FELG vs PGRO: Grades, Fees and Holdings Compared

Fidelity Enhanced Large Cap Growth ETF

FELGANYSE Arca

Putnam Focused Large Cap Growth ETF

PGROBNYSE Arca

Overlap

63.4%by weight

Expense ratio

FELG −0.31pt a year

FELG0.18%PGRO0.49%

Avg volume · 30D

FELG 7.6×the volume

FELG379KPGRO50K

FELG vs PGRO Performance

Oct 31, 2025 – Oct 30, 2026

−0.5%FELG−0.9%PGRO

Expense ratio: FELG 0.18%, better; PGRO 0.49%
Fund size: FELG $5.78B; PGRO $210M
1Y total return: FELG −0.5%, better; PGRO −0.9%
Yield (12M): FELG 0.37%, better; PGRO 0.02%
Holdings: FELG 133; PGRO 40
Avg volume (30D): FELG 379K sh, better; PGRO 50K sh
NAV per share: FELG $42.20; PGRO $45.50
52W range

ETF.net Grade

Pillar letters and Scores for FELG, PGRO, with each pillar’s weight
Pillar	FELG	PGRO
Cost30% weight	A99Higher	B62
Mission25% weight	A82	Not scored
Risk15% weight	C51Higher	C45
Tradability15% weight	A85Higher	A75
Holdings10% weight	C52Higher	C50
Durability5% weight	A95Higher	A74

Rank among US Active Growth funds

How we build Categories ›

Same Category. FELG and PGRO 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 PGRO 24th 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 24BLRGGNomura Focused Large Growth ETFScore 60
Rank 24BPGROPutnam Focused Large Cap Growth ETFScore 60
Rank 24BQDVOAmplify CWP Growth & Income ETFScore 60

Our read on each fund

ETF.net Research

FELGAFidelity Enhanced Large Cap Growth ETF

PGROBPutnam Focused 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.

PGRO One of Putnam's first four ETFs back in 2021, PGRO runs a deliberately concentrated book of US large-cap growth names against the Russell 1000 Growth. Stock picking, not factor renting.

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.

PGRO The fund seeks capital appreciation by investing primarily in large U.S. common stocks selected for 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.

PGRO 0.49% net of a waiver through December 31, 2026 (0.50% gross), below the category median, though enhanced-index rivals FELG and JUSA charge 0.18%.
Conviction is the design: top-down themes paired with bottom-up research, built to carry stock-specific risk and dial down factor bets.franklintempleton.com
Live since May 2021 as part of Putnam's original ETF lineup, now on Franklin Templeton's platform, and it stands among the stronger builds in a crowded active large-growth field.etfexpress.com

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.

PGRO Non-diversified and tightly held: a few dozen names, with a handful of mega-caps carrying real weight, so one company's stumble lands harder than in a broad index fund.franklintempleton.com
A smaller fund that trades less actively than the index giants in large-cap growth, so bid-ask spreads can run wider at the screen.
Capital appreciation is the stated goal and payouts come only once or twice a year, so this is not built as an income sleeve.

Full FELG profile⁠

Full PGRO profile⁠

FELG vs PGRO Holdings

How FELG and PGRO differ

Overlap by weight

63.4%

Shared holdings make up 84.7% of PGRO and 69.0% of FELG.

Level by level

Holdings26 in both63.4%
Sector11 Sectors92.5%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in FELG and PGRO, widest gap first
Sector	More in FELGMore in PGRO	FELG	PGRO
Technology	FELG +4.9 points	58.7%	53.8%
Communication	PGRO +2.9 points	14.6%	17.5%
Industrials	FELG +2.4 points	7.9%	5.5%
Consumer Staples	PGRO +1.3 points	0.1%	1.4%
Consumer Discretionary	PGRO +1.0 points	6.4%	7.4%
Health Care	PGRO +0.9 points	6.1%	7.0%
Materials	PGRO +0.7 points	0.5%	1.2%
Real Estate	PGRO +0.4 points	0.1%	0.5%
Financials	PGRO +0.2 points	5.5%	5.7%
Energy	FELG +0.2 points	0.2%	0.0%
Utilities	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FELG and PGRO, widest gap first
Country	More in FELGMore in PGRO	FELG	PGRO
United States	FELG +1.2 points	100.0%	98.8%
Canada	PGRO +1.2 points	0.0%	1.2%

Concentration

Weight in the 10 largest Holdings

FELG57.6%
PGRO58.6%

Securities held

FELG131
PGRO39

Asset class

FELG: Equity
PGRO: Equity

Holdings

Only in FELG105
In both26
Only in PGRO13

Only in FELG

105 securities, 30.3% of FELG by weight

Alphabet Inc Class C2.61%
Ge Aerospace1.44%
Texas Instruments Inc1.42%
Applied Materials Inc1.22%
Crowdstrike Holdings Inc0.98%
Western Digital Corp0.93%
Amphenol Corporation Class A0.90%
Kla Corp0.78%
Adobe Inc0.76%
Airbnb Inc Class A0.75%
Fortinet Inc0.67%
Expedia Inc0.63%
Gilead Sciences Inc0.56%
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%
Ecolab Inc0.52%
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%
Cisco Systems Inc0.46%
Hubspot Inc0.45%
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%
Arista Networks Inc0.31%
Veralto Corp0.30%
Quanta Svcs Inc0.30%
Travere Therapeutics Inc0.30%
Vertiv Holdings Co0.27%
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%
S&P Global Inc0.20%
Space Exploration Tech Corp A0.19%
Technipfmc PLC0.19%
Oscar Health Inc - Class A0.17%

