Fidelity Nasdaq Composite Index ETF (ONEQ)

Market Price (9/25/2026): $106.68

Fidelity Nasdaq Composite Index ETF (ONEQ)

Market Price (9/25/2026): $106.68

Key Takeaways

ONEQ has returned +16.4% YTD vs +13.1% for SPY, +20.9% for QQQ; +20.4% over the past 12 months (SPY +17.0%, QQQ +24.8%). details →
Priced in gold, ONEQ has returned -7.7% over the past 3 years, vs +106.9% in dollars — its dollar gains have lagged gold. details →
Over the past month, ONEQ has seen net outflows of −$10M (−0.1% of assets). details →
ONEQ is trading within 1.1% of its all-time high. details →
Analysts expect +15% revenue growth across ONEQ's holdings (next fiscal year) vs +15% for QQQ; portfolio earnings growth is not meaningful given limited profitability. details →

Last updated: 9/24/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with ONEQ

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+14.2%

Volatility

12.6%

Sharpe

0.90

YTD

+10.4%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	ONEQ	25.0%	-0.0%	1.8%	3.0%	16.4%
Bond	BND	50.0%	-0.5%	-1.4%	-2.7%	-2.3%
Gold	GLD	10.0%	-0.3%	-1.7%	-8.5%	-1.2%
Commodity	DBC	2.5%	0.0%	-0.5%	8.1%	47.0%
Real Estate	VNQ	5.0%	-0.3%	-2.0%	-7.3%	6.0%
Bitcoin	BTCUSD	0.0%	-0.1%	10.3%	7.3%	-3.7%
Cash	GOVT	7.5%	-0.3%	-1.2%	-2.7%	-2.6%
Conservative Portfolio		100.0%	-0.3%	-0.6%	-1.8%	4.1%

	ETF	%	1D	1W	1M	YTD
Equity	ONEQ	55.0%	-0.0%	1.8%	3.0%	16.4%
Bond	BND	25.0%	-0.5%	-1.4%	-2.7%	-2.3%
Gold	GLD	7.0%	-0.3%	-1.7%	-8.5%	-1.2%
Commodity	DBC	4.0%	0.0%	-0.5%	8.1%	47.0%
Real Estate	VNQ	5.0%	-0.3%	-2.0%	-7.3%	6.0%
Bitcoin	BTCUSD	2.0%	-0.1%	10.3%	7.3%	-3.7%
Cash	GOVT	2.0%	-0.3%	-1.2%	-2.7%	-2.6%
Moderate Portfolio		100.0%	-0.2%	0.6%	0.4%	10.4%

	ETF	%	1D	1W	1M	YTD
Equity	ONEQ	80.0%	-0.0%	1.8%	3.0%	16.4%
Bond	BND	5.0%	-0.5%	-1.4%	-2.7%	-2.3%
Gold	GLD	3.0%	-0.3%	-1.7%	-8.5%	-1.2%
Commodity	DBC	2.2%	0.0%	-0.5%	8.1%	47.0%
Real Estate	VNQ	4.5%	-0.3%	-2.0%	-7.3%	6.0%
Bitcoin	BTCUSD	5.2%	-0.1%	10.3%	7.3%	-3.7%
Cash	GOVT	0.0%	-0.3%	-1.2%	-2.7%	-2.6%
Aggressive Portfolio		100.0%	-0.1%	1.8%	2.2%	14.1%

	ETF	%	Return	Volatility	Sharpe
Equity	ONEQ	25.0%	19.0%	18.8%	0.88
Bond	BND	50.0%	1.2%	5.2%	-0.26
Gold	GLD	10.0%	12.0%	15.3%	0.62
Commodity	DBC	2.5%	8.6%	17.5%	0.42
Real Estate	VNQ	5.0%	4.8%	17.6%	0.21
Bitcoin	BTCUSD	0.0%	63.7%	76.3%	0.96
Cash	GOVT	7.5%	0.3%	5.0%	-0.47
Conservative Portfolio		100.0%	7.3%	7.8%	0.59

	ETF	%	Return	Volatility	Sharpe
Equity	ONEQ	55.0%	19.0%	18.8%	0.88
Bond	BND	25.0%	1.2%	5.2%	-0.26
Gold	GLD	7.0%	12.0%	15.3%	0.62
Commodity	DBC	4.0%	8.6%	17.5%	0.42
Real Estate	VNQ	5.0%	4.8%	17.6%	0.21
Bitcoin	BTCUSD	2.0%	63.7%	76.3%	0.96
Cash	GOVT	2.0%	0.3%	5.0%	-0.47
Moderate Portfolio		100.0%	14.2%	12.6%	0.90

	ETF	%	Return	Volatility	Sharpe
Equity	ONEQ	80.0%	19.0%	18.8%	0.88
Bond	BND	5.0%	1.2%	5.2%	-0.26
Gold	GLD	3.0%	12.0%	15.3%	0.62
Commodity	DBC	2.2%	8.6%	17.5%	0.42
Real Estate	VNQ	4.5%	4.8%	17.6%	0.21
Bitcoin	BTCUSD	5.2%	63.7%	76.3%	0.96
Cash	GOVT	0.0%	0.3%	5.0%	-0.47
Aggressive Portfolio		100.0%	20.7%	17.6%	1.00

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	ONEQ	25.0%	-30.3%	-26.0%	-22.4%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-17.3%	-10.6%	-5.3%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	ONEQ	55.0%	-30.3%	-26.0%	-22.4%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-22.8%	-18.9%	-13.6%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	ONEQ	80.0%	-30.3%	-26.0%	-22.4%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-29.0%	-25.3%	-20.6%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Learn More →

Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

Learn More →

Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	9/30/27	9/25/26	2025	2024	2023	2022	2021
Share Price CYE		$106.09	$91.16	$75.40	$58.31	$40.01	$58.95
Dividend/Share TTM		$0.40	$0.49	$0.50	$0.42	$0.40	$0.89
Valuation [1]
P/S	4.70	5.74	4.86	4.69	3.86	2.80	4.76
P/E		27.27	32.30	31.73	29.05	21.83	30.25
P/E (Non-GAAP) [2]	22.13	27.18	30.11	31.05	27.46	20.63	34.57
P/FCF		49.14	42.66	44.42	35.34	31.23	42.54
Yields TTM
Earnings Yield	4.52%	3.67%	3.10%	3.15%	3.44%	4.58%	3.31%
Dividend Yield	0.38%	0.38%	0.54%	0.66%	0.72%	1.00%	1.50%
Total Yield (TY)	4.90%	4.05%	3.64%	3.81%	4.16%	5.58%	4.81%
Risk Premium [3]
Risk Free Rate (Rf)	5.11%	5.11%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	-0.21%	-1.06%	-0.54%	-0.77%	0.28%	1.70%	3.29%
Growth Rates [6]
Sales Growth	15.2%	8.3%	10.6%	7.5%	5.4%	10.7%
Earnings Growth [7]	12.8%	33.6%	29.7%	14.7%	22.8%	-22.7%

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

ONEQ's earnings yield is 3.67%, based on its 27.3x trailing P/E. With a 0.38% dividend yield, ONEQ is yielding 4.05% in total.

