Fidelity Magellan ETF (FMAG)
BATS BATS Primary Summary
FMAG Chart
FMAG: Significant Second Half Underperformer (Rating Downgrade)
Fidelity Magellan ETF is an actively managed large-cap fund aiming to outperform the S&P 500 through fundamental analysis and tactical trading. FMAG has consistently underperformed its benchmark (SPY), offering higher volatility, limited differentiation, and a significantly higher expense ratio of 0.6%. The portfolio closely mirrors SPY with minor sector and international tilts, but these have not translated into superior returns or risk-adjusted performance.
FMAG: The Bar Is High For This Actively Managed Growth ETF
Fidelity Magellan ETF is an actively managed ETF with a unique sector tilt, overweighting industrials and financials while still holding major tech names. FMAG trades at a premium valuation, justified by strong historical and estimated earnings growth, but profitability is only in line with the S&P 500. The fund outperforms the S&P 500 but lags most growth ETF peers, with lower volatility and more muted upside during market rallies.
FMAG ETF: Strong Bounceback From Liberation Day; Upgrade To Hold
FMAG has rebounded recently, outperforming after a period of underperformance, prompting me to upgrade my rating to hold. The fund's active management made timely bets in the past few months, but overall risk-adjusted returns and high fees remain concerns versus passive S&P 500 ETFs over longer timeframes. While FMAG's recent moves are impressive, I recommend watching for sustained outperformance before considering it over established, lower-fee index funds.
Fidelity Magellan ETF (FMAG) FAQ
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Fidelity Magellan ETF Profile
| BATS Exchange | US Country |
Overview
The fund described is an actively managed Exchange-Traded Fund (ETF) that benefits from a unique operational model under an exemptive order from the Securities and Exchange Commission (SEC). This arrangement permits the fund not to disclose its complete portfolio holdings on a daily basis, a departure from the norm for ETFs. Instead, it publishes a "Tracking Basket" on its website every business day. This Tracking Basket is intended to mirror the fund's daily performance closely but does not represent its actual portfolio. The fund focuses on investing in equity securities, encompassing both domestic and foreign issuers, and operates as a non-diversified fund.
Products and Services
- Actively Managed ETF
- Tracking Basket
- Equity Securities Investment
- Non-Diversified Status
This product involves active management strategy to select investments aiming to outperform the market or a specified benchmark. Courtesy of an exemptive order from the SEC, it does not disclose its complete portfolio holdings daily, distinguishing it from traditional ETFs.
The fund promotes transparency through a Tracking Basket published on its website every business day, designed to closely replicate the daily performance of the fund. While it offers insight into the fund's performance trajectory, it is not a direct reflection of the actual portfolio holdings.
Focusing on equity securities, the fund invests in a mix of domestic and foreign issuers, demonstrating a strategy aimed at tapping into the growth potential of equities across a broad geographical spectrum.
As a non-diversified fund, it may establish more significant positions in fewer securities than diversified funds. This approach can potentially lead to higher volatility or greater gains, depending on the performance of its chosen investments.
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