(FMAG) Fidelity Covington Trust - - Ratings and Ratios

Fidelity Covington Trust - Fidelity Magellan ETF (BATS:FMAG) is an actively managed exchange-traded fund that operates under an exemptive order from the SEC, allowing it to disclose its portfolio holdings less frequently than traditional ETFs. Instead of daily portfolio disclosure, the fund publishes a Tracking Basket on its website each business day, which is designed to mirror the funds daily performance but does not represent the actual holdings. The fund primarily invests in equity securities, both domestically and internationally, and is classified as a non-diversified fund, meaning it may concentrate its investments in fewer securities. The fund falls under the Large Growth category, targeting capital appreciation by investing in large-cap companies with growth potential.

As of the latest data, the Fidelity Magellan ETF has an average 20-day volume of 84,485 shares, with a last price of $30.45. Technically, the fund is currently trading below its 20-day and 50-day simple moving averages (SMAs) of $32.00 and $31.81, respectively, but slightly above its 200-day SMA of $30.51. The Average True Range (ATR) is 0.48, indicating moderate price volatility. With an asset under management (AUM) of $208.21 million, the fund maintains a significant presence in the ETF market while adhering to its active management strategy.

3-Month Forecast: - Technical Outlook: The fund is likely to face resistance at its 20-day and 50-day SMAs, currently at $32.00 and $31.81. If it breaks above these levels, it could target the upper range of its recent trading channel. Support is expected around the 200-day SMA at $30.51. The ATR of 0.48 suggests that price movements may remain within a narrow range, but traders should monitor for potential breakouts or breakdowns. - Fundamental Outlook: Given the funds focus on large-cap growth stocks, its performance will be closely tied to the broader markets sentiment towards growth-oriented companies. With an AUM of $208.21 million, the fund has the capacity to maneuver its portfolio actively, which could help in navigating potential market volatility. Investors should watch for earnings reports from key holdings and any macroeconomic factors that could influence large-cap growth stocks.