RISK

Compared to US Treasuries at 5.11%, ONEQ's total yield implies a -1.06% risk premium. A negative risk premium means investors earn less than risk-free Treasuries — valuations are historically stretched, though expectations of falling interest rates or fast earnings growth can justify such levels.

FORWARD EXPECTATIONS

Based on analyst estimates, ONEQ's forward total yield is 4.90%, implying a -0.21% risk premium assuming stable Treasury rates.

Top 20 Holdings for ONEQ

Total Weights
Top 5: 40.4% | Top 10: 56.6% | Top 20: 68.1%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		90.76%	100.00%	100.00%	4.5	21.9	+15.2%	+12.8%
Top 20		64.51%	49.95%	68.55%	5.9	23.4	+20.4%	+11.9%
NVDA	NVIDIA	11.47%	3.78%	13.11%	9.1	16.7	+68.3%	+65.9%
AAPL	Apple	10.70%	5.99%	9.02%	9.4	35.8	+9.7%	+3.8%
MSFT	Microsoft	7.99%	4.23%	9.31%	9.0	23.9	+19.5%	+19.8%
AMZN	Amazon.com	5.84%	9.96%	9.47%	2.9	22.3	+14.6%	-18.4%
GOOGL	Alphabet	4.37%	2.77%	8.26%	7.1	20.5	+23.1%	-26.8%
GOOG	Alphabet	4.05%	2.56%	7.66%	7.1	20.5	+23.1%	-26.8%
AVGO	Broadcom	3.55%	—	—	—	—	—	—
META	Meta Platforms	3.23%	2.20%	3.59%	6.8	22.4	+20.2%	+12.9%
TSLA	Tesla	2.97%	1.48%	0.30%	10.5	159.3	+13.5%	+33.1%
SPCX	Space Exploration Technologies	2.47%	0.35%	—	9.7	198.6	+142.3%	+111.3%
MU	Micron Technology	2.38%	1.04%	3.18%	4.8	6.8	+13.0%	+8.3%
AMD	Advanced Micro Devices	1.92%	0.46%	0.39%	12.9	45.0	+75.5%	+109.9%
WMT	Walmart	1.83%	9.31%	1.52%	1.1	34.2	+4.4%	+11.7%
INTC	Intel	1.18%	0.61%	—	9.2	63.4	+15.4%	+41.4%
CSCO	Cisco Systems	0.94%	0.83%	0.95%	5.7	20.5	+7.2%	+8.0%
PLTR	Palantir Technologies	0.87%	0.07%	0.18%	41.1	103.1	+49.7%	+40.0%
COST	Costco Wholesale	0.85%	3.71%	0.61%	1.2	39.3	+7.3%	+9.8%
LRCX	Lam Research	0.73%	0.26%	0.44%	10.5	30.7	+19.9%	+23.3%
AMAT	Applied Materials	0.72%	0.35%	0.57%	8.2	26.5	+36.1%	+39.7%

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 9/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 9/30/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for ONEQ Top Holdings

Ticker	Holding	Weight	Mkt Price 9/24	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
ONEQ	Fidelity Nasdaq Composite Index ETF	100.00%	106.09	-0.0%	3.0%	16.4%	20.4%	106.9%	88.0%	461.7%
NVDA	NVIDIA	11.47%	224.58	-0.4%	5.5%	20.7%	27.2%	433.5%	921.6%	14,128.3%
AAPL	Apple	10.70%	335.92	-0.3%	8.4%	23.9%	33.6%	93.4%	134.4%	1,201.3%
MSFT	Microsoft	7.99%	497.93	-0.5%	1.3%	3.6%	-1.6%	60.5%	73.3%	885.5%
AMZN	Amazon.com	5.84%	249.38	0.0%	-4.5%	8.0%	13.2%	90.0%	45.6%	524.1%
GOOGL	Alphabet	4.37%	342.36	1.3%	-1.3%	9.6%	38.9%	163.6%	143.0%	761.2%
GOOG	Alphabet	4.05%	339.01	1.2%	-1.2%	8.2%	37.1%	158.9%	139.9%	784.1%
AVGO	Broadcom	3.55%	350.36	-1.3%	-1.6%	1.8%	4.0%	334.0%	658.0%	2,600.6%
META	Meta Platforms	3.23%	777.59	4.5%	36.5%	18.1%	2.6%	161.0%	122.4%	516.6%
TSLA	Tesla	2.97%	377.94	-0.6%	7.9%	-16.0%	-14.6%	53.0%	46.4%	2,612.6%
SPCX	Space Exploration Technologies	2.47%	148.03	-0.2%	7.3%
MU	Micron Technology	2.38%	1,080.53	0.8%	15.8%	278.8%	569.3%	1,493.2%	1,396.4%	6,282.9%
AMD	Advanced Micro Devices	1.92%	629.26	2.4%	31.3%	193.8%	291.1%	546.2%	494.8%	9,856.6%
WMT	Walmart	1.83%	107.59	-2.7%	2.1%	-2.8%	5.6%	104.3%	140.0%	432.6%
INTC	Intel	1.18%	127.39	3.9%	45.6%	245.2%	308.0%	277.7%	155.1%	329.0%
CSCO	Cisco Systems	0.94%	106.97	0.5%	-3.7%	40.9%	62.2%	116.5%	116.9%	363.3%
PLTR	Palantir Technologies	0.87%	192.59	0.4%	11.5%	8.3%	7.3%	1,254.4%	574.3%
COST	Costco Wholesale	0.85%	896.48	-0.9%	-6.6%	4.4%	-4.6%	67.0%	102.2%	601.9%
LRCX	Lam Research	0.73%	307.16	-0.0%	-2.3%	80.0%	140.5%	407.4%	428.9%	3,739.0%
AMAT	Applied Materials	0.72%	474.25	-0.0%	-1.2%	85.2%	136.7%	255.4%	248.3%	1,697.8%

