FELG vs TFGZ: Grades, Fees and Holdings Compared

Fidelity Enhanced Large Cap Growth ETF

FELGANYSE Arca

Thornburg Focus Growth Fund

TFGZDNasdaq

Overlap

26.7%by weight

Expense ratio

FELG −0.61pt a year

FELG0.18%TFGZ0.79%

Avg volume · 30D

FELG 183.5×the volume

FELG379KTFGZ2.07K

FELG vs TFGZ Performance

Jul 31, 2026 – Nov 2, 2026

−1.8%FELG−7.4%TFGZ

Expense ratio: FELG 0.18%, better; TFGZ 0.79%
Fund size: FELG $5.78B; TFGZ $226M
1Y total return: FELG −1.7%; TFGZ No data
Yield (12M): FELG 0.37%; TFGZ No data
Holdings: FELG 132; TFGZ 42
Avg volume (30D): FELG 379K sh, better; TFGZ 2.07K sh
NAV per share: FELG $42.20; TFGZ $33.34
52W range

ETF.net Grade

Pillar letters and Scores for FELG, TFGZ, with each pillar’s weight
Pillar	FELG	TFGZ
Cost30% weight	A99Higher	F13
Mission25% weight	A82	Not scored
Risk15% weight	C51	A73Higher
Tradability15% weight	A85Higher	D32
Holdings10% weight	C52	A72Higher
Durability5% weight	A95Higher	D39

Rank among US Active Growth funds

How we build Categories ›

Same Category. FELG and TFGZ 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 TFGZ 70th 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 70DLCLGLogan Capital Broad Innovative Growth ETFScore 38
Rank 70DTFGZThornburg Focus Growth FundScore 38
Rank 72DBWQGBWM Quality Growth ETFScore 37

Our read on each fund

ETF.net Research

FELGAFidelity Enhanced Large Cap Growth ETF

TFGZDThornburg Focus Growth Fund

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.

TFGZ Thornburg's 2026 entry in U.S. growth: large-cap names picked one at a time for above-average earnings and cash-flow growth, built bottom-up rather than off a forecast for the economy.

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.

TFGZ The fund invests mainly in U.S. equities and pursues growth by selecting companies with above-average earnings and cash-flow growth, often emphasizing large-cap issuers. Its portfolio is built bottom-up around individual stock evaluation rather than broad economic-cycle analysis.

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.

TFGZ The mandate is specific, not vague 'growth': U.S. companies with above-average earnings and cash-flow growth, with an emphasis on large caps.
Bottom-up by design. Each holding is judged on its own numbers rather than slotted in from a view on the economic cycle.
Growth is stated up front in the fund's own documents, so the style is declared rather than reverse-engineered from the holdings list.
A pure U.S. equity book: no currency translation or foreign market hours layered on top of the stock picking.

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.

TFGZ Costs 0.79% a year, above the 0.54% median for its active U.S. growth peers and well above enhanced-index rivals like JUSA (0.12%) and FELG (0.18%).
New in 2026, small, and thinly traded: spreads can run wider than in the category's giants, and there is little history to judge the manager's hand.
Built for growth, not income. It has not been paying distributions, so results ride on share price alone.

Full FELG profile⁠

Full TFGZ profile⁠

FELG vs TFGZ Holdings

How FELG and TFGZ differ

Overlap by weight

26.7%

Shared holdings make up 52.8% of TFGZ and 27.6% of FELG.

Level by level

Holdings16 in both26.7%
Sector11 Sectors78.2%
Countryby domicile97.5%
Asset classEquity100%

Sector

Sector weights in FELG and TFGZ, widest gap first
Sector	More in FELGMore in TFGZ	FELG	TFGZ
Technology	FELG +18.7 points	58.7%	40.0%
Financials	TFGZ +8.3 points	5.5%	13.8%
Communication	TFGZ +4.1 points	14.6%	18.7%
Consumer Discretionary	FELG +3.1 points	6.4%	3.3%
Health Care	TFGZ +2.9 points	6.1%	9.0%
Industrials	TFGZ +2.2 points	7.9%	10.1%
Utilities	TFGZ +2.1 points	0.0%	2.1%
Consumer Staples	TFGZ +1.4 points	0.1%	1.5%
Energy	TFGZ +0.7 points	0.2%	0.9%
Materials	TFGZ +0.1 points	0.5%	0.6%
Real Estate	FELG +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FELG and TFGZ, widest gap first
Country	More in FELGMore in TFGZ	FELG	TFGZ
United States	FELG +2.5 points	100.0%	97.5%
Canada	TFGZ +2.5 points	0.0%	2.5%

