FLCG vs JUSA: Grades, Fees and Holdings Compared

Federated Hermes MDT Large Cap Growth ETF

FLCGBNYSE Arca

JPMorgan U.S. Research Enhanced Large Cap ETF

JUSAANYSE Arca

Overlap

41.0%by weight

Expense ratio

JUSA −0.21pt a year

FLCG0.39%JUSA0.18%

Avg volume · 30D

JUSA 1.3×the volume

FLCG75.3KJUSA98.8K

FLCG vs JUSA Performance

Oct 31, 2025 – Oct 30, 2026

−0.3%FLCG+10.8%JUSA

Expense ratio: FLCG 0.39%; JUSA 0.18%, better
Fund size: FLCG $702M; JUSA $745M
1Y total return: FLCG −0.3%; JUSA +10.8%, better
Yield (12M): FLCG 0.05%; JUSA 0.72%, better
Holdings: FLCG 101; JUSA 263
Avg volume (30D): FLCG 75.3K sh; JUSA 98.8K sh, better
NAV per share: FLCG $34.35; JUSA $67.75
52W range

ETF.net Grade

Pillar letters and Scores for FLCG, JUSA, with each pillar’s weight
Pillar	FLCG	JUSA
Cost30% weight	A82	A99Higher
Mission25% weight	Not scored	A84
Risk15% weight	B59	A92Higher
Tradability15% weight	B63Higher	B58
Holdings10% weight	C54	A84Higher
Durability5% weight	B68	A76Higher

Rank among US Active Growth funds

How we build Categories ›

Same Category. FLCG and JUSA 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 ›

JUSA ranks 1st and FLCG 9th 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 9BAGRWAllspring LT Large Growth ETFScore 68
Rank 9BFLCGFederated Hermes MDT Large Cap Growth ETFScore 68
Rank 9BMAGSRoundhill Magnificent Seven ETFScore 68

Our read on each fund

ETF.net Research

FLCGBFederated Hermes MDT Large Cap Growth ETF

JUSAAJPMorgan U.S. Research Enhanced Large Cap ETF

In short

FLCG Federated Hermes dropped its decades-old MDT quant engine into an ETF in 2024: a bottom-up model picks roughly 100 large-cap growth names from the Russell 1000 Growth universe, aiming for an edge without straying far from the benchmark.

JUSA Active stock picking in index clothing: J.P. Morgan analysts tilt roughly 300 large caps while sector weights and risk stay close to the S&P 500, for 0.18% a year with no waiver attached.

Stated mandate

FLCG The Fund seeks long-term capital appreciation.

JUSA The fund seeks capital appreciation through active, fundamental, bottom-up selection of large-cap U.S. equities. It targets companies with strong long-term earnings potential and attractive valuations relative to peers.

Why people hold it

FLCG Cheap for an active mandate: 0.39% net of a waiver through May 1, 2027 (0.51% gross), below the median fee in its large-growth peer group.federatedhermes.com
The ETF is young, the engine is not. MDT has run systematic US equity strategies since 1991, and this large-cap growth mandate has an institutional track record dating to 2004.hermes-investment.com federatedhermes.com
Risk control is written into the mandate: the strategy targets excess return with moderate tracking error versus the Russell 1000 Growth Index, so style drift stays contained.federatedhermes.com
Around 100 holdings and a stated aim of long-term capital appreciation, which makes this a broad slice of US growth rather than a handful of concentrated bets.

JUSA 0.18% a year with no waiver propping it up, below its category median. GUSE charges 0.30% and LRGC 0.39% for similar enhanced-index work; FELG ties it at 0.18%.
Active where it counts, plain where it doesn't: bottom-up stock picks across roughly 300 large caps, with sector mix and risk profile kept close to the S&P 500.jpmorgan.com
Stands among the strongest implementations in a 90-fund peer group of active large-cap funds, helped by a low fee and tightly managed risk.

Worth knowing

FLCG Systematic large-growth exposure comes cheaper elsewhere: JUSA and FELG each charge 0.18%, with no waiver propping up the number.
The ETF only started trading in 2024, so the risk picture rests on a short window of its own data rather than a full market cycle.
Volume is moderate rather than heavy, so spreads can widen in fast markets, and distributions land once or twice a year, not monthly.

