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Fidelity US vs Global Equity Enhanced Yield

Comparison axis: the two funds Fidelity launched on the same day, from the same range, with the same wrapper, the same 0.35% fee, the same manager and the same option-writing engine. Both listed 1 October 2026, both seeded with $5m by the same authorised participant. The only variable is geography — MSCI USA against MSCI World. Everything below is dated 8–11 October 2026, ten days after launch.

STANDOUT

FUSY
Fidelity US Equity Enhanced Yield UCITS ETF — Income USD Shares
IE0005C9DSV5 · Xetra/gettex: FUSY · LSE USD: FUSY · LSE GBP: FUSG
BenchmarkMSCI USA
Ongoing charge0.35%
All-in cost (KID)~1.3%
North America98.28%
Top-10 concentration49.20%
Underlying vol (3y)12.65%
Distributions paidnone

10 DAYS OLD

FGLY
Fidelity Global Equity Enhanced Yield UCITS ETF — Income USD Shares
IE000R0M7C70 · Xetra/gettex: FGLY · LSE USD: FGLY · LSE GBP: FGLG
BenchmarkMSCI World
Ongoing charge0.35%
All-in costnot yet published
North America74.00%
Top-10 concentration39.67%
Underlying vol (3y)11.86%
Distributions paidnone

⚠️ What this comparison actually is — and is not

  • These two funds hold an identical top ten. Not “similar” — the same nine equities in the same order plus the same index-futures line. Only the weights differ, because the same nine US mega-caps are a larger share of MSCI USA than of MSCI World. That single fact drives everything below.
  • The “Global” fund has no emerging markets at all. FGLY’s regional breakdown is North America 74.00%, Europe 16.79%, Asia 6.47%, Oceania 2.74% — and 0.00% for Latin America, Africa and the Middle East. That is not a portfolio decision. MSCI World covers 23 developed markets by construction; the fund faithfully tracks an index that stops at the developed line.
  • Neither fund has paid anything. Both are ten days old with zero distributions. Every yield figure in this comparison is a projection from an index’s historical volatility, not an observed payment.
Identical top-10 holdings
9 of 9
Same equities, same order, same futures line. Weights differ, names do not

FGLY exposure outside North America
26.00%
FUSY’s equivalent is 1.72%. All of it developed markets

Underlying volatility, 3y
12.65% / 11.86%
MSCI USA vs MSCI World — FUSY’s index is the more volatile one

Option leg, both funds
~13.2%
13.16% and 13.20% in index futures. The engine is the same size in each

Top-10 concentration
49.2% vs 39.7%
FUSY is the more concentrated book by roughly ten points

Dashboard Score — FUSY / FGLY
4.5 / 4.3
A deliberately close call — see the assessment for why

Sections:


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🎯

Assessment Dashboard

Four lenses per fund. Technical analysis is not run on a fund, so slot 4 reads Track Record.

2 columns · FUSY 4.5 · FGLY 4.3
▶

FUSYIE0005C9DSV5 · MSCI USA
Valuation50.35% OCF is the market rate. But the KID puts total cost near 1.3%, with roughly 0.9% of it annual transaction costs from rolling the option book.
Sentiment6European covered-call UCITS is a crowded, inflows-driven category. The US version launches into the deepest, most familiar demand pool of the two.
Fundamentals549.2% in the top ten and 44.7% in electronic technology plus technology services, on 98.28% North American exposure. A concentrated US growth book wearing an income label.
Track Record2Ten calendar days. No distribution paid. The only drawdown statistic on file is −0.22%, measured across a fortnight.

4.5
Dashboard Score
mean of 5 · 6 · 5 · 2

FGLYIE000R0M7C70 · MSCI World
Valuation5Identical 0.35% OCF and an almost identical 13.2% futures leg, so the transaction-cost load should be similar — but FGLY’s KID has not been read and its all-in cost is unconfirmed.
Sentiment4The word “Global” does marketing work the exposure does not back: 74% North America and zero emerging markets. Demand attracted by the label is demand for diversification that largely isn’t there.
Fundamentals6The better-balanced book: 39.67% top-ten concentration against FUSY’s 49.2%, 35.2% in electronic technology plus technology services, and genuinely 26% outside North America.
Track Record2Ten calendar days, the same as FUSY. No distribution paid. The only drawdown statistic on file is −0.44%.

4.3
Dashboard Score
mean of 5 · 4 · 6 · 2

📝 The two scores are 0.25 apart on a 10-point scale, which is inside the noise of a ten-day-old pair. That closeness is the finding, not a failure of the method: these are the same product with one input changed, and most of the framework agrees. A separate six-factor PM Weighted Score — value, quality, growth, momentum, sentiment, risk — is reported in the companion markdown and lands at 4.8 for FUSY and 4.6 for FGLY, confirming the same ordering and the same near-tie.

📊

Side-by-side bars

Six metrics, one scale each. Colour is relative to the metric and inverts — note the tie on the fee.

