FQAL vs JQUA: Grades, Fees and Holdings Compared

Fidelity Quality Factor ETF

FQALANYSE Arca

JPMorgan U.S. Quality Factor ETF

JQUAANYSE Arca

Overlap

45.5%by weight

Expense ratio

JQUA −0.03pt a year

FQAL0.15%JQUA0.12%

Avg volume · 30D

JQUA 10.2×the volume

FQAL58.6KJQUA598K

5Y return · a year

JQUA +2.3pt

FQAL+10.9%JQUA+13.2%

FQAL vs JQUA Performance

Oct 29, 2021 – Oct 30, 2026

+67.7%FQAL+85.7%JQUA

Expense ratio: FQAL 0.15%; JQUA 0.12%, better
Fund size: FQAL $1.41B; JQUA $9.55B
1Y total return: FQAL +12.2%; JQUA +21.8%, better
Yield (12M): FQAL 1.16%, better; JQUA 1.05%
Holdings: FQAL 138; JQUA 310
Avg volume (30D): FQAL 58.6K sh; JQUA 598K sh, better
NAV per share: FQAL $83.39; JQUA $75.49
52W range

ETF.net Grade

Pillar letters and Scores for FQAL, JQUA, with each pillar’s weight
Pillar	FQAL	JQUA
Cost30% weight	A84	A100Higher
Mission25% weight	A89Higher	A79
Risk15% weight	A70	A80Higher
Tradability15% weight	C54	C54
Holdings10% weight	C52	A83Higher
Durability5% weight	A76Higher	A75

Rank among US Quality Index funds

How we build Categories ›

Same Category. FQAL and JQUA 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 ›

JQUA ranks 1st and FQAL 3rd 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

Our read on each fund

ETF.net Research

FQALAFidelity Quality Factor ETF

JQUAAJPMorgan U.S. Quality Factor ETF

In short

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.

JQUA Quality investing without the quality price tag. JQUA screens U.S. companies for profitability and strong balance-sheet traits, and charges 0.12%, the lowest fee in the quality-factor group we track.

Stated mandate

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

JQUA JQUA is designed to provide domestic equity exposure focused on companies with strong quality and profitability characteristics, using a rules-based approach intended to enhance returns.

Why people hold it

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.

JQUA 0.12% a year, against a roughly 0.29% median for quality-factor funds, and it undercuts the bigger badges QUAL and FQAL at 0.15%.
About 300 U.S. names selected on quality and profitability: a broad core-shaped sleeve, not a concentrated wager on a dozen balance sheets.
Live since 2017 and now a multi-billion-dollar, actively traded fund, so it has both a real track record and daily two-way flow.
One of the stronger implementations in its peer group: it stays close to the JP Morgan US Quality Factor Index it follows while keeping costs at the bottom of the group.

Worth knowing

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.

JQUA A quality screen is a tilt, not a shield. Owning profitable companies means owning less of everything else, and that gap cuts both ways.
Trades actively, though it is not the most heavily traded fund on the quality-factor shelf, which matters more for large orders than small ones.
Distributions land quarterly and fall out of what the screen owns. Income is a byproduct here, not the mandate.

Full FQAL profile⁠

Full JQUA profile⁠

FQAL vs JQUA Holdings

How FQAL and JQUA differ

Overlap by weight

45.5%

Shared holdings make up 75.3% of FQAL and 49.0% of JQUA.

Level by level

Holdings86 in both45.5%
Sector11 Sectors92.6%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in FQAL and JQUA, widest gap first
Sector	More in FQALMore in JQUA	FQAL	JQUA
Technology	JQUA +3.7 points	37.9%	41.6%
Communication	FQAL +3.7 points	9.2%	5.5%
Industrials	FQAL +2.0 points	9.1%	7.1%
Financials	JQUA +1.2 points	11.9%	13.1%
Consumer Staples	JQUA +1.2 points	4.3%	5.5%
Utilities	FQAL +0.8 points	1.9%	1.1%
Health Care	FQAL +0.8 points	9.8%	9.0%
Energy	JQUA +0.5 points	3.6%	4.1%
Consumer Discretionary	JQUA +0.5 points	8.4%	8.9%
Real Estate	JQUA +0.3 points	1.9%	2.2%
Materials	FQAL +0.1 points	2.0%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in FQAL and JQUA, widest gap first
Country	More in FQALMore in JQUA	FQAL	JQUA
United States	FQAL +0.1 points	99.6%	99.5%
Switzerland	JQUA +0.1 points	0.4%	0.5%

