FELG vs FMAG: Grades, Fees and Holdings Compared

Fidelity Enhanced Large Cap Growth ETF

FELGANYSE Arca

Fidelity Magellan ETF

FMAGBCboe

Overlap

48.3%by weight

Expense ratio

FELG −0.39pt a year

FELG0.18%FMAG0.57%

Avg volume · 30D

FELG 20.9×the volume

FELG379KFMAG18.1K

FELG vs FMAG Performance

Oct 31, 2025 – Oct 30, 2026

−0.5%FELG−2.6%FMAG

Expense ratio: FELG 0.18%, better; FMAG 0.57%
Fund size: FELG $5.78B; FMAG $243M
1Y total return: FELG −0.5%, better; FMAG −2.6%
Yield (12M): FELG 0.37%, better; FMAG 0.00%
Holdings: FELG 133; FMAG 51
Avg volume (30D): FELG 379K sh, better; FMAG 18.1K sh
NAV per share: FELG $42.20; FMAG $34.21
52W range

ETF.net Grade

Pillar letters and Scores for FELG, FMAG, with each pillar’s weight
Pillar	FELG	FMAG
Cost30% weight	A99Higher	C47
Mission25% weight	A82Higher	C50
Risk15% weight	C51	B65Higher
Tradability15% weight	A85Higher	C47
Holdings10% weight	C52	A72Higher
Durability5% weight	A95Higher	A75

Rank among US Active Growth funds

How we build Categories ›

Same Category. FELG and FMAG are both graded against the same 90 US Active Growth funds, so their Grades compare head to head.

US Active Growth⁠

Category · 90 funds

See all 90 ›

FELG ranks 4th and FMAG 35th of 90 funds in the US Active Growth Category.

Rank 1AJUSAJPMorgan U.S. Research Enhanced Large Cap ETFScore 86
Rank 2AGUSEGoldman Sachs Enhanced U.S. Equity ETFScore 84
Rank 3ALRGCAB US Large Cap Strategic Equities ETFScore 81
Rank 4AFELGFidelity Enhanced Large Cap Growth ETFScore 80
Rank 5AGQQQAstoria US Quality Growth Kings ETFScore 77
Rank 32BWINNHarbor Long-Term Growers ETF (WINN)Score 56
Rank 35BFMAGFidelity Magellan ETFScore 55
Rank 35BGROZZacks Focus Growth ETFScore 55

Our read on each fund

ETF.net Research

FELGAFidelity Enhanced Large Cap Growth ETF

FMAGBFidelity Magellan ETF

In short

FELG Active stock-picking on an index-fund budget. FELG charges 0.18% to tilt around the Russell 1000 Growth Index rather than copy it, running a strategy whose track record dates to 2007.

FMAG Fidelity put the Magellan name on an ETF in 2021: an actively run book of US large-cap growth, cyclical movers alongside steadier names tied to long-term megatrends, measured against the S&P 500.

Stated mandate

FELG The fund seeks capital appreciation and normally invests at least 80% of its assets in common stocks included in the Russell 1000® Growth Index.

FMAG The fund seeks capital appreciation through a diversified U.S. equity strategy focused on large-cap growth, including cyclical growth stocks and steady growers positioned for long-term megatrends.

Why people hold it

FELG 0.18% a year, roughly a third of the typical fee among active US growth-conviction funds.
Not a moonshot: at least 80% of assets sit in Russell 1000 Growth constituents across about 110 stocks, so the manager's bets are tilts around a familiar benchmark.fidelity.com
One of the strongest implementations in its peer group, and cheaper than most of the other top-graded names there (GUSE and MAGS at 0.30%, LRGC at 0.39%).
A multi-billion-dollar fund from Fidelity with steady on-screen liquidity, and it pays quarterly.

FMAG Real stock picking, not an index clone. Managers build a diversified US large-cap growth book aimed at capital appreciation.fidelity.com
Lands in the upper half of a crowded field of active US growth funds, a solid showing among dozens of conviction large-cap rivals.
The 0.57% fee sits near the middle of the active large-cap growth pack, so the human at the wheel isn't priced at a premium.

Worth knowing

FELG Concentrated by design: roughly 110 large-cap growth names, so the megacap tech leaders at the top of the Russell 1000 Growth Index drive the ride both ways.
Active means the portfolio deviates from the index on purpose, so results can land on either side of it.
Not the cheapest seat in the cohort: JUSA runs 0.12%, though its mandate is broad large-cap rather than the growth slice.

FMAG Cheaper rules-based options cover similar ground, including Fidelity's own FELG at 0.18%. The active mandate costs roughly three times that.
Trades thinly next to index giants, so spreads can be wider and bigger orders can nudge the price.
Cash comes back once or twice a year, not quarterly or monthly. This is a growth mandate, not an income one.