JUSA Launched in March 2025, so there is only a short live record on this ticker to judge.
Moderately traded rather than a volume monster, so spreads can run wider than the giant index funds', especially in fast markets.
Tracking the S&P 500's sector weights limits how far results can stray from the benchmark in either direction. This is a nudge on the index, not a different bet.jpmorgan.com

Full FLCG profile⁠

Full JUSA profile⁠

FLCG vs JUSA Holdings

How FLCG and JUSA differ

Overlap by weight

41.0%

Shared holdings make up 82.3% of FLCG and 48.7% of JUSA.

Level by level

Holdings49 in both41.0%
Sector11 Sectors75.2%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in FLCG and JUSA, widest gap first
Sector	More in FLCGMore in JUSA	FLCG	JUSA
Technology	FLCG +19.0 points	59.7%	40.7%
Financials	JUSA +8.7 points	2.4%	11.1%
Communication	FLCG +5.8 points	15.8%	10.0%
Health Care	JUSA +3.7 points	5.3%	9.0%
Energy	JUSA +3.1 points	0.1%	3.3%
Consumer Staples	JUSA +2.5 points	1.1%	3.6%
Consumer Discretionary	JUSA +2.0 points	7.8%	9.8%
Utilities	JUSA +1.9 points	0.0%	1.9%
Real Estate	JUSA +1.7 points	0.0%	1.7%
Materials	JUSA +0.8 points	0.8%	1.6%
Industrials	JUSA +0.2 points	7.1%	7.3%

Country, concentration and asset class

Country by domicile

Country weights in FLCG and JUSA, widest gap first
Country	More in FLCGMore in JUSA	FLCG	JUSA
United States	JUSA +0.2 points	99.7%	99.9%
Brazil	FLCG +0.2 points	0.2%	0.0%
United Kingdom	FLCG +0.1 points	0.1%	0.0%
Switzerland	JUSA +0.1 points	0.0%	0.1%
China	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FLCG54.9%
JUSA37.8%

Securities held

FLCG100
JUSA261

Asset class

FLCG: Equity
JUSA: Equity

Holdings

Only in FLCG51
In both49
Only in JUSA212

Only in FLCG

51 securities, 17.7% of FLCG by weight

Fiserv Inc1.82%
Bank of New York Mellon C1.71%
Keysight Technologies In1.52%
Five Below1.11%
Viking Holdings Ltd0.88%
Veeva Systems Inc-Class A0.81%
Netapp Inc0.77%
Allison Transmission Hold0.74%
Airbnb Inc-Class A0.66%
Lululemon Athletica Inc0.61%
Federated Govt Obli Fd-Pr0.51%
Southern Copper Corp0.37%
Paycom Software Inc0.35%
Gartner Inc0.35%
Northern Trust Corp0.34%
Amgen Inc0.33%
Coupang Inc0.32%
Maplebear Inc0.31%
Chime Financial Inc-Cl A0.30%
Trade Desk Inc/The -Class0.28%
Sharkninja Inc0.27%
Johnson Controls Internat0.27%
Anglogold Ashanti PLC0.25%
Trane Technologies PLC0.23%
Natera Inc0.19%
Rubrik Inc-A0.19%
Weatherford International0.18%
Adobe Inc0.17%
Stoneco Ltd-A0.17%
Pegasystems Inc0.17%
Wayfair Inc- Class A0.15%
Atlassian Corp-Cl A0.12%
Acuity Inc0.12%
Pinterest Inc- Class A0.12%
Docusign Inc0.11%
Chewy Inc - Class A0.10%
Western Union Co0.10%
Nvent Electric PLC0.09%
Ulta Beauty Inc0.08%
Cloudflare Inc - Class A0.06%
Insulet Corp0.06%
Rockwell Automation Inc0.05%
Spotify Technology SA0.05%
Celanese Corp0.05%
Advanced Energy Industrie0.05%
Zoominfo Technologies Inc0.04%
Carpenter Technology0.04%
Tyler Technologies Inc0.03%
Hecla Mining Co0.03%
Mastec Inc0.03%

