FFSM vs JMEE: Grades, Fees and Holdings Compared

Fidelity Fundamental Small-Mid Cap ETF

FFSMBCboe

JPMorgan Small & Mid Cap Enhanced Equity ETF

JMEEANYSE Arca

Overlap

20.4%by weight

Expense ratio

JMEE −0.08pt a year

FFSM0.43%JMEE0.35%

Avg volume · 30D

FFSM 3.6×the volume

FFSM429KJMEE121K

3Y return · a year

FFSM +1.5pt

FFSM+20.4%JMEE+18.9%

FFSM vs JMEE Performance

Oct 31, 2025 – Oct 30, 2026

+16.1%FFSM+19.6%JMEE

Expense ratio: FFSM 0.43%; JMEE 0.35%, better
Fund size: FFSM $1.44B; JMEE $2.94B
1Y total return: FFSM +16.1%; JMEE +19.6%, better
Yield (12M): FFSM 0.49%; JMEE 0.97%, better
Holdings: FFSM 216; JMEE 676
Avg volume (30D): FFSM 429K sh, better; JMEE 121K sh
NAV per share: FFSM $34.12; JMEE $74.78
52W range

ETF.net Grade

Pillar letters and Scores for FFSM, JMEE, with each pillar’s weight
Pillar	FFSM	JMEE
Cost30% weight	B68	A84Higher
Mission25% weight	A80	Not scored
Risk15% weight	D35	C50Higher
Tradability15% weight	B61Higher	B56
Holdings10% weight	A73	A88Higher
Durability5% weight	A88	A96Higher

Rank among US Active Small/Mid-Cap funds

How we build Categories ›

Same Category. FFSM and JMEE are both graded against the same 47 US Active Small/Mid-Cap funds, so their Grades compare head to head.

US Active Small/Mid-Cap⁠

Category · 47 funds

See all 47 ›

JMEE ranks 4th and FFSM 13th of 47 funds in the US Active Small/Mid-Cap Category.

Rank 1AAVMCAvantis U.S. Mid Cap Equity ETFScore 89
Rank 2AFEMVFidelity Enhanced Mid Cap Value ETFScore 79
Rank 3ADFMCU.S. Micro Cap Portfolio ETFScore 76
Rank 4AJMEEJPMorgan Small & Mid Cap Enhanced Equity ETFScore 72
Rank 5AREMCColumbia Research Enhanced Mid Cap ETFScore 70
Rank 10BTMSLT. Rowe Price Small-Mid Cap ETFScore 63
Rank 13BFFSMFidelity Fundamental Small-Mid Cap ETFScore 62
Rank 14BJMIDJanus Henderson Mid Cap Growth Alpha ETFScore 60

Our read on each fund

ETF.net Research

FFSMBFidelity Fundamental Small-Mid Cap ETF

JMEEAJPMorgan Small & Mid Cap Enhanced Equity ETF

In short

FFSM Fidelity's stock pickers turned loose on the Russell 2500. Small and mid caps are the corner of the US market where research still digs up overlooked names, and this one charges 0.43% a year to go looking.

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

FFSM The fund seeks long-term capital growth. It normally invests in equity securities of companies with small to medium market capitalizations.

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

FFSM 0.43% a year undercuts the 0.65% median for active US equity ETFs, and it is the cheapest of the three funds measured against the Russell 2500 (CGMM runs 0.51%, NBSM 0.75%).
Stays in its declared lane: the prospectus commits it to equity of small and medium-cap companies, so there is no quiet drift up into mega caps.
Rare shape for active small-mid: a multi-billion-dollar fund that trades regularly, so the usual small-cap-active worry about thin markets is smaller here.
Scores as one of the stronger builds in a crowded active US equity field, with high confidence in the underlying evidence.

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

FFSM Small and mid caps move harder than large caps in both directions, and this fund holds that exposure straight up, with no hedge or buffer.
Cheap for active, not cheap outright. Systematic peers such as DFAU (0.12%) and AVLC (0.15%) charge a fraction as much for broad US equity.
Launched in 2021, so the record behind the stock picking is short by fund-history standards. Payouts land quarterly, not monthly.

