At a glance
FDG charges 0.45% a year, above the 0.36% average of the 8 funds most like it (the 5th cheapest of 9). It has $419.8M in assets, the 5th largest of that group. Over the past year it returned +2.3% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +29.9% a year. At its worst it fell 38.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 65.3% of the fund, out of 43 in all.
The short version
American Century Focused Dynamic Growth ETF (FDG) is an actively managed fund that holds 30 to 45 fast-growing, mostly large companies. It is also nontransparent: each day it publishes a stand-in "proxy" portfolio instead of its actual holdings. As of August 31, 2026, it was heavily concentrated, with 18.7% of assets in NVIDIA and 14.6% in Alphabet. Its 0.45% expense ratio is well above index growth funds such as Vanguard Growth ETF (VUG), which charges 0.04%.
Price history
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FDG +2.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FDG official prospectus, to Dec 31, 2024 | — | +45.65% | — | — | — | +22.22% |
| Russell 1000® Index index, same period | — | +24.51% | — | — | — | +20.69% |
| Russell 1000® Growth Index index, same period | — | +33.36% | — | — | — | +23.96% |
| FDG price data to Oct 27, 2026 | +2.1% | +2.3% | +29.9% | +8.4% | — | +9.4% |
- Over the year to Oct 27, 2026, FDG returned +2.3%, 5th of 9 among similar funds.
- Its 5-year annualized return was +8.4%.
- Its worst full calendar year was 2022 (-35.7%); its best was 2024 (+45.9%).
- The deepest fall in its price history was 43.7% (Nov 8, 2021 to Oct 14, 2022), recovered by Jun 25, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.1% | — |
| 2025 | +22.1% | — |
| 2024 | +45.9% | +45.65% |
| 2023 | +37.2% | +37.16% |
| 2022 | -35.7% | -35.74% |
| 2021 | — | +8.68% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.4% over that stretch · deepest drop along the way 38.3%, back to its old high 21.1 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Aug 31, 2026, the fund held 43 securities; the ten largest made up 65.25% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 18.70% | |
| Alphabet Inc | 14.61% | |
| Amazon.com Inc | 6.86% | |
| Microsoft Corp | 5.88% | |
| Tesla Inc | 5.42% | |
| Meta Platforms Inc | 3.48% | |
| Ascendis Pharma A/S | 2.72% | |
| Eli Lilly & Co | 2.68% | |
| Mastercard Inc | 2.46% | |
| Cadence Design Systems Inc | 2.45% | |
| Lam Research Corp | 2.33% | |
| Coherent Corp | 2.26% | |
| Palantir Technologies Inc | 2.12% | |
| Shopify Inc | 2.04% | |
| Rocket Lab Corp | 2.03% |
By country
United States 90.14%Denmark 2.72%Canada 2.04%United Kingdom 1.96%Belgium 1.5%By asset type
Stocks 99.65%By sector
Sectors of the companies held, for the 77.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $28.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.90%, -4.97%, +4.68%.
How it works
FDG is an actively managed ETF from American Century Investments, so it does not track an index. Its managers look for companies whose earnings or revenues are growing at an accelerating pace. They rely on research into individual businesses, not economic forecasts. The fund invests mainly in large companies but may buy companies of any size. It can also own foreign firms through American Depositary Receipts (ADRs), which are U.S.-listed certificates representing foreign shares. Its benchmark is the Russell 1000 Growth Index.
The fund normally holds 30 to 45 stocks. It is nondiversified, meaning it can put large sums into a few names. As of August 31, 2026, it had 43 holdings, and the top 10 made up about 65% of assets. NVIDIA led at 18.7%, followed by Alphabet at 14.6%. The prospectus sets no rebalancing calendar. Managers sell stocks that stop meeting their criteria, and they weigh trading costs and taxes before each trade.
FDG is also nontransparent. Most ETFs publish their full holdings daily. This one publishes a daily proxy portfolio instead, a stand-in built to track the real portfolio's performance. The two need not overlap by any minimum amount. Traders use the proxy to keep the share price near the value of the holdings. It is less precise than full disclosure, so shares may trade above or below that value (a premium or discount).
What it really costs
- FDG charges 0.45% a year, versus an average of 0.36% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FDG | $46 | $145 | $252 | $567 |
In a retirement portfolio
FDG is a concentrated, high-volatility growth fund that pays no income, so it fits better as a small add-on to a broad core than as a foundation.
