FQAL vs LCOW: Grades, Fees and Holdings Compared

Fidelity Quality Factor ETF

FQALANYSE Arca

Pacer S&P 500 Quality FCF Aristocrats ETF

LCOWCCboe

Overlap

49.3%by weight

Expense ratio

FQAL −0.34pt a year

FQAL0.15%LCOW0.49%

Avg volume · 30D

FQAL 14.4×the volume

FQAL58.6KLCOW4.08K

FQAL vs LCOW Performance

Oct 31, 2025 – Oct 30, 2026

+12.2%FQAL+14.8%LCOW

Expense ratio: FQAL 0.15%, better; LCOW 0.49%
Fund size: FQAL $1.41B; LCOW $28M
1Y total return: FQAL +12.2%; LCOW +14.8%, better
Yield (12M): FQAL 1.16%, better; LCOW 0.64%
Holdings: FQAL 138; LCOW 102
Avg volume (30D): FQAL 58.6K sh, better; LCOW 4.08K sh
NAV per share: FQAL $83.39; LCOW $26.91
52W range

ETF.net Grade

Pillar letters and Scores for FQAL, LCOW, with each pillar’s weight
Pillar	FQAL	LCOW
Cost30% weight	A84Higher	D26
Mission25% weight	A89	A94Higher
Risk15% weight	A70Higher	B61
Tradability15% weight	C54Higher	C43
Holdings10% weight	C52Higher	D31
Durability5% weight	A76Higher	D28

Rank among US Quality Index funds

How we build Categories ›

Same Category. FQAL and LCOW 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 LCOW 16th 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 15BVUSEVident U.S. Equity Strategy ETFScore 54
Rank 16CLCOWPacer S&P 500 Quality FCF Aristocrats ETFScore 51
Rank 17CQOWZInvesco Nasdaq Free Cash Flow Achievers ETFScore 49

Our read on each fund

ETF.net Research

FQALAFidelity Quality Factor ETF

LCOWCPacer S&P 500 Quality FCF Aristocrats 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.

LCOW No data

Stated mandate

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

LCOW No data

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.

LCOW No data

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.

LCOW No data

Full FQAL profile⁠

Full LCOW profile⁠

FQAL vs LCOW Holdings

As of Oct 23, 2026

How FQAL and LCOW differ

Overlap by weight

49.3%

Shared holdings make up 80.8% of LCOW and 58.7% of FQAL.

Level by level

Holdings51 in both49.3%
Sector11 Sectors79.3%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in FQAL and LCOW, widest gap first
Sector	More in FQALMore in LCOW	FQAL	LCOW
Technology	LCOW +8.3 points	37.9%	46.2%
Industrials	FQAL +7.3 points	9.1%	1.8%
Health Care	LCOW +6.7 points	9.8%	16.5%
Consumer Discretionary	FQAL +4.3 points	8.4%	4.1%
Financials	LCOW +4.1 points	11.9%	16.0%
Energy	FQAL +3.3 points	3.6%	0.3%
Materials	FQAL +2.0 points	2.0%	0.0%
Utilities	FQAL +1.9 points	1.9%	0.0%
Real Estate	FQAL +1.9 points	1.9%	0.0%
Consumer Staples	LCOW +0.8 points	4.3%	5.1%
Communication	LCOW +0.7 points	9.2%	9.9%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

FQAL38.9%
LCOW48.3%

Securities held

FQAL135
LCOW100

Asset class

FQAL: Equity
LCOW: Equity

Holdings

Only in FQAL84
In both51
Only in LCOW49

Only in FQAL

84 securities, 37.7% of FQAL by weight

Micron Technology Inc2.11%
Eli Lilly & Co1.86%
JPMorgan Chase & Co1.78%
Palantir Technologies Inc1.43%
Exxonmobil Holdings Corp1.22%
UnitedHealth Group Inc0.85%
Procter & Gamble Co0.80%
Coca Cola Co0.80%
Progressive Corp Ohio0.79%
Chevron Corp0.78%
Home Depot Inc0.77%
Thermo Fisher Scientific Inc0.77%
Travelers Companies Inc0.70%
Ge Aerospace0.70%
Caterpillar Inc0.64%
Ge Vernova Inc0.61%
East West Bancorp Inc0.60%
Union Pacific Corp0.58%
Kinsale Capital Group Inc0.57%
Ameriprise Financial Inc0.57%
Cullen Frost Bankers Inc0.56%
Tjx Companies Inc New0.54%
Popular Inc0.53%
Zions Bancorp0.53%
Axos Financial Inc0.52%
Hasbro Inc0.52%
Airbnb Inc Class A0.50%
Netflix Inc0.48%
Conocophillips0.45%
Ww Grainger Inc0.45%
Parker Hannifin Corp0.45%
Ross Stores Inc0.44%
3M Co0.44%
Linde PLC0.43%
The Booking Holdings Inc0.43%
Paycom Software Inc0.43%
Trane Technologies PLC0.42%
Vertiv Holdings Co0.42%
Garmin Ltd0.41%
Chipotle Mexican Grill Inc0.40%
Nextera Energy0.40%
Otis Worldwide Corp0.38%
Verizon Communications Inc0.37%
Valero Energy Corp0.37%
Southern Co0.34%
Coca Cola Consolidated Inc0.33%
Eog Resources Inc0.31%
AT&T Inc0.31%
Tapestry Inc0.31%
Welltower Inc0.30%

