Data as of .
FDCF vs FRWD: which is really different?
FDCF and FRWD hold 24% of their weight in the same names.
ETFIQ Off-Index Score: FDCF scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
24% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FDCF and FRWD hold 24% of their money in the same securities at the same weight.
| Holding | FDCF | FRWD |
|---|---|---|
| TAIWAN SEMICONDUCTOR MFG CO LTD | 10.85% | 6.33% |
| NVIDIA CORP | 5.61% | 8.12% |
| ALPHABET INC | 8.86% | 3.22% |
| AMAZON.COM INC | 5.42% | 2.82% |
| CADENCE DESIGN SYSTEMS INC | 2.12% | 1.83% |
| SPOTIFY TECHNOLOGY SA | 1.44% | 2.39% |
| NETFLIX INC | 1.39% | 3.28% |
| MICROSOFT CORP | 1.09% | 2.82% |
| SERVICENOW INC | 0.61% | 1.75% |
| Only in FDCF | Only in FRWD |
|---|---|
| META PLATFORMS INC 6.18% | Advanced Micro Devices, Inc. 7.83% |
| ARISTA NETWORKS INC 5.58% | Seagate Technology Holdings plc 7.77% |
| WARNER BROS DISCOVERY INC 3.88% | Lam Research Corp. 6.67% |
| ROKU INC 3.87% | Micron Technology, Inc. 5.16% |
| QUEBECOR INC 3.10% | ASML Holding NV 5.09% |
| SEA LTD 2.74% | Western Digital Corp. 5.05% |
| T-MOBILE US INC 2.66% | Broadcom, Inc. 4.67% |
| TWILIO INC 2.62% | Samsung Electronics Co. Ltd. 4.15% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 31, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FDCF | FRWD | FDCF | FRWD | FDCF | FRWD | |
| 3 months | +1.6% | −8.0% | −0.7 pts | −10.2 pts | +4.1 pts | −5.5 pts |
| 6 months | +17.5% | +36.3% | −0.5 pts | +18.3 pts | −6.7 pts | +12.1 pts |
| 1 year | +1.5% | not published | −15.1 pts | not published | −20.3 pts | not published |
| 3 years | +100.6% | not published | +22.2 pts | not published | +2.5 pts | not published |
| Since launch | +101.0% | +27.3% | +17.6 pts | +16.6 pts | −2.9 pts | +11.8 pts |
| FDCF Fidelity Disruptive Communications ETF Holds 38 stocks in broad innovation and megatrends, 56% of its weight in S&P 500 companies | FRWD Nomura Transformational Technologies ETF Holds 25 stocks in broad innovation and megatrends, 70% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Fidelity | Nomura |
| Theme | Broad innovation and megatrends | Broad innovation and megatrends |
| In the S&P 500 | 56.1% | 70.1% |
| Active share vs the S&P 500 | 79.8% | 74.3% |
| In the Nasdaq-100 | 45.7% | 77.7% |
| Holdings | 38 | 25 |
| Top ten, share of the fund | 56.1% | 60.8% |
| Expense ratio | 0.50% | 0.65% |
| Fee for the differing part | 0.63% | 0.87% |
| Total return, 1 year | +1.5% | +27.3% (since launch on Jan 13, 2026) |
| vs the S&P 500 | −15.1 pts | +16.6 pts |
| vs the Nasdaq-100 | −20.3 pts | +11.8 pts |
| Below its high | −2.0% | −8.0% |
| Net assets | $101m | $285m |
FDCF in plain words
By weight, 56% of FDCF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 80%. The top ten holdings are 56% of the fund across 38 positions, as filed for May 31, 2026. Over the year to Sep 18, 2026 the fund returned +1.5% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 15.1 pts.
FRWD in plain words
By weight, 70% of FRWD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 74%. The top ten holdings are 61% of the fund across 25 positions, as filed for Jun 30, 2026. Since it launched on Jan 13, 2026 the fund returned +27.3% with distributions reinvested against +10.7% for the S&P 500, so a holder was ahead by 16.6 pts. It sits 8.0% below its all-time high of Jun 18, 2026.
Questions people ask
- Do FDCF and FRWD hold the same stocks?
- By their latest filings, 24% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, FDCF or FRWD?
- FDCF has 56% of its weight in S&P 500 names and FRWD has 70%, so FDCF differs more from the index.
- Which is cheaper, FDCF or FRWD?
- FDCF charges 0.50% a year and FRWD charges 0.65%, so FDCF is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FDCF against FRWD, data as of Sep 18, 2026. https://etfiq.com/compare/themes/fdcf-vs-frwd Free to use with attribution; the underlying files are at Open data.