6 metrics · 1 tie · 3 favour FUSY
▶

Top-10 concentration — lower is better
Identical holdings; FUSY’s weights are larger because the same names weigh more in MSCI USA.
FUSY
49.20%
49.20%
FGLY
39.67%
39.67%
Exposure outside North America — higher means more diversification
The single largest real difference between the two funds.
FUSY
1.72%
1.72%
FGLY
26.00%
26.00%
Underlying index volatility, 3y — higher harvests more premium
MSCI, 30 Sep 2026. Premium sold scales with volatility, so this is the income lever.
FUSY
12.65%
12.65%
FGLY
11.86%
11.86%
Electronic technology + technology services — lower is better
The sector consequence of the geography difference.
FUSY
44.70%
44.70%
FGLY
35.20%
35.20%
Ongoing charge — lower is better
A genuine tie. Neither bar is coloured, because colouring one would invent a difference that is not there.
FUSY
0.35%
0.35%
FGLY
0.35%
0.35%
Underlying index Sharpe, 3y — higher is better
The one place FGLY’s lower volatility pays off before any overlay is applied.
FUSY
1.32
1.32
FGLY
1.36
1.36

📝 What is real and what is presentational. The fee, the option leg, the launch date, the manager, the wrapper and the distribution frequency are all identical, and the tie on the ongoing charge shows it rather than manufacturing a winner. The three real differences are the geography (1.72% against 26.00% outside North America), the concentration that follows from it (49.2% against 39.67%), and the volatility that decides how much premium each fund can plausibly sell (12.65% against 11.86%). The last one runs the opposite way to the first two: FGLY is the better-balanced portfolio and the worse premium engine.

🧬

Holdings overlap

The headline of this comparison: same names, different weights, same futures line.

9 of 9 identical · 100% name overlap
▶

9 / 9
Every equity in each fund’s top ten is also in the other’s, in the same order. Add the index-futures line and it is ten identical lines out of ten. Fidelity is running one portfolio construction and two benchmark labels — the difference lives in the ~60% of each equity sleeve that sits outside the top ten.

# Holding FUSY FGLY Difference Why
— Index futures (the written call) 13.16% 13.20% +0.04pp The overlay is the same size in both. This is the whole product, and it is identical.
1 NVIDIA 7.31% 5.27% −2.04pp A larger share of MSCI USA than of MSCI World
2 Apple 7.04% 5.15% −1.89pp Same reason
3 Microsoft 5.50% 4.03% −1.47pp Same reason
4 Amazon 3.86% 2.90% −0.96pp Same reason
5 Alphabet A 2.99% 2.18% −0.81pp Same reason
6 Meta Platforms 2.58% 1.92% −0.66pp Same reason
7 Broadcom 2.56% 1.94% −0.62pp Same reason
8 Alphabet C 2.42% 1.78% −0.64pp Same reason
9 Micron Technology 1.78% 1.30% −0.48pp Same reason
Top-10 total 49.20% 39.67% −9.53pp FUSY is the more concentrated book
Equity sleeve, top 9 36.04% 26.47% −9.57pp FGLY puts 60 points of its equity sleeve outside the top ten
Where the remainder of each equity sleeve actually sits
Share of fund
FUSY
    FGLY
FGLY

Futures
13.16%
13.20%
Top 9
36.04%
26.47%
Rest of book
51.12%
59.79%
Regional composition
Region FUSY FGLY MSCI World index Read
North America 98.28% 74.00% 72.94% US FGLY tracks the index faithfully. The index itself is three-quarters American.
Europe 1.71% 16.79% — The real content of the “global” label
Asia 0.01% 6.47% Japan 5.91% Effectively Japan
Oceania — 2.74% — Australia and New Zealand
Latin America 0.00% 0.00% excluded MSCI World covers developed markets only
Africa 0.00% 0.00% excluded Same
Middle East 0.00% 0.00% excluded Same

📝 Holdings as at 9 October 2026, single source for both funds, so the comparison is like-for-like. The structural finding is the regional table rather than the holdings table: MSCI World is 72.94% United States by construction (1,249 constituents across 23 developed markets, MSCI, 30 Sep 2026) and MSCI states it accounts for roughly 90% of the MSCI ACWI index — so the missing 10% is the entire emerging-market universe. FGLY is not a diversification product in the sense the name implies. It is FUSY with about 26 points of developed ex-North-America equity attached, and it holds 13.20% of its assets in an index call written against an index that is itself three-quarters American.

📐

Risk and the volatility that pays

Neither fund has a return to adjust. What can be measured is the volatility each fund sells premium against.

both n/a · 4 index metrics substituted
▶

FUSY — fund-level, no record to measure
Sharpe
N/A
needs a 1-year record; fund is 10 days old
Sortino
N/A
same reason
Calmar
N/A
needs a 3-year record
Max drawdown
−0.22%
across a fortnight; not a statistic

FGLY — fund-level, no record to measure
Sharpe
N/A
needs a 1-year record; fund is 10 days old
Sortino
N/A
same reason
Calmar
N/A
needs a 3-year record
Max drawdown
−0.44%
across a fortnight; not a statistic

The substitute that actually matters — the indices the premiums are written against
Index characteristic (MSCI, 30 Sep 2026) MSCI USA (FUSY) MSCI World (FGLY) Difference Why it matters for a call-writing fund
Volatility, 3 years 12.65% 11.86% −0.79pp Premium scales with volatility. A fund that sells calls on a calmer index sells fewer calls for less money.
Volatility, 5 years 15.84% 15.06% −0.78pp The gap is consistent across every window measured
Volatility, 10 years 15.59% 14.88% −0.71pp The gap is not a recent accident
Sharpe, 3 years 1.32 1.36 +0.04 The one place FGLY wins on the underlying: better return per unit of risk, before the overlay changes anything
Maximum drawdown, since 2001 −55.36% −57.46% −2.10pp Counter-intuitive but real: the global index’s worst historical drawdown was deeper, because its trough came a few weeks later in 2009
United States weight ~100% 72.94% −27.06pp The source of every other difference in this report
Constituents not restated here 1,249 Across 23 developed markets. Emerging markets are outside the index by design.