Concentration

Weight in the 10 largest Holdings

FELG57.9%
TFGZ46.0%

Securities held

FELG131
TFGZ41

Asset class

FELG: Equity
TFGZ: Equity

Holdings

Only in FELG115
In both16
Only in TFGZ25

Only in FELG

115 securities, 71.7% of FELG by weight

NVIDIA Corp15.38%
Apple Inc8.95%
Eli Lilly & Co4.15%
Tesla Inc3.08%
Alphabet Inc Class C2.65%
Advanced Micro Devices Inc2.10%
Visa Inc Class A1.60%
Ge Aerospace1.43%
Texas Instruments Inc1.40%
Ge Vernova Inc1.20%
Applied Materials Inc1.16%
Palantir Technologies Inc0.99%
Crowdstrike Holdings Inc0.97%
Caterpillar Inc0.93%
Netflix Inc0.91%
Amphenol Corporation Class A0.90%
Western Digital Corp0.89%
Adobe Inc0.79%
Trane Technologies PLC0.78%
Airbnb Inc Class A0.76%
Kla Corp0.76%
Sandisk Corporation0.75%
Fortinet Inc0.67%
Expedia Inc0.65%
Gilead Sciences Inc0.59%
Amazon.com Inc0.59%
Uber Technologies Inc0.56%
Howmet Aerospace Inc0.54%
Rtx Corp0.54%
Schwab Charles Corp0.54%
Ecolab Inc0.54%
Bank of New York Mellon Corp0.53%
Bristol-Myers Squibb Co0.53%
Snowflake Inc0.52%
Atlassian Corp PLC Cls A0.52%
Bank of America Corporation0.51%
Maplebear Inc0.50%
Comfort Systems Usa Inc0.49%
Unity Software Inc0.46%
Cisco Systems Inc0.46%
Hubspot Inc0.45%
Keysight Technologies Inc0.45%
Palo Alto Networks Inc0.40%
Incyte Corp0.38%
Ciena Corp0.37%
Seagate Techn Holdings PLC0.36%
Lyft Inc0.35%
Veralto Corp0.33%
Eaton Corp PLC0.33%
Docusign Inc0.33%

Only in TFGZ

25 securities, 45.1% of TFGZ by weight

Credo Technology Group Holding Ltd.3.86%
Royalty Pharma plc3.40%
SiTime Corp.2.72%
Repligen Corp.2.65%
Talen Energy Corp.2.50%
Samsara, Inc.2.49%
Marex Group Ltd.2.40%
Porch Group, Inc.2.37%
Rubrik, Inc.2.33%
Lumentum Holdings, Inc.2.11%
Victoria's Secret & Co.2.09%
Acadian Asset Management, Inc.1.93%
Shopify, Inc.1.88%
Tapestry, Inc.1.67%
Argan, Inc.1.63%
The Vita Coco Co., Inc.1.61%
ITT, Inc.1.36%
BioMarin Pharmaceutical, Inc.1.21%
AerCap Holdings N.V.1.12%
Saia, Inc.0.97%
Cytokinetics, Inc.0.95%
Xometry, Inc.0.80%
Wheaton Precious Metals Corp.0.59%
Karman Holdings, Inc.0.47%
Reddit, Inc.0.01%

Weight gaps

All 16 Holdings in both funds, largest gap first.

Holding weights in FELG and TFGZ, widest gap first
Holding	More in FELGMore in TFGZ	FELG	TFGZ
Alphabet Inc Class AGOOGL	TFGZ +4.21 points	6.58%	10.79%
Lam Research CorpLRCX	TFGZ +2.92 points	0.61%	3.53%
S&P Global IncSPGI	TFGZ +2.74 points	0.20%	2.94%
Heico Corp Class AHEI.A	TFGZ +2.68 points	0.00%	2.68%
Marvell Technology IncMRVL	TFGZ +2.53 points	0.12%	2.65%
Datadog Inc Class ADDOG	TFGZ +2.31 points	0.20%	2.51%
Vertiv Holdings CoVRT	TFGZ +2.27 points	0.27%	2.54%
Mastercard Inc Class AMA	TFGZ +2.08 points	1.93%	4.01%
Tradeweb Markets Inc ATW	TFGZ +1.36 points	0.09%	1.45%
Insmed IncINSM	TFGZ +1.00 points	0.00%	1.00%
Microsoft CorpMSFT	TFGZ +0.92 points	5.48%	6.40%
Technipfmc PLCFTI	TFGZ +0.72 points	0.20%	0.92%
Broadcom IncAVGO	FELG +0.69 points	4.52%	3.83%
Meta Platforms Inc Class AMETA	TFGZ +0.36 points	3.48%	3.84%
Micron Technology IncMU	FELG +0.15 points	3.59%	3.44%
Chime Financial IncCHYM	FELG +0.11 points	0.37%	0.26%

All 109 FELG holdings⁠All TFGZ 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 TFGZ Cost

Overpaying TFGZ vs FELG

$11,425

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

FELG 0.18%
$3,749
TFGZ 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

FELG 0.18%
TFGZ 0.79%
Overpaying

Year by year

Year	FELG	TFGZ	Overpaying
10	$328	$1,405	$1,077
20	$1,281	$5,331	$4,050
30	$3,749	$15,174	$11,425

Expense ratio

0.18%FELG, cheaper
0.79%TFGZ

FELG0.18%TFGZ0.79%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

FELG cheapest of 90 funds

TFGZ 78th cheapest of 90 funds

FELG vs TFGZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FELG 0.37%; TFGZ No data
Payout (12M): FELG $0.16; TFGZ None
Last payment: FELG $0.04; TFGZ No data
Ex-dividend: FELG Sep 18, 2026; TFGZ No data
Paid on: FELG Sep 22, 2026; TFGZ No data
Frequency: FELG Quarterly; TFGZ No data

Distribution history

Per share, 2023 to 2026, same scale for both

FELGQuarterly · 14 paymentsAll FELG payments⁠

TFGZAll TFGZ payments⁠

No distribution history available.

FELG vs TFGZ 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 2023TFGZ No data
Return per unit of riskSharpe ratio, 3 years: FELG 0.93since Dec 2023TFGZ No data
Worst fallMax drawdown, 5 years: FELG −23.9%since Nov 2023TFGZ No data
Market sensitivityBeta, 5 years: FELG 1.23TFGZ 1.33; Market = 1

FELG and TFGZ 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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