SPHQ , QUAL , AND MOAT DEFINE QUALITY DIFFERENTLY . THOSE RULES DECIDE WHAT YOU OWN

What happened: SPHQ, QUAL, and MOAT each define quality stocks by different rules, and only Applied Materials, Chipotle, Fortinet, and Zoetis appear in all three funds. Key numbers: MOAT charges 0.46% versus 0.15% for SPHQ and QUAL. MOAT returned 7.76% YTD versus QUAL's 14.33% and SPHQ's 13.32%. MOAT held 55 stocks, SPHQ 100, and QUAL 125. Why it matters: MOAT trailed both formula-based funds across every timeframe, and its overlap with them is thin, so combining SPHQ or QUAL with MOAT provides more diversification than pairing the two formula funds.

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