FMAG vs JUSA: Grades, Fees and Holdings Compared

Fidelity Magellan ETF

FMAGBCboe

JPMorgan U.S. Research Enhanced Large Cap ETF

JUSAANYSE Arca

Overlap

37.9%by weight

Expense ratio

JUSA −0.39pt a year

FMAG0.57%JUSA0.18%

Avg volume · 30D

JUSA 5.5×the volume

FMAG18.1KJUSA98.8K

FMAG vs JUSA Performance

Oct 31, 2025 – Oct 30, 2026

−2.6%FMAG+10.8%JUSA

Expense ratio: FMAG 0.57%; JUSA 0.18%, better
Fund size: FMAG $243M; JUSA $745M
1Y total return: FMAG −2.6%; JUSA +10.8%, better
Yield (12M): FMAG 0.00%; JUSA 0.72%, better
Holdings: FMAG 51; JUSA 263
Avg volume (30D): FMAG 18.1K sh; JUSA 98.8K sh, better
NAV per share: FMAG $34.21; JUSA $67.75
52W range

ETF.net Grade

Pillar letters and Scores for FMAG, JUSA, with each pillar’s weight
Pillar	FMAG	JUSA
Cost30% weight	C47	A99Higher
Mission25% weight	C50	A84Higher
Risk15% weight	B65	A92Higher
Tradability15% weight	C47	B58Higher
Holdings10% weight	A72	A84Higher
Durability5% weight	A75	A76Higher

Rank among US Active Growth funds

How we build Categories ›

Same Category. FMAG 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 FMAG 35th 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 32BWINNHarbor Long-Term Growers ETF (WINN)Score 56
Rank 35BFMAGFidelity Magellan ETFScore 55
Rank 35BGROZZacks Focus Growth ETFScore 55

Our read on each fund

ETF.net Research

FMAGBFidelity Magellan ETF

JUSAAJPMorgan U.S. Research Enhanced Large Cap ETF

In short

FMAG Fidelity put the Magellan name on an ETF in 2021: an actively run book of US large-cap growth, cyclical movers alongside steadier names tied to long-term megatrends, measured against the S&P 500.

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

FMAG The fund seeks capital appreciation through a diversified U.S. equity strategy focused on large-cap growth, including cyclical growth stocks and steady growers positioned for long-term megatrends.

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

FMAG Real stock picking, not an index clone. Managers build a diversified US large-cap growth book aimed at capital appreciation.fidelity.com
Lands in the upper half of a crowded field of active US growth funds, a solid showing among dozens of conviction large-cap rivals.
The 0.57% fee sits near the middle of the active large-cap growth pack, so the human at the wheel isn't priced at a premium.

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

FMAG Cheaper rules-based options cover similar ground, including Fidelity's own FELG at 0.18%. The active mandate costs roughly three times that.
Trades thinly next to index giants, so spreads can be wider and bigger orders can nudge the price.
Cash comes back once or twice a year, not quarterly or monthly. This is a growth mandate, not an income one.

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 FMAG profile⁠

Full JUSA profile⁠

FMAG vs JUSA Holdings

How FMAG and JUSA differ

Overlap by weight

37.9%

Shared holdings make up 83.4% of FMAG and 40.4% of JUSA.

Level by level

Holdings39 in both37.9%
Sector11 Sectors86.9%
Countryby domicile98.0%
Asset classEquity100%

Sector

Sector weights in FMAG and JUSA, widest gap first
Sector	More in FMAGMore in JUSA	FMAG	JUSA
Industrials	FMAG +9.8 points	17.1%	7.3%
Health Care	JUSA +4.0 points	5.0%	9.0%
Energy	JUSA +3.3 points	0.0%	3.3%
Communication	JUSA +2.8 points	7.2%	10.0%
Materials	FMAG +2.0 points	3.6%	1.6%
Utilities	JUSA +1.9 points	0.0%	1.9%
Consumer Discretionary	FMAG +0.6 points	10.4%	9.8%
Consumer Staples	JUSA +0.6 points	3.0%	3.6%
Real Estate	FMAG +0.6 points	2.3%	1.7%
Financials	JUSA +0.4 points	10.7%	11.1%
Technology	FMAG +0.1 points	40.8%	40.7%

