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FMCE vs QLTY

FM Compounders Equity ETF

FMCEDNYSE Arca

GMO US Quality ETF

QLTYANYSE Arca

Overlap

28.7%by weight

Expense ratio

QLTY −0.21pt a year

FMCE0.71%QLTY0.50%

Avg volume · 30D

QLTY 1979.9×the volume

FMCE203QLTY402K

FMCE vs QLTY Performance

Oct 31, 2025 – Oct 30, 2026

+9.8%FMCE+17.4%QLTY

Oct 31, 2025 to Oct 30, 2026. FMCE +9.8%. QLTY +17.4%. Use the arrow keys to read each point.−5%0%5%Oct 2025Apr 2026Oct 2026
Expense ratio
FMCE 0.71%
QLTY 0.50%, better
Fund size
FMCE $69M
QLTY $5.4B
1Y total return
FMCE +9.8%
QLTY +17.4%, better
Yield (12M)
FMCE 2.83%, better
QLTY 0.65%
Holdings
FMCE 31
QLTY 47
Avg volume (30D)
FMCE 203 sh
QLTY 402K sh, better
NAV per share
FMCE $28.59
QLTY $43.53
52W range

ETF.net Grade

FMCE: Cost 38, Risk 68, Mission not scored, Tradability 4, Holdings 44, Durability 58. QLTY: Cost 75, Risk 68, Mission 77, Tradability 80, Holdings 75, Durability 89.
Pillar letters and Scores for FMCE, QLTY, with each pillar’s weight
PillarFMCEQLTY
Cost30% weightD38A75Higher
Mission25% weightNot scoredA77
Risk15% weightB68B68
Tradability15% weightF4A80Higher
Holdings10% weightC44A75Higher
Durability5% weightB58A89Higher

Rank among US Active Quality funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FMCE and QLTY are both graded against the same 16 US Active Quality funds, so their Grades compare head to head.

US Active Quality⁠

Category · 16 funds
See all 16 ›

QLTY ranks 2nd and FMCE 10th of 16 funds in the US Active Quality Category.

  1. Rank 1ANPFENpf Core Equity EtfScore 79
  2. Rank 2AQLTYGMO US Quality ETFScore 75
  3. Rank 3BAQECAQE Core ETFScore 66
  4. Rank 9CEQTYKovitz Core Equity ETFScore 47
  5. Rank 10DFMCEFM Compounders Equity ETFScore 39
  6. Rank 11DBWTGBrendan Wood TopGun ETFScore 34

Our read on each fund

ETF.net Research

FMCEDFM Compounders Equity ETF

QLTYAGMO US Quality ETF

In short

FMCE The house stock strategy of First Manhattan, the New York firm Sandy Gottesman founded in 1964, in an ETF wrapper: 25 to 35 US companies picked for durable free cash flow. Concentrated by design, 0.71% with no fee waiver.

QLTY Most quality ETFs run a rules screen. QLTY hands the job to GMO's stock pickers, who buy US companies they judge high quality and chase plain total return. Active conviction, priced like it: 0.50% a year.

Stated mandate

FMCE The Fund seeks long-term capital appreciation.

QLTY The Fund seeks total return. It is actively managed and invests primarily in equities of U.S. companies that GMO believes are high quality.

Why people hold it

  • FMCE First Manhattan, founded in 1964 by early Berkshire Hathaway investor and board member Sandy Gottesman, spent six decades running private-client money before putting this strategy in an ETF.wikipedia.orgwikipedia.org 2
  • A genuine 25 to 35 stock portfolio, not a broad index wearing a quality label. Each name has to earn its slot.yahoo.com
  • The mandate is plain: US common stocks, chosen for moats and free cash flow, held for long-term capital appreciation. That is the whole compounders idea in the name.
  • QLTY Actively managed, not index-tracking. GMO's team chooses the US companies it considers high quality, under a straightforward total-return mandate instead of a published factor formula.
  • GMO's read on quality leans toward wide moats and free cash flow, so the lineup can look meaningfully different from the index-built quality funds it sits beside.
  • Opened in 2023 and already a multi-billion-dollar fund with moderate daily trading and a quarterly distribution schedule.
  • The filings match the label: a standard 1940-Act fund holding US equities, screened on quality, no derivative wrapper or offshore complexity.

Worth knowing

  • FMCE 0.71% with no fee waiver sits above the category median (16 funds priced), and quality peers undercut it: PSET at 0.15%, QLTY at 0.50%.
  • Non-diversified and tightly held. With a few dozen names, one stumble lands harder here than in a broad-market fund.yahoo.com
  • Launched November 2024, so the track record is thin, it remains a smaller fund, and it trades lightly, which can mean wider spreads.
  • QLTY The 0.50% fee runs above the typical quality-cohort charge, and index-built rivals undercut it hard: QUAL at 0.15%, JQUA at 0.12%.
  • No index to fall back on. Everything rides on GMO's stock selection, and the ETF's own record only starts in 2023.
  • Mostly on that fee, it sits in the lower half of its US quality peer group even though it does the job its documents describe.