Only in JUSA

212 securities, 51.3% of JUSA by weight

Alphabet Inc-Cl C -1.93%
Exxonmobil Holdings Corp1.45%
Berkshire Hathaway Inc1.35%
Johnson & Johnson Common1.32%
Mastercard Inc Common1.27%
Visa Inc Common Stock USD1.18%
JPMorgan Prime Money0.95%
Rtx Corp0.93%
Wells Fargo & Co Common0.77%
Philip Morris0.75%
Citigroup Inc Common0.70%
Conocophillips Common0.69%
UnitedHealth Group Inc0.67%
Bank of America Corp0.66%
Lowe's Cos Inc Common0.65%
Nextera Energy Inc0.64%
Pepsico Inc Common Stock0.64%
3M Co Common Stock USD0.62%
Eog Resources Inc Common0.60%
Us Bancorp Common Stock0.59%
Trane Technologies PLC0.57%
Charles Schwab Corp/The0.56%
The Southern Company0.55%
Walmart Inc Common Stock0.52%
Texas Instruments Inc0.50%
Bristol-Myers Squibb Co0.50%
Accenture PLC Common0.48%
AT&T Inc Common Stock USD0.48%
Mcdonald's Corp Common0.47%
Mondelez International0.47%
Howmet Aerospace Inc0.46%
Intel Corp Common Stock0.46%
Aon PLC Common Stock USD0.45%
Seagate Technology0.45%
Thermo Fisher Scientific0.45%
Morgan Stanley Dean0.43%
Booking Holdings Inc0.42%
Equinix Inc Reit USD0.42%
The Walt Disney Company0.42%
Fifth Third Bancorp0.41%
Ecolab Inc Common Stock0.41%
Keurig Dr Pepper Inc0.41%
Arthur J Gallagher & Co0.40%
Stryker Corp Common Stock0.39%
Eaton Corp PLC Common0.39%
Capital One Financial0.39%
Nxp Semiconductors NV0.38%
Vertex Pharmaceuticals0.36%
Chipotle Mexican Grill0.36%
Sempra Common Stock USD0.35%

Weight gaps

All 49 Holdings in both funds, largest gap first.

Holding weights in FLCG and JUSA, widest gap first
Holding	More in FLCGMore in JUSA	FLCG	JUSA
Alphabet Inc-Cl AGOOGL	FLCG +8.07 points	10.60%	2.53%
NVIDIA CorpNVDA	FLCG +7.33 points	15.19%	7.86%
Amazon.com IncAMZN	JUSA +3.64 points	0.31%	3.95%
Arista Networks IncANET	FLCG +2.33 points	2.60%	0.27%
Crowdstrike Holdings IncCRWD	FLCG +2.28 points	2.64%	0.36%
General ElectricGE	FLCG +2.14 points	2.27%	0.13%
Microsoft CorpMSFT	JUSA +2.03 points	4.33%	6.36%
Ge Vernova IncGEV	FLCG +1.78 points	2.06%	0.28%
Tesla IncTSLA	FLCG +1.75 points	3.17%	1.42%
Ameriprise Financial IncAMP	FLCG +1.66 points	1.67%	0.01%
Eli Lilly & CoLLY	FLCG +1.44 points	2.98%	1.54%
Fortinet IncFTNT	FLCG +1.36 points	1.54%	0.18%
Micron Technology IncMU	FLCG +1.15 points	2.72%	1.57%
Western Digital CorpWDC	FLCG +1.02 points	1.42%	0.40%
Netflix IncNFLX	FLCG +0.82 points	1.21%	0.39%
Intuit IncINTU	FLCG +0.79 points	0.93%	0.14%
Apple IncAAPL	FLCG +0.78 points	8.09%	7.31%
AbbVie IncABBV	JUSA +0.70 points	0.45%	1.15%
Kla CorpKLAC	FLCG +0.67 points	0.78%	0.11%
Amphenol Corp-Cl AAPH	FLCG +0.55 points	1.10%	0.55%
Sandisk CorpSNDK	FLCG +0.53 points	0.75%	0.22%
Snowflake IncSNOW	FLCG +0.52 points	0.66%	0.14%
Jabil IncJBL	FLCG +0.48 points	0.54%	0.06%
Applied Materials IncAMAT	FLCG +0.44 points	0.90%	0.46%
Caterpillar IncCAT	FLCG +0.40 points	0.56%	0.16%
Regeneron PharmaceuticalsREGN	FLCG +0.38 points	0.82%	0.44%
Comfort Systems Usa IncFIX	FLCG +0.35 points	0.43%	0.08%
Palantir Technologies IncPLTR	FLCG +0.35 points	0.92%	0.57%
Coherent CorpCOHR	FLCG +0.34 points	0.38%	0.04%
Cummins IncCMI	JUSA +0.29 points	0.06%	0.35%
Uber Technologies IncUBER	FLCG +0.29 points	0.34%	0.05%
Lam Research CorpLRCX	JUSA +0.26 points	0.58%	0.84%
Oracle CorpORCL	JUSA +0.22 points	0.05%	0.27%
Align Technology IncALGN	FLCG +0.20 points	0.22%	0.02%
Meta Platforms Inc-ClassMETA	FLCG +0.20 points	2.36%	2.16%
Advanced Micro DevicesAMD	FLCG +0.19 points	1.41%	1.22%
Cadence Design Sys IncCDNS	FLCG +0.17 points	0.35%	0.18%
Everpure Inc-AP	FLCG +0.17 points	0.20%	0.03%
Vertiv Holdings Co-AVRT	FLCG +0.12 points	0.46%	0.34%
Palo Alto Networks IncPANW	JUSA +0.10 points	0.21%	0.31%
Autodesk IncADSK	JUSA +0.09 points	0.04%	0.13%
Corning IncGLW	FLCG +0.08 points	0.29%	0.21%
Broadcom IncAVGO	FLCG +0.08 points	2.62%	2.54%
On SemiconductorON	JUSA +0.08 points	0.09%	0.17%
Costco Wholesale CorpCOST	JUSA +0.06 points	0.55%	0.61%
Quanta Services IncPWR	FLCG +0.04 points	0.19%	0.15%
Illumina IncILMN	JUSA +0.04 points	<0.01%	0.04%
Interactive Brokers Gro-CIBKR	FLCG +0.03 points	0.08%	0.05%
Datadog Inc - Class ADDOG	JUSA +0.01 points	0.12%	0.13%

