Overview
The largest pure internet companies — around 44 names earning most of their revenue online, from Amazon and Meta to Netflix and Palantir.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| AMZN | Amazon.com Inc. | 9.8% |
| META | Meta Platforms | 9.2% |
| NFLX | Netflix Inc. | 6.4% |
| PLTR | Palantir Technologies | 5.8% |
| CRM | Salesforce Inc. | 4.6% |
| GOOGL | Alphabet Inc. A | 4.4% |
| ABNB | Airbnb Inc. | 3.4% |
| UBER | Uber Technologies | 3.3% |
| DASH | DoorDash Inc. | 3.1% |
| COIN | Coinbase Global | 2.9% |
Fund Details
Investment Thesis
FDN is the internet-economy index that predates the smartphone: two decades of owning whatever the web's dominant businesses happened to be, from the Google IPO era to today's platform giants. The concentrated 44-name basket is purer than any broad tech fund — no Apple hardware, no chip fabs — which cuts both ways: it led the 2010s and has lagged in the AI-hardware era, making the flat trailing year a bet on software and platforms reclaiming leadership.
Who It's For
Thematic investors who want the consumer-internet and platform economy specifically, not semiconductors wearing a tech label. A two-decade track record for what remains a focused sector bet.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $96.73 | -- |
| 2017 | $132.52 | +37.0% |
| 2018 | $124.57 | -6.0% |
| 2019 | $149.48 | +20.0% |
| 2020 | $227.21 | +52.0% |
| 2021 | $224.94 | -1.0% |
| 2022 | $123.72 | -45.0% |
| 2023 | $189.29 | +53.0% |
| 2024 | $236.61 | +25.0% |
| 2025 | $265.00 | +12.0% |
| Year | Yield |
|---|---|
| 2016 | 0.00% |
| 2017 | 0.00% |
| 2018 | 0.00% |
| 2019 | 0.00% |
| 2020 | 0.00% |
| 2021 | 0.00% |
| 2022 | 0.00% |
| 2023 | 0.00% |
| 2024 | 0.00% |
| 2025 | 0.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $4.5B | -- |
| 2017 | $6B | +33.3% |
| 2018 | $7B | +16.7% |
| 2019 | $8B | +14.3% |
| 2020 | $11B | +37.5% |
| 2021 | $10B | -9.1% |
| 2022 | $5B | -50.0% |
| 2023 | $6.5B | +30.0% |
| 2024 | $6B | -7.7% |
| 2025 | $5.5B | -8.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of September 2026.
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