FDG could add a concentrated bet on large growth companies alongside a broader core holding. Expect big swings. Its price history starts in February 2021, so it has no record for the 2008 crisis or the 2020 COVID crash. In the 2022 bear market, it fell 38.3% from January 3 to June 16, 2022, and didn't regain that level until March 20, 2024. Its worst calendar year was 2022, at -35.7%. Its deepest drop was 43.7%, from November 2021 to October 2022, and it took about 20 months to recover from the bottom. Anyone who had to sell shares during that stretch would have locked in losses.
It paid no dividends in the year to October 27, 2026. Expenses are 0.45% a year, or about $46 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want managers to pick a 30-to-45-stock growth portfolio, led by NVIDIA, Alphabet and Amazon as of August 31, 2026.
- Long-horizon investors who can hold through drops like its 43.7% fall from November 2021 to October 2022, which took about 20 months to recover.
- Those adding a small growth position next to broad index funds who don't need income, since it paid nothing in the year to October 27, 2026.
Look elsewhere if
- Cost-focused investors: Vanguard Growth ETF (VUG) charges 0.04% and Vanguard Mega Cap Growth ETF (MGK) 0.07%, compared with FDG's 0.45%.
- Retirees who need regular income, since FDG paid no dividends in the year to October 27, 2026.
- Investors who want to see every holding daily. FDG publishes only a proxy portfolio, and its price may drift further from its net asset value.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FDG this fund | — | 0.45% | $419.8M | +2.3% | +29.9% |
| IWFG NYLI Winslow Focused Large Cap Growth ETF | 50% | 0.65% | $60.5M | -2.6% | +23.6% |
| TCHP T. Rowe Price Blue Chip Growth ETF | 48% | 0.57% | $2.16B | -1.2% | +23.5% |
| MGK Vanguard Mega Cap Growth ETF | 48% | 0.07% | $33.30B | +2.5% | +23.2% |
| AGRW Allspring LT Large Growth ETF | 47% | 0.35% | $112.8M | +4.7% | — |
| VUG Vanguard Growth ETF | 46% | 0.04% | $379.29B | +3.8% | +25.1% |
| VONG Vanguard Russell 1000 Growth ETF | 45% | 0.07% | $54.28B | -2.3% | +22.4% |
| PGRO Putnam Focused Large Cap Growth ETF | 44% | 0.56% | $212.1M | +3.1% | +24.6% |
Questions investors ask
Does FDG pay a dividend?
No. FDG paid no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. The fund's goal is long-term capital growth, and it owns fast-growing companies such as NVIDIA, Alphabet and Amazon. Companies like these often put their earnings back into the business instead of paying them out. Any return from FDG comes from changes in its share price, which matters if you plan to draw income from a portfolio.
What is a nontransparent ETF like FDG?
It is an actively managed ETF that does not publish its actual holdings every day. FDG publishes a daily proxy portfolio instead. The proxy is built to mirror the real portfolio's risks and returns, but no minimum overlap with the real holdings is required. The setup helps protect the managers' stock picks. The trade-off: FDG's market price may drift further above or below its net asset value (the value of its holdings) than a fully transparent ETF's would.
What's the difference between FDG and IWFG?
Both are focused large-cap growth ETFs. They share about 50% of their holdings, the most of any similar fund. FDG is cheaper, at 0.45% a year versus 0.65% for NYLI Winslow Focused Large Cap Growth ETF (IWFG). It is also larger: about $420 million in net assets as of August 31, 2026, versus about $61 million for IWFG as of July 31, 2026. As of October 27, 2026, FDG returned 29.9% a year over three years versus 23.6% for IWFG.
What is FDG's expense ratio?
FDG's expense ratio is 0.45%, according to its prospectus filed December 29, 2025. Under the SEC's standard example ($10,000 invested, 5% annual return), that comes to about $46 after one year, $145 after three, $252 after five and $567 after ten. It ranks 5th cheapest of 9 similar funds, which average 0.36%. Index growth funds cost far less: Vanguard Growth ETF (VUG) charges 0.04%.
Has FDG beaten the Russell 1000 Growth Index?
It has in some years but not overall. In 2024, FDG returned 45.65% versus 33.36% for its benchmark, the Russell 1000 Growth Index. But from its March 2020 launch through December 31, 2024, FDG averaged 22.22% a year versus 23.96% for the index. It also lost 35.74% in 2022, and its worst quarter was a 27.35% drop in the three months ending June 30, 2022.