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 FFSM profile⁠

Full JMEE profile⁠

FFSM vs JMEE Holdings

How FFSM and JMEE differ

Overlap by weight

20.4%

Shared holdings make up 63.2% of FFSM and 21.2% of JMEE.

Level by level

Holdings105 in both20.4%
Sector11 Sectors89.2%
Countryby domicile97.7%
Asset classEquity100%

Sector

Sector weights in FFSM and JMEE, widest gap first
Sector	More in FFSMMore in JMEE	FFSM	JMEE
Industrials	FFSM +6.3 points	24.2%	17.9%
Technology	JMEE +3.2 points	12.8%	16.0%
Health Care	FFSM +3.0 points	13.3%	10.3%
Materials	JMEE +2.2 points	4.3%	6.5%
Real Estate	JMEE +2.0 points	5.6%	7.6%
Energy	JMEE +1.6 points	4.7%	6.3%
Communication	JMEE +1.5 points	0.6%	2.1%
Financials	FFSM +1.3 points	17.1%	15.8%
Utilities	FFSM +0.2 points	2.4%	2.2%
Consumer Discretionary	JMEE +0.2 points	10.9%	11.1%
Consumer Staples	JMEE +0.1 points	4.0%	4.1%

Country, concentration and asset class

Country by domicile

Country weights in FFSM and JMEE, widest gap first
Country	More in FFSMMore in JMEE	FFSM	JMEE
United States	JMEE +1.4 points	97.5%	98.9%
Canada	FFSM +0.9 points	0.9%	0.0%
United Kingdom	JMEE +0.8 points	0.0%	0.8%
India	FFSM +0.5 points	0.6%	0.1%
Other countries (7)	FFSM +0.7 points	1.0%	0.3%

Concentration

Weight in the 10 largest Holdings

FFSM14.3%
JMEE9.7%

Securities held

FFSM216
JMEE674

Asset class

FFSM: Equity
JMEE: Equity

Holdings

Only in FFSM111
In both105
Only in JMEE569

Only in FFSM

111 securities, 36.8% of FFSM by weight

IES Holdings Inc1.56%
BrightSpring Health Services Inc1.11%
Ensign Group Inc/The0.95%
Ventas Inc0.89%
Xometry Inc Class A0.86%
Marex Group Ltd0.84%
Charles River Laboratories International Inc0.76%
Ryan Specialty Holdings Inc Class A0.68%
Rubrik Inc Class A0.68%
LivaNova PLC0.65%
Waystar Holding Corp0.65%
Viatris Inc0.64%
Construction Partners Inc Class A0.64%
Gates Industrial Corp Ltd0.62%
TransMedics Group Inc0.61%
Ssr Mining Inc (United States)0.59%
Herc Holdings Inc0.58%
Icon PLC0.58%
Universal Health Services Inc Class B0.56%
Intapp Inc0.56%
Compass Inc Class A0.55%
Twist Bioscience Corp0.55%
Raymond James Financial Inc0.55%
Eastern Bankshares Inc0.51%
Western Digital Corp0.51%
Twilio Inc Class A0.51%
Garrett Motion Inc0.51%
Colliers International Group Inc Subordinate Voting Shares (United States)0.49%
Textron Inc0.48%
Primo Brands Corp Class A0.48%
Graphic Packaging Holding CO0.45%
Scotts Miracle-Gro Co/The0.44%
Keurig Dr Pepper Inc0.43%
Corpay Inc0.41%
State Street Corp0.41%
Gen Digital Inc0.40%
West Pharmaceutical Services Inc0.40%
Blue Bird Corp0.39%
Lazard Inc0.36%
OSI Systems Inc0.36%
EZCORP Inc Class A0.36%
Silicon Motion Technology Corp ADR0.35%
Axcelis Technologies Inc0.34%
Axis Capital Holdings Ltd0.34%
WillScot Holdings Corp0.33%
Hancock Whitney Corp0.31%
Coherent Corp0.31%
HNI Corp0.31%
M&T Bank Corp0.31%
Magnite Inc0.31%

