Fidelity Blue Chip Growth Is Down 11.67% in 2026. What Comes Next Depends on This.

"FBCG is an actively managed ETF with $5.4 billion in assets, focusing on high-conviction large-cap growth names believed to have durable earnings power. Its portfolio is heavily concentrated in mega-cap stocks, with NVIDIA alone making up 15.68% of the fund."

"The most consequential macro force for FBCG over the next year is U.S. export control policy toward China, which constrains the AI chip trade. NVIDIA's exclusion of Data Center compute revenue from China in its guidance reflects the impact of these restrictions."

"Any easing of export licensing requirements could unlock significant revenue for NVIDIA, while further tightening would pressure the fund's top holding and affect Amazon's AWS and Alphabet's cloud businesses, both reliant on NVIDIA hardware."

Fidelity Blue Chip Growth ETF (FBCG) is down 11.67% year-to-date, underperforming the Nasdaq 100's 8.42% decline. Launched in June 2020, FBCG focuses on high-conviction large-cap growth companies, with significant concentration in mega-cap stocks like NVIDIA, Apple, Alphabet, and Amazon. Despite a 17.37% total return over the past year, recent declines highlight the volatility associated with macroeconomic shifts. U.S. export control policies toward China, particularly affecting AI chip trade, will significantly impact the fund's performance in the coming year.

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