Full FELG profile⁠

Full FMAG profile⁠

FELG vs FMAG Holdings

How FELG and FMAG differ

Overlap by weight

48.3%

Shared holdings make up 76.7% of FMAG and 58.4% of FELG.

Level by level

Holdings32 in both48.3%
Sector11 Sectors73.4%
Countryby domicile98.0%
Asset classEquity100%

Sector

Sector weights in FELG and FMAG, widest gap first
Sector	More in FELGMore in FMAG	FELG	FMAG
Technology	FELG +17.9 points	58.7%	40.8%
Industrials	FMAG +9.2 points	7.9%	17.1%
Communication	FELG +7.4 points	14.6%	7.2%
Financials	FMAG +5.2 points	5.5%	10.7%
Consumer Discretionary	FMAG +4.0 points	6.4%	10.4%
Materials	FMAG +3.1 points	0.5%	3.6%
Consumer Staples	FMAG +2.9 points	0.1%	3.0%
Real Estate	FMAG +2.2 points	0.1%	2.3%
Health Care	FELG +1.1 points	6.1%	5.0%
Energy	FELG +0.2 points	0.2%	0.0%
Utilities	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FELG and FMAG, widest gap first
Country	More in FELGMore in FMAG	FELG	FMAG
United States	FELG +2.0 points	100.0%	98.0%
Taiwan	FMAG +2.0 points	0.0%	2.0%

Concentration

Weight in the 10 largest Holdings

FELG57.6%
FMAG46.1%

Securities held

FELG131
FMAG51

Asset class

FELG: Equity
FMAG: Equity

Holdings

Only in FELG99
In both32
Only in FMAG19

Only in FELG

99 securities, 40.9% of FELG by weight

Apple Inc8.80%
Micron Technology Inc3.69%
Tesla Inc3.02%
Texas Instruments Inc1.42%
Applied Materials Inc1.22%
Ge Vernova Inc1.20%
Palantir Technologies Inc1.02%
Crowdstrike Holdings Inc0.98%
Netflix Inc0.88%
Sandisk Corporation0.84%
Adobe Inc0.76%
Airbnb Inc Class A0.75%
Fortinet Inc0.67%
Expedia Inc0.63%
Gilead Sciences Inc0.56%
Snowflake Inc0.55%
Uber Technologies Inc0.55%
Howmet Aerospace Inc0.55%
Atlassian Corp PLC Cls A0.54%
Schwab Charles Corp0.53%
Ecolab Inc0.52%
Comfort Systems Usa Inc0.51%
Bristol-Myers Squibb Co0.51%
Maplebear Inc0.49%
Keysight Technologies Inc0.47%
Unity Software Inc0.47%
Cisco Systems Inc0.46%
Hubspot Inc0.45%
Palo Alto Networks Inc0.40%
Chime Financial Inc0.37%
Incyte Corp0.35%
Lyft Inc0.34%
Docusign Inc0.32%
Veralto Corp0.30%
Travere Therapeutics Inc0.30%
Vertiv Holdings Co0.27%
Zoom Communications Inc Class A0.27%
Home Depot Inc0.23%
Netapp Inc0.23%
Ross Stores Inc0.22%
Draftkings Holdings Inc0.22%
Datadog Inc Class A0.21%
Oracle Corp0.20%
S&P Global Inc0.20%
Space Exploration Tech Corp A0.19%
Technipfmc PLC0.19%
Oscar Health Inc - Class A0.17%
Natera Inc0.17%
Morgan Stanley0.16%
Merck & Co Inc New0.16%

Only in FMAG

19 securities, 23.3% of FMAG by weight

Taiwan Semiconductor Manufacturing Co Ltd ADR2.26%
JPMorgan Chase & Co2.25%
Hilton Worldwide Holdings Inc1.50%
Philip Morris International Inc1.48%
McKesson Corp1.39%
Marriott International Inc/MD Class A11.35%
Linde PLC1.33%
Motorola Solutions Inc1.32%
Westinghouse Air Brake Technologies Corp1.28%
TransDigm Group Inc1.26%
Dell Technologies Inc Class C1.24%
Welltower Inc1.20%
Republic Services Inc1.17%
Moody’s Corp1.11%
O’Reilly Automotive Inc1.09%
State Street Corp1.03%
Ventas Inc0.99%
Martin Marietta Materials Inc<0.01%
Vulcan Materials Co<0.01%

Weight gaps

All 32 Holdings in both funds, largest gap first.

