holdings

Only in ABFL34
In both21
Only in SPHQ78

Only in ABFL

34 securities, 58.5% of ABFL by weight

NVIDIA Corp4.89%
Eli Lilly & Co3.56%
AbbVie Inc3.33%
Gilead Sciences Inc3.25%
Bristol-Myers Squibb Co2.73%
Altria Group Inc2.61%
Palo Alto Networks Inc2.59%
Cheniere Energy Partners LP2.56%
Arista Networks Inc2.50%
Vertiv Holdings Co2.22%
TechnipFMC PLC2.01%
Merck & Co Inc1.88%
Booking Holdings Inc1.81%
Exelixis Inc1.73%
VeriSign Inc1.67%
Medpace Holdings Inc1.66%
Argan Inc1.29%
Amgen Inc1.26%
Southern Copper Corp1.20%
Tutor Perini Corp1.20%
EMCOR Group Inc1.17%
Nextpower Inc1.14%
Philip Morris International Inc1.10%
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 SPHQ

78 securities, 55.0% of SPHQ by weight

Costco Wholesale Corp4.21%
Cisco Systems Inc3.52%
General Electric Co3.46%
Procter & Gamble Co/The3.19%
Texas Instruments Inc2.53%
Western Digital Corp2.25%
Applied Materials Inc2.20%
Intuitive Surgical Inc1.57%
Progressive Corp/The1.46%
TJX Cos Inc/The1.43%
Accenture PLC1.32%
Fortinet Inc1.25%
Adobe Inc1.20%
Automatic Data Processing Inc1.12%
Valero Energy Corp1.04%
Johnson Controls International plc1.04%
Parker-Hannifin Corp1.03%
Moody's Corp1.00%
Trane Technologies PLC0.88%
3M Co0.86%
Illinois Tool Works Inc0.81%
Travelers Cos Inc/The0.78%
Airbnb Inc0.78%
Allstate Corp/The0.75%
Ross Stores Inc0.71%
Cintas Corp0.69%
Ameriprise Financial Inc0.65%
eBay Inc0.62%
IDEXX Laboratories Inc0.61%
Fastenal Co0.55%
Rockwell Automation Inc0.54%
WW Grainger Inc0.53%
Ciena Corp0.49%
Comfort Systems USA Inc0.48%
Dexcom Inc0.44%
Chipotle Mexican Grill Inc0.43%
ResMed Inc0.35%
Kimberly-Clark Corp0.35%
Cboe Global Markets Inc0.34%
Arch Capital Group Ltd0.34%
Hartford Insurance Group Inc/The0.34%
Workday Inc0.33%
Williams-Sonoma Inc0.33%
Zoetis Inc0.32%
Old Dominion Freight Line Inc0.31%
Expeditors International of Washington Inc0.29%
ON Semiconductor Corp0.27%
International Flavors & Fragrances Inc0.26%
DuPont de Nemours Inc0.25%
Fortive Corp0.25%

Weight gaps

All 21 Holdings in both funds, largest gap first.

Holding weights in ABFL and SPHQ, widest gap first
Holding	More in ABFLMore in SPHQ	ABFL	SPHQ
Visa IncV	SPHQ +3.66 points	2.64%	6.30%
Mastercard IncMA	SPHQ +3.48 points	2.96%	6.44%
F5 IncFFIV	ABFL +1.84 points	1.98%	0.14%
Netflix IncNFLX	SPHQ +1.78 points	1.45%	3.23%
QUALCOMM IncQCOM	SPHQ +1.54 points	1.05%	2.59%
NetApp IncNTAP	ABFL +1.52 points	2.10%	0.58%
Tapestry IncTPR	ABFL +1.49 points	1.80%	0.31%
Lam Research CorpLRCX	SPHQ +1.23 points	2.24%	3.47%
Broadridge Financial Solutions IncBR	ABFL +1.18 points	1.39%	0.21%
Expedia Group IncEXPE	ABFL +1.18 points	1.53%	0.35%
Sandisk CorpSNDK	SPHQ +1.03 points	1.59%	2.62%
Autodesk IncADSK	ABFL +0.95 points	1.40%	0.45%
Lockheed Martin CorpLMT	ABFL +0.89 points	2.11%	1.22%
CF Industries Holdings IncCF	ABFL +0.83 points	1.01%	0.18%
Newmont CorpNEM	SPHQ +0.52 points	1.22%	1.74%
Colgate-Palmolive CoCL	ABFL +0.41 points	1.08%	0.67%
AppLovin CorpAPP	SPHQ +0.40 points	0.94%	1.34%
GE Vernova IncGEV	SPHQ +0.11 points	3.62%	3.73%
Apple IncAAPL	SPHQ +0.08 points	5.85%	5.93%
Kla CorpKLAC	ABFL +0.06 points	2.25%	2.19%
Seagate Technology Holdings PLCSTX	ABFL +0.01 points	1.25%	1.24%

All ABFL holdings⁠All 100 SPHQ 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 SPHQ Cost

Overpaying ABFL vs SPHQ

$6,655

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

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

Amount$10,000

Years30 years

Cost over time

ABFL 0.49%
SPHQ 0.15%
Overpaying

Year by year

Year	ABFL	SPHQ	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%SPHQ, cheaper

SPHQ0.15%ABFL0.49%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

SPHQ 3rd cheapest of 26 funds

ABFL 17th cheapest of 26 funds

ABFL vs SPHQ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ABFL 0.60%; SPHQ 1.05%, better
Payout (12M): ABFL $0.48; SPHQ $0.87
Last payment: ABFL $0.11; SPHQ $0.15
Ex-dividend: ABFL Sep 29, 2026; SPHQ Sep 21, 2026
Paid on: ABFL Sep 30, 2026; SPHQ Sep 25, 2026
Frequency: ABFL Quarterly; SPHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ABFLQuarterly · 21 paymentsAll ABFL payments⁠

SPHQQuarterly · 39 paymentsAll SPHQ payments⁠

ABFL vs SPHQ Risk

Fall from peak · 5 years

ABFL
SPHQ

Risk facts

VolatilityStd dev, 3 years: ABFL 13.1%SPHQ 12.5%, better
Return per unit of riskSharpe ratio, 3 years: ABFL 0.96SPHQ 1.23, better
Worst fallMax drawdown, 5 years: ABFL −21.9%, betterSPHQ −25.1%
Market sensitivityBeta, 5 years: ABFL 0.89SPHQ 0.81; Market = 1

ABFL and SPHQ in the news

All news⁠

New ETFs
Jensen's first passive ETF charges 0.25% for a 10-year profit test
Oct 5, 2026SPHQ
Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026SPHQ

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