📝 The structural conclusion this table supports. FGLY is the calmer index and the better-balanced portfolio, and on the underlying alone it is the marginally better risk-adjusted holding (Sharpe 1.36 against 1.32). But both funds exist to do one thing — sell call options and pay out the premium — and premium is a function of the volatility of what is being sold against. MSCI World has been less volatile than MSCI USA over three years, five years and ten years, by a consistent 0.7–0.8 percentage points. All else equal, that points to FGLY distributing less than FUSY for the same 0.35% fee and the same 13.2% option notional. “All else equal” is doing real work there: the strike policy, the roll schedule and the position sizing are not published for either fund, so this is an expectation drawn from index characteristics, not an observed payout. It is the strongest directional claim available at ten days, and it is not a certainty.

⚡

How the income is actually made

What the 13.2% line is, what it pays, and what it costs when the market goes up.

4 steps · 2 worked months · 1 undisclosed contract
▶

Both funds state the same objective: long-term capital growth and enhanced income. Neither grows capital by doing anything unusual — it owns an equity portfolio. The income half is a derivative position, and that is the part worth understanding, because it is the part with no published details.

STEP 1
Own the equities
Roughly 87% of the fund is a physical, actively managed equity portfolio — 87.28% in FUSY, 86.26% in FGLY. This is the capital-growth half and it behaves like an ordinary equity fund.
STEP 2
Sell calls on an index
On top of that, the fund writes — sells — call options on an equity index, on about 13.2% of NAV. Writing a call means collecting the premium up front and owing the buyer the upside above the strike if the market gets there.
STEP 3
Bank the premium
The premium collected is what funds the monthly distribution. It is not a dividend from a company — it is the price of having sold someone else the right to buy the index at an agreed price.
STEP 4
Pay out at expiry
Index below the strike: the option dies worthless, the premium is simply kept. Index above the strike: the fund pays the difference in cash and keeps nothing above the strike.
What that means in cash — two months, same fund, same strike

Take a £100 fund: £87 in equities, call options written on £13 of index notional, strike set 5% above the starting level, premium of about 0.5% of notional collected each month (£0.07). This is an illustration of the mechanic, not these funds’ disclosed parameters — neither publishes strike, notional basis or premium.

A strong month index +10%
Equity book £87 × +10%+8.70
Call struck at +5% — pays 5% of £13−0.65
Premium banked+0.07
Holder receives+8.12 instead of +8.70

A quiet month index +2%
Equity book £87 × +2%+1.74
Call struck at +5% — expires worthless0.00
Premium banked+0.07
Holder receives+1.81 instead of +1.74

✅ That is the whole product in two months. In the strong month the holder captures about 93% of the upside; in the quiet month about 104% of it. The small months come slightly more frequent; the big months come rarely and the surrender is larger. The holder is being paid to be there in the calm and is being paid — in foregone upside — to hold on through the storm. That is a real trade with a real price, and it is not a free yield.

So what exactly is the “FUTURES” line in the holdings?
The honest answer is: a derivative overlay of roughly 13% notional, with the specific contract undisclosed.
The funds’ stated strategy is selling call options on equity indices. The holdings aggregation labels the position simply as a “FUTURES” line at 13.16% (FUSY) and 13.20% (FGLY). Those two descriptions are not obviously the same instrument, and neither fund publishes enough to say. For context, Fidelity’s US equivalent of the same strategy — the Fidelity Yield Enhanced Equity ETF (FYEE) — lists individual call options on S&P 500 indices traded on the CBOE in its holdings, and describes writing calls “2% to 4% out of the money”. So the family strategy is at least partly listed options.

Three things follow, and all three matter:

  1. The distribution is not a portfolio yield. It is the premium stream from a ~13% derivative position, plus roughly 1.5–2% of ordinary dividends from the equity book. Reading a 7% distribution as “the portfolio pays 7%” is the single most common misreading of this product type.
  2. Neither fund discloses the payoff. No strike, no notional basis, no roll schedule, no premium earned. Ed Thorp’s cell in the expert panel says “unauditable” for exactly this reason, and the gap is identical in both funds.
  3. Roll cost is a real, unquantified drag. A futures leg has to be rolled periodically, and futures can trade at a premium or a discount to the spot index. That cost is inside the ~0.9% of annual transaction costs in FUSY’s KID, and it is not broken out anywhere.

✅ Why this matters for the FUSY-versus-FGLY question specifically. Premium scales with the volatility of whatever is being written against. MSCI World has been the calmer index over three, five and ten years by a consistent 0.7–0.8 percentage points. Same 0.35% fee, same ~13% notional, calmer index — which points to FGLY collecting less premium over the same year than FUSY. The strike policy and roll schedule are unpublished in both, so this is an expectation drawn from index characteristics rather than an observed payout, and it is the single most decision-relevant inference in this report.

🗂️

Quick-glance comparison

Seventeen identifiers. The equalities matter as much as the differences.

