FMAG vs GUSE: Grades, Fees and Holdings Compared

Fidelity Magellan ETF

FMAGBCboe

Goldman Sachs Enhanced U.S. Equity ETF

GUSEANasdaq

Overlap

43.2%by weight

Expense ratio

GUSE −0.27pt a year

FMAG0.57%GUSE0.30%

Avg volume · 30D

GUSE 1.4×the volume

FMAG18.1KGUSE24.9K

FMAG vs GUSE Performance

Dec 31, 2025 – Oct 30, 2026

+0.3%FMAG+11.8%GUSE

Expense ratio: FMAG 0.57%; GUSE 0.30%, better
Fund size: FMAG $243M; GUSE $421M
1Y total return: FMAG −2.6%; GUSE No data
Yield (12M): FMAG 0.00%; GUSE No data
Holdings: FMAG 51; GUSE 122
Avg volume (30D): FMAG 18.1K sh; GUSE 24.9K sh, better
NAV per share: FMAG $34.21; GUSE $46.05
52W range

ETF.net Grade

Pillar letters and Scores for FMAG, GUSE, with each pillar’s weight
Pillar	FMAG	GUSE
Cost30% weight	C47	A97Higher
Mission25% weight	C50	Not scored
Risk15% weight	B65	A94Higher
Tradability15% weight	C47Higher	C46
Holdings10% weight	A72	A89Higher
Durability5% weight	A75	A85Higher

Rank among US Active Growth funds

How we build Categories ›

Same Category. FMAG and GUSE 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 ›

GUSE ranks 2nd 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 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

FMAGBFidelity Magellan ETF

GUSEAGoldman Sachs Enhanced U.S. Equity ETF

In short

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.

GUSE Goldman's fundamental stock pickers hunting long-term growth in US companies, for 0.30% a year. The strategy dates to 2008 and charges well under the typical active US growth fund.

Stated mandate

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.

GUSE The Fund seeks long-term growth of capital by investing in companies that the Investment Adviser believes are positioned for long-term growth.

Why people hold it

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.

GUSE Charges 0.30% a year, against a 0.54% median for its active US growth cohort. Cheap, for stock picking.
Actively run with no index to shadow. Managers hold companies they judge positioned for long-term growth, so the portfolio can look different from a large-cap benchmark.
Inception dates to 2008, so the strategy has run through multiple market cycles, not one long rally.
One of the stronger implementations in a crowded field of active US growth funds.

Worth knowing

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.

GUSE Trades thinly next to the category's heavyweights. Spreads can be wider, which bites most on large or hurried orders.
Two peers in the same top tier undercut it on fee: JUSA at 0.12% and FELG at 0.18%. Price is not where this one stands out.
Distributions land once or twice a year, not monthly. Growth of capital is the stated goal, not an income stream.

Full FMAG profile⁠

Full GUSE profile⁠

FMAG vs GUSE Holdings

How FMAG and GUSE differ

Overlap by weight

43.2%

Shared holdings make up 75.3% of FMAG and 44.3% of GUSE.

Level by level

Holdings30 in both43.2%
Countryby domicile98.6%
Asset classEquity100%

Sector

No Sector split for GUSE.

Country, concentration and asset class

Country by domicile

Country weights in FMAG and GUSE, widest gap first
Country	More in FMAGMore in GUSE	FMAG	GUSE
Taiwan	FMAG +1.4 points	2.0%	0.6%
United States	GUSE +0.9 points	98.0%	98.9%
United Kingdom	GUSE +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

FMAG46.1%
GUSE34.6%

Securities held

FMAG51
GUSE121

Asset class

FMAG: Equity
GUSE: Equity

Holdings

Only in FMAG21
In both30
Only in GUSE91

Only in FMAG

21 securities, 24.7% of FMAG by weight

Seagate Technology Holdings PLC2.42%
Lam Research Corp2.17%
Philip Morris International Inc1.48%
McKesson Corp1.39%
Marriott International Inc/MD Class A11.35%
Westinghouse Air Brake Technologies Corp1.28%
TransDigm Group Inc1.26%
Quanta Services Inc1.22%
Welltower Inc1.20%
HEICO Corp Class A1.19%
Parker-Hannifin Corp1.19%
Republic Services Inc1.17%
Ciena Corp1.14%
Moody’s Corp1.11%
O’Reilly Automotive Inc1.09%
Bank of New York Mellon Corp/The1.08%
State Street Corp1.03%
Ventas Inc0.99%
Northern Trust Corp0.92%
Martin Marietta Materials Inc<0.01%
Vulcan Materials Co<0.01%