Only in LCOW

49 securities, 19.1% of LCOW by weight

Palo Alto Networks Inc2.17%
Capital One Financial Corp1.34%
Kla Corp1.29%
American Express Co1.28%
Arista Networks Inc1.17%
S&P Global Inc0.90%
ServiceNow Inc0.90%
Intercontinental Exchange Inc0.77%
Salesforce Inc0.70%
Regeneron Pharmaceuticals Inc0.65%
Analog Devices Inc0.64%
Veeva Systems Inc0.54%
Accenture PLC0.49%
Cardinal Health Inc0.46%
Intuit Inc0.42%
Cadence Design Systems Inc0.42%
Cencora Inc0.35%
Nasdaq Inc0.33%
Synchrony Financial0.32%
Motorola Solutions Inc0.27%
Synopsys Inc0.27%
Cboe Global Markets Inc0.23%
Monolithic Power Systems Inc0.23%
Corpay Inc0.22%
ResMed Inc0.19%
NetApp Inc0.19%
Teradyne Inc0.18%
Old Dominion Freight Line Inc0.18%
Keysight Technologies Inc0.17%
Zoetis Inc0.17%
Workday Inc0.16%
Microchip Technology Inc0.15%
Copart Inc0.13%
HP Inc0.11%
Fidelity National Information Services Inc0.10%
F5 Inc0.10%
Jack Henry & Associates Inc0.09%
NVR Inc0.08%
Masco Corp0.08%
Deckers Outdoor Corp0.08%
FactSet Research Systems Inc0.08%
GoDaddy Inc0.07%
Rollins Inc0.06%
Gartner Inc0.06%
PTC Inc0.06%
Tyler Technologies Inc0.06%
A O Smith Corp0.05%
Skyworks Solutions Inc0.05%
Akamai Technologies Inc0.04%

Weight gaps

All 51 Holdings in both funds, largest gap first.