17 identifiers · 11 identical
▶

# Metric FUSY — US Equity Enhanced Yield FGLY — Global Equity Enhanced Yield Same?
1 ISIN IE0005C9DSV5 IE000R0M7C70 no
2 Ticker (EUR / USD / GBP) FUSY / FUSY / FUSG FGLY / FGLY / FGLG pattern same
3 Structure / domicile Irish UCITS ICAV Irish UCITS ICAV yes
4 Management company FIL Inv. Mgmt (Lux) FIL Inv. Mgmt (Lux) yes
5 Management approach Active, quantitative + ESG Active, quantitative + ESG yes
6 Benchmark MSCI USA MSCI World the one variable
7 Launch date 1 Oct 2026 1 Oct 2026 yes
8 Ongoing charge 0.35% 0.35% yes
9 All-in cost (KID) ~1.3% not yet published unverified
10 Distribution policy Monthly, declared Monthly, declared yes
11 Distributions paid none none yes
12 Equities / index futures 87.28% / 13.16% 86.26% / 13.20% yes
13 Top-10 concentration 49.20% 39.67% FUSY higher
14 North America 98.28% 74.00% FGLY lower
15 Emerging markets 0.00% 0.00% yes — both nil
16 Underlying vol (3y) 12.65% 11.86% FUSY higher
17 Fund size ~$5m seed, unpublished unpublished both unknown

📝 Eleven of seventeen rows are identical, and the two that matter most for a reader choosing between them — the fee and the option notional — are among them. What separates the funds is one input, the benchmark, and everything else in this table is a consequence of it. Both funds were seeded with $5m from Susquehanna, an authorised participant, at launch; neither has published its own assets under management since. A $5m seed is a normal way to bring an ETF to market and a live closure risk on the same page.

🔧

Product Structure Lens

The 12-point non-persona checklist. Eleven rows are forced to identical marks by construction.

12 checks · 9 not passing
▶

Check FUSY FGLY What the difference means
1 · Wrapper ✅ Pass ✅ Pass Both Irish UCITS ICAVs, so both are available in an ISA, SIPP or a European account.
2 · Issuer vs manager ✅ Pass ✅ Pass FIL Investment Management (Luxembourg) for both. No white-label platform, so no brand-versus-brain gap in either.
3 · Custodian ❓ Unknown ❓ Unknown Neither depositary was confirmed in this run. Fidelity’s range uses the same depositary, but that is an inference.
4 · Currency hedging ⚠️ Watch ⚠️ Watch Both USD-base and unhedged. FGLY holds 26% of assets outside North America, so its unhedged currency exposure is structurally larger even though the share class is the same.
5 · Fee structure ✅ Pass ✅ Pass Both single-fee 0.35%. Identical by construction. FUSY’s KID adds ~0.9% of transaction costs on top; FGLY’s is unread.
6 · AUM dynamics ❌ Fail ❌ Fail ~$5m seed each, neither AUM published. At this size a fund is a live closure risk and a wind-up forces realising the option book.
7 · Authorised participants ⚠️ Watch ⚠️ Watch Susquehanna seeded both. Single-AP concentration in two ten-day-old funds with no published AP list.
8 · Listings and liquidity ⚠️ Watch ⚠️ Watch Both list on gettex, Xetra and the LSE in EUR, USD and GBP, with no volume history at ten days.
9 · Replication method ❌ Fail ❌ Fail Both publish a top-10 but disclose the option leg only as a single futures line of ~13.2%, with no strike, premium or breakeven. Identical disclosure, identical gap.
10 · Distribution policy ⚠️ Watch ⚠️ Watch Monthly declared in both, paid in neither. The first payment cannot arrive before November 2026.
11 · Tax treatment ❓ Unknown ❓ Unknown For both, the split between option premium, dividends and return of capital is unknowable until the first annual report, roughly a year away.
12 · Inception history ⚠️ Watch ⚠️ Watch Both are ten days old with no history. The only structural difference that will ever differentiate them is the benchmark, and it is already fully visible today.

📝 Score: both funds pass 2, watch 4, fail 2, unknown 2 — identical, item for item. That is the correct result and it is unusual. When a checklist is run across two products from the same range, same wrapper, same fee and same launch date, the structure cannot separate them, because structure is not where the difference lives. The difference lives entirely in the benchmark, and the benchmark is fully disclosed. Of the two open items, the unhedged currency exposure is genuinely worse in FGLY — 26% of the fund is in non-dollar assets.

🧠

20-Master Expert Panel

Sorted by relevance to “two siblings, one variable”. Thirteen of the seventeen scorable masters cannot tell them apart.

20 masters · 2 bull / 10 neutral / 22 bear / 6 N/A
▶

4.29 FUSY avg

Bullish1
Neutral5
Bearish11
N/A3

4.24 FGLY avg

Bullish1
Neutral5
Bearish11
N/A3

Fourteen masters · no differentiation
Sosnoff, Taleb, Thorp, Klarman, Gundlach, Graham, Munger, Kitces, Druckenmiller, Pabrai, Fisher, Wood, Burry and Damodaran all scored the two funds identically. The engine, the fee, the wrapper and the manager are the same, so their frameworks have nothing to grip.

Howard Marks · FGLY · 3/10
The second-level question about a fund called “Global” that is three-quarters American with no emerging markets: is the label carrying the demand, or the exposure? On this portfolio, mostly the label.

Ray Dalio · FGLY · 6/10
Neither diversifies meaningfully, but 26 points of developed ex-America equity is a real reduction in single-market risk against 1.72 points. It is the only structural advantage either fund has.

Panel — FUSY scored first in each row, then FGLY, with the master’s own ranking
# Master FUSY FGLY Rank
1
Tom SosnoffQNT
Framework: premium-selling, mechanical options strategies, fee vs replication
5/10

The engine is long-established and 0.35% is the going UCITS price for it. Identical to its sibling, which is the entire point.
5/10

Same engine, same fee, same option notional. Nothing in the practitioner lens separates them.
1=1
2
Howard MarksMAC
Framework: second-level thinking, what is already in the price, what the label hides
5/10

No second-level gap on a fund called “US” that is 98.28% North American. The name matches the portfolio; that is a small mark in its favour.
3/10

A fund sold on the word “Global” that holds zero emerging markets and 74% North America. The label is doing work the exposure does not back.
FUSY #1
3
Nassim TalebRSK
Framework: convexity, tail behaviour, is the income real or engineered
4/10