Country, concentration and asset class

Country by domicile

Country weights in FMAG and JUSA, widest gap first
Country	More in FMAGMore in JUSA	FMAG	JUSA
Taiwan	FMAG +2.0 points	2.0%	0.0%
United States	JUSA +1.9 points	98.0%	99.9%
Other countries (2)	JUSA +0.1 points	0.0%	0.1%

Concentration

Weight in the 10 largest Holdings

FMAG46.1%
JUSA37.8%

Securities held

FMAG51
JUSA261

Asset class

FMAG: Equity
JUSA: Equity

Holdings

Only in FMAG12
In both39
Only in JUSA222

Only in FMAG

12 securities, 16.6% of FMAG by weight

Taiwan Semiconductor Manufacturing Co Ltd ADR2.26%
JPMorgan Chase & Co2.25%
Eaton Corp PLC1.38%
Marriott International Inc/MD Class A11.35%
Linde PLC1.33%
Cintas Corp1.26%
Trane Technologies PLC1.24%
HEICO Corp Class A1.19%
Republic Services Inc1.17%
Moody’s Corp1.11%
Bank of New York Mellon Corp/The1.08%
Northern Trust Corp0.92%

Only in JUSA

222 securities, 59.4% of JUSA by weight

Apple Inc Common Stock7.31%
Micron Technology Inc1.57%
Exxonmobil Holdings Corp1.45%
Tesla Inc Common Stock1.42%
Berkshire Hathaway Inc1.35%
Johnson & Johnson Common1.32%
AbbVie Inc Common Stock1.15%
JPMorgan Prime Money0.95%
Wells Fargo & Co Common0.77%
Citigroup Inc Common0.70%
Conocophillips Common0.69%
UnitedHealth Group Inc0.67%
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%
Palantir Technologies Inc0.57%
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%
Applied Materials Inc0.46%
Aon PLC Common Stock USD0.45%
Thermo Fisher Scientific0.45%
Regeneron Pharmaceuticals0.44%
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%
Netflix Inc Common Stock0.39%
Capital One Financial0.39%
Nxp Semiconductors NV0.38%
Vertex Pharmaceuticals0.36%
Crowdstrike Holdings Inc0.36%

Weight gaps

All 39 Holdings in both funds, largest gap first.

