FELG vs PCLC

FELGAFidelity Enhanced Large Cap Growth ETF

PCLCCPolen 5Perspectives Large 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.

PCLC Polen put its 5Perspectives framework, a 25-year-old blend of fundamental, thematic and technical analysis, into an ETF. Active large-cap growth hunting innovators at an earnings inflection, for 0.50% a year.

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.

PCLC The Fund seeks long-term capital appreciation. It normally invests at least 80% of net assets in equity securities of large-cap issuers exhibiting growth characteristics.

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.

• PCLC The whole pitch is the process: fundamental, thematic and technical evidence weighed across five lenses, with that combined weight of evidence setting buys, sells and position sizes.polencapital.com
• At 0.50% a year it sits below the middle of its active large-growth peer group, though enhanced-index rivals like JUSA (0.12%) and FELG (0.18%) undercut it by a wide margin.
• The mandate is concrete: at least 80% of net assets in large-cap growth equities, with the team leaning on secular themes like AI, electrification, genomics and aerospace.polencapital.cominvestmentnews.com
• Drew Cupps has run this framework for decades, at his own firm and two others before the team joined Polen in 2025, and he manages the fund himself.polencapital.compolencapital.com 2

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.

• PCLC Small and thinly traded so far, which can mean wider bid-ask spreads and less predictable fills than the household-name large-cap ETFs in this aisle.
• Launched in 2026. The framework's long record was built in separate accounts at prior firms, not in this ticker, so there is little fund-level history to lean on.polencapital.com
• Income is incidental here: distributions are annual and come from net investment income, and the fund discloses that part of a payout can be return of capital.

Full FELG profile⁠

Full PCLC profile⁠