An index-call overlay is concave by construction in both funds: it keeps the downside and hands over the recovery. No difference between them.
4/10

Identically concave. FGLY’s lower volatility makes the tail slightly thinner, which is the only tilt.
1=1
4
Ray DalioMAC
Framework: all-weather balance, debt cycle, does this diversify or concentrate
3/10

One market, one factor, 98.28% one region. Nothing here diversifies anything.
6/10

Still one factor and no asset-class spread, but 26 points of developed ex-America against 1.72 is a real reduction in single-market risk.
FGLY #1
5
Jeffrey GundlachMAC
Framework: is this yield real, or manufactured from premium, leverage or capital
3/10

Manufactured from premium, and premium scales with volatility — which is why the higher-volatility index is the better engine for it.
3/10

Equally manufactured, and equally exposed to a volatility regime. The lower-volatility index offers less premium to sell at the same fee.
1=1
6
Ed ThorpQNT
Framework: implied vs realised vol, breakeven, position variance
4/10

The option book is a single ~13.2% futures line with no strike, premium or breakeven. The size is known; the payoff is not.
4/10

Identical disclosure gap, identical notional. Thorp’s lens has nothing to compute on in either fund.
no diff
7
Michael KitcesRTL
Framework: after-tax yield, retail use case, behaviour trap, product naming
4/10

Honestly named. A reader who wants a US call-write overlay knows exactly what they have, which is worth something.
3/10

The retail-fitness problem: a retail buyer reaching for “Global” here gets three-quarters America and no emerging markets. That is how a product ends up with the wrong holder.
FUSY #1
8
Seth KlarmanVAL
Framework: margin of safety in the principal, before the coupon
4/10

Paying 0.35% for capped upside on a $5m fund before a single premium is observed. No margin of safety in either.
4/10

Identical. The principal risk is the same in both and the cost of waiting for evidence is the same.
1=1
9
Benjamin GrahamVAL
Framework: margin of safety, distribution must be covered by earnings
4/10

Quantitative and screened, but there are no earnings yet to cover a distribution that has not been made.
4/10

Same position. A published index method and a projected yield are not the same as a covered distribution.
1=1
10
Charlie MungerVAL
Framework: inversion, how does this lose money
4/10

Inverted: 49.2% in ten lines, capped upside, and a ~1.3% all-in cost at a $5m fund size. Three ways to lose money in one product.
4/10

Inverted: less concentration, same capped upside, same closure risk — and a currency exposure 26 points wider for a holder who expected none.
1=1
11
Michael BurryOTH
Framework: unpopularity scan, single-name balance-sheet work, activist catalyst
N/A

N/A — a single-name deep-value hunter has no instrument here.
N/A

N/A — same reason.
N/A
12
Aswath DamodaranDCF
Framework: story married to numbers, valuation per company
N/A

N/A — DCF does not price a fund. The cost of the option leg is visible only in a payoff statement.
N/A

N/A — same reason.
N/A
13
Stanley DruckenmillerMAC
Framework: liquidity, real rates, cycle position, asymmetric exposure
4/10

The payout is a volatility position wearing an income position’s clothing. Same in both.
4/10

Same mechanism, slightly smaller amplitude. The rating does not move.
1=1
14
Warren BuffettVAL
Framework: read as stewardship — fees, complexity, and who answers for the result
5/10

Fidelity is a serious operation and the fee is ordinary. A ten-day record is not a stewardship score.
5/10

Identical stewardship, identical absence of evidence. The first annual report is the first real data point for both.
1=1
15
Rakesh JhunjhunwalaACT
Framework: multi-timeframe trend confirmation, revenue-profit-price alignment
4/10

You cannot read a trend on ten days of tape. The mechanical edge is the only claim on offer.
4/10

Same. No monthly frame, no leadership evidence, no earnings to confirm against.
1=1
16
Cathie WoodGRW
Framework: S-curve position, innovation exposure, disruption
6/10

Applied to the underlying only: 44.7% electronic technology plus technology services is the concentration she would want. The call overlay is what she throws away.
5/10

The right companies at 35.2% rather than 44.7%. The disruption exposure is real; the dilution is not what the thesis wants.
FUSY #1
17
Peter LynchGRW
Framework: PEG categorisation, two-minute story, growth at a reasonable price
5/10

The two-minute story is “the biggest US companies with a call written on them” — a category rather than a thesis, and the same story in both.
5/10

Identical story on a slightly wider stage. Neither is GARP; both are large-cap growth with an income overlay.
1=1
18
Philip FisherGRW
Framework: scuttlebutt, research platform, management integrity
5/10

Fidelity runs a real fundamental platform. But a platform with no delivered results in this fund is a claim, not evidence.
5/10

Same platform, same absence of results. Ten days is not a stewardship score.
1=1
19
Mohnish PabraiVAL
Framework: asymmetry, heads win and tails do not lose much
4/10

Capped upside plus uncapped downside plus 0.35% on top of ~1.3% all-in is the negative of asymmetric. The option sold is the risk.
4/10

Identical payoff shape, marginally wider currency exposure. Neither is a heads-win-tails-lose-little setup.
1=1
20
Bill AckmanACT
Framework: simple, predictable, activist value unlock in a concentrated holding
N/A

N/A — no business to influence and no boardroom in an index overlay.
N/A

N/A — same reason.
N/A
4/10

You cannot read a trend on ten days of tape in either fund. The mechanical edge is the only claim on offer.
4/10

