At a glance
FMAG charges 0.57% a year, above the 0.18% average of the 8 funds most like it (the most expensive of 9). It has $246.1M in assets, the 8th largest of that group. Over the past year it returned −1.1% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +19.7% a year. At its worst it fell 31.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 45.0% of the fund, out of 50 in all.
The short version
Fidelity Magellan ETF (FMAG) is an actively managed stock fund that aims for long-term growth. As of July 31, 2026, it held 50 mostly large US companies, led by NVIDIA, Amazon and Microsoft. Most ETFs publish their full holdings daily, but FMAG posts a stand-in "Tracking Basket" instead. Its 0.57% expense ratio is the highest in its group of similar growth funds, which average 0.18%.
Price history
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FMAG -1.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FMAG official prospectus, to Nov 29, 2025 | — | +28.31% | — | — | — | +11.99% |
| S&P 001 index, same period | — | +25.02% | — | — | — | +13.33% |
| FMAG price data to Oct 27, 2026 | +2.8% | -1.1% | +19.7% | +7.9% | — | +10.7% |
- Over the year to Oct 27, 2026, FMAG returned -1.1%, 8th of 9 among similar funds.
- Its 5-year annualized return was +7.9%.
- Its worst full calendar year was 2022 (-26.9%); its best was 2023 (+31.2%).
- The deepest fall in its price history was 32.9% (Nov 19, 2021 to Oct 14, 2022), recovered by Jan 29, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.8% | — |
| 2025 | +10.4% | — |
| 2024 | +28.5% | +28.31% |
| 2023 | +31.2% | +31.27% |
| 2022 | -26.9% | -26.87% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.2% over that stretch · deepest drop along the way 31.2%, back to its old high 15.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0010 | |
| 2025 | $0.0300 | -40.0% |
| 2024 | $0.0500 | -37.5% |
| 2023 | $0.0800 | +95.1% |
| 2022 | $0.0410 |
What's inside
As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 45% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 10.04% | |
| AMAZON.COM INC | 6.74% | |
| MICROSOFT CORP | 5.32% | |
| BROADCOM INC | 5.18% | |
| ALPHABET INC Class A | 4.06% | |
| ALPHABET INC Class C | 3.54% | |
| ADVANCED MICRO DEVICES INC | 3.33% | |
| TAIWAN SEMICONDUCTOR MFG CO LTD | 2.35% | |
| VISA INC | 2.27% | |
| KLA CORP | 2.17% | |
| MASTERCARD INC | 2.10% | |
| GE AEROSPACE | 2.01% | |
| LAM RESEARCH CORP | 1.93% | |
| META PLATFORMS INC | 1.92% | |
| CADENCE DESIGN SYSTEMS INC | 1.86% |
By country
United States 91.84%Ireland 5.63%Taiwan 2.35%By asset type
Stocks 99.81%By sector
Sectors of the companies held, for the 87% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $9.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.87%, +0.25%, -2.33%.
How it works
Fidelity Magellan ETF (FMAG) is actively managed: Fidelity picks stocks rather than copying an index, aiming for long-term capital growth. It invests mainly in US and foreign stocks and may own “growth” stocks (companies expected to grow faster than average), “value” stocks (shares that look cheap) or both. Choices rest on fundamental analysis of company finances and industry position, plus market and economic conditions.
As of July 31, 2026, the portfolio was concentrated: 50 positions, with the 10 largest making up 45% of assets, led by NVIDIA (about 10%), Amazon (6.7%), Microsoft (5.3%) and Broadcom (5.2%). As a non-diversified fund, it can concentrate in fewer companies. Turnover of 70% means much of the portfolio changes over a year.
Under special SEC permission (an exemptive order), FMAG does not publish its full holdings daily. It posts a daily “Tracking Basket” instead: some previously disclosed holdings or other stocks it could own, plus liquid ETFs and cash, designed to track the fund’s daily performance. A “Tracking Basket Weight Overlap” shows how closely the prior day’s basket matched the real portfolio. Traders use the basket to help keep the share price near net asset value (NAV, the per-share value of the holdings), but the prospectus warns shares may trade further from NAV than fully transparent ETFs do.
What it really costs
- FMAG charges 0.57% a year, versus an average of 0.18% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $58 in the first year and $714 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FMAG | $58 | $183 | $318 | $714 |
In a retirement portfolio
A concentrated, actively managed growth fund with a one-year beta of 1.2, no income and a 0.57% fee fits better as a small add-on than as a portfolio's foundation.
