FELG vs RONB: Grades, Fees and Holdings Compared

Fidelity Enhanced Large Cap Growth ETF

FELGANYSE Arca

Baron First Principles ETF

RONBFNYSE

Overlap

4.5%by weight

Expense ratio

FELG −0.82pt a year

FELG0.18%RONB1.00%

Avg volume · 30D

RONB 1.4×the volume

FELG379KRONB538K

FELG vs RONB Performance

Dec 31, 2025 – Oct 30, 2026

+1.6%FELG−4.0%RONB

Expense ratio: FELG 0.18%, better; RONB 1.00%
Fund size: FELG $5.78B; RONB $336M
1Y total return: FELG −0.5%; RONB No data
Yield (12M): FELG 0.37%; RONB No data
Holdings: FELG 133; RONB 22
Avg volume (30D): FELG 379K sh; RONB 538K sh, better
NAV per share: FELG $42.20; RONB $24.04
52W range

ETF.net Grade

Pillar letters and Scores for FELG, RONB, with each pillar’s weight
Pillar	FELG	RONB
Cost30% weight	A99Higher	F2
Mission25% weight	A82	Not scored
Risk15% weight	C51Higher	F22
Tradability15% weight	A85Higher	B69
Holdings10% weight	C52Higher	F17
Durability5% weight	A95Higher	C43

Rank among US Active Growth funds

How we build Categories ›

Same Category. FELG and RONB 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 RONB 85th 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 83DTMFMMotley Fool Mid-Cap Growth ETFScore 25
Rank 85FRONBBaron First Principles ETFScore 23
AEMGNot yet graded
FTGNot yet graded
HIAINot yet graded
ZDISNot yet graded
ZINNNot yet graded

Our read on each fund

ETF.net Research

FELGAFidelity Enhanced Large Cap Growth ETF

RONBFBaron First Principles 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.

RONB No data

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.

RONB No data

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.

RONB No data

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.

RONB No data

Full FELG profile⁠

Full RONB profile⁠

FELG vs RONB Holdings

How FELG and RONB differ

Overlap by weight

4.5%

Shared holdings make up 54.1% of RONB and 4.5% of FELG.

Level by level

Holdings5 in both4.5%
Sector11 Sectors31.0%
Countryby domicile95.7%
Asset classEquity100%

Sector

Sector weights in FELG and RONB, widest gap first
Sector	More in FELGMore in RONB	FELG	RONB
Technology	FELG +52.2 points	58.7%	6.5%
Industrials	RONB +33.4 points	7.9%	41.3%
Consumer Discretionary	RONB +22.3 points	6.4%	28.7%
Financials	RONB +13.2 points	5.5%	18.7%
Communication	FELG +11.4 points	14.6%	3.2%
Health Care	FELG +4.5 points	6.1%	1.6%
Materials	FELG +0.5 points	0.5%	0.0%
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 RONB, widest gap first
Country	More in FELGMore in RONB	FELG	RONB
United States	FELG +4.3 points	100.0%	95.7%
Canada	RONB +4.3 points	0.0%	4.3%