Same. No monthly frame, no leadership evidence, no earnings to confirm against.
1=1
Relative-value leaderboard — the only four masters who moved
Master Spread FUSY FGLY What the spread is measuring
Ray Dalio 3 3 6 Diversification. 26 points of developed ex-America against 1.72 — the only structural advantage either fund has.
Michael Kitces 1 4 3 Product naming and retail fitness. “Global” on a three-quarters-American portfolio mis-sets expectations.
Howard Marks 2 5 3 Second-level read of the label. Honest naming scores; a marketing label does not.
Cathie Wood 1 6 5 Applied to the underlying only. 44.7% technology against 35.2% — she prefers the concentration.
Nassim Taleb 0 4 4 No differentiation — both are concave overlays of the same size
Sosnoff · Thorp · Gundlach · Klarman · Graham · Munger · Druckenmiller · Fisher · Lynch · Buffett · Pabrai · Jhunjhunwala 0 identical No differentiation — same engine, same fee, same wrapper, same manager, same age

📝 The panel’s most important result is how little it has to say. Thirteen of the seventeen scorable masters score the two funds identically, and the means come out within 0.05 of each other — 4.29 and 4.24. That is not a failure of the framework; it is the framework correctly reporting that these are the same product. Every master whose lens depends on the engine (Sosnoff on premium, Thorp on the payoff, Gundlach on manufactured yield, Taleb on convexity, Klarman and Graham on margin of safety) has nothing to grip, because the engine is identical to within 0.04 percentage points of notional. The three masters that moved are the three that care about what the fund is for rather than how it works: diversification, product naming, and whether the label matches the portfolio.

Consensus strength
Strong

4.29
FUSY mean · 17 scored, 3 N/A · σ 0.77
Strong

4.24
FGLY mean · 17 scored, 3 N/A · σ 0.83
Divided

13 of 17
masters return a zero spread. The panel is split on evidence, not on view.
20-Master Expertise Map — sorted by relevance to this comparison
1
Tom Sosnoff
Premium harvesting
5/5
2
Howard Marks
Second-level · credit cycles
5/3
3
Nassim Taleb
Convexity · tail risk
4/4
4
Ray Dalio
All-weather · macro
3/6
5
Jeffrey Gundlach
Rates · manufactured yield
3/3
6
Ed Thorp
Options math · Kelly
4/4
7
Michael Kitces
Retail financial planning
4/3
8
Seth Klarman
Margin of safety
4/4
9
Benjamin Graham
Margin of safety · quant
4/4
10
Charlie Munger
Inversion · mental models
4/4
11
Michael Burry
Deep value · skepticism
N/A
12
Aswath Damodaran
DCF · valuation
N/A
13
Stanley Druckenmiller
Macro · rates
4/4
14
Warren Buffett
Moat · management
5/5
15
Rakesh Jhunjhunwala
High-conviction bull
4/4

Score column reads FUSY / FGLY. Fifteen rows are shown rather than twenty because Burry, Damodaran and Ackman are N/A in both funds and the two remaining cross-over masters carry identical scores in both; the full twenty are scored in the table above and in the companion markdown. Bar colour follows the FUSY cell.

📈

Total return stack

No distribution and no evaluable window in either fund. What can be compared is the index underneath.

both n/a · index comparison substituted
▶

Fund level — nothing to show
FUSY
10 days old — no period has elapsed, no distribution paid
N/A
FGLY
10 days old — no period has elapsed, no distribution paid
N/A
The indices underneath — MSCI USA net returns against MSCI World net returns (30 Sep 2026)
1 month
−0.39%
−0.39% World −1.19%
1 year
+14.96%
+14.96% World +15.24%
3 years
+22.45% ann.
+22.45% World +21.40%
5 years
+12.86% ann.
+12.86% World +11.89%
10 years
+14.75% ann.
+14.75% World +12.81%

📝 These are the indexes, not the funds — they are shown because they are the only return evidence available and because they set the ceiling on what either fund can do before the overlay. MSCI USA has out-returned MSCI World over one, three, five and ten years, by 1.3 to 1.9 percentage points a year. That is the same fact as the volatility table, seen from the other side: the US index is both higher-returning and higher-volatility, and a call-writing fund wants the volatility. Bars are scaled within this block; the amber/green split is absent because there are no distributions to split.

💶

Fees, and the category they compete in

Identical on the face, materially different once transaction costs are counted.

4 peers · 0.35–0.45% OCF
▶

Ongoing charge — lower is better
A genuine tie across all four Fidelity-range and category lines.
FUSY
0.35%
0.35%
FGLY
0.35%
0.35%
JEIP
0.35%
0.35%
QYLD
0.45%
0.45%
All-in cost of ownership — what the fee is actually worth
PRIIPs total cost impact, not the OCF. FGLY’s KID has not been read, so its bar is absent rather than assumed.
FUSY
~1.3%
~1.3%
FGLY
KID not read
n/d
JEIP
not read
n/d

Fund Relevance OCF All-in Size Age Paid rate
FUSY — Fidelity US Equity Enhanced Yield ❓ Subject · unverified 0.35% ~1.3% ~$5m seed 10d none
FGLY — Fidelity Global Equity Enhanced Yield ❓ Subject · unverified 0.35% not published unpublished 10d none
JEIP — JPM US Equity Premium Income 🟢 cash-covered · direct 0.35% n/d €500m 2.0y 6.7–7.4%
JGPI — JPM Global Equity Premium Income 🟢 cash-covered · direct 0.35% n/d $1.62bn 2.8y target 7–9%
QYLD — Global X Nasdaq 100 Covered Call 🟡 mixed · adjacent 0.45% n/d €757m 3.9y ~10.0%

📝 The cost finding is the one place where the sibling comparison is not a tie. Both funds charge 0.35%. But FUSY’s KID puts total cost of ownership near 1.3%, with roughly 0.9% of it annual transaction costs from continually rolling the option book. FGLY has the same 0.35% OCF and an almost identical 13.2% futures leg, so its transaction-cost load should be in the same region — but that is an inference from a matching cost structure, not a read of FGLY’s own KID, which was not reachable. The dashed track is deliberate: printing a 1.3% on the FGLY bar would be a guess dressed as a measurement. Peer figures from an independent aggregator and issuer pages, 9–11 Oct 2026.

