ATFV vs FELG

ATFVCAlger 35 ETF

FELGAFidelity Enhanced Large Cap Growth ETF

In short

ATFV Alger's best-ideas book: roughly 35 high-conviction growth names, and one of the few ETFs that keeps its holdings confidential, pricing off a verified value published every second instead. The 35 is a memorial to colleagues lost on 9/11.

FELG Active stock-picking on an index-fund budget. FELG charges 0.18% to tilt around the Russell 1000 Growth Index rather than copy it, running a strategy whose track record dates to 2007.

Stated mandate

ATFV The fund seeks long-term capital appreciation through an actively managed portfolio of approximately 35 stocks selected as the manager’s best ideas in highly disrupted market segments.

FELG The fund seeks capital appreciation and normally invests at least 80% of its assets in common stocks included in the Russell 1000® Growth Index.

Why people hold it

• ATFV Real conviction, not closet indexing. About 40 holdings of any market cap, chosen as the firm's best ideas in the most disrupted segments of the market, with a documented tilt toward technology.alger.comsec.gov
• 0.56% net of a waiver through December 31, 2027 (0.77% gross), which lands near the category median. Modest pricing for a concentrated, non-transparent active mandate, and the fund has grown into the multi-billion-dollar tier.
• The confidential-account structure lets the manager build and exit positions without the market reading over its shoulder. SEC staff note most active ETFs disclose holdings daily; this one does not.sec.govsec.gov 2
• The 35-stock count is deliberate: Alger named the fund for the 35 colleagues the firm lost in the September 11 attacks.alger.com

• FELG 0.18% a year, roughly a third of the typical fee among active US growth-conviction funds.
• Not a moonshot: at least 80% of assets sit in Russell 1000 Growth constituents across about 110 stocks, so the manager's bets are tilts around a familiar benchmark.fidelity.com
• One of the strongest implementations in its peer group, and cheaper than most of the other top-graded names there (GUSE and MAGS at 0.30%, LRGC at 0.39%).
• A multi-billion-dollar fund from Fidelity with steady on-screen liquidity, and it pays quarterly.

Worth knowing

• ATFV No daily holdings list. You trade against a per-second indicative value, and Alger's own disclosure warns shares may carry wider bid/ask spreads than fully transparent ETFs, especially in volatile markets.alger.comsec.gov
• Non-diversified by design, so one position can move results far more than in a broad index fund, and the technology focus concentrates the ride further.sec.govsec.gov 2
• That 0.56% rate leans on a waiver through December 31, 2027; gross is 0.77%. Top-scoring peers such as JUSA and FELG charge 0.18%, so you are paying up for the stock picking.

• FELG Concentrated by design: roughly 110 large-cap growth names, so the megacap tech leaders at the top of the Russell 1000 Growth Index drive the ride both ways.
• Active means the portfolio deviates from the index on purpose, so results can land on either side of it.
• Not the cheapest seat in the cohort: JUSA runs 0.12%, though its mandate is broad large-cap rather than the growth slice.

Full ATFV profile⁠

Full FELG profile⁠