Fidelity Enhanced Large Cap Growth ETF

Fidelity Enhanced Large Cap Growth ETF (FELG) holds large US growth stocks, mostly from the Russell 1000 Growth Index. Fidelity picks them with a computer-driven research model that aims to beat that index. Its 0.18% expense ratio is double the 0.09% average of similar funds. It is also concentrated: as of June 30, 2026, Nvidia alone was 13.1% of assets and the top 10 holdings made up 54.6%.

• Over the year to Oct 27, 2026, FELG returned +3.8%, 3rd of 8 among similar funds.
• Its worst full calendar year was 2025 (+18.4%); its best was 2024 (+35.5%).
• The deepest fall in its price history was 23.9% (Dec 16, 2024 to Apr 8, 2025), recovered by Jun 27, 2025.

As of Jun 30, 2026, the fund held 147 securities; the ten largest made up 54.59% of assets, and 2.28% sat in cash and money-market holdings.

By sector

• Over the three months to Jun 30, 2026, investors added a net $184.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +12.32%, +7.14%, -2.84%.

Fidelity runs FELG to seek capital appreciation, meaning growth in the value of your shares. The fund normally keeps at least 80% of its assets in stocks from the Russell 1000 Growth Index. That index tracks large US growth companies and is weighted by market value, so bigger companies count for more. Each quarter the index caps any single stock at 22.5%. Stocks above 4.5% also can't add up to more than 45% of the index.

FELG does not copy the index. Fidelity's research model scores stocks on factors, which are traits linked to long-term returns, such as valuation, growth and quality. A proprietary portfolio construction and risk management framework then chooses a broad group of stocks it thinks can beat the index's total return. As of June 30, 2026, the fund had about 150 positions. Portfolio turnover was 71%, so a large share of the holdings changes over a year.

The fund may use derivatives, and they count toward its 80% rule. As of June 30, 2026, it held a small S&P 500 futures position, about 0.03% of assets, plus 2.28% in cash. Legally, FELG is classified as non-diversified. That lets it put more money into fewer companies than a diversified fund could. Like any ETF, it trades on an exchange, so its market price can drift slightly from the value of its holdings.

• FELG charges 0.18% a year, versus an average of 0.09% for the similar funds below (6th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).

FELG is a concentrated, tech-heavy growth fund that has moved more than the market and has under three years of history, so it fits better as a smaller slice next to broader holdings.

FELG could add a tilt toward large US growth companies. Its record is short, though. It launched November 20, 2023, so it was not around for the 2008, 2020 or 2022 downturns. Its deepest drop was 23.9%, from December 16, 2024, to April 8, 2025. It got back to its old peak by June 27, 2025, about 2.6 months later. Its weakest full calendar year was still a gain, 18.6% in 2025. Its beta was 1.32 for the year to October 27, 2026, meaning it tended to move about a third more than the market. Someone forced to sell in a slump could lock in bigger losses. Income is small: the yield was 0.36% as of October 27, 2026, paid quarterly. On $10,000, the SEC example shows $230 in costs over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.