Full FMCE profile⁠

Full QLTY profile⁠

FMCE vs QLTY Holdings

How FMCE and QLTY differ

Overlap by weight

28.7%

Shared holdings make up 38.3% of FMCE and 36.8% of QLTY.

Level by level

  • Holdings13 in both28.7%
  • Countryby domicile95.6%
  • Asset classEquity100%

Sector

No Sector split for FMCE.

Country, concentration and asset class

Country by domicile

Country weights in FMCE and QLTY, widest gap first
CountryMore in FMCEMore in QLTY
United StatesQLTY +4.4 points
NetherlandsFMCE +3.3 points
JapanFMCE +1.1 points

Concentration

Weight in the 10 largest Holdings

  • FMCE57.3%
  • QLTY43.4%

Securities held

  • FMCE30
  • QLTY46

Asset class

FMCE
Equity
QLTY
Equity

Holdings

  • Only in FMCE17
  • In both13
  • Only in QLTY33

Only in FMCE

17 securities, 45.9% of FMCE by weight

  • KKR & Co. Inc.5.81%
  • Berkshire Hathaway Inc.4.16%
  • Intel Corp.4.14%

Only in QLTY

33 securities, 63.2% of QLTY by weight

  • Johnson & Johnson4.44%
  • Apple Inc4.38%
  • Alphabet Inc Class A4.19%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in FMCE and QLTY, widest gap first
HoldingMore in FMCEMore in QLTY
GE AerospaceGEFMCE +2.86 points
Visa Inc.VFMCE +2.43 points
Microsoft CorporationMSFTQLTY +2.01 points
Broadcom Inc.AVGOQLTY +2.01 points
Uber Technologies, Inc.UBERFMCE +1.98 points
NVIDIA CorporationNVDAQLTY +1.77 points
Philip Morris International Inc.PMFMCE +1.23 points
Netflix, Inc.NFLXQLTY +1.07 points

All FMCE holdings⁠All QLTY 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.

FMCE vs QLTY Cost

Overpaying FMCE vs QLTY

$3,803

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

  • FMCE 0.71%

    $13,782

  • QLTY 0.50%

    $9,979

$10,000
30 years

Cost over time

  • FMCE 0.71%
  • QLTY 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530FMCE $13,782QLTY $9,979

Year by year

YearFMCEQLTYOverpaying
10$1,267$900$367
20$4,824$3,460$1,364
30$13,782$9,979$3,803

Expense ratio

  • 0.71%FMCE
  • 0.50%QLTY, cheaper
  • Middle half of US Active Quality funds
  • Median 0.65%

QLTY 4th cheapest of 16 funds

FMCE 9th cheapest of 16 funds

FMCE vs QLTY Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FMCE 2.83%, better
QLTY 0.65%
Payout (12M)
FMCE $0.81
QLTY $0.28
Last payment
FMCE $0.03
QLTY $0.06
Ex-dividend
FMCE Jun 24, 2026
QLTY Sep 30, 2026
Paid on
FMCE Jun 29, 2026
QLTY Oct 1, 2026
Frequency
FMCE Twice a year
QLTY Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FMCETwice a year · 4 paymentsAll FMCE payments⁠
One bar per payment. 4 payments from 2023 to 2026 YTD. Dec 16, 2024 $0.05; Jun 24, 2025 $0.06; Dec 16, 2025 $0.78; Jun 24, 2026 $0.03. Use the arrow keys to read each point.$0$0.5020232026YTD
QLTYQuarterly · 12 paymentsAll QLTY payments⁠
One bar per payment. 12 payments from 2023 to 2026 YTD. Dec 27, 2023 $0.04; Mar 27, 2024 $0.05; Jun 28, 2024 $0.05; Sep 30, 2024 $0.06; Dec 30, 2024 $0.09; Mar 31, 2025 $0.05; Jul 1, 2025 $0.07; Sep 30, 2025 $0.08; Dec 30, 2025 $0.09; Mar 31, 2026 $0.06; Jun 30, 2026 $0.08; Sep 30, 2026 $0.06. Use the arrow keys to read each point.$0$0.5020232026YTD

FMCE vs QLTY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FMCE 11.3%since Dec 2024QLTY 11.9%since Dec 2023
Return per unit of riskSharpe ratio, 3 years
FMCE 0.35since Dec 2024QLTY 1.27since Dec 2023
Worst fallMax drawdown, 5 years
FMCE −11.7%since Nov 2024QLTY −17.0%since Nov 2023
Market sensitivityBeta, 5 years
FMCE 0.78QLTY 0.98

FMCE and QLTY in the news

All news⁠

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