What Is ONEQ? Fidelity Nasdaq Composite Index ETF
Last updated August 2026
Short answer
ONEQ tracks the full Nasdaq Composite Index, covering essentially all common stocks listed on the Nasdaq exchange, which makes it considerably broader than the Nasdaq-100 funds like QQQ that hold only the largest 100 names. It is heavily weighted toward technology and growth, with Nvidia, Apple, and Microsoft together making up close to a quarter of assets. The fund holds roughly 1,000 positions via representative sampling and charges about 0.21% in fees. Compared with QQQ, ONEQ adds a longer tail of mid-cap and smaller Nasdaq companies while still being dominated by the same mega-cap leaders.
ONEQ is issued by Fidelity and tracks Nasdaq Composite Index. It charges a 0.21% expense ratio, holds approximately approximately $10.5 billion in assets under management, yields about approximately 0.5%, and launched in September 25, 2003.
What is ONEQ?
ONEQ tracks the full Nasdaq Composite Index, covering essentially all common stocks listed on the Nasdaq exchange, which makes it considerably broader than the Nasdaq-100 funds like QQQ that hold only the largest 100 names. It is heavily weighted toward technology and growth, with Nvidia, Apple, and Microsoft together making up close to a quarter of assets. The fund holds roughly 1,000 positions via representative sampling and charges about 0.21% in fees. Compared with QQQ, ONEQ adds a longer tail of mid-cap and smaller Nasdaq companies while still being dominated by the same mega-cap leaders.
ONEQ is issued by Fidelity and tracks Nasdaq Composite Index, so a single ticker gives you the whole portfolio of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
What does ONEQ hold?
ONEQ is weighted toward its largest constituents. As of early 2026, the top holdings are:
| Rank | Ticker | Company | % of ONEQ | |
|---|---|---|---|---|
| 1 | NVDA | NVIDIA Corporation | approximately 11% | |
| 2 | AAPL | Apple Inc. | approximately 9.8% | |
| 3 | MSFT | Microsoft Corporation | approximately 6.9% | |
| 4 | AMZN | Amazon.com Inc. | approximately 5.5% | |
| 5 | GOOGL | Alphabet Inc. Class A | approximately 4.6% | |
| 6 | GOOG | Alphabet Inc. Class C | approximately 4.3% | |
| 7 | AVGO | Broadcom Inc. | approximately 4% | |
| 8 | TSLA | Tesla Inc. | approximately 3.2% | |
| 9 | META | Meta Platforms Inc. | approximately 2.7% | |
| 10 | NFLX | Netflix Inc. | approximately 2% |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
How do I invest in ONEQ?
There are three common ways to get ONEQ exposure. Buy shares (or fractional shares) of ONEQ directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so ONEQ sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. ONEQ trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is ONEQ a good buy?
Whether ONEQ is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks Nasdaq Composite Index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is ONEQ a buy?
The bottom line on ONEQ
ONEQ offers broad, market-cap-weighted exposure to the entire Nasdaq Composite, leaning heavily into large technology and growth companies while reaching beyond the top 100 names that QQQ covers. Its roughly 0.21% expense ratio is higher than the cheapest index funds, and its concentration in a handful of mega-cap stocks means returns track the fortunes of the largest tech companies closely.
More on ONEQ
Whether ONEQ is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is ONEQ a buy?
ONEQ yields approximately 0.5% as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see ONEQ dividend: yield and schedule.
New to funds like ONEQ? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how ONEQ fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in ONEQ with AI
Connect the broker you already use and ask Walnut's AI how ONEQ fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is ONEQ?
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ONEQ is the Fidelity Nasdaq Composite Index ETF, an exchange-traded fund that tracks the Nasdaq Composite Index. It gives investors broad exposure to companies listed on the Nasdaq exchange, with a heavy concentration in technology and growth stocks. The fund launched in 2003 and is managed by Fidelity. Walnut is informational, not investment advice.
What is ONEQ's expense ratio?
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ONEQ has an expense ratio of about 0.21% as of early 2026. That means roughly $21 in annual fees for every $10,000 invested. This is higher than the cheapest broad-market index ETFs but typical for many style and sector funds. Walnut is informational, not investment advice.
ONEQ vs QQQ: what is the difference?
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ONEQ tracks the full Nasdaq Composite, which includes well over 2,000 Nasdaq-listed companies, while QQQ tracks only the Nasdaq-100, the largest 100 non-financial names. ONEQ therefore adds a longer tail of mid-cap and smaller stocks, though both are dominated by the same mega-cap tech leaders. ONEQ's 0.21% fee is higher than QQQ's roughly 0.20%, and QQQ is far larger and more heavily traded. Walnut is informational, not investment advice.
What does ONEQ hold?
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ONEQ holds roughly 1,000 Nasdaq-listed stocks through representative sampling, weighted by market capitalization. Its largest positions are mega-cap technology and growth names such as Nvidia, Apple, Microsoft, Amazon, Alphabet, Broadcom, Tesla, and Meta. The technology sector makes up close to half the portfolio. Walnut is informational, not investment advice.
Does ONEQ pay a dividend?
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Yes, ONEQ pays a dividend, though the yield is modest at roughly 0.5% as of early 2026. The low yield reflects the fund's heavy weighting toward growth-oriented technology companies that pay little or no dividend. Distributions are typically paid quarterly. Walnut is informational, not investment advice.
Is ONEQ a good investment?
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Whether ONEQ fits a portfolio depends on your goals, time horizon, and risk tolerance. It offers broad Nasdaq exposure but is concentrated in a handful of mega-cap technology stocks, which raises both growth potential and volatility. Some investors prefer cheaper or more diversified broad-market funds. Walnut is informational, not investment advice.
How concentrated is ONEQ in its largest holdings?
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ONEQ is quite concentrated at the top despite holding around 1,000 names. The three largest positions, Nvidia, Apple, and Microsoft, together account for close to a quarter of assets, and the top ten holdings represent more than half the fund. This means performance tracks the largest tech companies closely. Walnut is informational, not investment advice.
Why does ONEQ have so many holdings compared with other Nasdaq funds?
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ONEQ aims to replicate the entire Nasdaq Composite Index rather than just the top 100 companies, so it holds roughly 1,000 positions via representative sampling. That broader reach captures mid-cap and smaller Nasdaq names that index funds like QQQ exclude, while the market-cap weighting still keeps the largest companies dominant. Walnut is informational, not investment advice.
How do I compare ONEQ to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. ONEQ's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to early 2026; verify current figures against Fidelity's fund page or your broker before investing.