Concentration

Weight in the 10 largest Holdings

FQAL38.9%
JQUA18.7%

Securities held

FQAL135
JQUA308

Asset class

FQAL: Equity
JQUA: Equity

Holdings

Only in FQAL49
In both86
Only in JQUA222

Only in FQAL

49 securities, 21.1% of FQAL by weight

Eli Lilly & Co1.86%
JPMorgan Chase & Co1.78%
UnitedHealth Group Inc0.85%
Thermo Fisher Scientific Inc0.77%
Seagate Techn Holdings PLC0.75%
Ge Aerospace0.70%
Msci Inc0.70%
Caterpillar Inc0.64%
East West Bancorp Inc0.60%
Kinsale Capital Group Inc0.57%
Mckesson Corp0.56%
Cullen Frost Bankers Inc0.56%
Popular Inc0.53%
Zions Bancorp0.53%
Axos Financial Inc0.52%
Lowes Cos Inc0.50%
Fair Isaac Corp0.48%
Parker Hannifin Corp0.45%
Autozone Inc0.44%
3M Co0.44%
Linde PLC0.43%
Trane Technologies PLC0.42%
Garmin Ltd0.41%
Nextera Energy0.40%
Otis Worldwide Corp0.38%
Verizon Communications Inc0.37%
Valero Energy Corp0.37%
Southern Co0.34%
AT&T Inc0.31%
Comfort Systems Usa Inc0.31%
Welltower Inc0.30%
Hershey Co (The)0.27%
Prologis Inc Reit0.24%
Freeport Mcmoran Inc0.23%
Ecolab Inc0.22%
Sherwin Williams Co0.20%
Securities Lending Cf0.18%
Texas Pacific Land Corp0.18%
Talen Energy Corp0.17%
Anglogold Ashanti PLC0.16%
Realty Income Corp Reit0.16%
Digital Realty Trust Inc0.15%
Vulcan Materials Co0.14%
Packaging Corp of America0.13%
Wp Carey Inc0.11%
Sba Communications Corp0.11%
Vici Pptys Inc0.08%
SP500 Mic Emin FUTDEC26 HWAZ60.03%
Ust Bills 0% 11/12/260.02%

Only in JQUA

222 securities, 51.0% of JQUA by weight

Advanced Micro Devices1.83%
Berkshire Hathaway Inc1.73%
Costco Wholesale Corp1.27%
Palo Alto Networks Inc0.95%
Texas Instruments Inc0.91%
Crowdstrike Holdings Inc0.86%
Linde PLC Common Stock0.75%
Analog Devices Inc0.74%
Kla Corp Common Stock USD0.68%
BlackRock Inc Common0.63%
Salesforce.com Inc.0.63%
Accenture PLC Common0.59%
Sandisk Corp Common0.55%
Lockheed Martin Corp0.50%
Chubb Ltd Common Stock0.47%
Western Digital Corp0.47%
Marsh & Mclennan Cos Inc0.46%
Snowflake Inc Common0.44%
Intuit Inc Common Stock0.43%
Cadence Design Systems0.43%
Starbucks Corp Common0.42%
Waste Management Inc0.41%
Datadog Inc Common Stock0.41%
Skyworks Solutions Inc0.41%
S&P Global Inc Common0.41%
Servicenow Inc Common0.41%
Aon PLC Common Stock USD0.36%
Autodesk Inc Common0.36%
Regeneron Pharmaceuticals0.35%
Ebay Inc Common Stock USD0.34%
Republic Services Inc0.34%
Spotify Technology SA0.33%
Intercontinental Exchange0.33%
Motorola Solutions Inc0.33%
Okta Inc Common Stock0.33%
Ptc Inc Common Stock USD0.33%
Aflac Inc Common Stock0.31%
Netapp Inc Common Stock0.31%
Cboe Global Markets Inc0.30%
Monolithic Power Systems0.30%
Ciena Corp Common Stock0.29%
Keysight Technologies Inc0.29%
Trane Technologies PLC0.29%
United Therapeutics Corp0.28%
Cognizant Technology0.28%
Gartner Inc Common Stock0.28%
Docusign Inc Common0.28%
Royalty Pharma PLC Common0.28%
Atlassian Corp Common0.28%
General Dynamics Corp0.27%

Weight gaps

All 86 Holdings in both funds, largest gap first.

