Fidelity Magellan ETF
FMAG
Chicago Board Options Exchange- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 245 Summer Street Boston MA United States of America 2210
- IPO Date
- Feb 4, 2021
- CIK
- 0000945908
- Website
- digital.fidelity.com
- Similar Companies
- Business
- Fidelity Magellan ETF (FMAG) is an actively managed exchange-traded fund that seeks long-term capital appreciation primarily through investments in equity securities of domestic and foreign issuers across all market capitalizations, with a large-cap growth orientation; it employs proprietary quantitative screens and bottom-up fundamental analysis to identify high-quality growth stocks benefiting from long-term megatrends, strong brands, barriers to entry, and best-in-class management teams. The fund offers a diversified portfolio typically comprising 50-55 holdings, with top allocations to information technology (approximately 37%), industrials (19%), financials (15%), and consumer discretionary (13%) sectors; key holdings include NVIDIA Corp (10%), Microsoft Corp (9%), Amazon.com Inc (5%), Meta Platforms Inc Class A (5%), and Broadcom Inc (5%), alongside select international equities in developed and emerging markets. Launched on February 2, 2021, and listed on Cboe BZX, FMAG is issued by Fidelity Covington Trust, headquartered in Smithfield, Rhode Island, with assets under management of approximately $278 million as of September 30, 2025, and a net expense ratio of 0.59%. In recent portfolio adjustments as of July 31, 2025, co-portfolio managers Sammy Simnegar and Tim Gannon increased exposure to financial services firms including Marsh & McLennan, Brown & Brown, KKR & Co., and S&P Global for their stable recurring revenue streams; they established new positions in subscription-based businesses such as Netflix, Spotify, ServiceNow, and MercadoLibre to emphasize capital-light models with high renewal rates amid tariff uncertainties. The managers reduced health care holdings significantly, exiting positions in Eli Lilly, Novo Nordisk, and Thermo Fisher Scientific due to competitive pressures, trial disappointments, and policy risks from the Department of Government Efficiency; they also sold UnitedHealth Group amid elevated medical costs and regulatory scrutiny. These strategic shifts contributed to the fund's net asset value return of 19.02% for the fiscal year ended July 31, 2025, outperforming the S&P 500 Index's 16.33% gain, driven by strong information technology selections like Broadcom and avoidance of underperforming energy stocks.