Holding weights in FELG and FMAG, widest gap first
Holding	More in FELGMore in FMAG	FELG	FMAG
Amazon.com IncAMZN	FMAG +5.55 points	0.58%	6.13%
NVIDIA CorpNVDA	FELG +5.27 points	15.60%	10.33%
Alphabet Inc Class AGOOGL	FELG +2.54 points	6.48%	3.94%
Seagate Techn Holdings PLCSTX	FMAG +2.04 points	0.38%	2.42%
Kla CorpKLAC	FMAG +1.54 points	0.78%	2.32%
Lam Research CorpLRCX	FMAG +1.54 points	0.63%	2.17%
Eli Lilly & CoLLY	FELG +1.51 points	3.90%	2.40%
Western Digital CorpWDC	FMAG +1.38 points	0.93%	2.31%
Advanced Micro Devices IncAMD	FMAG +1.32 points	2.28%	3.60%
Cintas CorpCTAS	FMAG +1.26 points	0.00%	1.26%
Heico Corp Class AHEI.A	FMAG +1.19 points	0.00%	1.19%
Arista Networks IncANET	FMAG +1.14 points	0.31%	1.45%
Parker Hannifin CorpPH	FMAG +1.10 points	0.09%	1.19%
Bank of America CorporationBAC	FMAG +1.04 points	0.51%	1.55%
Eaton Corp PLC	FMAG +1.04 points	0.34%	1.38%
Cencora IncCOR	FMAG +0.96 points	0.07%	1.03%
Quanta Svcs IncPWR	FMAG +0.92 points	0.30%	1.22%
Northern Trust CorpNTRS	FMAG +0.83 points	0.09%	0.92%
Amphenol Corporation Class AAPH	FMAG +0.82 points	0.90%	1.72%
Ciena CorpCIEN	FMAG +0.75 points	0.39%	1.14%
Alphabet Inc Class CGOOG	FMAG +0.73 points	2.61%	3.34%
Caterpillar IncCAT	FMAG +0.69 points	0.94%	1.63%
Visa Inc Class AV	FMAG +0.66 points	1.54%	2.20%
Bank of New York Mellon CorpBNY	FMAG +0.55 points	0.53%	1.08%
Rtx CorpRTX	FELG +0.52 points	0.52%	<0.01%
Trane Technologies PLCTT	FMAG +0.44 points	0.80%	1.24%
Microsoft CorpMSFT	FMAG +0.30 points	5.40%	5.70%
Meta Platforms Inc Class AMETA	FMAG +0.29 points	3.43%	3.72%
Ge AerospaceGE	FMAG +0.21 points	1.44%	1.65%
Broadcom IncAVGO	FELG +0.16 points	4.65%	4.49%
Mastercard Inc Class AMA	FMAG +0.11 points	1.87%	1.98%
Costco Wholesale CorpCOST	FELG +0.11 points	0.12%	<0.01%

All 109 FELG holdings⁠All FMAG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FELG vs FMAG Cost

Overpaying FMAG vs FELG

$7,522

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FELG 0.18%
$3,749
FMAG 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

FELG 0.18%
FMAG 0.57%
Overpaying

Year by year

Year	FELG	FMAG	Overpaying
10	$328	$1,023	$695
20	$1,281	$3,921	$2,640
30	$3,749	$11,271	$7,522

Expense ratio

0.18%FELG, cheaper
0.57%FMAG

FELG0.18%FMAG0.57%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

FELG cheapest of 90 funds

FMAG 50th cheapest of 90 funds

FELG vs FMAG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FELG 0.37%, better; FMAG 0.00%
Payout (12M): FELG $0.16; FMAG $0.001
Last payment: FELG $0.04; FMAG $0.001
Ex-dividend: FELG Sep 18, 2026; FMAG Sep 18, 2026
Paid on: FELG Sep 22, 2026; FMAG Sep 22, 2026
Frequency: FELG Quarterly; FMAG Annual

Distribution history

Per share, 2021 to 2026, same scale for both

FELGQuarterly · 14 paymentsAll FELG payments⁠

FMAGAnnual · 19 paymentsAll FMAG payments⁠

FELG vs FMAG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FELG 16.3%since Dec 2023FMAG 15.6%
Return per unit of riskSharpe ratio, 3 years: FELG 0.93since Dec 2023FMAG 0.86
Worst fallMax drawdown, 5 years: FELG −23.9%since Nov 2023FMAG −32.9%
Market sensitivityBeta, 5 years: FELG 1.23FMAG 1.11; Market = 1

FELG and FMAG in the news

All news⁠

ETF Filings
BlackRock files to convert Advantage Large Cap Growth into a 0.22% ETF
Sep 29, 2026FELG

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