Guidance Updates for ONEQ Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
AMAT_8132026	AMAT	Applied Materials	8/13/2026	Q4 2026 Revenue	10.25 Bil	14.5%	Higher NewNew Guidance Higher than Prior Actual of 8.95 Bil for Q3 2026
AMD_8042026	AMD	Advanced Micro Devices	8/4/2026	Q3 2026 Revenue	13.00 Bil	16.1%	Higher NewNew Guidance Higher than Prior Actual of 11.20 Bil for Q2 2026
AVGO_9022026	AVGO	Broadcom	9/2/2026	Q4 2026 Revenue	34.80 Bil	18.4%	Higher NewNew Guidance Higher than Prior Actual of 29.40 Bil for Q3 2026
INTC_7232026	INTC	Intel	7/23/2026	Q3 2026 Revenue	16.30 Bil	14.0%	Higher NewNew Guidance Higher than Prior Actual of 14.30 Bil for Q2 2026
LRCX_7292026	LRCX	Lam Research	7/29/2026	Q3 2026 Revenue	8.10 Bil	22.7%	Higher NewNew Guidance Higher than Prior Actual of 6.60 Bil for Q2 2026
MU_6242026	MU	Micron Technology	6/24/2026	Q4 2026 Revenue	50.00 Bil	49.3%	Higher NewNew Guidance Higher than Prior Actual of 33.50 Bil for Q3 2026
NVDA_8262026	NVDA	NVIDIA	8/26/2026	Q3 2027 Revenue	108.00 Bil	18.7%	Higher NewNew Guidance Higher than Prior Actual of 91.00 Bil for Q2 2027
PLTR_8032026	PLTR	Palantir Technologies	8/3/2026	2026 Revenue	8.15 Bil	6.5%	RaisedRaised Prior Guidance of 7.66 Bil for 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ONEQ Return	22%	-32%	46%	29%	21%	16%	120%
Peers Return	24%	-30%	48%	19%	19%	19%	117%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	105%
Monthly Win Rates [3]
ONEQ Win Rate	83%	33%	67%	75%	67%	56%
Peers Win Rate	75%	33%	64%	72%	64%	52%
S&P 500 Win Rate	75%	42%	67%	75%	67%	56%
Max Drawdowns [4]
ONEQ Max Drawdown	-10%	-35%	-12%	-13%	-24%	-13%
Peers Max Drawdown	-11%	-33%	-11%	-13%	-22%	-13%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: QQQ, QQQM, QQEW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/24/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
ONEQ	1.02	0.96	0.48
Equity Top Results (3Y)
IALT	2.08	2.08	2.08
VLUE	2.53	1.42	0.74
SPMO	0.94	1.37	0.79
CORO	1.35	1.33	1.33
CGDV	1.28	1.31	0.94

Results as of 8312026.

Event	ONEQ	S&P 500
2025 US Tariff Shock
% Loss	-23.7%	-18.8%
% Gain to Breakeven	31.0%	23.1%
Time to Breakeven	79 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-13.2%	-7.8%
% Gain to Breakeven	15.3%	8.5%
Time to Breakeven	83 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.5%	-9.5%
% Gain to Breakeven	11.8%	10.5%
Time to Breakeven	19 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.9%	-24.5%
% Gain to Breakeven	51.3%	32.4%
Time to Breakeven	466 days	427 days
2020 COVID-19 Crash
% Loss	-30.2%	-33.7%
% Gain to Breakeven	43.2%	50.9%
Time to Breakeven	74 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.5%	-19.2%
% Gain to Breakeven	29.1%	23.8%
Time to Breakeven	113 days	105 days

Compare to QQQ, QQQM, QQEW

In The Past

Fidelity Nasdaq Composite Index ETF's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	ONEQ	S&P 500
2025 US Tariff Shock
% Loss	-23.7%	-18.8%
% Gain to Breakeven	31.0%	23.1%
Time to Breakeven	79 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.9%	-24.5%
% Gain to Breakeven	51.3%	32.4%
Time to Breakeven	466 days	427 days
2020 COVID-19 Crash
% Loss	-30.2%	-33.7%
% Gain to Breakeven	43.2%	50.9%
Time to Breakeven	74 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.5%	-19.2%
% Gain to Breakeven	29.1%	23.8%
Time to Breakeven	113 days	105 days
2008-2009 Global Financial Crisis
% Loss	-53.0%	-53.4%
% Gain to Breakeven	112.7%	114.4%
Time to Breakeven	652 days	1085 days

Compare to QQQ, QQQM, QQEW

In The Past

Fidelity Nasdaq Composite Index ETF's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

ONEQ Dip Buy History

ONEQ had 22 events since 3/5/2007 where the dip threshold of -5.0% within 60 days was triggered

25% median peak return within 1 year of dip event
293 days is the median time to peak return after a dip event
-9.1% median max drawdown within 1 year of dip event

60 Day Dip			ONEQ Subsequent Performance
Date	ONEQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			23%	25%	-9%	293
3192026	-5%	-3%			-6%	187
3032025	-5%	-3%	24%	31%	-16%	240
10182023	-5%	-5%	40%	41%	-5%	266
9292022	-5%	-5%	26%	35%	-5%	293
1202022	-7%	-2%	-19%	4%	-27%	68
5122021	-7%	4%	-12%	24%	-12%	191
3092020	-7%	-12%	65%	77%	-14%	340
10102018	-5%	-0%	10%	13%	-16%	289
4242018	-6%	-8%	17%	17%	-11%	366
6272016	-6%	-3%	35%	39%	0%	346
1132016	-7%	-7%	24%	24%	-6%	364
8212015	-7%	-7%	13%	13%	-9%	360
10162014	-5%	-6%	17%	25%	0%	277
4112014	-5%	-1%	26%	28%	0%	343
11132012	-5%	-2%	39%	39%	-2%	350
5182012	-6%	-5%	27%	27%	-1%	368
11252011	-5%	-4%	23%	31%	0%	299
8022011	-5%	-6%	11%	18%	-12%	238
6042010	-6%	-7%	24%	31%	-6%	328
7142008	-5%	-10%	-18%	11%	-42%	31
1022008	-6%	-7%	-39%	0%	-49%	0
8162007	-5%	-6%	1%	15%	-11%	76

