FEMG vs JMEE

FEMGBFidelity Enhanced Mid Cap Growth ETF

JMEEAJPMorgan Small & Mid Cap Enhanced Equity ETF

In short

FEMG Active mid-cap growth priced like an index fund. Fidelity's quant team starts from the Russell Midcap Growth Index, then tilts toward valuation, growth and quality signals across roughly 130 names for 0.23% a year.

JMEE Enhanced indexing, not index hugging for its own sake: JMEE keeps sector weights close to the S&P 1000, then lets proprietary stock rankings pick the names. Roughly 700 holdings at 0.35%.

Stated mandate

FEMG The fund seeks capital appreciation. It normally invests at least 80% in common stocks from the Russell Midcap Growth Index and uses research on valuation, growth, quality, and other return drivers.

JMEE The fund seeks returns above the S&P 1000 Index by using proprietary stock rankings and fundamental analysis, while maintaining broadly similar sector weights.

Why people hold it

• FEMG Costs 0.23% a year, versus a median near 0.65% for active US equity funds. Most of the fee gap active management usually asks for simply isn't here.
• Index-aware by design: at least 80% sits in Russell Midcap Growth constituents, so the exposure stays recognizable while managers lean on valuation, growth and quality research.fidelity.com
• Roughly 130 stocks. Tight enough that manager calls actually register, broad enough that no single name runs the portfolio.
• Undercuts JMID, the other ETF benchmarked to the same Russell Midcap Growth Index, on fee. Cheap entry to a thinly populated corner.

• JMEE Index shape, active edges. Sector weights stay broadly in line with the S&P 1000 while proprietary rankings and fundamental analysis pick the stocks, spread over roughly 700 names.jpmorgan.com
• 0.35% with no waiver holding it there, below the median for active small/mid-cap funds. Cheaper than DFMC at 0.43%; AVMC (0.18%) and FEMV (0.23%) undercut it.
• Not a 2020s startup: the strategy dates to 1998 and runs a multi-billion-dollar book, so the research process has been through a few full market cycles.
• One of the strongest implementations in the active small/mid-cap group.

Worth knowing

• FEMG Launched in 2026. The track record is short, so risk and tracking behavior rest on limited history rather than a full market cycle.
• Small asset base and light trading volume mean bid-ask spreads can run wider than at the category's giants, especially in fast markets.
• Mid-cap growth is a jumpier ride than large-cap core, and active tilts mean returns can diverge from the Russell Midcap Growth Index in either direction.

• JMEE Active, not a replicator. There is no index to copy, so results ride on JPMorgan's stock rankings rather than a published rulebook.
• Benchmark-like sector weights mean it moves with the small and mid-cap market. This is a tilt on that exposure, not a cushion against it.
• Distributions land once or twice a year, and it trades moderately rather than heavily, so spreads matter more than in the biggest index funds.

Full FEMG profile⁠

Full JMEE profile⁠