Holding weights in FQAL and JQUA, widest gap first
Holding	More in FQALMore in JQUA	FQAL	JQUA
NVIDIA CorpNVDA	FQAL +5.79 points	7.54%	1.75%
Apple IncAAPL	FQAL +5.45 points	7.57%	2.12%
Microsoft CorpMSFT	FQAL +3.89 points	5.95%	2.06%
Alphabet Inc Class AGOOGL	FQAL +2.34 points	3.81%	1.47%
Broadcom IncAVGO	FQAL +0.91 points	2.71%	1.80%
Exxonmobil Holdings CorpXOM	JQUA +0.79 points	1.22%	2.01%
Coca Cola CoKO	FQAL +0.65 points	0.80%	0.15%
Amgen IncAMGN	FQAL +0.49 points	0.74%	0.25%
Verisign IncVRSN	FQAL +0.46 points	0.73%	0.27%
Cme Group Inc Class ACME	FQAL +0.43 points	0.79%	0.36%
Netflix IncNFLX	FQAL +0.40 points	0.48%	0.08%
Qualcomm IncQCOM	FQAL +0.39 points	1.02%	0.63%
Micron Technology IncMU	FQAL +0.39 points	2.11%	1.72%
Progressive Corp OhioPGR	FQAL +0.38 points	0.79%	0.41%
Visa Inc Class AV	JQUA +0.36 points	1.55%	1.91%
Hasbro IncHAS	FQAL +0.35 points	0.52%	0.17%
Moodys CorpMCO	FQAL +0.34 points	0.70%	0.36%
Johnson & JohnsonJNJ	JQUA +0.34 points	1.27%	1.61%
Fastenal CoFAST	FQAL +0.34 points	0.43%	0.09%
Adobe IncADBE	FQAL +0.33 points	0.76%	0.43%
Fortinet IncFTNT	FQAL +0.32 points	0.70%	0.38%
Ameriprise Financial IncAMP	FQAL +0.31 points	0.57%	0.26%
Travelers Companies IncTRV	FQAL +0.29 points	0.70%	0.41%
AbbVie IncABBV	JQUA +0.29 points	1.11%	1.40%
Meta Platforms Inc Class AMETA	FQAL +0.27 points	2.03%	1.76%
Vertiv Holdings CoVRT	FQAL +0.27 points	0.42%	0.15%
Dominos Pizza IncDPZ	FQAL +0.26 points	0.34%	0.08%
Philip Morris Intl IncPM	FQAL +0.26 points	0.74%	0.48%
Procter & Gamble CoPG	JQUA +0.25 points	0.80%	1.05%
Merck & Co Inc NewMRK	JQUA +0.22 points	0.89%	1.11%
Chipotle Mexican Grill IncCMG	FQAL +0.21 points	0.40%	0.19%
Airbnb Inc Class AABNB	FQAL +0.21 points	0.50%	0.29%
Palantir Technologies IncPLTR	FQAL +0.20 points	1.43%	1.23%
Constellation Energy CorpCEG	FQAL +0.20 points	0.27%	0.07%
Expeditors Intl of Wash IncEXPD	FQAL +0.20 points	0.43%	0.23%
Coca Cola Consolidated IncCOKE	FQAL +0.19 points	0.33%	0.14%
Yum Brands IncYUM	FQAL +0.19 points	0.45%	0.26%
Apa CorpAPA	FQAL +0.18 points	0.26%	0.08%
Verisk Analytics IncVRSK	FQAL +0.18 points	0.38%	0.20%
Paycom Software IncPAYC	FQAL +0.18 points	0.43%	0.25%
Hilton Worldwide Holdings IncHLT	FQAL +0.18 points	0.53%	0.35%
Home Depot IncHD	JQUA +0.18 points	0.77%	0.95%
Applied Materials IncAMAT	FQAL +0.17 points	0.96%	0.79%
Lam Research CorpLRCX	FQAL +0.15 points	0.95%	0.80%
Paychex IncPAYX	FQAL +0.15 points	0.35%	0.20%
Williams-Sonoma IncWSM	FQAL +0.15 points	0.42%	0.27%
Mastercard Inc Class AMA	JQUA +0.15 points	1.35%	1.50%
Cintas CorpCTAS	FQAL +0.14 points	0.48%	0.34%
Idexx Labs IncIDXX	FQAL +0.14 points	0.40%	0.26%
Mettler-Toledo Intl IncMTD	FQAL +0.14 points	0.47%	0.33%
O'reilly Automotive IncORLY	FQAL +0.14 points	0.45%	0.31%
Marriott International Inc AMAR	FQAL +0.14 points	0.54%	0.40%
Ww Grainger IncGWW	FQAL +0.13 points	0.45%	0.32%
Newmont CorpNEM	FQAL +0.12 points	0.28%	0.16%
Public StoragePSA	JQUA +0.11 points	0.15%	0.26%
Simon Ppty Group Inc - ReitSPG	JQUA +0.11 points	0.19%	0.30%
Vistra CorpVST	FQAL +0.10 points	0.21%	0.11%
Ge Vernova IncGEV	JQUA +0.10 points	0.61%	0.71%
American Tower CorpAMT	JQUA +0.10 points	0.21%	0.31%
Cf Industries Holdings IncCF	JQUA +0.09 points	0.14%	0.23%
Ross Stores IncROST	FQAL +0.09 points	0.44%	0.35%
Illinois Tool Works IncITW	FQAL +0.08 points	0.44%	0.36%
Automatic Data Processing IncADP	FQAL +0.07 points	0.50%	0.43%
Applovin CorpAPP	JQUA +0.08 points	0.20%	0.28%
Wec Energy Group IncWEC	JQUA +0.08 points	0.18%	0.26%
Altria Group IncMO	JQUA +0.07 points	0.48%	0.55%
Union Pacific CorpUNP	JQUA +0.07 points	0.58%	0.65%
Tapestry IncTPR	FQAL +0.07 points	0.31%	0.24%
Kimberly Clark CorpKMB	FQAL +0.06 points	0.30%	0.24%
Bristol-Myers Squibb CoBMY	FQAL +0.05 points	0.50%	0.45%
The Booking Holdings IncBKNG	FQAL +0.06 points	0.43%	0.37%
Crown Castle IncCCI	FQAL +0.05 points	0.13%	0.08%
Gilead Sciences IncGILD	JQUA +0.03 points	0.72%	0.75%
Cisco Systems IncCSCO	JQUA +0.01 points	1.16%	1.17%
Reddit Inc ARDDT	FQAL +0.02 points	0.17%	0.15%
Colgate-Palmolive CoCL	FQAL +0.02 points	0.42%	0.40%
Extra Space Storage IncEXR	FQAL +0.02 points	0.12%	0.10%
Mcdonalds CorpMCD	FQAL +0.01 points	0.60%	0.59%
Eog Resources IncEOG	FQAL +0.01 points	0.31%	0.30%
Tjx Companies Inc NewTJX	JQUA +0.01 points	0.54%	0.55%
Technipfmc PLCFTI	JQUA +0.01 points	0.19%	0.20%
Monster Beverage CorpMNST	JQUA +0.01 points	0.36%	0.37%
Chevron CorpCVX	Same weight	0.78%	0.78%
National Fuel Gas Co NjNFG	JQUA +0.01 points	0.17%	0.18%
Ugi Corp NewUGI	JQUA +0.01 points	0.19%	0.20%
ConocophillipsCOP	Same weight	0.45%	0.45%

