Fidelity Fundamental Large Cap Growth ETF

Fidelity Fundamental Large Cap Growth ETF (FFLG) is an actively managed fund. It buys large growth companies, mostly in the US, using Fidelity's analyst research plus a computer-driven step that gives more weight to its highest-conviction ideas. It is concentrated: NVIDIA and Alphabet made up about 29% of assets as of July 31, 2026. Its 0.38% expense ratio is lower than Fidelity Blue Chip Growth ETF's 0.59% but far higher than SPYG's 0.04%.

• Over the year to Oct 27, 2026, FFLG returned +7.5%, 2nd of 9 among similar funds.
• Its worst full calendar year was 2025 (+19.6%); its best was 2025 (+19.6%).
• The deepest fall in its price history was 26.7% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.

As of Jul 31, 2026, the fund held 95 securities; the ten largest made up 55.44% of assets, and 2.83% sat in cash and money-market holdings.

By sector

• Over the three months to Jul 31, 2026, investors added a net $6.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +8.05%, -0.36%, -7.92%.

FFLG does not track an index. Its adviser, Fidelity Management & Research Company (FMR), normally puts at least 80% of assets in stocks of large companies, meaning companies about the size of those in the Russell 1000 or S&P 500. Since December 11, 2025, that 80% has to go into growth companies specifically. A company can count as growth if a third-party growth benchmark includes it, if its earnings, sales or free cash flow are growing faster than the market median, if its research spending is higher than its sales and administrative costs, or if it is raising money to expand.

Picking stocks starts with Fidelity's analysts. They research companies and recommend stocks, and FMR runs model portfolios based on that work. A quantitative process, meaning a rules-based computer model, then builds the actual portfolio. It leans toward high-conviction names while staying within limits on risk, liquidity and trading. The fund is "non-diversified," so it can put more money into fewer companies. As of July 31, 2026, it held 95 stocks, and the top 10 made up 55.4% of assets. Turnover was 52%, which means the fund replaced roughly half its portfolio over the year.

The fund can also own foreign companies. As of July 31, 2026, 89.3% of assets were in the US, and the fund held Taiwan Semiconductor through a depositary receipt, a US-traded share that represents a foreign stock. It also held 2.83% in cash and a tiny S&P 500 futures position.

• FFLG charges 0.38% a year, versus an average of 0.4% for the similar funds below (4th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).

FFLG is a concentrated, non-diversified growth fund that moves more than the market and pays almost no income, so it fits better as a smaller add-on than as a foundation.

FFLG could add extra growth exposure to the stock side of a portfolio, but it swings harder than the market. Its one-year beta was 1.59 as of October 27, 2026, meaning it tended to move about 1.6 times as much as the market. The fund launched in 2021, so it has no record from the 2008 or 2020 crashes. It lost 38.72% in 2022, its worst calendar year, including a 27.4% drop in the second quarter alone. Price data starts in February 2024, and its deepest fall in that period was 26.7%, from January 23 to April 8, 2025. It recovered by June 30, 2025. Anyone who had to sell during a drop like that would have locked in losses. The yield was 0.08% as of October 27, 2026, paid quarterly. 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.