Only in JMEE

569 securities, 78.6% of JMEE by weight

JPMorgan Prime Money4.47%
Okta Inc Common Stock0.86%
United Therapeutics Corp0.77%
Halozyme Therapeutics0.57%
Nvent Electric PLC0.55%
Reliance Inc Common Stock0.53%
Curtiss-Wright Corp0.47%
Hf Sinclair Corp Common0.46%
Watts Water Technologies0.44%
Permian Resources0.44%
Clean Harbors Inc Common0.43%
Protagonist Therapeutics0.42%
Glaukos Corp Common Stock0.41%
Oge Energy Corp Common0.40%
Encompass Health Corp0.38%
Donaldson Co Inc Common0.38%
Medpace Holdings Inc0.38%
Evercore Inc Common Stock0.38%
Viasat Inc Common Stock0.36%
Nutanix Inc Common Stock0.36%
Crown Holdings Inc Common0.35%
Arrow Electronics Inc0.35%
Toll Brothers Inc Common0.35%
Alarm.com Holdings Inc0.34%
Cubesmart Reit USD 0.010.33%
Digitalocean Holdings0.33%
Iridium Communications0.33%
Owens Corning Common0.33%
Dt Midstream Inc Common0.32%
Docusign Inc Common0.32%
Five Below Inc Common0.32%
Dynatrace Inc0.32%
Mastec Inc Common Stock0.31%
Wesco International Inc0.31%
Equitable Holdings Inc0.30%
Timken Co/The Common0.30%
Agree Realty Corp Reit0.30%
Borgwarner Inc Common0.30%
Mks Inc Common Stock USD0.30%
Haemonetics Corp Common0.30%
Entegris Inc0.30%
Burlington Stores Inc0.30%
Talen Energy Corp Common0.29%
Ally Financial Inc0.29%
Guidewire Software Inc0.29%
Enersys Common Stock USD0.29%
Aramark Common Stock USD0.28%
Globus Medical Inc Common0.28%
Graco Inc Common Stock0.27%
Unum Group Common Stock0.27%

Weight gaps

The 100 widest of 105 Holdings in both funds.