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 9/24/2026

ONEQ had 12 events since 3/5/2007 where the dip threshold of -10% within 90 days was triggered

31% median peak return within 1 year of dip event
293 days is the median time to peak return after a dip event
-6.2% median max drawdown within 1 year of dip event

90 Day Dip			ONEQ Subsequent Performance
Date	ONEQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			22%	31%	-6%	293
4032025	-13%	-9%	39%	45%	-8%	209
12062022	-11%	-4%	32%	32%	-7%	366
10072022	-11%	-11%	29%	36%	-4%	285
1252022	-10%	-2%	-14%	8%	-24%	63
3122020	-13%	-18%	86%	97%	-5%	337
11192018	-10%	-3%	23%	24%	-12%	365
9292015	-11%	-11%	19%	20%	-5%	359
11232011	-12%	-12%	21%	30%	-1%	301
8082011	-15%	-15%	29%	33%	-1%	232
8132010	-10%	-8%	16%	33%	-3%	328
9092008	-11%	-12%	-6%	2%	-42%	10
1222008	-11%	-11%	-34%	12%	-42%	135

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 9/24/2026

ONEQ had 2 events since 3/5/2007 where the dip threshold of -20% within 180 days was triggered

10% median peak return within 1 year of dip event
50 days is the median time to peak return after a dip event
-25% median max drawdown within 1 year of dip event

180 Day Dip			ONEQ Subsequent Performance
Date	ONEQ	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			5%	10%	-25%	50
5092022	-20%	-9%	7%	13%	-11%	98
9172008	-20%	-19%	2%	8%	-40%	2

