Fidelity Covington Trust - Fidelity Nasdaq Composite Index ETF

As the body responsible for scoring tax legislation, this committee's analysis and revenue estimates are critical for the passage of any tax bill. Since tax policy directly impacts corporate profitability and valuations (as noted for the Finance Committee), this committee holds significant influence over market-moving fiscal policy affecting Nasdaq companies.

This is a highly influential committee, controlling taxation and trade policy. Changes in corporate tax rates, capital gains taxes, or trade regulations have a direct and profound impact on the profitability and valuation of all companies in the Nasdaq Composite, making it highly relevant.

This committee's oversight of antitrust laws and intellectual property is critically important for 'Big Tech' companies that dominate the Nasdaq Composite. Its decisions on mergers, monopolies, and IP protection can directly affect the valuation and business models of major index constituents.

This committee directly regulates the financial system, including the SEC (which oversees ETFs like ONEQ) and aspects of cryptocurrency. Its decisions on financial regulations, market structure, and fintech directly impact the operation of the ETF and some underlying tech companies.

This committee has vast jurisdiction over industries critical to the Nasdaq Composite, including 'Big Tech' (privacy, net neutrality), telecommunications, and aerospace. Its regulations directly impact the operating environment and profitability of many major underlying companies in the index.