At a glance
ONEQ charges 0.21% a year, above the 0.17% average of the 8 funds most like it (the 8th cheapest of 9). It has $10.75B in assets, the 7th largest of that group; it paid 0.81% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +28.9% a year. At its worst it fell 30.2% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 15 months after the lows. Its ten largest positions make up 56.0% of the fund, out of 1,027 in all.
The short version
Fidelity Nasdaq Composite Index ETF (ONEQ) tracks the Nasdaq Composite Index. The index weights roughly 3,000 Nasdaq-listed stocks by company size. Funds such as QQQ and QQQM follow the Nasdaq-100, but ONEQ also holds many mid-size and smaller companies. Even so, NVIDIA, Apple and Microsoft made up about 30% of its assets as of August 31, 2026. Its 0.21% expense ratio is higher than QQQM's 0.15%.
Price history
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ONEQ +13.3% 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 | |
|---|---|---|---|---|---|---|
| ONEQ official prospectus, to Jan 29, 2026 | — | +20.99% | — | +13.59% | +17.73% | — |
| NS004 index, same period | — | +21.14% | — | +13.35% | +17.66% | — |
| S&P 001 index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| ONEQ price data to Oct 27, 2026 | +15.0% | +13.3% | +28.9% | +12.9% | +18.9% | +13.7% |
- Over the year to Oct 27, 2026, ONEQ returned +13.3%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +12.9% and its 10-year +18.9%.
- In the 2020 COVID crash it fell 30.2% and regained its old high 2.4 months after the low.
- Its worst full calendar year was 2008 (-39.8%); its best was 2023 (+45.8%).
- The deepest fall in its price history was 55.1% (Oct 31, 2007 to Mar 9, 2009), recovered by Feb 7, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.0% | — |
| 2025 | +20.9% | +20.99% |
| 2024 | +29.3% | +29.39% |
| 2023 | +45.8% | +45.29% |
| 2022 | -32.1% | -32.07% |
| 2021 | +22.1% | +22.38% |
| 2020 | +44.9% | +44.79% |
| 2019 | +38.0% | +37.02% |
| 2018 | -3.2% | -3.07% |
| 2017 | +29.3% | +29.22% |
| 2016 | +8.8% | +8.92% |
| 2015 | +7.3% | — |
| 2014 | +14.7% | — |
| 2013 | +39.9% | — |
| 2012 | +16.6% | — |
| 2011 | -0.8% | — |
| 2010 | +17.8% | — |
| 2009 | +45.2% | — |
| 2008 | -39.8% | — |
| 2007 | +9.9% | — |
| 2006 | +9.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.3% over that stretch · deepest drop along the way 55.1%, back to its old high 23 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.2% over that stretch · deepest drop along the way 30.2%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.4% over that stretch · deepest drop along the way 33.4%, back to its old high 15.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7000 | |
| 2025 | $0.5000 | 0.0% |
| 2024 | $0.5000 | +19.0% |
| 2023 | $0.4200 | +5.0% |
| 2022 | $0.4000 | +20.5% |
| 2021 | $0.3320 | -7.3% |
| 2020 | $0.3580 | -59.1% |
| 2019 | $0.8760 | +212.9% |
| 2018 | $0.2800 | +22.3% |
| 2017 | $0.2290 | -3.4% |
| 2016 | $0.2370 | -5.2% |
| 2015 | $0.2500 | +13.1% |
| 2014 | $0.2210 | +61.3% |
| 2013 | $0.1370 | -18.5% |
| 2012 | $0.1680 | +90.9% |
| 2011 | $0.0880 | +23.9% |
| 2010 | $0.0710 | +54.3% |
| 2009 | $0.0460 | -19.3% |
| 2008 | $0.0570 | -3.4% |
| 2007 | $0.0590 | +312.6% |
| 2006 | $0.0143 |
What's inside
As of Aug 31, 2026, the fund held 1,027 securities; the ten largest made up 55.95% of assets, and 2.55% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 11.57% | |
| APPLE INC | 10.08% | |
| MICROSOFT CORP | 8.16% | |
| AMAZON.COM INC | 6.05% | |
| ALPHABET INC Class A | 4.28% | |
| ALPHABET INC Class C | 3.96% | |
| BROADCOM INC | 3.80% | |
| TESLA INC | 2.99% | |
| META PLATFORMS INC | 2.72% | |
| MICRON TECHNOLOGY INC | 2.34% | |
| SPACE EXPLORATION TECHNOLOGIES CORP | 2.29% | |
| WALMART INC | 1.80% | |
| ADVANCED MICRO DEVICES INC | 1.66% | |
| INTEL CORP | 0.98% | |
| CISCO SYSTEMS INC | 0.94% |
By country
United States 94.92%Ireland 1.09%Netherlands 0.79%Canada 0.73%Cayman Islands 0.71%By asset type
Stocks 99.76%Bonds and notes 0.02%Preferred stock 0%By sector
Sectors of the companies held, for the 80.4% 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 $58.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.68%, -3.15%, +3.97%.
How it works
ONEQ aims to match the price and dividend returns of the Nasdaq Composite Index, which covers about 3,000 stocks listed on the Nasdaq exchange. The index is weighted by market capitalization, meaning a company's stock market value. The biggest companies therefore count the most. As of August 31, 2026, the 10 largest positions made up 55.95% of the fund, led by NVIDIA at 11.6%, Apple at 10.1% and Microsoft at 8.2%.