Holding weights in FFSM and JMEE, widest gap first
Holding	More in FFSMMore in JMEE	FFSM	JMEE
Sanmina CorpSANM	FFSM +1.42 points	1.65%	0.23%
FirstCash Holdings IncFCFS	FFSM +1.37 points	1.50%	0.13%
ATI IncATI	FFSM +1.27 points	1.72%	0.45%
TD SYNNEX CorpSNX	FFSM +1.27 points	1.66%	0.39%
ITT IncITT	FFSM +1.01 points	1.34%	0.33%
Sterling Infrastructure IncSTRL	FFSM +0.97 points	1.16%	0.19%
Laureate Education IncLAUR	FFSM +0.97 points	1.03%	0.06%
Jones Lang LaSalle IncJLL	FFSM +0.89 points	1.30%	0.41%
Performance Food Group CoPFGC	FFSM +0.86 points	1.20%	0.34%
Carpenter Technology CorpCRS	FFSM +0.85 points	1.06%	0.21%
Crocs IncCROX	FFSM +0.84 points	0.99%	0.15%
Primerica IncPRI	FFSM +0.82 points	0.89%	0.07%
MACOM Technology Solutions Holdings IncMTSI	FFSM +0.81 points	1.18%	0.37%
East West Bancorp IncEWBC	FFSM +0.74 points	1.07%	0.33%
Eagle Materials IncEXP	FFSM +0.73 points	0.88%	0.15%
Stifel Financial CorpSF	FFSM +0.68 points	0.87%	0.19%
Somnigroup International IncSGI	FFSM +0.69 points	0.91%	0.22%
CareTrust REIT IncCTRE	FFSM +0.66 points	0.85%	0.19%
Patrick Industries IncPATK	FFSM +0.65 points	0.69%	0.04%
KB HomeKBH	FFSM +0.64 points	0.68%	0.04%
Louisiana-Pacific CorpLPX	FFSM +0.64 points	0.68%	0.04%
SharkNinja IncSN	FFSM +0.61 points	0.95%	0.34%
Chord Energy CorpCHRD	FFSM +0.59 points	0.83%	0.24%
Acuity IncAYI	FFSM +0.58 points	0.76%	0.18%
Pinnacle Financial Partners IncPNFP	FFSM +0.57 points	1.00%	0.43%
Terex CorpTEX	FFSM +0.57 points	0.66%	0.09%
Minerals Technologies IncMTX	FFSM +0.57 points	0.65%	0.08%
Wintrust Financial CorpWTFC	FFSM +0.56 points	0.75%	0.19%
Manhattan Associates IncMANH	FFSM +0.56 points	0.72%	0.16%
Nexstar Media Group IncNXST	FFSM +0.55 points	0.61%	0.06%
Veeco Instruments IncVECO	FFSM +0.55 points	0.62%	0.07%
SPX Technologies IncSPXC	FFSM +0.54 points	0.69%	0.15%
Advanced Energy Industries IncAEIS	FFSM +0.53 points	0.75%	0.22%
US Foods Holding CorpUSFD	FFSM +0.50 points	0.89%	0.39%
Repligen CorpRGEN	FFSM +0.49 points	0.56%	0.07%
Genpact LtdG	FFSM +0.49 points	0.57%	0.08%
DXP Enterprises Inc/TXDXPE	FFSM +0.46 points	0.76%	0.30%
Kontoor Brands IncKTB	FFSM +0.46 points	0.53%	0.07%
First Bancorp/Southern Pines NCFBNC	FFSM +0.45 points	0.50%	0.05%
Covista IncCVSA	FFSM +0.44 points	0.62%	0.18%
FNB Corp/PAFNB	FFSM +0.42 points	0.64%	0.22%
Matson IncMATX	FFSM +0.41 points	0.67%	0.26%
GXO Logistics IncGXO	FFSM +0.40 points	0.50%	0.10%
Tenable Holdings IncTENB	FFSM +0.41 points	0.52%	0.11%
BJ’s Wholesale Club Holdings IncBJ	FFSM +0.39 points	0.57%	0.18%
Signet Jewelers LtdSIG	FFSM +0.39 points	0.54%	0.15%
TechnipFMC PLCFTI	FFSM +0.39 points	1.01%	0.62%
Antero Resources CorpAR	FFSM +0.38 points	0.70%	0.32%
Reinsurance Group of America IncRGA	FFSM +0.37 points	0.76%	0.39%
Vontier CorpVNT	FFSM +0.37 points	0.47%	0.10%
Core & Main Inc Class ACNM	FFSM +0.36 points	0.38%	0.02%
XPO IncXPO	FFSM +0.36 points	0.74%	0.38%
RBC Bearings IncRBC	FFSM +0.35 points	0.74%	0.39%
UGI CorpUGI	FFSM +0.34 points	0.63%	0.29%
Dutch Bros Inc Class ABROS	FFSM +0.32 points	0.41%	0.09%
WEX IncWEX	FFSM +0.31 points	0.55%	0.24%
IDACORP IncIDA	FFSM +0.31 points	0.45%	0.14%
American Healthcare REIT IncAHR	FFSM +0.30 points	0.49%	0.19%
ExlService Holdings IncEXLS	FFSM +0.29 points	0.44%	0.15%
Phinia IncPHIN	FFSM +0.29 points	0.40%	0.11%
Brink’s Co/TheBCO	FFSM +0.28 points	0.40%	0.12%
Urban Outfitters IncURBN	FFSM +0.28 points	0.34%	0.06%
Ovintiv IncOVV	FFSM +0.28 points	0.71%	0.43%
Nextpower IncNXT	FFSM +0.27 points	0.49%	0.21%
InterDigital IncIDCC	FFSM +0.27 points	0.56%	0.29%
KBR IncKBR	FFSM +0.26 points	0.46%	0.20%
Southwest Gas Holdings IncSWX	FFSM +0.25 points	0.55%	0.30%
Murphy USA IncMUSA	FFSM +0.25 points	0.42%	0.17%
Sprouts Farmers Market IncSFM	FFSM +0.24 points	0.32%	0.08%
Essential Properties Realty Trust IncEPRT	JMEE +0.24 points	<0.01%	0.24%
Belden IncBDC	FFSM +0.23 points	0.33%	0.10%
Silgan Holdings IncSLGN	JMEE +0.23 points	<0.01%	0.24%
Grand Canyon Education IncLOPE	FFSM +0.22 points	0.37%	0.15%
FabrinetFN	FFSM +0.21 points	0.45%	0.24%
Granite Construction IncGVA	FFSM +0.21 points	0.52%	0.31%
Karman Holdings IncKRMN	FFSM +0.21 points	0.25%	0.04%
Woodward IncWWD	FFSM +0.21 points	0.61%	0.40%
Diodes IncDIOD	FFSM +0.20 points	0.35%	0.15%
Houlihan Lokey Inc Class AHLI	FFSM +0.20 points	0.33%	0.13%
SLM CorpSLM	FFSM +0.20 points	0.26%	0.06%
Brady Corp Class ABRC	FFSM +0.18 points	0.47%	0.29%
Adeia IncADEA	FFSM +0.18 points	0.21%	0.03%
Axos Financial IncAX	FFSM +0.17 points	0.31%	0.14%
Elanco Animal Health IncELAN	FFSM +0.17 points	0.31%	0.14%
Brinker International IncEAT	FFSM +0.17 points	0.33%	0.16%
Lithia Motors IncLAD	FFSM +0.17 points	0.29%	0.12%
FTI Consulting IncFCN	JMEE +0.17 points	<0.01%	0.17%
Cava Group IncCAVA	FFSM +0.16 points	0.33%	0.17%
Southstate Bank CorpSSB	FFSM +0.15 points	0.39%	0.24%
Rush Enterprises Inc Class ARUSHA	FFSM +0.13 points	0.19%	0.06%
American Financial Group Inc/OHAFG	FFSM +0.13 points	0.33%	0.20%
Simpson Manufacturing Co IncSSD	FFSM +0.12 points	0.32%	0.20%
Ligand Pharmaceuticals IncLGND	FFSM +0.12 points	0.31%	0.19%
First American Financial CorpFAF	FFSM +0.11 points	0.37%	0.26%
Enova International IncENVA	FFSM +0.11 points	0.23%	0.12%
Green Brick Partners IncGRBK	FFSM +0.10 points	0.20%	0.10%
First BanCorp/Puerto RicoFBP	FFSM +0.09 points	0.31%	0.22%
Jazz Pharmaceuticals PLCJAZZ	JMEE +0.09 points	0.31%	0.40%
Commercial Metals CoCMC	FFSM +0.08 points	0.36%	0.28%
Allison Transmission Holdings IncALSN	JMEE +0.09 points	0.11%	0.20%

