FELG vs IWLG: Grades, Fees and Holdings Compared

Fidelity Enhanced Large Cap Growth ETF

FELGANYSE Arca

NYLI Winslow Large Cap Growth ETF

IWLGBNYSE Arca

Overlap

52.5%by weight

Expense ratio

FELG −0.32pt a year

FELG0.18%IWLG0.50%

Avg volume · 30D

FELG 18.5×the volume

FELG379KIWLG20.5K

FELG vs IWLG Performance

Oct 31, 2025 – Oct 30, 2026

−0.5%FELG−3.6%IWLG

Expense ratio: FELG 0.18%, better; IWLG 0.50%
Fund size: FELG $5.78B; IWLG $318M
1Y total return: FELG −0.5%, better; IWLG −3.6%
Yield (12M): FELG 0.37%, better; IWLG 0.00%
Holdings: FELG 133; IWLG 42
Avg volume (30D): FELG 379K sh, better; IWLG 20.5K sh
NAV per share: FELG $42.20; IWLG $54.20
52W range

ETF.net Grade

Pillar letters and Scores for FELG, IWLG, with each pillar’s weight
Pillar	FELG	IWLG
Cost30% weight	A99Higher	B62
Mission25% weight	A82Higher	A78
Risk15% weight	C51Higher	D39
Tradability15% weight	A85Higher	A74
Holdings10% weight	C52	B57Higher
Durability5% weight	A95Higher	A71

Rank among US Active Growth funds

How we build Categories ›

Same Category. FELG and IWLG are both graded against the same 90 US Active Growth funds, so their Grades compare head to head.

US Active Growth⁠

Category · 90 funds

See all 90 ›

FELG ranks 4th and IWLG 27th of 90 funds in the US Active Growth Category.

Rank 1AJUSAJPMorgan U.S. Research Enhanced Large Cap ETFScore 86
Rank 2AGUSEGoldman Sachs Enhanced U.S. Equity ETFScore 84
Rank 3ALRGCAB US Large Cap Strategic Equities ETFScore 81
Rank 4AFELGFidelity Enhanced Large Cap Growth ETFScore 80
Rank 5AGQQQAstoria US Quality Growth Kings ETFScore 77
Rank 24BQDVOAmplify CWP Growth & Income ETFScore 60
Rank 27BIWLGNYLI Winslow Large Cap Growth ETFScore 59
Rank 27BNUGONuveen Growth OpportunitiesScore 59

Our read on each fund

ETF.net Research

FELGAFidelity Enhanced Large Cap Growth ETF

IWLGBNYLI Winslow Large Cap Growth ETF

In short

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.

IWLG A growth-only boutique's flagship large-cap strategy, delivered in an ETF wrapper: roughly 40 high-conviction US names, non-diversified by design, measured against the Russell 1000 Growth Index.

Stated mandate

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.

IWLG The Fund seeks long-term growth of capital. It normally invests at least 80% of net assets in large-capitalization companies, defined as companies with market capitalizations above $4 billion, and typically invests substantially in domestic securities.

Why people hold it

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.

IWLG Winslow has been a registered investment adviser since 1992 and runs growth equity only; its US large cap growth team traces back to 1999. This ETF puts that flagship approach in a ticker.sec.gov nylim.com morganstanley.com
About 40 holdings, so each pick carries real weight instead of being diluted into a benchmark-sized name list.
The portfolio matches the mandate on the page: at least 80% of net assets in US large caps above $4 billion in market value, mostly domestic securities.
Among the better-built options in a crowded conviction-growth field, landing in the upper half of its peer group on cost, mandate fidelity and structure.

Worth knowing

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.

IWLG Non-diversified and concentrated: with about 40 names, individual stumbles land harder than they would in a broad index fund.yahoo.com
0.50% net of a waiver through August 28, 2027 (0.82% gross) sits near the category median, while enhanced-index rivals JUSA and FELG charge 0.18%.
Volume is light next to the category's giants, which makes execution details (order type, time of day) more of a factor than with mega-funds.

Full FELG profile⁠

Full IWLG profile⁠

FELG vs IWLG Holdings

How FELG and IWLG differ

Overlap by weight

52.5%

Shared holdings make up 82.1% of IWLG and 63.7% of FELG.

