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% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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