🎯

Stress test — historical analogues

For the strategy, not the funds: neither existed in any of these regimes.

4 scenarios · incl. low-vol
▶

Underlying figures are actual MSCI index outcomes. Fund figures are strategy-level estimates for a large-cap equity book writing index calls — no backtest exists for either fund.

Scenario Underlying FUSY — est. FGLY — est. Distribution behaviour
2008 GFC MSCI USA ≈ −40%
MSCI World ≈ −42%
≈ −30 to −35% ≈ −32 to −37% Premium is high in a volatility crash, so payouts hold in both. FGLY’s slightly deeper drawdown gives it marginally more to sell.
2020 COVID World +17.5%
USA +20.9%
≈ +14 to +18% ≈ +12 to +16% The cap hurts in a V-shaped recovery in both. FUSY’s higher beta recovers more before the strike binds.
2022 rate cycle World −18.4%
USA −20.2%
≈ −15 to −18% ≈ −13 to −16% Premium cushions a little in both. FGLY loses roughly two points less because it is less concentrated and less American.
Sustained low-vol grind sideways ≈ 0 to +3% ≈ 0 to +2% The decisive row. Premium compresses toward 3–4% in both while the NAV keeps full equity beta. FGLY, on the already-calmer index, has less premium to lose in the first place — and less to begin with.

Across three of the four scenarios FGLY is the softer fund: less concentrated, less American, and in 2008 and 2022 that difference is worth one to two percentage points. In the fourth — the calm-market regime that is the actual point of the strategy — it is the weaker one, because the premium it has to sell starts from a lower base. Neither fund has lived through any of these regimes, and the estimates are the analyst’s, not the funds’.

⚠️

Risks

Shared risks first — there are nine — then the two that differ.

11 risks · 5 high
▶

Shared by both funds
Neither has paid a distributionTen days old, monthly policy declared, nothing received. Every yield expectation in this report is inferred from index volatility, not from an observed payment.

High

Closure risk at ~$5mBoth were seeded with $5m from the same authorised participant. At that size a fund is a live closure risk, and a wind-up forces realising the option book into whatever the market offers.

High

Capped upside against uncapped downsideWriting index calls surrenders the recovery precisely when the equity book is recovering. Both funds are concave in the same way, on the same 13.2% notional.

High

Volatility-regime dependencyThe payout is a function of implied volatility. Sustained calm compresses the premium and the payout falls in exactly the markets where equity returns are the only thing left.

Medium

Concentration in a single mega-cap complex49.20% and 39.67% in the top ten respectively, and the same nine US technology and semiconductor names in both. Neither book is diversified within equities.

Medium

The option payoff is undisclosedBoth publish the option leg only as a single ~13.2% futures line. No strike, no premium, no breakeven, no roll policy — so the payoff on the entire point of the product cannot be evaluated.

Medium

Transaction costs are the real feeFUSY’s KID puts all-in cost near 1.3% against a 0.35% OCF. An options book that rolls continually does not trade for free, and that cost is invisible in the headline number.

Medium

Unhedged dollar exposure for a sterling holderBoth are USD-base with no hedge, so a GBP investor carries dollar risk in both regardless of the geography printed in the fund’s name.

Medium

Distribution source is unknowable for a yearThe split between option premium, dividends and return of capital cannot exist until the first annual report. A UK investor’s tax bill on the eventual distribution is therefore also unknown.

Low

FUSY only
98.28% North American exposureWhatever geography the holder thought they were buying, this is a US equity fund. The one thing it does not pretend to be is anything else.

High

49.20% top-ten concentrationNine points more concentrated than its sibling, and every point of that difference is the same US mega-cap names.

Medium

FGLY only
The “Global” label overstates the exposure74% North America, zero emerging markets, zero Latin America, zero Africa, zero Middle East. A holder who reached for this fund to reduce US concentration gets about a quarter of it, all from developed markets.

Medium

Wider currency exposure than the label implies26% of assets sit outside North America in a share class that is USD-base and unhedged. FGLY carries materially more currency risk than FUSY, and a GBP holder bears the dollar on top of it.

Medium

🧭

Decision logic

For a choice this narrow, the decision turns on one question: which index do you want premium sold against?

3 branches · 1 shared
▶

FUSY
Fits — the income engine, honestly named

For a holder who wants a US call-write overlay, accepts full US equity concentration, and wants the higher-volatility index underneath because that is what converts a 13% option notional into the largest premium. The name matches the portfolio, which is worth more than it sounds when a product is sold by its label. Costs roughly 1.3% all-in.

FGLY
Fits — a modestly better-balanced book, a weaker engine

For a holder who wants to reduce single-market and single-sector concentration and accepts a lower expected payout for it, with a 26-point developed ex-America sleeve. The trade is real: better balance, less income. The label overstates the first and understates the currency exposure it brings.

Neither
Fits — a meaningful yield with a record behind it

If the requirement is a 5%+ cash yield from a UCITS wrapper with a multi-year record, neither of these is the right shape of object — they are ten days old and have paid nothing. JPMorgan’s US and Global Equity Premium Income funds run the same 0.35% engine with two to three years of realised payouts at 6.7–7.4% and $1.6bn+ behind them.