Fidelity doesn't own every stock in the index. Instead, it uses statistical sampling: it picks a smaller set of index stocks that together look like the whole index in company size, industry mix, dividend yield, price-to-earnings and price-to-book ratios, and earnings growth. The fund held 1,027 securities as of August 31, 2026. It must keep at least 80% of its assets in index stocks or in derivatives that give similar exposure. It also held a tiny Nasdaq-100 futures position. Turnover, the share of the portfolio traded in a year, was 5%.
The fund lends some of its shares to other firms to earn extra income. If a borrower fails to return them, the fund could face delays and costs. When a few giant companies dominate the index, the fund may also become "non-diversified." That means a single stock's moves can have a larger effect on its share price.
What it really costs
- ONEQ charges 0.21% a year, versus an average of 0.17% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $22 in the first year and $268 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ONEQ | $22 | $68 | $118 | $268 |
In a retirement portfolio
ONEQ is a growth-heavy fund led by a handful of technology giants, and it has fallen by a third or more in several downturns, so it may fit better as a smaller slice than as a foundation.
ONEQ has fallen hard in bad markets. It dropped 55.1% between October 2007 and March 2009 and did not regain its old peak until February 2011. It lost 30.2% in the 2020 COVID crash but recovered by June 2020. In 2022 it fell 33.4% and did not recover until January 2024. Its worst calendar year was 2008, when it lost 39.8%. Anyone who had to sell shares for living costs during a stretch like that would have locked in deep losses.
The fund pays little income. Its trailing 12-month yield was 0.81% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested would cost about $22 in fees in the first year and $268 over ten years. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want the whole Nasdaq Composite, roughly 3,000 stocks, rather than only the 100 companies held by Nasdaq-100 funds like QQQ or QQQM.
- Long-term holders who can sit through drops like the 55.1% fall in 2008–09 and the 33.4% decline in 2022 without selling.
- Investors adding a growth-tilted slice next to broader stock and bond funds, who accept that technology companies dominate this portfolio.
Look elsewhere if
- Cost-focused investors: the 0.21% expense ratio ranks 8th of 9 among similar funds, while QQQM charges 0.15% and Vanguard Growth ETF 0.04%.
- Retirees who need steady income: the trailing 12-month yield was only 0.81% as of October 27, 2026, paid quarterly.
- Investors wanting broad diversification: the top 10 holdings made up 56% of assets as of August 31, 2026, led by NVIDIA, Apple and Microsoft.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ONEQ this fund | — | 0.21% | $10.75B | +13.3% | +28.9% |
| QQQM Invesco NASDAQ 100 ETF | 71% | 0.15% | $104.38B | +8.8% | +24.1% |
| VUG Vanguard Growth ETF | 68% | 0.04% | $379.29B | +3.8% | +25.1% |
| QQQ Invesco QQQ Trust Series I | 66% | 0.2% | $490.10B | +8.8% | +24.0% |
| QTOP iShares Nasdaq Top 30 Stocks ETF | 65% | 0.2% | $300.0M | +16.1% | — |
| VONG Vanguard Russell 1000 Growth ETF | 62% | 0.07% | $54.28B | -2.3% | +22.4% |
| SCHG Schwab U.S. Large-Cap Growth ETF | 62% | 0.04% | $63.03B | +2.2% | +23.0% |
| IWF iShares Russell 1000 Growth ETF | 60% | 0.19% | $128.90B | -3.7% | +20.3% |
Questions investors ask
What's the difference between ONEQ and QQQM?
ONEQ tracks the full Nasdaq Composite, about 3,000 stocks, while QQQM tracks the narrower Nasdaq-100. Their holdings overlap by about 70%, so performance has been close. ONEQ gained 13.3% over one year through October 27, 2026, and QQQM gained 13.0% through October 29. QQQM is cheaper, at 0.15% a year versus ONEQ's 0.21%. It is also much larger, with about $97.2 billion in assets as of May 31, 2026, against ONEQ's $10.8 billion as of August 31, 2026.
Does ONEQ pay dividends?
Yes, ONEQ pays dividends quarterly, but they are small. Over the 12 months through October 27, 2026, it paid about $0.85 per share, a yield of 0.81%. That low payout reflects its holdings. Large technology and growth companies such as NVIDIA, Amazon and Tesla tend to pay little or nothing in dividends, so the fund's return comes mostly from share-price changes.
Is ONEQ good for retirement?
ONEQ can play a role in a retirement portfolio, mostly as a higher-risk growth slice rather than a core holding. It fell 55.1% in the 2008 financial crisis and took until February 2011 to recover. It also fell 33.4% in 2022 and did not recover until January 2024. Its 0.81% yield, as of October 27, 2026, provides little income. Retirees who may need to sell shares in a downturn may want to weigh those drops against its long-term growth.
What is ONEQ's expense ratio?
ONEQ's expense ratio is 0.21% a year, according to its prospectus filed January 26, 2026. That's above the 0.17% average for similar funds and ranks 8th of 9 on cost. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $22 in the first year, $118 over five years and $268 over ten years.
What is ONEQ's average annual return?
ONEQ averaged 17.73% a year over ten years and 13.59% over five years, according to its prospectus filed January 26, 2026. It returned 20.99% in 2025. Based on prices through October 27, 2026, it gained 13.3% over one year and averaged 18.9% a year over ten years. Returns have swung widely from year to year. The fund lost 32.07% in 2022 and then gained 45.29% in 2023.