FDLO vs QLV

FDLOBFidelity Low Volatility Factor ETF

QLVANorthern Trust US Quality Low Volatility ETF

In short

FDLO Fidelity's in-house take on low volatility: roughly 130 US stocks drawn from an index Fidelity built itself, priced under the category median and matched to what the category's biggest name charges.

QLV Low vol with a quality gate: the index cuts the weakest-scoring fifth of US large and mid caps, then optimizes what's left for calm. Fee is 0.08% net of a waiver through March 1, 2027.

Stated mandate

FDLO The fund seeks investment returns that generally correspond, before fees and expenses, to the performance of the Fidelity U.S. Low Volatility Factor Index.

QLV The fund seeks to track the Northern Trust Quality Low Volatility Index and provide exposure to U.S. companies selected for lower overall volatility and quality characteristics.

Why people hold it

• FDLO 0.15% a year undercuts the low-vol category's median fee and matches USMV, the category heavyweight, while running a very different, tighter portfolio.
• Does the job it advertises: it hews closely to the Fidelity U.S. Low Volatility Factor Index rather than drifting into a generic large-cap blend.
• Trading is smooth for a factor fund: a multi-billion-dollar portfolio with steady daily volume, so getting in and out is rarely the hard part.
• Running since 2016 with a real track record behind it, and it sits in the upper half of the US low-volatility group on our review.

• QLV The quality screen is the point: stocks are ranked on profitability, management efficiency and cash flow, and the bottom fifth is cut before the volatility work starts.sec.gov
• 0.08% net of a waiver through March 1, 2027: below the category median, and under USMV at 0.15% and LGLV at 0.12%.
• Sector, industry and single-stock limits inside the optimization push back on the utilities-and-staples pileup typical of low vol. Roughly 120 holdings.sec.gov
• Sits in the top quartile of its US low volatility peer group, and pays quarterly.

Worth knowing

• FDLO Low volatility means a steadier ride than the broad market, not a shield. This is a fully invested US stock fund, and stock funds fall.
• About 130 names is a narrow roster for a large-cap fund, and the resulting sector tilts are where it looks thinner than peers holding wider baskets.
• The benchmark is Fidelity's own index, so the rules and any future tweaks sit with the issuer rather than an independent index provider.

• QLV One of the less-traded funds in the category, so the bid-ask spread can matter more at the point of trade than the expense ratio.
• Assets stay modest next to the category's multi-billion-dollar incumbents.
• Low volatility here is relative, not absolute: the aim is calmer than the Northern Trust 1250 parent index, not shelter from a broad selloff.sec.gov

Full FDLO profile⁠

Full QLV profile⁠