Level by level

Holdings28 in both52.5%
Sector11 Sectors91.9%
Countryby domicile96.1%
Asset classEquity100%

Sector

Sector weights in FELG and IWLG, widest gap first
Sector	More in FELGMore in IWLG	FELG	IWLG
Technology	FELG +6.6 points	58.7%	52.1%
Financials	IWLG +3.7 points	5.5%	9.2%
Industrials	IWLG +2.8 points	7.9%	10.7%
Consumer Discretionary	FELG +1.2 points	6.4%	5.2%
Materials	IWLG +0.7 points	0.5%	1.2%
Communication	IWLG +0.7 points	14.6%	15.3%
Health Care	IWLG +0.2 points	6.1%	6.3%
Energy	FELG +0.2 points	0.2%	0.0%
Consumer Staples	FELG +0.1 points	0.1%	0.0%
Real Estate	FELG +0.1 points	0.1%	0.0%
Utilities	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FELG and IWLG, widest gap first
Country	More in FELGMore in IWLG	FELG	IWLG
United States	FELG +3.9 points	100.0%	96.1%
Netherlands	IWLG +2.9 points	0.0%	2.9%
Canada	IWLG +1.0 points	0.0%	1.0%

Concentration

Weight in the 10 largest Holdings

FELG57.6%
IWLG55.0%

Securities held

FELG131
IWLG42

Asset class

FELG: Equity
IWLG: Equity

Holdings

Only in FELG103
In both28
Only in IWLG14

Only in FELG

103 securities, 35.6% of FELG by weight

Alphabet Inc Class A6.48%
Texas Instruments Inc1.42%
Applied Materials Inc1.22%
Ge Vernova Inc1.20%
Crowdstrike Holdings Inc0.98%
Caterpillar Inc0.94%
Western Digital Corp0.93%
Netflix Inc0.88%
Sandisk Corporation0.84%
Trane Technologies PLC0.80%
Kla Corp0.78%
Adobe Inc0.76%
Airbnb Inc Class A0.75%
Fortinet Inc0.67%
Expedia Inc0.63%
Gilead Sciences Inc0.56%
Snowflake Inc0.55%
Uber Technologies Inc0.55%
Howmet Aerospace Inc0.55%
Atlassian Corp PLC Cls A0.54%
Schwab Charles Corp0.53%
Bank of New York Mellon Corp0.53%
Rtx Corp0.52%
Comfort Systems Usa Inc0.51%
Bristol-Myers Squibb Co0.51%
Bank of America Corporation0.51%
Maplebear Inc0.49%
Keysight Technologies Inc0.47%
Unity Software Inc0.47%
Hubspot Inc0.45%
Palo Alto Networks Inc0.40%
Ciena Corp0.39%
Seagate Techn Holdings PLC0.38%
Chime Financial Inc0.37%
Incyte Corp0.35%
Eaton Corp PLC0.34%
Lyft Inc0.34%
Docusign Inc0.32%
Veralto Corp0.30%
Travere Therapeutics Inc0.30%
Zoom Communications Inc Class A0.27%
Home Depot Inc0.23%
Netapp Inc0.23%
Ross Stores Inc0.22%
Draftkings Holdings Inc0.22%
Datadog Inc Class A0.21%
Oracle Corp0.20%
S&P Global Inc0.20%
Technipfmc PLC0.19%
Oscar Health Inc - Class A0.17%

Only in IWLG

14 securities, 18.0% of IWLG by weight

ASML Holding NV Sponsored ADR3.35%
Spotify Technology SA2.11%
Nasdaq, Inc.1.82%
Hilton Worldwide Holdings Inc.1.43%
Affirm Holdings, Inc. Class A1.32%
Lumentum Holdings, Inc.1.07%
Shopify, Inc. Class A1.07%
BlackRock, Inc.1.05%
Danaher Corporation1.04%
Analog Devices, Inc.0.90%
Waste Connections, Inc.0.87%
argenx SE Sponsored ADR0.76%
Drey Inst Pref Gov Mm Ins0.73%
AstraZeneca PLC0.51%

Weight gaps

All 28 Holdings in both funds, largest gap first.