Only in GUSE

91 securities, 53.9% of GUSE by weight

Apple Inc.5.13%
Coca-Cola Company (The)1.81%
Tesla Inc.1.77%
Micron Technology, Inc.1.77%
Berkshire Hathaway Inc.1.61%
Conocophillips1.41%
Exxonmobil Holdings Corporation1.20%
Walmart Inc1.07%
Tjx Companies Inc (New)1.02%
Agilent Technologies, Inc.1.02%
Johnson & Johnson0.93%
UnitedHealth Group Incorporated0.89%
Palantir Technologies Inc.0.88%
Netapp, Inc.0.85%
Merck & Co., Inc.0.81%
Vertex Pharmaceuticals Incorporated0.79%
Intel Corporation0.78%
Phillips 660.78%
The Procter & Gamble Company0.76%
Intercontinental Exchange Inc0.75%
Applied Materials Inc0.73%
Ameren Corporation0.73%
Palo Alto Networks Inc.0.72%
Starbucks Corp.0.65%
Csx Corporation0.62%
Atmos Energy Corporation0.60%
T-Mobile Us, Inc.0.60%
Intl Business Machines Corp0.58%
Cadence Design Systems Inc0.57%
The Home Depot, Inc.0.57%
Allstate Corporation0.56%
American Intl Group, Inc.0.55%
Old Dominion Freight Line, Inc.0.53%
S&P Global Inc.0.53%
Ge Vernova Llc0.52%
Repligen Corp0.51%
Morgan Stanley0.50%
Coca-Cola European Partners PLC0.48%
Wintrust Financial Corporation0.47%
Cheniere Energy, Inc.0.47%
Xcel Energy Inc.0.47%
Prologis Inc0.47%
Intuit Inc0.47%
Global Payments Inc.0.46%
Edwards Lifesciences Corporation0.46%
Citigroup Inc.0.45%
American Homes 4 Rent Llc0.45%
Quest Diagnostics Incorporated0.44%
Blackstone Group Inc/The0.43%
Constellation Energy Corp0.42%

Weight gaps

All 30 Holdings in both funds, largest gap first.

Holding weights in FMAG and GUSE, widest gap first
Holding	More in FMAGMore in GUSE	FMAG	GUSE
NVIDIA CorpNVDA	FMAG +2.80 points	10.33%	7.53%
Broadcom IncAVGO	FMAG +2.10 points	4.49%	2.39%
Amazon.com IncAMZN	FMAG +2.06 points	6.13%	4.07%
Advanced Micro Devices IncAMD	FMAG +2.03 points	3.60%	1.57%
Western Digital CorpWDC	FMAG +1.77 points	2.31%	0.54%
KLA CorpKLAC	FMAG +1.73 points	2.32%	0.59%
Taiwan Semiconductor Manufacturing Co Ltd ADRTSM	FMAG +1.67 points	2.26%	0.59%
Meta Platforms Inc Class AMETA	FMAG +1.58 points	3.72%	2.14%
Alphabet Inc Class CGOOG	FMAG +1.57 points	3.34%	1.77%
Amphenol Corp Class AAPH	FMAG +1.22 points	1.72%	0.50%
Alphabet Inc Class AGOOGL	FMAG +1.18 points	3.94%	2.76%
Visa Inc Class AV	FMAG +1.06 points	2.20%	1.14%
Hilton Worldwide Holdings IncHLT	FMAG +1.00 points	1.50%	0.50%
Arista Networks IncANET	FMAG +0.97 points	1.45%	0.48%
Caterpillar IncCAT	FMAG +0.94 points	1.63%	0.69%
Eaton Corp PLC	FMAG +0.94 points	1.38%	0.44%
GE AerospaceGE	FMAG +0.92 points	1.65%	0.73%
Trane Technologies PLCTT	FMAG +0.86 points	1.24%	0.38%
Dell Technologies Inc Class CDELL	FMAG +0.83 points	1.24%	0.41%
Motorola Solutions IncMSI	FMAG +0.79 points	1.32%	0.53%
Bank of America CorpBAC	FMAG +0.75 points	1.55%	0.80%
Microsoft CorpMSFT	FMAG +0.73 points	5.70%	4.97%
JPMorgan Chase & CoJPM	FMAG +0.59 points	2.25%	1.66%
Costco Wholesale CorpCOST	GUSE +0.56 points	<0.01%	0.57%
Mastercard Inc Class AMA	FMAG +0.55 points	1.98%	1.43%
RTX CorpRTX	GUSE +0.53 points	<0.01%	0.53%
Cintas CorpCTAS	FMAG +0.51 points	1.26%	0.75%
Cencora IncCOR	FMAG +0.41 points	1.03%	0.62%
Eli Lilly & CoLLY	FMAG +0.40 points	2.40%	2.00%
Linde PLC	FMAG +0.16 points	1.33%	1.17%