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 9/24/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
DIA	State Street SPDR Dow Jones Industrial Average ETF Trust	-5.5%	512.68	9242026	542.36	8052026	50
IJH	iShares Core S&P Mid-Cap ETF	-7.6%	72.73	9242026	78.67	8162026	39
VO	Vanguard Mid-Cap ETF	-5.6%	79.70	9242026	84.46	8162026	39
IWR	iShares Russell Mid-Cap ETF	-5.9%	108.02	9242026	114.82	8162026	39
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.4%	663.74	9242026	716.91	8162026	39
SCHM	Schwab U.S. Mid-Cap ETF	-6.6%	34.45	9242026	36.87	6302026	86
IVOO	Vanguard S&P Mid-Cap 400 ETF	-7.2%	123.10	9242026	132.68	8162026	39
IJR	iShares Core S&P Small-Cap ETF	-8.4%	137.78	9242026	150.44	8162026	39
VB	Vanguard Small-Cap ETF	-6.6%	288.87	9242026	309.29	8162026	39
IWM	iShares Russell 2000 ETF	-7.7%	281.66	9242026	305.09	8162026	39
SCHA	Schwab U.S. Small-Cap ETF	-8.4%	33.09	9242026	36.13	6302026	86
VTWO	Vanguard Russell 2000 ETF	-7.4%	113.78	9242026	122.90	8162026	39
DFAS	Dimensional U.S. Small Cap ETF	-7.2%	78.37	9242026	84.48	8162026	39
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.9%	52.74	9242026	56.64	8162026	39
NUSC	Nuveen ESG Small-Cap ETF	-7.7%	49.15	9242026	53.27	8162026	39
AKRE	Akre Focus ETF	-11.6%	54.67	9242026	61.85	8302026	25
IWP	iShares Russell Mid-Cap Growth ETF	-5.8%	139.11	9242026	147.70	8172026	38
VOT	Vanguard Mid-Cap Growth ETF	-5.7%	295.99	9242026	314.02	8162026	39
IJK	iShares S&P Mid-Cap 400 Growth ETF	-7.3%	110.39	9242026	119.11	8172026	38
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-7.3%	105.44	9242026	113.69	8172026	38
IWO	iShares Russell 2000 Growth ETF	-8.9%	360.24	9242026	395.65	8162026	39
VBK	Vanguard Small-Cap Growth ETF	-6.9%	341.14	9242026	366.24	8172026	38
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.4%	162.27	9242026	179.07	8042026	51
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-9.4%	108.32	9242026	119.50	8042026	51
VOE	Vanguard Mid-Cap Value ETF	-5.6%	199.12	9242026	211.01	8162026	39
IWS	iShares Russell Mid-Cap Value ETF	-6.2%	162.76	9242026	173.44	8162026	39
IJJ	iShares S&P Mid-Cap 400 Value ETF	-7.9%	139.72	9242026	151.67	8162026	39
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-7.8%	89.81	9242026	97.39	8162026	39
VBR	Vanguard Small-Cap Value ETF	-6.4%	235.44	9242026	251.66	8162026	39
AVUV	Avantis U.S. Small Cap Value ETF	-6.6%	120.21	9242026	128.74	8042026	51
IWN	iShares Russell 2000 Value ETF	-6.3%	213.12	9242026	227.43	8162026	39
IJS	iShares S&P Small-Cap 600 Value ETF	-7.6%	129.93	9242026	140.68	8162026	39
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-7.7%	103.58	9242026	112.22	8162026	39
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-7.2%	111.62	9242026	120.28	8162026	39
VGK	Vanguard FTSE Europe ETF	-5.3%	88.07	9242026	92.96	8252026	30
EEM	iShares MSCI Emerging Markets ETF	-5.6%	67.25	9242026	71.21	6222026	94
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-11.0%	33.19	9242026	37.30	6222026	94
EWY	iShares MSCI South Korea ETF	-16.7%	182.53	9242026	219.20	6212026	95
EWZ	iShares MSCI Brazil ETF	-11.6%	36.91	9242026	41.73	4142026	163
FXI	iShares China Large-Cap ETF	-10.5%	34.24	9242026	38.26	5132026	134
ILF	iShares Latin America 40 ETF	-9.1%	34.65	9242026	38.10	4142026	163
KWEB	KraneShares CSI China Internet ETF	-19.3%	24.69	9242026	30.59	5132026	134
SCHD	Schwab US Dividend Equity ETF	-6.0%	33.10	9242026	35.21	8242026	31
VYM	Vanguard High Dividend Yield ETF	-5.5%	156.92	9242026	166.11	8132026	42
DVY	iShares Select Dividend ETF	-6.7%	154.35	9242026	165.50	8162026	39
SDY	State Street SPDR S&P Dividend ETF	-7.1%	147.94	9242026	159.18	8242026	31
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-7.4%	54.70	9242026	59.07	8242026	31
SCHY	Schwab International Dividend Equity ETF	-5.2%	32.01	9242026	33.78	8252026	30
RSP	Invesco S&P 500 Equal Weight ETF	-5.6%	210.26	9242026	222.77	8162026	39
COWZ	Pacer US Cash Cows 100 ETF	-6.7%	67.54	9242026	72.40	8302026	25
MTUM	iShares MSCI USA Momentum Factor ETF	-8.0%	317.45	9242026	345.22	6222026	94
SPHQ	Invesco S&P 500 Quality ETF	-6.5%	84.24	9242026	90.10	6302026	86
FNDA	Schwab Fundamental U.S. Small Company ETF	-8.0%	35.42	9242026	38.52	8162026	39
SPMO	Invesco S&P 500 Momentum ETF	-5.9%	152.18	9242026	161.66	6222026	94
URA	Global X Uranium ETF	-29.9%	40.86	9242026	58.26	5062026	141
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-15.4%	35.22	9242026	41.63	5132026	134
ROBO	ROBO Global Robotics & Automation Index ETF	-11.0%	80.38	9242026	90.34	6022026	114
LIT	Global X Lithium & Battery Tech ETF	-24.9%	68.82	9242026	91.62	5112026	136
ICLN	iShares Global Clean Energy ETF	-28.5%	16.97	9242026	23.75	6022026	114
ARKQ	ARK Autonomous Technology & Robotics ETF	-13.2%	124.88	9242026	143.82	5282026	119
ARKX	ARK Space & Defense Innovation ETF	-13.2%	32.77	9242026	37.74	5282026	119
NASA	Tema Space Innovators ETF	-41.9%	24.33	9242026	41.89	5272026	120
DRSK	Aptus Defined Risk ETF	-7.2%	27.53	9242026	29.67	6012026	115
PCEF	Invesco CEF Income Composite ETF	-5.1%	19.43	9242026	20.47	8132026	42
YYY	Amplify CEF High Income ETF	-8.6%	10.57	9242026	11.56	7122026	74
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-8.0%	65.61	9242026	71.30	8252026	30
XLF	State Street Financial Select Sector SPDR ETF	-6.9%	54.53	9242026	58.56	9032026	21
XLE	State Street Energy Select Sector SPDR ETF	-5.1%	62.60	9242026	65.93	9152026	9
XLI	State Street Industrial Select Sector SPDR ETF	-9.5%	168.83	9242026	186.51	8162026	39
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-9.4%	110.32	9242026	121.82	5282026	119
XLP	State Street Consumer Staples Select Sector SPDR ETF	-6.6%	81.70	9242026	87.45	8242026	31
XLU	State Street Utilities Select Sector SPDR ETF	-16.0%	39.36	9242026	46.85	4092026	168
XLB	State Street Materials Select Sector SPDR ETF	-7.4%	49.68	9242026	53.67	8262026	29
IYJ	iShares U.S. Industrials ETF	-8.5%	155.45	9242026	169.86	8042026	51
IYM	iShares U.S. Basic Materials ETF	-7.3%	182.15	9242026	196.45	8252026	30
FXN	First Trust Energy AlphaDEX Fund	-7.1%	22.63	9242026	24.35	9152026	9
SMH	VanEck Semiconductor ETF	-10.2%	600.52	9242026	668.91	6222026	94
SOXX	iShares Semiconductor ETF	-13.6%	566.07	9242026	655.01	6222026	94
XBI	State Street SPDR S&P Biotech ETF	-8.0%	156.05	9242026	169.55	8192026	36
ITA	iShares U.S. Aerospace & Defense ETF	-16.0%	212.76	9242026	253.22	8162026	39
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-7.8%	184.05	9242026	199.70	9152026	9
IYT	iShares U.S. Transportation ETF	-12.3%	78.92	9242026	90.01	7162026	70
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-8.6%	181.08	9242026	198.06	9032026	21
IHF	iShares U.S. Healthcare Providers ETF	-5.4%	54.97	9242026	58.11	7282026	58
KRE	State Street SPDR S&P Regional Banking ETF	-9.0%	70.94	9242026	77.93	8162026	39
MISL	First Trust Indxx Aerospace & Defense ETF	-13.4%	42.60	9242026	49.19	5282026	119
RING	iShares MSCI Global Gold Miners ETF	-13.5%	80.59	9242026	93.17	8252026	30
SOXQ	Invesco PHLX Semiconductor ETF	-14.6%	98.26	9242026	115.11	6222026	94
IGOV	iShares International Treasury Bond ETF	-5.4%	39.98	9242026	42.27	5102026	137
IEF	iShares 7-10 Year Treasury Bond ETF	-5.2%	89.69	9242026	94.66	4192026	158
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	-5.2%	103.15	9242026	108.85	6292026	87
TLT	iShares 20+ Year Treasury Bond ETF	-8.5%	79.42	9242026	86.78	6292026	87
VGLT	Vanguard Long-Term Treasury ETF	-7.5%	50.99	9242026	55.12	6292026	87
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-7.8%	24.27	9242026	26.33	6292026	87
TLH	iShares 10-20 Year Treasury Bond ETF	-7.2%	93.34	9242026	100.56	6292026	87
EDV	Vanguard World Funds Extended Duration ETF	-11.8%	57.69	9242026	65.43	6242026	92
VCLT	Vanguard Long-Term Corporate Bond ETF	-6.9%	69.68	9242026	74.85	6292026	87
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-7.4%	20.74	9242026	22.40	6292026	87
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-7.2%	46.46	9242026	50.05	6292026	87
MUB	iShares National Muni Bond ETF	-5.3%	101.59	9242026	107.28	7062026	80
VTEB	Vanguard Tax-Exempt Bond Index Fund	-5.1%	47.69	9242026	50.25	7062026	80
TFI	State Street SPDR Nuveen ICE Municipal Bond ETF	-5.6%	43.06	9242026	45.59	7052026	81
ITM	VanEck Intermediate Muni ETF	-5.4%	44.24	9242026	46.77	7062026	80
LMUB	iShares Long-Term National Muni Bond ETF	-7.9%	46.95	9242026	51.00	7052026	81
GLD	SPDR Gold Trust	-12.2%	391.69	9242026	445.93	4192026	158
IAU	iShares Gold Trust	-11.8%	80.52	9242026	91.34	4192026	158
GLDM	SPDR Gold MiniShares Trust	-12.0%	84.52	9242026	96.04	4192026	158
SLV	iShares Silver Trust	-26.7%	58.16	9242026	79.35	5132026	134
PPLT	ETFS Physical Platinum Shares	-18.7%	15.90	9242026	19.55	5132026	134
PALL	ETFS Physical Palladium Shares	-20.4%	23.00	9242026	28.89	4142026	163
USO	United States Oil Fund LP	-5.4%	153.09	9242026	161.86	9152026	9
UNG	United States Natural Gas Fund LP	-5.9%	11.55	9242026	12.28	3292026	179
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	9242026	60.13	5042026	143
VNQ	Vanguard Real Estate ETF	-8.9%	91.17	9242026	100.08	7282026	58
XLRE	State Street Real Estate Select Sector SPDR ETF	-9.5%	41.65	9242026	46.01	7282026	58
SCHH	Schwab U.S. REIT ETF	-10.1%	22.35	9242026	24.86	7262026	60
IYR	iShares U.S. Real Estate ETF	-9.7%	96.81	9242026	107.26	7282026	58
REET	iShares Global REIT ETF	-9.7%	26.09	9242026	28.89	7262026	60
USRT	iShares Core U.S. REIT ETF	-10.6%	62.44	9242026	69.82	7262026	60