FMAG could add an actively chosen slice of large growth stocks. It launched in February 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 31.2%. Its deepest drop, 32.9%, ran from November 19, 2021 to October 14, 2022. It took until January 29, 2024, about 15.5 months, to get back to its old high. Its worst calendar year was 2022, with a loss of 26.9%. Anyone who had to sell shares during a stretch like that would have locked in losses. It pays almost no income: its trailing yield was 0% as of October 27, 2026, and it pays out once a year. Costs are high for the category, at $58 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a stock picker's take on large growth companies like NVIDIA, Amazon and Microsoft, and accept paying 0.57% a year for it.
- Those comfortable with a concentrated, non-diversified fund of 50 stocks, where the top 10 made up 45% of assets as of July 31, 2026.
- Long-term holders who don't need income from this holding, since its yield was 0% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: SCHG and SPYG charge 0.04%, versus FMAG's 0.57%, and both had higher three-year returns through late October 2026.
- Those who want to see full holdings daily. FMAG publishes a Tracking Basket instead, and its shares may trade at wider spreads or premiums.
- Anyone uneasy with drops like FMAG's 32.9% fall from November 2021 to October 2022, which took about 15.5 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FMAG this fund | — | 0.57% | $246.1M | -1.1% | +19.7% |
| QGRW WisdomTree U.S. Quality Growth Fund | 49% | 0.28% | $2.65B | +12.3% | +30.1% |
| SCHG Schwab U.S. Large-Cap Growth ETF | 48% | 0.04% | $63.03B | +2.2% | +23.0% |
| IWY iShares Russell Top 200 Growth ETF | 48% | 0.2% | $16.96B | -3.4% | +20.7% |
| SPYG SPDR Portfolio S&P 500 Growth ETF | 48% | 0.04% | $52.99B | +7.2% | +25.3% |
| IVW iShares S&P 500 Growth ETF | 48% | 0.18% | $74.97B | +7.0% | +25.2% |
| PGRO Putnam Focused Large Cap Growth ETF | 48% | 0.56% | $212.1M | +3.1% | +24.6% |
| IUSG iShares Core S&P U.S. Growth ETF | 47% | 0.04% | $32.22B | +7.6% | +24.8% |
Questions investors ask
Is FMAG good for retirement?
It is built for growth, not income. FMAG pays almost nothing in distributions, so it may suit retirement savers with many years ahead who can tolerate deep drops. It fell 32.9% from its November 19, 2021 peak to October 14, 2022, and did not recover until January 29, 2024. Based on price, it returned 7.9% a year over the five years to October 27, 2026, and lost 1.1% over one year.
Does FMAG pay dividends?
Hardly any. As of October 27, 2026, FMAG’s trailing 12-month yield, meaning distributions over the past year divided by the share price, rounded to 0%, from about $0.001 per share. Distributions are paid annually. That fits the fund’s goal of long-term capital growth rather than income, so retirees who need regular cash would have to draw it from other holdings or by cashing in shares.
What is FMAG's expense ratio?
FMAG’s expense ratio, the yearly fee taken from fund assets, is 0.57%, according to the prospectus filed November 24, 2025. That is the highest when compared with eight funds that hold many of the same stocks, which average 0.18%; Schwab U.S. Large-Cap Growth ETF (SCHG) charges 0.04%. In the SEC’s standard example ($10,000 invested, 5% annual return), FMAG’s costs add up to $58 after one year, $318 after five and $714 after ten.
What's the difference between FMAG and QGRW?
The biggest differences are cost, size and returns. WisdomTree U.S. Quality Growth Fund (QGRW) had the largest holdings overlap with FMAG among similar funds, at 49%, yet charges 0.28% a year against FMAG’s 0.57%. QGRW had net assets of about $2.65 billion as of June 30, 2026, versus FMAG’s $246 million as of July 31, 2026. Through October 27, 2026, QGRW’s price-based return was 30.1% a year over three years, compared with 19.7% for FMAG.
Why doesn't FMAG show its holdings every day?
It operates under special permission from the SEC that excuses it from publishing its full portfolio every day. Instead, Fidelity posts a daily “Tracking Basket” of selected stocks, liquid ETFs and cash designed to track the fund’s performance, plus a figure showing how closely the prior day’s basket matched the real holdings. The prospectus warns this can mean wider bid-ask spreads (the gap between quoted trading prices) and share prices that stray further from the value of the holdings than at fully transparent ETFs.