Only in PGRO

13 securities, 14.9% of PGRO by weight

Cadence Design Sys Inc1.74%
Spotify Technology SA1.54%
Vulcan Materials Co1.40%
Live Nation Entertainment1.38%
AbbVie Inc1.24%
Hilton Worldwide Holdings1.16%
Putnam Govt Mmkt Fnd-P1.15%
Shopify Inc - Class A1.13%
Starbucks Corp1.09%
Coherent Corp0.96%
Idexx Laboratories Inc0.80%
Cbre Group Inc - A0.66%
Lumentum Holdings Inc0.61%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in FELG and PGRO, widest gap first
Holding	More in FELGMore in PGRO	FELG	PGRO
NVIDIA CorpNVDA	FELG +2.36 points	15.60%	13.24%
Alphabet Inc Class AGOOGL	PGRO +2.12 points	6.48%	8.60%
Lam Research CorpLRCX	PGRO +2.10 points	0.63%	2.73%
Amazon.com IncAMZN	PGRO +2.04 points	0.58%	2.62%
Mastercard Inc Class AMA	PGRO +1.76 points	1.87%	3.63%
Apple IncAAPL	FELG +1.74 points	8.80%	7.06%
Visa Inc Class AV	PGRO +1.71 points	1.54%	3.25%
Costco Wholesale CorpCOST	PGRO +1.50 points	0.12%	1.62%
Intuitive Surgical IncISRG	PGRO +1.48 points	0.00%	1.48%
Snowflake IncSNOW	PGRO +1.38 points	0.55%	1.93%
Palo Alto Networks IncPANW	PGRO +1.20 points	0.40%	1.60%
Eli Lilly & CoLLY	PGRO +1.09 points	3.90%	5.00%
Palantir Technologies IncPLTR	PGRO +0.84 points	1.02%	1.86%
Meta Platforms Inc Class AMETA	PGRO +0.77 points	3.43%	4.20%
Trane Technologies PLCTT	PGRO +0.72 points	0.80%	1.52%
Marvell Technology IncMRVL	PGRO +0.72 points	0.13%	0.85%
Micron Technology IncMU	FELG +0.68 points	3.69%	3.01%
Advanced Micro Devices IncAMD	PGRO +0.55 points	2.28%	2.83%
Sandisk CorporationSNDK	FELG +0.46 points	0.84%	0.38%
Oracle CorpORCL	PGRO +0.39 points	0.20%	0.59%
Tesla IncTSLA	PGRO +0.38 points	3.02%	3.40%
Netflix IncNFLX	FELG +0.34 points	0.88%	0.54%
Ge Vernova IncGEV	PGRO +0.33 points	1.20%	1.53%
Broadcom IncAVGO	PGRO +0.13 points	4.65%	4.78%
Microsoft CorpMSFT	PGRO +0.06 points	5.40%	5.46%
Caterpillar IncCAT	PGRO +0.03 points	0.94%	0.97%

All 109 FELG holdings⁠All 33 PGRO 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 PGRO Cost

Overpaying PGRO vs FELG

$6,043

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

FELG 0.18%
$3,749
PGRO 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

FELG 0.18%
PGRO 0.49%
Overpaying

Year by year

Year	FELG	PGRO	Overpaying
10	$328	$883	$555
20	$1,281	$3,394	$2,113
30	$3,749	$9,792	$6,043

Expense ratio

0.18%FELG, cheaper
0.49%PGRO

FELG0.18%PGRO0.49%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

FELG cheapest of 90 funds

PGRO 30th cheapest of 90 funds

FELG vs PGRO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FELG 0.37%, better; PGRO 0.02%
Payout (12M): FELG $0.16; PGRO $0.0094
Last payment: FELG $0.04; PGRO $0.0094
Ex-dividend: FELG Sep 18, 2026; PGRO Dec 19, 2025
Paid on: FELG Sep 22, 2026; PGRO Dec 23, 2025
Frequency: FELG Quarterly; PGRO Annual

Distribution history

Per share, 2022 to 2026, same scale for both

FELGQuarterly · 14 paymentsAll FELG payments⁠

PGROAnnual · 4 paymentsAll PGRO payments⁠

FELG vs PGRO 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 2023PGRO 17.5%
Return per unit of riskSharpe ratio, 3 years: FELG 0.93since Dec 2023PGRO 0.99
Worst fallMax drawdown, 5 years: FELG −23.9%since Nov 2023PGRO −34.7%
Market sensitivityBeta, 5 years: FELG 1.23PGRO 1.17; Market = 1

FELG and PGRO in the news

All news⁠

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

Popular comparisons

FELGAvsJUSAA
Fidelity Enhanced Large Cap Growth ETF · JPMorgan U.S. Research Enhanced Large Cap ETF
Expense ratio
0.18% · 0.18%
Category
PGROBvsJUSAA
Putnam Focused Large Cap Growth ETF · JPMorgan U.S. Research Enhanced Large Cap ETF
Expense ratio
0.49% · 0.18%
Category
FELGAvsGUSEA
Fidelity Enhanced Large Cap Growth ETF · Goldman Sachs Enhanced U.S. Equity ETF
Expense ratio
0.18% · 0.30%
Category
PGROBvsGUSEA
Putnam Focused Large Cap Growth ETF · Goldman Sachs Enhanced U.S. Equity ETF
Expense ratio
0.49% · 0.30%
Category
FELGAvsLRGCA
Fidelity Enhanced Large Cap Growth ETF · AB US Large Cap Strategic Equities ETF
Expense ratio
0.18% · 0.39%
Category
PGROBvsLRGCA
Putnam Focused Large Cap Growth ETF · AB US Large Cap Strategic Equities ETF
Expense ratio
0.49% · 0.39%
Category

FELG vs PGRO

In short

Stated mandate

Why people hold it

Worth knowing

How FELG and PGRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FELG

Only in PGRO

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 PGRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FELG

Only in PGRO

Weight gaps