📝 What would change this assessment — stated as evidence conditions. The first monthly distributions from either fund would convert the volatility inference into an observed payout rate, and the gap between them would settle whether the 0.7–0.8 point volatility differential actually shows up in cash. FGLY’s KID would establish whether its all-in cost matches FUSY’s ~1.3% or sits below it. A published options disclosure — notional, strike policy, roll schedule, premium earned — would let the payoff be computed rather than inferred, and would be the single most informative disclosure either fund could make. Fund sizes at a second and third quarter would retire or confirm the closure question for both.

📋

The Bottom Line — Assessment

What each product did against its own stated objective over the window.

FUSY standout · FGLY close second
▶

STANDOUT: FUSY
4.5 / 10Dashboard Score
Same fund, same fee, same 13.2% option leg. FUSY sells premium against the more volatile index; FGLY against the calmer one.
What actually differs one benchmark, three consequences
Outside N. America
1.72%
FUSY · the remaining 98.28% is North America
1.72%
FGLY
26.00%
74.00% North America — and 0% emerging
26.00%
Top-10 load
FUSY 49.2%
FGLY 39.7%
9.5pp
Index vol 3y
FUSY 12.65%
FGLY 11.86% — less premium to sell
0.79pp
The identical part, which is most of it
Top-10 holdings
9 of 9
same names, same order
Ongoing charge
0.35%
identical — a true tie
Option notional
13.2%
13.16% vs 13.20%
Distributions paid
0 / 0
ten days old

Why — the evidence, one line each
One variableSame launch, fee, manager, wrapper and option size. Only the benchmark differs.
Same namesThe top ten is identical by name in both funds. Only the weights differ.
FGLY is better balanced39.67% top-ten load against 49.20%, and 35.2% technology against 44.7%.
FGLY has real spread26.00% outside North America, against FUSY’s 1.72%.
But “Global” is generousZero emerging markets, zero Latin America, zero Africa, zero Middle East.
FUSY is the better engineMSCI USA is more volatile in every window, and premium scales with volatility.

What the evidence does not establish
Condition What it would change
Either fund pays its first distribution Settles whether the 0.79 point volatility gap actually becomes an income gap. The whole comparison currently rests on index characteristics.
FGLY’s KID is read Establishes whether its all-in cost matches FUSY’s ~1.3% or sits below it. It is the one figure that would break the cost tie.
Either fund publishes option strikes, roll policy and premium earned Makes the payoff computable instead of inferred — the single most informative disclosure available to either fund.
FGLY adds emerging markets Would make the “Global” label mean what a reader assumes it means, and would change the geography argument entirely.
A sustained low-volatility regime arrives Compresses both payouts toward 3–4%. FGLY has less premium to lose, and less to begin with.
Open questions
  1. What strike policy and roll schedule does each fund use on its index call?
  2. Will FUSY’s ~0.9% of annual transaction costs stay at that level as the option book scales?
  3. Does the option notional stay at ~13.2%, or does it flex with volatility?
  4. What is FGLY’s own total cost impact, and is it the same ~1.3% as its sibling?
  5. Why did Fidelity launch a global version of a benchmark that is 72.94% American — and stop at developed markets?

OBJECTIVE NOT MET: BOTH
4.5 / 4.3FUSY / FGLY
Both state the same objective: long-term capital growth and enhanced income. After ten days, neither half has an observation behind it.

Neither rating is a verdict on the engine. Writing index calls against a large-cap equity book is long-established, and 0.35% is the going UCITS price for it. Both funds sit at 4.3–4.5 because the Track Record card cannot score above 2/10 for a fund with no history, and because both carry a ~$5m closure risk and an undisclosed option payoff. The two funds are 0.25 points apart, which is inside the noise of a ten-day-old pair — and that closeness is the honest answer to the question a reader is actually asking.

Sources

  • MSCI — MSCI World Index and MSCI World with USA Gross Index factsheets, 30 Sep 2026 — country weights, sector weights, constituent count, volatility, Sharpe, maximum drawdown
  • Holdings aggregation, both funds, single source and single as-of date of 9 Oct 2026 — full top-10 with weights, asset-class split, sector and regional breakdown
  • justETF profiles for IE0005C9DSV5 and IE000R0M7C70 — TER, listings, inception, distribution frequency, fund currency, replication
  • Deutsche Börse new-listings release, 2 Oct 2026 — product costs of 0.350% for both
  • RankiaPro launch coverage — the Equity Enhanced Yield range, both benchmarks, and the $5m Susquehanna seed for each
  • TradingView fund profiles, both funds — advisor identity, objective, structure, inception
  • JPMorgan ETF factsheet and issuer pages, and the State Street issuer page — peer set TER, size, age, payout rates

Data quality notes

  • FGLY’s all-in cost is not confirmed. Its KID was not reachable in this run, so no total-cost-impact figure is shown for it. FUSY’s ~1.3% is carried from the same research that produced the companion Fidelity US-versus-Quality-Income comparison, where it was read from the issuer’s KID.
  • Neither fund has published assets under management since the $5m launch seed.
  • Sector and regional figures come from a single third-party holdings aggregation rather than an issuer factsheet; the regional split was not independently corroborated against a second source.
  • The MSCI World 72.94% US weight is MSCI’s own published figure and is the anchor for the geography argument; FGLY’s 74.00% North America is close to but not identical with it, the difference being Canada.
  • Stress-test fund figures are strategy-level estimates. Neither fund has a backtest and neither existed in any of the four scenarios.