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-09-24

Asset allocation rotation · Past week

Bond ETFs drew the largest net inflows (+$6.5B), followed by Crypto (+$2.5B), while Equity (−$32.3B) and Commodity (−$34M) saw the largest outflows.
Within the mix, money rotated into International Broad (+$4.9B) and out of Factor Smart Beta (−$12.7B).
Relative to fund size, CORO drew the largest inflow (+34.5% of AUM) and SPMO the largest outflow (−28.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$31.43B	+3.6%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$22.46B	+2.8%
3	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$4.39B	+9.3%
4	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.35B	+34.5%
5	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.07B	+32.4%
6	BLCR	iShares Large Cap Core Active ETF	Other	+$2.28B	+25.8%
7	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$1.63B	+0.9%
8	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$1.53B	+0.3%
9	IBIT	iShares Bitcoin Trust ETF	Crypto	+$1.14B	+1.7%
10	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$958M	+0.9%

#	Ticker	Name	Type	Net flow	% of AUM
1	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.35B	+34.5%
2	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.07B	+32.4%
3	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$882M	+28.3%
4	BLCR	iShares Large Cap Core Active ETF	Other	+$2.28B	+25.8%
5	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$309M	+16.5%
6	EWL	iShares MSCI Switzerland ETF	Other	+$374M	+15.2%
7	FLTW	Franklin FTSE Taiwan ETF	Other	+$607M	+14.7%
8	IALT	iShares Systematic Alternatives Active ETF	Equity Asset Allocation	+$857M	+14.1%
9	IYK	iShares U.S. Consumer Staples ETF	Other	+$191M	+13.6%
10	MAGS	Roundhill Magnificent Seven ETF	Equity US Large Concentrated	+$611M	+11.7%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$54.91B	-5.1%
2	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	-$6.63B	-28.6%
3	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.67B	-21.8%
4	VUG	Vanguard Morningstar Growth ETF	Equity US Large Growth	-$3.58B	-1.5%
5	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$3.55B	-3.3%
6	SMH	VanEck Semiconductor ETF	Equity Industry Subsector	-$3.5B	-4.7%
7	SCHA	Schwab U.S. Small-Cap ETF	Equity US Small Cap Core	-$3.25B	-14.6%
8	SCHG	Schwab U.S. Large-Cap Growth ETF	Equity US Large Growth	-$2.98B	-4.7%
9	MOAT	VanEck Morningstar Wide Moat ETF	Other	-$2.98B	-25.9%
10	SCHM	Schwab U.S. Mid-Cap ETF	Equity US Mid Cap Core	-$2.67B	-18.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	SPMO	Invesco S&P 500 Momentum ETF	Equity Factor Smart Beta	-$6.63B	-28.6%
2	MOAT	VanEck Morningstar Wide Moat ETF	Other	-$2.98B	-25.9%
3	VFLO	VictoryShares Free Cash Flow ETF	Other	-$2.45B	-22.2%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.67B	-21.8%
5	LMUB	iShares Long-Term National Muni Bond ETF	Bond Municipal	-$316M	-18.5%
6	SCHM	Schwab U.S. Mid-Cap ETF	Equity US Mid Cap Core	-$2.67B	-18.3%
7	USVM	VictoryShares US Small Mid Cap Value Momentum ETF	Other	-$289M	-16.6%
8	SCHA	Schwab U.S. Small-Cap ETF	Equity US Small Cap Core	-$3.25B	-14.6%
9	IDEF	iShares Defense Industrials Act	Other	-$516M	-12.2%
10	RWJ	Invesco S&P SmallCap 600 Revenue ETF	Other	-$213M	-10.7%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$29.6B), followed by Bond (+$16.1B), with every major asset class in net inflows.
Within the mix, money rotated into Short Treasury (+$8.9B) and out of US Nasdaq Growth (−$7.2B).
Relative to fund size, CORO drew the largest inflow (+53.6% of AUM) and SNXX the largest outflow (−31.0%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$7.78B	+1.1%
2	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$6.5B	+6.0%
3	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.28B	+12.1%
4	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.51B	+53.6%
5	VGSH	Vanguard Short-Term Treasury ETF	Bond Short Treasury	+$4.47B	+12.9%
6	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$4.23B	+0.5%
7	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$4.07B	+2.4%
8	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.07B	+32.5%
9	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$3.55B	+3.2%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$2.68B	+1.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.51B	+53.6%
2	CNEQ	Alger Concentrated Equity ETF	Other	+$1.09B	+40.5%
3	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$575M	+36.2%
4	BLCR	iShares Large Cap Core Active ETF	Other	+$2.42B	+35.8%
5	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$912M	+34.8%
6	MGNR	American Beacon GLG Natural Resources ETF	Other	+$425M	+32.7%
7	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$4.07B	+32.5%
8	PSEP	Innovator U.S. Equity Power Buffer ETF	Other	+$332M	+32.0%
9	ALAI	Alger AI Enablers & Adopters ETF	Other	+$394M	+31.2%
10	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$930M	+30.1%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$10.67B	-1.0%
2	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$8.37B	-1.7%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.02B	-17.4%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.98B	-20.5%
5	VGIT	Vanguard Intermediate-Term Treasury ETF	Bond Intermediate Treasury	-$2.58B	-6.5%
6	GOVT	iShares U.S. Treasury Bond ETF	Bond Intermediate Treasury	-$2.1B	-5.0%
7	DRAM	Roundhill Memory ETF	Other	-$2.05B	-7.9%
8	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.69B	-6.2%
9	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.67B	-5.9%
10	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$1.48B	-0.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$564M	-31.0%
2	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$411M	-26.7%
3	SCMB	Schwab Municipal Bond ETF	Other	-$923M	-22.3%
4	TAN	Invesco Solar ETF	Other	-$208M	-20.7%
5	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$4.98B	-20.5%
6	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.02B	-17.4%
7	CTA	Simplify Managed Futures Strategy ETF	Other	-$231M	-14.8%
