CNEQ vs FELG

CNEQCAlger Concentrated Equity ETF

FELGAFidelity Enhanced Large Cap Growth ETF

In short

CNEQ Most active US equity funds spread their bets across hundreds of names. Alger caps this one at 30, picked by fundamental research, and accepts non-diversified status to do it. Conviction investing, with the swings that come with it.

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

CNEQ The fund seeks long-term capital appreciation through a focused portfolio of no more than 30 companies selected using fundamental research.

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

• CNEQ The 30-name ceiling is written into the mandate, not a style preference. You get the analysts' highest-conviction picks from fundamental research rather than a benchmark with a few tilts bolted on.
• Costs 0.56% net of a waiver through December 31, 2027 (0.66% gross), which sits near the category median instead of the premium end you might expect from a hand-picked 30-stock book.
• Despite a 2024 launch, it already runs multi-billion-dollar assets and trades with reasonable regularity, so buyers aren't wrestling a thin, fragile ticker.

• 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

• CNEQ Concentration cuts both ways. With fewer than 30 positions and non-diversified status, one stumbling name lands far harder here than in a broad index fund, and results can stray from the benchmark.yahoo.com
• Cheaper options share the shelf: JUSA and FELG each charge 0.18%, no waiver involved, though both run far broader, more index-aware portfolios.
• Launched in 2024, so the record is short. There's no full market cycle yet to show how a 30-stock growth book behaves when leadership rotates away from it.

• 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 CNEQ profile⁠

Full FELG profile⁠