All FFSM holdings⁠All 674 JMEE 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.

FFSM vs JMEE Cost

Overpaying FFSM vs JMEE

$1,536

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

FFSM 0.43%
$8,662
JMEE 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

FFSM 0.43%
JMEE 0.35%
Overpaying

Year by year

Year	FFSM	JMEE	Overpaying
10	$776	$634	$142
20	$2,994	$2,454	$540
30	$8,662	$7,126	$1,536

Expense ratio

0.43%FFSM
0.35%JMEE, cheaper

JMEE0.35%FFSM0.43%

0.18%1.10%

Middle half of US Active Small/Mid-Cap funds
Median 0.55%

JMEE 7th cheapest of 47 funds

FFSM 15th cheapest of 47 funds

FFSM vs JMEE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FFSM 0.49%; JMEE 0.97%, better
Payout (12M): FFSM $0.17; JMEE $0.72
Last payment: FFSM $0.05; JMEE $0.72
Ex-dividend: FFSM Sep 18, 2026; JMEE Dec 16, 2025
Paid on: FFSM Sep 22, 2026; JMEE Dec 18, 2025
Frequency: FFSM Quarterly; JMEE Annual

Distribution history

Per share, 2021 to 2026, same scale for both

FFSMQuarterly · 23 paymentsAll FFSM payments⁠

JMEEAnnual · 4 paymentsAll JMEE payments⁠

FFSM vs JMEE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FFSM 17.7%JMEE 15.8%, better
Return per unit of riskSharpe ratio, 3 years: FFSM 0.89JMEE 0.90, better
Worst fallMax drawdown, 5 years: FFSM −26.7%JMEE −25.4%since May 2022
Market sensitivityBeta, 5 years: FFSM 1.07JMEE 1.10; Market = 1

FFSM and JMEE in the news

All news⁠

Category Review
Active small- and mid-cap funds trail the S&P 500 after a hard third quarter
Updated Oct 14, 2026FFSMJMEE
ETF Filings
Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million
Sep 21, 2026FFSMJMEE
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026JMEE

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FFSM vs JMEE

In short

Stated mandate

Why people hold it