8	MTBA	Simplify MBS ETF	Other	-$189M	-13.4%
9	IGOV	iShares International Treasury Bond ETF	Bond International	-$192M	-12.5%
10	IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	Bond Long Corporate	-$362M	-12.4%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$126.3B), followed by Bond (+$61.9B), with every major asset class in net inflows.
Within the mix, money rotated into US Total Market (+$19.0B) and out of Intermediate Treasury (−$3.6B).
Relative to fund size, CNEQ drew the largest inflow (+233.7% of AUM) and FTXL the largest outflow (−82.4%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$18.76B	+11.2%
2	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$17.0B	+2.5%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$15.96B	+15.7%
4	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.13B	+9.4%
5	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$8.8B	+19.7%
6	VXUS	Vanguard Total International Stock ETF	Equity International Broad	+$8.56B	+5.3%
7	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$8.41B	+5.2%
8	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$7.66B	+17.5%
9	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$7.25B	+7.0%
10	DRAM	Roundhill Memory ETF	Other	+$7.09B	+28.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$2.38B	+233.7%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.33B	+88.6%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+85.7% ⚠
4	BFLX	iShares Flexible Equity Active ETF	Other	+$1.42B	+84.7%
5	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$810M	+60.9%
6	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.13B	+50.1%
7	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$641M	+46.5%
8	USMC	Principal U.S. Mega-Cap ETF	Other	+$1.68B	+45.4%
9	CBOX	Calamos ETF Trust - Calamos Tax-Aware Collateral ETF	Other	+$596M	+44.7%
10	FLTW	Franklin FTSE Taiwan ETF	Other	+$1.41B	+43.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$11.94B	-1.4%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.97B	-23.6%
3	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.22B	-7.5%
4	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$3.15B	-32.5%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$3.0B	-9.1%
6	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$2.48B	-2.0%
7	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$2.24B	-16.1%
8	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$1.93B	-14.6%
9	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$1.72B	-1.6%
10	XLE	State Street Energy Select Sector SPDR ETF	Equity Broad Sector	-$1.3B	-3.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$1.1B	-82.4%
2	NASA	Tema Space Innovators ETF	Equity Thematic	-$485M	-43.3%
3	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$705M	-38.0%
4	TAN	Invesco Solar ETF	Other	-$448M	-33.5%
5	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$3.15B	-32.5%
6	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$335M	-29.2%
7	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$353M	-29.1%
8	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$336M	-26.9%
9	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.97B	-23.6%
10	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$248M	-23.0%

Largest ETF fund flows across ~2646 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About ONEQ

Holdings Count: 1046
Expense Ratio: 0.21%
Inception Date: 2003-09-25

Fidelity Nasdaq Composite Index ETF
Reflects the investment results of the Nasdaq Composite Index.
Asset Class: Equity | ETF Website

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TWST	Twist Bioscience	11.5	16.1%	480.2%
GRAL	GRAIL	5.4	15.4%	46.3%
SECZ	Securitize	2.4	15.1%	34.4%
BALY	Ballys	0.9	15.1%	-15.0%
QMCO	Quantum	0.6	13.6%	357.2%
CDNA	CareDx	3.2	13.0%	225.7%
GTN-A	Gray Media	0.5	12.6%	-53.2%
WRBY	Warby Parker	3.3	12.5%	20.6%
TXG	10x Genomics	10.9	11.2%	415.7%
P	Everpure	40.4	11.2%	82.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ACAD	ACADIA Pharmaceuticals	3.8	-12.8%	-17.0%
SGMT	Sagimet Biosciences	0.5	-12.6%	53.9%
GEN	Gen Digital	13.8	-12.0%	-13.9%
GIL	Gildan Activewear	7.5	-12.0%	-34.1%
VKTX	Viking Therapeutics	4.3	-11.8%	4.5%
KGC	Kinross Gold	29.1	-11.6%	-12.9%
MGM	MGM Resorts International	8.6	-11.0%	-7.7%
QURE	uniQure	2.5	-10.4%	60.1%
AGL	Agilon Health	1.3	-10.3%	340.4%
FSLR	First Solar	185.0	-10.3%	-34.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SECZ	Securitize	2.4	85.1%	34.4%
GRAL	GRAIL	5.4	56.6%	46.3%
BALY	Ballys	0.9	35.4%	-15.0%
FWDI	Forward Industries	0.7	34.7%	26.3%
VICR	Vicor	12.7	27.6%	151.9%
GEMI	Gemini Space Station	0.7	27.5%	-43.0%
INOD	Innodata	2.4	26.1%	41.1%
VKTX	Viking Therapeutics	4.3	25.2%	4.5%
ARHS	Arhaus	1.3	24.8%	-11.4%
MRNA	Moderna	77.5	23.2%	560.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
XENE	Xenon Pharmaceuticals	3.8	-33.6%	-15.1%
XNDU	Xanadu Quantum Technologies	1.5	-33.4%	-55.7%
CGEM	Cullinan Therapeutics	0.9	-27.7%	49.2%
KDK	Kodiak AI	0.5	-27.4%	-74.5%
CTEV	Claritev	0.4	-26.4%	-45.4%
ALKT	Alkami Technology	1.5	-24.4%	-38.5%
GEN	Gen Digital	13.8	-23.6%	-13.9%
RSI	Rush Street Interactive	2.2	-22.6%	0.6%
BYND	Beyond Meat	4.6	-21.5%	-62.6%
EVER	EverQuote	0.6	-21.1%	-33.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SECZ	Securitize	2.4	145.6%	34.4%
OKTA	Okta	36.4	58.2%	139.0%
GRAL	GRAIL	5.4	51.7%	46.3%
BALY	Ballys	0.9	48.1%	-15.0%
SDGR	Schrodinger	2.2	47.3%	64.7%
INTC	Intel	650.2	45.6%	245.2%
ACVA	ACV Auctions	1.8	43.7%	30.4%
VICR	Vicor	12.7	41.8%	151.9%
FEIM	Frequency Electronics	0.8	41.3%	57.0%
CRWD	CrowdStrike	263.5	40.1%	121.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADBT	Advasa	0.1	-98.0%	-98.0%
ALMS	Alumis	0.9	-69.6%	-25.3%
XNDU	Xanadu Quantum Technologies	1.5	-52.0%	-55.7%
RARE	Ultragenyx Pharmaceutical	1.5	-44.2%	-35.8%
ALHC	Alignment Healthcare	1.6	-43.6%	-61.2%
SWMR	Swarmer	0.4	-43.4%	-29.1%
IMUX	Immunic	0.4	-43.2%	74.6%
GSHD	Goosehead Insurance	1.0	-39.7%	-40.7%
PRLD	Prelude Therapeutics	0.4	-39.5%	37.6%
CTEV	Claritev	0.4	-37.9%	-45.4%

