BROUGHT TO YOU BY:

ETF Portfolio Builder

New

ETF Portfolio Builder

New

FQALvsSMAXETF Comparison

ETF 1

FQAL

Fidelity Quality Factor ETF

This fund is part of

US Multi-Factor

-0.48%

Full FQAL fund page

VS

ETF 2

SMAX

iShares Large Cap Max Buffer Sep ETF

This fund is part of

Options Strategies

-0.24%

Full SMAX fund page

Fidelity Quality Factor ETF (FQAL) belongs to the US Multi-Factor segment. iShares Large Cap Max Buffer Sep ETF (SMAX) is part of the Options Strategies segment. Both ETFs have the same top 3 sector exposures: Technology, Finance and Healthcare. FQAL is less expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.53% for SMAX. FQAL is up 11.79% year-to-date (YTD) with +$135M in YTD flows. SMAX performs worse with 5.33% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of FQAL and SMAX below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

Find out how industry players manage ETF portfolios. Discover our library of Model portfolios

FQAL vs SMAX performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 09/08/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FQAL SMAX	-1.13%+0.48%	+5.23%+2.16%	+11.79%+5.33%	+16.22%+7.42%	+70.27%n/a	+71.51%n/a
Flows	FQAL SMAX	-$5M-$1M	-$25M-$4M	+$135M-$34M	+$154M+$515K	+$620M-	+$738M-

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FQAL SMAX	+10.21%+2.31%	+11.42%+2.76%	+13.97%n/a	+16.31%n/a
Max drawdown	FQAL SMAX	-2.22%-0.49%	-8.44%-1.93%	-16.70%n/a	-25.39%n/a
Max drawdown duration	FQAL SMAX	16d14d	50d44d	126dn/a	750dn/a

Trading data

Create an account to view trading data

Join for free

	FQAL	SMAX
Last sale 9/9/2026 at 1:30 PM	$83.47	$28.32
Previous close 09/08/2026	$83.96	$28.29
Consolidated volume 09/08/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of August 31, 2026

1-year trailing difference

Create an account to view replication metrics

Join for free

SMAX

is actively managed and doesn’t replicate an index

Create an account to view replication quality

Join for free

	FQAL	SMAX
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 9/9/2026 at 1:30 PM

Live

Closed

	FQAL	SMAX
Last price	$83.47	$28.32
1D performance	-0.58%	+0.09%
AuM	$1.44 B	$88.37 M
E/R	0.15%	0.53%

Characteristics

	FQAL	SMAX
Management strategy	Passive	Active
Provider	Fidelity	iShares
Benchmark	Fidelity U.S. Quality Factor Index	-
N° of holdings	124	501
Asset class	Equities	-
Trailing 12m distribution yield	Join	Join
Inception date	September 12, 2016	September 30, 2024
ESG	No	No

More FQAL data on Trackinsight

More SMAX data on Trackinsight

Exposure

Countries

FQAL

USA

97.73%

Other

2.27%

SMAX

USA

102.01%

Other

-2.01%

Sectors

FQAL

Technology

42.52%

Finance

13.54%

Healthcare

9.52%

Industrials

7.72%

Other

26.71%

SMAX

Technology

46.23%

Finance

14.48%

Healthcare

9.28%

Consumer Non-Cycl.

9.23%

Industrials

8.09%

Other

12.68%

Diversification

FQAL

Total weight of top 15 holdings out of 15

44.26%

SMAX

Total weight of top 15 holdings out of 15

45.4%

Top 15 holdings

Data as of July 31, 2026

FQAL

Apple, Inc.

7.97%

NVIDIA Corp.

7.57%

Alphabet, Inc.

5.25%

Microsoft Corp.

4.77%

Broadcom Inc.

3.29%

Meta Platforms, Inc.

2.03%

JPMorgan Chase & Co.

2.02%

Eli Lilly & Co.

1.88%

Visa, Inc.

1.49%

Cisco Systems, Inc.

1.46%

Applied Materials, Inc.

1.44%

Johnson & Johnson

1.42%

Seagate Technology Holdings Plc

1.24%

Lam Research Corp.

1.21%

The Home Depot, Inc.

1.21%

SMAX

Apple, Inc.

7.90%

NVIDIA Corp.

7.62%

Microsoft Corp.

5.40%

Amazon.com, Inc.

3.72%

Alphabet, Inc.

3.16%

Broadcom Inc.

2.96%

Alphabet, Inc.

2.54%

Meta Platforms, Inc.

1.91%

Micron Technology, Inc.

1.59%

JPMorgan Chase & Co.

1.52%

Berkshire Hathaway, Inc.

1.51%

Eli Lilly & Co.

1.47%

BlackRock Cash Funds - Treasury

1.42%

Tesla, Inc.

1.40%

Advanced Micro Devices, Inc.

1.28%

Frequently asked questions about FQAL and SMAX

How have the FQAL and SMAX ETFs performed in 2026?

As of September 8, 2026, FQAL is up 11.79% year-to-date (YTD), while SMAX has returned 5.33%. That puts FQAL better performer ahead so far this year.

Which ETF is attracting more investor money: FQAL or SMAX?

Year-to-date, the FQAL ETF saw +$135M in flows, compared to -$34M for SMAX.

Which ETF is more volatile: FQAL or SMAX?

Over the past year, FQAL had a volatility of 11.42%, while SMAX experienced 2.76%.

Which ETF is bigger: FQAL or SMAX?

As of September 8, 2026, FQAL holds $1.44 B in assets under management (AUM), while SMAX manages $88.37 M.

What sectors do the FQAL and SMAX ETFs invest in?

FQAL leans toward sectors like Technology, Finance and Healthcare. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.

What are the top holdings of the FQAL ETF and SMAX ETF?

FQAL top holdings include Apple, Inc., NVIDIA Corp. and Alphabet, Inc.. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..

Which ETF is more diversified: FQAL or SMAX?

FQAL holds 124 securities with 44.26% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.

Seek unique sources of excess return with Factor-Based ETFs

June 15, 2022

FQAL

FQALvsSMAXETF Comparison

Fidelity Quality Factor ETF

iShares Large Cap Max Buffer Sep ETF

FQAL vs SMAX performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the FQAL and SMAX ETFs performed in 2026?

As of September 8, 2026, FQAL is up 11.79% year-to-date (YTD), while SMAX has returned 5.33%. That puts FQAL better performer ahead so far this year.

Which ETF is attracting more investor money: FQAL or SMAX?

Year-to-date, the FQAL ETF saw +$135M in flows, compared to -$34M for SMAX.

Which ETF is more volatile: FQAL or SMAX?

Over the past year, FQAL had a volatility of 11.42%, while SMAX experienced 2.76%.

Which ETF is bigger: FQAL or SMAX?

As of September 8, 2026, FQAL holds $1.44 B in assets under management (AUM), while SMAX manages $88.37 M.

What sectors do the FQAL and SMAX ETFs invest in?

FQAL leans toward sectors like Technology, Finance and Healthcare. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.

What are the top holdings of the FQAL ETF and SMAX ETF?

FQAL top holdings include Apple, Inc., NVIDIA Corp. and Alphabet, Inc.. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..

Which ETF is more diversified: FQAL or SMAX?

FQAL holds 124 securities with 44.26% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.

Seek unique sources of excess return with Factor-Based ETFs

Expert-Built ETF Portfolios, All in One Place