Holding weights in FELG and IWLG, widest gap first
Holding	More in FELGMore in IWLG	FELG	IWLG
Alphabet Inc Class CGOOG	IWLG +5.77 points	2.61%	8.38%
Apple IncAAPL	FELG +4.27 points	8.80%	4.53%
Space Exploration Tech Corp ASPCX	IWLG +2.79 points	0.19%	2.98%
Amazon.com IncAMZN	IWLG +2.53 points	0.58%	3.11%
Microsoft CorpMSFT	IWLG +2.42 points	5.40%	7.82%
Arista Networks IncANET	IWLG +2.15 points	0.31%	2.46%
Micron Technology IncMU	FELG +1.94 points	3.69%	1.75%
Visa Inc Class AV	IWLG +1.71 points	1.54%	3.25%
Amphenol Corporation Class AAPH	IWLG +1.71 points	0.90%	2.61%
Broadcom IncAVGO	FELG +1.67 points	4.65%	2.98%
NVIDIA CorpNVDA	FELG +1.59 points	15.60%	14.01%
Tesla IncTSLA	FELG +1.40 points	3.02%	1.62%
Revolution Medicines IncRVMD	IWLG +1.33 points	0.03%	1.36%
Advanced Micro Devices IncAMD	IWLG +1.25 points	2.28%	3.53%
Quanta Svcs IncPWR	IWLG +1.10 points	0.30%	1.40%
Veeva Sys Inc Class AVEEV	IWLG +1.09 points	0.02%	1.11%
Servicenow IncNOW	IWLG +0.97 points	<0.01%	0.98%
Parker Hannifin CorpPH	IWLG +0.91 points	0.09%	1.00%
Johnson Controls Internatl PLC	IWLG +0.89 points	0.16%	1.05%
Vertiv Holdings CoVRT	IWLG +0.79 points	0.27%	1.06%
Ge AerospaceGE	IWLG +0.61 points	1.44%	2.05%
Ecolab IncECL	IWLG +0.59 points	0.52%	1.11%
Cisco Systems IncCSCO	IWLG +0.56 points	0.46%	1.02%
Eli Lilly & CoLLY	FELG +0.36 points	3.90%	3.55%
Palantir Technologies IncPLTR	IWLG +0.26 points	1.02%	1.28%
Mastercard Inc Class AMA	IWLG +0.14 points	1.87%	2.01%
Lam Research CorpLRCX	FELG +0.05 points	0.63%	0.58%
Meta Platforms Inc Class AMETA	IWLG +0.04 points	3.43%	3.47%

All 109 FELG holdings⁠All 37 IWLG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FELG vs IWLG Cost

Overpaying IWLG vs FELG

$6,230

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FELG 0.18%
$3,749
IWLG 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

FELG 0.18%
IWLG 0.50%
Overpaying

Year by year

Year	FELG	IWLG	Overpaying
10	$328	$900	$572
20	$1,281	$3,460	$2,179
30	$3,749	$9,979	$6,230

Expense ratio

0.18%FELG, cheaper
0.50%IWLG

FELG0.18%IWLG0.50%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

FELG cheapest of 90 funds

IWLG 33rd cheapest of 90 funds

FELG vs IWLG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FELG 0.37%, better; IWLG 0.00%
Payout (12M): FELG $0.16; IWLG $0.0013
Last payment: FELG $0.04; IWLG $0.0013
Ex-dividend: FELG Sep 18, 2026; IWLG Dec 19, 2025
Paid on: FELG Sep 22, 2026; IWLG Dec 26, 2025
Frequency: FELG Quarterly; IWLG Annual

Distribution history

Per share, 2022 to 2026, same scale for both

FELGQuarterly · 14 paymentsAll FELG payments⁠

IWLGAnnual · 4 paymentsAll IWLG payments⁠

FELG vs IWLG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FELG 16.3%since Dec 2023IWLG 18.1%
Return per unit of riskSharpe ratio, 3 years: FELG 0.93since Dec 2023IWLG 0.93
Worst fallMax drawdown, 5 years: FELG −23.9%since Nov 2023IWLG −23.2%since Jun 2022
Market sensitivityBeta, 5 years: FELG 1.23IWLG 1.29; Market = 1

FELG and IWLG in the news

All news⁠

ETF Filings
BlackRock files to convert Advantage Large Cap Growth into a 0.22% ETF
Sep 29, 2026FELG

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FELG vs IWLG

In short

Stated mandate

Why people hold it

Worth knowing

How FELG and IWLG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FELG

Only in IWLG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BlackRock files to convert Advantage Large Cap Growth into a 0.22% ETF

How FELG and IWLG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FELG

Only in IWLG

Weight gaps