ETF Evaluator:
Fidelity Magellan ETF ()
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(as of Aug 26)
Best Performing in Large Growth Over the Last Year
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ETF Details
Fidelity Magellan ETF Overview
Fidelity Magellan ETF (FMAG) is an actively managed U.S. Equity Large Growth exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2021.
The investment seeks long-term growth of capital.
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a "Tracking Basket," which is designed to closely track the daily performance of the fund but is not the fund's actual portfolio. The fund normally invests primarily in equity securities. It invests in domestic and foreign issuers. The fund is non-diversified.
About Fidelity Magellan ETF (FMAG)
There are 2 members of the management team with an average tenure of 5.49 years: Sammy Simnegar (2021) and Timothy Gannon (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Fidelity Magellan ETF has 47 securities in its portfolio. The top 10 holdings constitute 46.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Magellan ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Fidelity Magellan ETF has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.7% There is 2.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Magellan ETF has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $246 million in total assets, which is below the $8 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FMAG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Magellan ETF expense ratio is average compared to funds in the Large Growth category. Fidelity Magellan ETF has an expense ratio of 0.57%, which is 16% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Magellan ETF has a portfolio turnover rate of 70%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.
Recently, in the month of July 2026, Fidelity Magellan ETF returned -2.3%, which earned it a grade of B, as the Large Growth category had an average return of -3.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Magellan ETF has a trailing yield of 0.08%, which is below the 0.53% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Magellan ETF Grades
Year to date, the ETF has returned 5.1%, 1.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.5% over the past year (grade of F), 17.3% over the past three years (grade of D) and 9.4% per year over the past five years (grade of C).
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FMAG Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FMAG Return (NAV) | -2.3% | 0.7% | 2.5% | 17.3% | 9.4% | na |
| FMAG Return (Price) | -2.1% | 1.0% | 2.5% | 17.4% | 9.4% | na |
| NAV +/- Price Return | -0.181% | -0.291% | -0.039% | -0.115% | -0.017% | na |
| Large Growth Avg | -3.8% | 2.7% | 13.0% | 19.6% | 9.9% | 15.8% |
| FMAG Grade (NAV) | B | D | F | D | C | na |
| +/- Category (NAV) | 1.4% | -2.0% | -10.5% | -2.3% | -0.4% | na |
| FMAG Tax-Cost Ratio | na | na | 0.0% | 0.1% | 0.1% | na |
FMAG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FMAG Return (NAV) | 5.1% | 10.7% | 28.3% | 31.3% | -26.9% | na | na | na | na | na | na |
| FMAG Return (Price) | 5.4% | 10.4% | 28.5% | 31.3% | -26.9% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.059% | -0.027% | 0.008% | -0.000% | 0.002% | na | na | na | na | na | na |
| Large Growth Avg | 6.2% | 16.9% | 30.5% | 38.6% | -30.7% | 21.6% | 37.2% | 33.0% | -2.1% | 28.4% | 5.0% |
| FMAG Grade (NAV) | C | F | D | D | B | na | na | na | na | na | na |
| +/- Category | -1.1% | -6.2% | -2.2% | -7.4% | 3.8% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.11 |
| R-Squared: | 87% |
| Standard Deviation: | 15.6% |
| Category Risk Index: | 0.85 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.27 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.1% |
| Total Assets: | $ 246 Mil |
| Share Class Assets: | $ 246 Mil |
| Turnover: | 70.0% |
| Expense Ratio: | 0.57% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.5 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Simnegar Sammy (2021), Gannon Timothy (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 46.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 95.7% |
| Foreign Stock: | 2.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | February 2, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.57% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.49% |