All FMAG holdings⁠All 121 GUSE 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.

FMAG vs GUSE Cost

Overpaying FMAG vs GUSE

$5,122

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

FMAG 0.57%
$11,271
GUSE 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

FMAG 0.57%
GUSE 0.30%
Overpaying

Year by year

Year	FMAG	GUSE	Overpaying
10	$1,023	$545	$478
20	$3,921	$2,113	$1,808
30	$11,271	$6,149	$5,122

Expense ratio

0.57%FMAG
0.30%GUSE, cheaper

GUSE0.30%FMAG0.57%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

GUSE 3rd cheapest of 90 funds

FMAG 50th cheapest of 90 funds

FMAG vs GUSE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMAG 0.00%; GUSE No data
Payout (12M): FMAG $0.001; GUSE No data
Last payment: FMAG $0.001; GUSE $0.30
Ex-dividend: FMAG Sep 18, 2026; GUSE Dec 23, 2025
Paid on: FMAG Sep 22, 2026; GUSE Dec 30, 2025
Frequency: FMAG Annual; GUSE Irregular

Distribution history

Per share, 2021 to 2026, same scale for both

FMAGAnnual · 19 paymentsAll FMAG payments⁠

GUSEIrregular · 1 paymentAll GUSE payments⁠

FMAG vs GUSE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMAG 15.6%GUSE No data
Return per unit of riskSharpe ratio, 3 years: FMAG 0.86GUSE No data
Worst fallMax drawdown, 5 years: FMAG −32.9%GUSE No data
Market sensitivityBeta, 5 years: FMAG 1.11GUSE 0.93; Market = 1

Popular comparisons

FMAGBvsJUSAA
Fidelity Magellan ETF · JPMorgan U.S. Research Enhanced Large Cap ETF
Expense ratio
0.57% · 0.18%
Category
GUSEAvsJUSAA
Goldman Sachs Enhanced U.S. Equity ETF · JPMorgan U.S. Research Enhanced Large Cap ETF
Expense ratio
0.30% · 0.18%
Category
FMAGBvsLRGCA
Fidelity Magellan ETF · AB US Large Cap Strategic Equities ETF
Expense ratio
0.57% · 0.39%
Category
GUSEAvsLRGCA
Goldman Sachs Enhanced U.S. Equity ETF · AB US Large Cap Strategic Equities ETF
Expense ratio
0.30% · 0.39%
Category
FMAGBvsFELGA
Fidelity Magellan ETF · Fidelity Enhanced Large Cap Growth ETF
Expense ratio
0.57% · 0.18%
Category
GUSEAvsFELGA
Goldman Sachs Enhanced U.S. Equity ETF · Fidelity Enhanced Large Cap Growth ETF
Expense ratio
0.30% · 0.18%
Category