Holding weights in FQAL and LCOW, widest gap first
Holding	More in FQALMore in LCOW	FQAL	LCOW
Mastercard Inc Class AMA	LCOW +4.08 points	1.35%	5.43%
AbbVie IncABBV	LCOW +3.98 points	1.11%	5.09%
Visa Inc Class AV	LCOW +3.90 points	1.55%	5.45%
NVIDIA CorpNVDA	FQAL +2.89 points	7.54%	4.65%
Meta Platforms Inc Class AMETA	LCOW +2.78 points	2.03%	4.81%
Apple IncAAPL	FQAL +2.49 points	7.57%	5.08%
Philip Morris Intl IncPM	LCOW +2.35 points	0.74%	3.09%
Johnson & JohnsonJNJ	LCOW +2.28 points	1.27%	3.55%
Broadcom IncAVGO	LCOW +1.76 points	2.71%	4.47%
Merck & Co Inc NewMRK	LCOW +1.27 points	0.89%	2.16%
Altria Group IncMO	LCOW +1.24 points	0.48%	1.72%
Gilead Sciences IncGILD	LCOW +0.96 points	0.72%	1.68%
Microsoft CorpMSFT	FQAL +0.95 points	5.95%	5.00%
Amgen IncAMGN	LCOW +0.94 points	0.74%	1.68%
Alphabet Inc Class AGOOGL	LCOW +0.94 points	3.81%	4.75%
Automatic Data Processing IncADP	LCOW +0.83 points	0.50%	1.33%
Lam Research CorpLRCX	LCOW +0.68 points	0.95%	1.63%
Verisign IncVRSN	FQAL +0.62 points	0.73%	0.11%
Mcdonalds CorpMCD	LCOW +0.48 points	0.60%	1.08%
Applied Materials IncAMAT	LCOW +0.43 points	0.96%	1.39%
Bristol-Myers Squibb CoBMY	LCOW +0.41 points	0.50%	0.91%
Fair Isaac CorpFICO	FQAL +0.36 points	0.48%	0.12%
Cisco Systems IncCSCO	LCOW +0.34 points	1.16%	1.50%
Mckesson CorpMCK	LCOW +0.34 points	0.56%	0.90%
Hilton Worldwide Holdings IncHLT	LCOW +0.31 points	0.53%	0.84%
Expeditors Intl of Wash IncEXPD	FQAL +0.27 points	0.43%	0.16%
Dominos Pizza IncDPZ	FQAL +0.24 points	0.34%	0.10%
Marriott International Inc AMAR	LCOW +0.24 points	0.54%	0.78%
Seagate Techn Holdings PLCSTX	FQAL +0.24 points	0.75%	0.51%
Cme Group Inc Class ACME	LCOW +0.22 points	0.79%	1.01%
Williams-Sonoma IncWSM	FQAL +0.20 points	0.42%	0.22%
Verisk Analytics IncVRSK	FQAL +0.16 points	0.38%	0.22%
Colgate-Palmolive CoCL	LCOW +0.15 points	0.42%	0.57%
Autozone IncAZO	FQAL +0.15 points	0.44%	0.29%
Texas Pacific Land CorpTPL	LCOW +0.15 points	0.18%	0.33%
Moodys CorpMCO	FQAL +0.14 points	0.70%	0.56%
Qualcomm IncQCOM	FQAL +0.13 points	1.02%	0.89%
O'reilly Automotive IncORLY	LCOW +0.13 points	0.45%	0.58%
Fastenal CoFAST	FQAL +0.12 points	0.43%	0.31%
Fortinet IncFTNT	LCOW +0.12 points	0.70%	0.82%
Mettler-Toledo Intl IncMTD	FQAL +0.12 points	0.47%	0.35%
Yum Brands IncYUM	FQAL +0.12 points	0.45%	0.33%
Adobe IncADBE	LCOW +0.09 points	0.76%	0.85%
Lowes Cos IncLOW	LCOW +0.07 points	0.50%	0.57%
Msci IncMSCI	FQAL +0.07 points	0.70%	0.63%
Cintas CorpCTAS	FQAL +0.04 points	0.48%	0.44%
Illinois Tool Works IncITW	FQAL +0.04 points	0.44%	0.40%
Comfort Systems Usa IncFIX	LCOW +0.03 points	0.31%	0.34%
Paychex IncPAYX	LCOW +0.03 points	0.35%	0.38%
Idexx Labs IncIDXX	FQAL +0.01 points	0.40%	0.39%
Monster Beverage CorpMNST	LCOW +0.01 points	0.36%	0.37%

All 130 FQAL holdings⁠All 102 LCOW 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 LCOW Cost

Overpaying LCOW vs FQAL

$6,655

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

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

Amount$10,000

Years30 years

Cost over time

FQAL 0.15%
LCOW 0.49%
Overpaying

Year by year

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

Expense ratio

0.15%FQAL, cheaper
0.49%LCOW

FQAL0.15%LCOW0.49%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

FQAL 3rd cheapest of 26 funds

LCOW 17th cheapest of 26 funds

FQAL vs LCOW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FQAL 1.16%, better; LCOW 0.64%
Payout (12M): FQAL $0.97; LCOW $0.17
Last payment: FQAL $0.24; LCOW $0.04
Ex-dividend: FQAL Sep 18, 2026; LCOW Sep 3, 2026
Paid on: FQAL Sep 22, 2026; LCOW Sep 8, 2026
Frequency: FQAL Quarterly; LCOW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FQALQuarterly · 39 paymentsAll FQAL payments⁠

LCOWQuarterly · 6 paymentsAll LCOW payments⁠

FQAL vs LCOW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FQAL 11.0%LCOW 10.5%since Jun 2025
Return per unit of riskSharpe ratio, 3 years: FQAL 1.45LCOW 1.43since Jun 2025
Worst fallMax drawdown, 5 years: FQAL −25.5%LCOW −10.3%since May 2025
Market sensitivityBeta, 5 years: FQAL 0.95LCOW 0.88; Market = 1

FQAL and LCOW in the news

All news⁠

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

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FQAL vs LCOW

In short

Stated mandate

Why people hold it

Worth knowing

How FQAL and LCOW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FQAL

Only in LCOW

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%