What Elevation Capital’s ONEQ Exit Reveals About the Next Phase of Nasdaq’s Rally
Key Points
Sold 111,305 shares of ONEQ, an estimated $8.92 million trade based on quarterly average pricing
Transaction represented 3.6% of 13F reportable assets under management
Post-trade stake: 0 shares, $0 value
The position was previously 3.57% of the fund’s AUM
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On October 30, 2025, Elevation Capital Advisory, LLC disclosed a complete sale of its position in Fidelity Nasdaq Composite Index ETF (NASDAQ:ONEQ), an estimated $8.92 million trade. Sold 111,305 shares of ONEQ, an estimated $8.92 million trade based on quarterly average pricing.
The transaction represented 3.6% of 13F reportable assets under management. The position was previously 3.57% of the fund’s AUM.
What happened
According to a filing with the United States Securities and Exchange Commission dated October 30, 2025, Elevation Capital Advisory, LLC sold its entire stake of 111,305 shares in Fidelity Nasdaq Composite Index ETF (NASDAQ:ONEQ). The sale was estimated at $8.92 million. Following the trade, the fund holds no shares of ONEQ.
What else to know
Elevation Capital Advisory, LLC fully exited ONEQ; the holding now represents 0% of 13F reportable AUM.
Top holdings after the filing:
- MFUL: $19.70 million (7.9% of AUM)
- IWY: $14.23 million (5.7% of AUM)
- VONG: $10.98 million (4.4% of AUM)
- MGK: $10.96 million (4.4% of AUM)
- OEF: $9.92 million (4.0% of AUM)
As of October 29, 2025, shares were priced at $94.14, up 27.6% over the past year and outperforming the S&P 500 by 11.0 percentage points.
Company overview
| Metric | Value |
|---|---|
| AUM | 8.97 billion |
| Dividend yield | 0.55% |
| Price (as of market close 10/29/25) | $94.14 |
| 1-year total return | 27.61% |
Company snapshot
Fidelity Nasdaq Composite Index ETF (ONEQ) provides investors with exposure to the full breadth of the Nasdaq Composite Index®. The fund uses statistical sampling to closely match the risk and return characteristics of the index. With a substantial asset base and a disciplined, index-based approach, ONEQ offers scalable access to growth-oriented equities. The ETF's strategy enables comprehensive participation in the Nasdaq market.
The fund seeks to track the performance of the Nasdaq Composite Index® by investing at least 80% of assets in common stocks included in the index, utilizing statistical sampling techniques to closely replicate index characteristics.
Its portfolio holdings are broadly diversified across market capitalizations and industries represented in the Nasdaq Composite, with sector and industry exposures managed to mirror the index profile.
ONEQ provides scalable access to growth-oriented equities through a disciplined, index-based approach.
Foolish take
After a strong rebound in growth equities, Elevation Capital Advisory exited its position in the Fidelity Nasdaq Composite Index ETF (ONEQ) during the third quarter. The sales of roughly 111,000 shares valued near 9 million, closed what had been a 3.6 percent allocation in the fund's portfolio.
ONEQ tracks the Nasdaq Composite index, which spans more than two thousand companies and leans heavily toward consumers, technology and stocks with AI exposure. The ETF has rallied alongside the market's largest growth names, which has helped it outperform the S&P 500 by a wide margin over the past year. A full exit after such gains most likely reflects portfolio rebalancing and profit realization as valuations rise.
For retail investors, the broader lesson is patience. Institutional flows shift with quarterly allocation strategies however Fidelity Nasdaq Composite Index ETF is built for long-term participation in market growth. Nasdaq's recent performance continues to highlight how broad equity exposure can recover and adapt through shifting market conditions.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing holdings in certain securities.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Index-based approach: An investment strategy aiming to replicate the performance of a specific market index, rather than outperform it.
Statistical sampling: A method where a fund invests in a representative subset of index securities to closely match index performance.
Sector exposure: The proportion of a portfolio allocated to specific industry sectors, affecting risk and return characteristics.
Dividend yield: A financial ratio showing how much a company or fund pays out in dividends relative to its share price.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Quarterly average pricing: The average price of a security over a given quarter, used for estimating trade values.
Outperforming: Achieving a higher return than a benchmark index or comparable investment over a specific period.
Portfolio diversification: Spreading investments across various assets to reduce risk and volatility.
Market capitalization: The total market value of a company's outstanding shares, used to classify company size.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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