Elevation Capital Advisory LLC Invests $265,000 in Fidelity Magellan ETF (BATS:FMAG)

Elevation Capital Advisory LLC purchased a new stake in Fidelity Magellan ETF (BATS:FMAG) during the second quarter, according to its most recent filing with the SEC. The firm purchased 8,925 shares of the company’s stock, valued at approximately $265,000.

Several other hedge funds and other institutional investors have also bought and sold shares of FMAG. Commonwealth Equity Services LLC boosted its position in shares of Fidelity Magellan ETF by 9.2% during the second quarter. Commonwealth Equity Services LLC now owns 24,876 shares of the company’s stock worth $738,000 after purchasing an additional 2,104 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Fidelity Magellan ETF during the 2nd quarter worth $3,258,000. Finally, J.W. Cole Advisors Inc. bought a new position in Fidelity Magellan ETF during the first quarter worth about $1,822,000.

Fidelity Magellan ETF Trading Down 0.7 %

BATS:FMAG opened at $30.55 on Friday. The firm has a 50-day simple moving average of $29.46 and a 200-day simple moving average of $28.83. The firm has a market capitalization of $101.73 million, a PE ratio of 0.86 and a beta of 1.13.

Fidelity Magellan ETF Profile

The Fidelity Magellan ETF (FMAG) is an exchange-traded fund that is based on the S&P 500 TR USD index. The fund is an actively-managed, non-transparent ETF that provides exposure to fundamentally-selected firms located globally. The fund utilizes the Fidelity non-transparent model. FMAG was launched on Feb 2, 2021 and is managed by Fidelity.