Peer Comparisons

Peers to compare with:

Profile

	ONEQ	QQQ	QQQM	QQEW	Median
Name	Fidelity N.	Invesco QQ.	Invesco NA.	First Trus.
Asset Class	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	10.8	495.8	105.7	1.8	58.2
Expense Ratio	0.21%	0.18%	0.15%	0.55%	0.19%
10-D Avg Volume (Mil)	0.33	40.28	3.58	0.04	1.96
Latest Day Volume (Mil)	0.08	24.54	1.24	0.01	0.66
Holdings Count	1,046	102	103	50	102
Inception Date	9/25/2003	3/10/1999	10/13/2020	4/19/2006	-

Fundamentals

	ONEQ	QQQ	QQQM	QQEW	Median
Name	Fidelity N.	Invesco QQ.	Invesco NA.	First Trus.
Net Asset Value	104.45	741.39	297.17	157.74	-
Premium/Discount	1.6%	-0.0%	2.7%	3.1%	2.1%
Distribution Yield	0.5%	0.4%	0.4%	0.3%	0.4%
Sales Yield	17.7%	15.0%	15.4%	-	15.4%
Earnings Yield	3.2%	2.9%	3.0%	-	3.0%

Valuation

	ONEQ	QQQ	QQQM	QQEW	Median
Name	Fidelity N.	Invesco QQ.	Invesco NA.	First Trus.
P/S (TTM)	5.7x	6.7x	6.5x	-	6.5x
P/E (TTM)	30.8x	34.6x	33.7x	-	33.7x
P/FCF (TTM)	55.5x	54.4x	50.7x	-	54.4x
Forward P/E	22.0x	22.0x	21.5x	-	22.0x
Forward P/S	4.5x	5.1x	5.0x	-	5.0x

Risk

	ONEQ	QQQ	QQQM	QQEW	Median
Name	Fidelity N.	Invesco QQ.	Invesco NA.	First Trus.
Volatility (1Y)	18.5%	19.9%	19.7%	19.1%	19.4%
Volatility (3Y)	20.3%	20.5%	20.3%	18.7%	20.3%
Volatility (5Y)	22.5%	23.0%	22.8%	21.2%	22.7%
Beta (1Y)	1.37	1.42	1.41	1.23	1.39
Beta (3Y)	1.30	1.29	1.28	1.13	1.29
Beta (5Y)	1.27	1.29	1.28	1.16	1.27
Sharpe Ratio (1Y)	1.08	1.19	1.20	0.87	1.13
Sharpe Ratio (3Y)	1.24	1.26	1.27	0.87	1.25
Sharpe Ratio (5Y)	0.66	0.72	0.73	0.44	0.69
Max Drawdown (1Y)	-12.8%	-12.0%	-12.0%	-15.8%	-12.4%
Max Drawdown (3Y)	-24.1%	-22.8%	-22.7%	-21.4%	-22.7%
Max Drawdown (5Y)	-35.2%	-35.1%	-35.0%	-32.1%	-35.1%

Returns

	ONEQ	QQQ	QQQM	QQEW	Median
Name	Fidelity N.	Invesco QQ.	Invesco NA.	First Trus.
1M Return	3.0%	4.3%	4.3%	-0.9%	3.6%
3M Return	6.2%	3.5%	3.5%	5.2%	4.3%
6M Return	23.1%	26.2%	26.2%	26.3%	26.2%
YTD Return	16.4%	20.9%	21.0%	14.4%	18.7%
1Y Return	20.0%	24.3%	24.4%	16.1%	22.2%
2Y Return	51.3%	54.9%	55.1%	31.0%	53.1%
3Y Return	100.4%	103.6%	103.9%	55.1%	102.0%

Short Interest

Short Interest: As Of Date	8312026
Short Interest: Shares Quantity	0.1 Mil
Short Interest: % Change Since 8152026	62.7%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	1

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Fidelity Nasdaq Composite Index ETF (ONEQ)

Market Price (9/25/2026): $106.68

Fidelity Nasdaq Composite Index ETF (ONEQ)

Market Price (9/25/2026): $106.68

Key Takeaways

Price Chart

Asset Allocation with ONEQ

Valuation & Yield

Top 20 Holdings for ONEQ

Performance for ONEQ Top Holdings

Guidance Updates for ONEQ Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

ONEQ Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Inform Me Once

About ONEQ

Latest Trefis Analyses

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Top Gainers

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