All 99 FLCG holdings⁠All 261 JUSA 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.

FLCG vs JUSA Cost

Overpaying FLCG vs JUSA

$4,149

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

FLCG 0.39%
$7,898
JUSA 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FLCG 0.39%
JUSA 0.18%
Overpaying

Year by year

Year	FLCG	JUSA	Overpaying
10	$705	$328	$377
20	$2,725	$1,281	$1,444
30	$7,898	$3,749	$4,149

Expense ratio

0.39%FLCG
0.18%JUSA, cheaper

JUSA0.18%FLCG0.39%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

JUSA cheapest of 90 funds

FLCG 14th cheapest of 90 funds

FLCG vs JUSA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLCG 0.05%; JUSA 0.72%, better
Payout (12M): FLCG $0.02; JUSA $0.49
Last payment: FLCG $0.02; JUSA $0.13
Ex-dividend: FLCG Dec 31, 2025; JUSA Sep 22, 2026
Paid on: FLCG Jan 2, 2026; JUSA Sep 24, 2026
Frequency: FLCG Irregular; JUSA Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

FLCGIrregular · 2 paymentsAll FLCG payments⁠

JUSAQuarterly · 6 paymentsAll JUSA payments⁠

FLCG vs JUSA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLCG 16.1%since Aug 2024JUSA 11.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years: FLCG 0.62since Aug 2024JUSA 1.41since Apr 2025
Worst fallMax drawdown, 5 years: FLCG −23.0%since Jul 2024JUSA −14.0%since Mar 2025
Market sensitivityBeta, 5 years: FLCG 1.14JUSA 0.98; Market = 1

FLCG and JUSA in the news

All news⁠

New ETFs
YieldMax lists an SK hynix options ETF that does not own the shares
Oct 28, 2026JUSA
ETF Filings
JPMorgan All Country Research Enhanced Equity ETF sets 0.22% fee, ticker JALL
Sep 4, 2026JUSA

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FLCG vs JUSA

In short

Stated mandate

Why people hold it

Worth knowing

How FLCG and JUSA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLCG

Only in JUSA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

YieldMax lists an SK hynix options ETF that does not own the shares

JPMorgan All Country Research Enhanced Equity ETF sets 0.22% fee, ticker JALL

How FLCG and JUSA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLCG

Only in JUSA

Weight gaps