All 130 FQAL holdings⁠All 308 JQUA 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.

FQAL vs JQUA Cost

Overpaying FQAL vs JQUA

$617

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

FQAL 0.15%
$3,137
JQUA 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

FQAL 0.15%
JQUA 0.12%
Overpaying

Year by year

Year	FQAL	JQUA	Overpaying
10	$274	$220	$54
20	$1,071	$859	$212
30	$3,137	$2,520	$617

Expense ratio

0.15%FQAL
0.12%JQUA, cheaper

JQUA0.12%FQAL0.15%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

JQUA cheapest of 26 funds

FQAL 3rd cheapest of 26 funds

FQAL vs JQUA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FQAL 1.16%, better; JQUA 1.05%
Payout (12M): FQAL $0.97; JQUA $0.79
Last payment: FQAL $0.24; JQUA $0.18
Ex-dividend: FQAL Sep 18, 2026; JQUA Sep 22, 2026
Paid on: FQAL Sep 22, 2026; JQUA Sep 24, 2026
Frequency: FQAL Quarterly; JQUA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FQALQuarterly · 39 paymentsAll FQAL payments⁠

JQUAQuarterly · 37 paymentsAll JQUA payments⁠

FQAL vs JQUA Risk

Fall from peak · 5 years

FQAL
JQUA

Risk facts

VolatilityStd dev, 3 years: FQAL 11.0%, betterJQUA 11.6%
Return per unit of riskSharpe ratio, 3 years: FQAL 1.45JQUA 1.47, better
Worst fallMax drawdown, 5 years: FQAL −25.5%JQUA −22.5%, better
Market sensitivityBeta, 5 years: FQAL 0.95JQUA 0.91; Market = 1

FQAL and JQUA in the news

All news⁠

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

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FQAL vs JQUA

In short

Stated mandate

Why people hold it

Worth knowing

How FQAL and JQUA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FQAL

Only in JQUA

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%

Jensen's first passive ETF charges 0.25% for a 10-year profit test

How FQAL and JQUA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FQAL

Only in JQUA

Weight gaps