Concentration

Weight in the 10 largest Holdings

FELG57.6%
RONB78.7%

Securities held

FELG131
RONB21

Asset class

FELG: Equity
RONB: Equity

Holdings

Only in FELG126
In both5
Only in RONB16

Only in FELG

126 securities, 94.8% of FELG by weight

NVIDIA Corp15.60%
Apple Inc8.80%
Alphabet Inc Class A6.48%
Microsoft Corp5.40%
Broadcom Inc4.65%
Eli Lilly & Co3.90%
Micron Technology Inc3.69%
Meta Platforms Inc Class A3.43%
Alphabet Inc Class C2.61%
Advanced Micro Devices Inc2.28%
Mastercard Inc Class A1.87%
Visa Inc Class A1.54%
Ge Aerospace1.44%
Texas Instruments Inc1.42%
Applied Materials Inc1.22%
Ge Vernova Inc1.20%
Palantir Technologies Inc1.02%
Crowdstrike Holdings Inc0.98%
Caterpillar Inc0.94%
Western Digital Corp0.93%
Amphenol Corporation Class A0.90%
Netflix Inc0.88%
Sandisk Corporation0.84%
Trane Technologies PLC0.80%
Kla Corp0.78%
Adobe Inc0.76%
Fortinet Inc0.67%
Lam Research Corp0.63%
Expedia Inc0.63%
Amazon.com Inc0.58%
Gilead Sciences Inc0.56%
Snowflake Inc0.55%
Uber Technologies Inc0.55%
Howmet Aerospace Inc0.55%
Atlassian Corp PLC Cls A0.54%
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%
Palo Alto Networks Inc0.40%
Ciena Corp0.39%
Seagate Techn Holdings PLC0.38%
Chime Financial Inc0.37%

Only in RONB

16 securities, 45.1% of RONB by weight

Figs Inc Class A6.94%
Msci Inc4.51%
Shopify Inc Class A4.26%
Hyatt Hotels Corp Class A3.95%
Interactive Brokers Gro Class A3.19%
Spotify Technology SA3.00%
Factset Research Systems Inc2.85%
Morningstar Inc2.57%
Choice Hotels Intl Inc2.17%
Red Rock Resorts Inc Class A2.17%
Guidewire Software Inc1.77%
Birkenstock Holding PLC1.75%
Arch Capital Group Ltd1.69%
On Holding AG Class A1.67%
Idexx Laboratories Inc1.66%
Kinsale Capital Group Inc0.89%

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in FELG and RONB, widest gap first
Holding	More in FELGMore in RONB	FELG	RONB
Space Exploration Tech Corp ASPCX	RONB +37.88 points	0.19%	38.07%
Tesla IncTSLA	RONB +6.12 points	3.02%	9.14%
Schwab Charles CorpSCHW	RONB +2.26 points	0.53%	2.79%
Heico Corp Class AHEI.A	RONB +2.09 points	0.00%	2.09%
Airbnb Inc Class AABNB	RONB +1.30 points	0.75%	2.05%

All 109 FELG holdings⁠All 23 RONB 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 RONB Cost

Overpaying RONB vs FELG

$14,939

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

FELG 0.18%
$3,749
RONB 1.00%
$18,688

Amount$10,000

Years30 years

Cost over time

FELG 0.18%
RONB 1.00%
Overpaying

Year by year

Year	FELG	RONB	Overpaying
10	$328	$1,763	$1,435
20	$1,281	$6,625	$5,344
30	$3,749	$18,688	$14,939

Expense ratio

0.18%FELG, cheaper
1.00%RONB

FELG0.18%RONB1.00%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

FELG cheapest of 90 funds

RONB 88th cheapest of 90 funds

FELG vs RONB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FELG 0.37%; RONB No data
Payout (12M): FELG $0.16; RONB No data
Last payment: FELG $0.04; RONB $0.0002
Ex-dividend: FELG Sep 18, 2026; RONB Sep 22, 2026
Paid on: FELG Sep 22, 2026; RONB Sep 23, 2026
Frequency: FELG Quarterly; RONB Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

FELGQuarterly · 14 paymentsAll FELG payments⁠

RONBIrregular · 1 paymentAll RONB payments⁠

FELG vs RONB 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 2023RONB No data
Return per unit of riskSharpe ratio, 3 years: FELG 0.93since Dec 2023RONB No data
Worst fallMax drawdown, 5 years: FELG −23.9%since Nov 2023RONB No data
Market sensitivityBeta, 5 years: FELG 1.23RONB 0.74; Market = 1

FELG and RONB 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 RONB

In short

Stated mandate

Why people hold it

Worth knowing

How FELG and RONB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FELG

Only in RONB

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 RONB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FELG

Only in RONB

Weight gaps