Holding weights in FMAG and JUSA, widest gap first
Holding	More in FMAGMore in JUSA	FMAG	JUSA
NVIDIA CorpNVDA	FMAG +2.47 points	10.33%	7.86%
Advanced Micro Devices IncAMD	FMAG +2.38 points	3.60%	1.22%
KLA CorpKLAC	FMAG +2.21 points	2.32%	0.11%
Amazon.com IncAMZN	FMAG +2.18 points	6.13%	3.95%
Seagate Technology Holdings PLCSTX	FMAG +1.97 points	2.42%	0.45%
Broadcom IncAVGO	FMAG +1.95 points	4.49%	2.54%
Western Digital CorpWDC	FMAG +1.91 points	2.31%	0.40%
Meta Platforms Inc Class AMETA	FMAG +1.56 points	3.72%	2.16%
GE AerospaceGE	FMAG +1.52 points	1.65%	0.13%
Caterpillar IncCAT	FMAG +1.47 points	1.63%	0.16%
Alphabet Inc Class CGOOG	FMAG +1.41 points	3.34%	1.93%
Alphabet Inc Class AGOOGL	FMAG +1.41 points	3.94%	2.53%
Lam Research CorpLRCX	FMAG +1.33 points	2.17%	0.84%
Hilton Worldwide Holdings IncHLT	FMAG +1.29 points	1.50%	0.21%
Motorola Solutions IncMSI	FMAG +1.28 points	1.32%	0.04%
Westinghouse Air Brake Technologies CorpWAB	FMAG +1.25 points	1.28%	0.03%
McKesson CorpMCK	FMAG +1.20 points	1.39%	0.19%
Arista Networks IncANET	FMAG +1.18 points	1.45%	0.27%
Amphenol Corp Class AAPH	FMAG +1.17 points	1.72%	0.55%
Welltower IncWELL	FMAG +1.12 points	1.20%	0.08%
Parker-Hannifin CorpPH	FMAG +1.12 points	1.19%	0.07%
Quanta Services IncPWR	FMAG +1.07 points	1.22%	0.15%
TransDigm Group IncTDG	FMAG +1.07 points	1.26%	0.19%
Ciena CorpCIEN	FMAG +1.07 points	1.14%	0.07%
Dell Technologies Inc Class CDELL	FMAG +1.04 points	1.24%	0.20%
O’Reilly Automotive IncORLY	FMAG +1.04 points	1.09%	0.05%
Visa Inc Class AV	FMAG +1.02 points	2.20%	1.18%
State Street CorpSTT	FMAG +0.97 points	1.03%	0.06%
Cencora IncCOR	FMAG +0.97 points	1.03%	0.06%
RTX CorpRTX	JUSA +0.93 points	<0.01%	0.93%
Bank of America CorpBAC	FMAG +0.89 points	1.55%	0.66%
Eli Lilly & CoLLY	FMAG +0.86 points	2.40%	1.54%
Philip Morris International IncPM	FMAG +0.73 points	1.48%	0.75%
Mastercard Inc Class AMA	FMAG +0.71 points	1.98%	1.27%
Microsoft CorpMSFT	JUSA +0.66 points	5.70%	6.36%
Ventas IncVTR	FMAG +0.66 points	0.99%	0.33%
Costco Wholesale CorpCOST	JUSA +0.60 points	<0.01%	0.61%
Vulcan Materials CoVMC	JUSA +0.11 points	<0.01%	0.11%
Martin Marietta Materials IncMLM	JUSA +0.11 points	<0.01%	0.11%

All FMAG 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.

FMAG vs JUSA Cost

Overpaying FMAG vs JUSA

$7,522

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

FMAG 0.57%
$11,271
JUSA 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FMAG 0.57%
JUSA 0.18%
Overpaying

Year by year

Year	FMAG	JUSA	Overpaying
10	$1,023	$328	$695
20	$3,921	$1,281	$2,640
30	$11,271	$3,749	$7,522

Expense ratio

0.57%FMAG
0.18%JUSA, cheaper

JUSA0.18%FMAG0.57%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

JUSA cheapest of 90 funds

FMAG 50th cheapest of 90 funds

FMAG vs JUSA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FMAG 0.00%; JUSA 0.72%, better
Payout (12M): FMAG $0.001; JUSA $0.49
Last payment: FMAG $0.001; JUSA $0.13
Ex-dividend: FMAG Sep 18, 2026; JUSA Sep 22, 2026
Paid on: FMAG Sep 22, 2026; JUSA Sep 24, 2026
Frequency: FMAG Annual; JUSA Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

FMAGAnnual · 19 paymentsAll FMAG payments⁠

JUSAQuarterly · 6 paymentsAll JUSA payments⁠

FMAG vs JUSA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMAG 15.6%JUSA 11.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years: FMAG 0.86JUSA 1.41since Apr 2025
Worst fallMax drawdown, 5 years: FMAG −32.9%JUSA −14.0%since Mar 2025
Market sensitivityBeta, 5 years: FMAG 1.11JUSA 0.98; Market = 1

FMAG 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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FMAG vs JUSA

In short

Stated mandate

Why people hold it

Worth knowing

How FMAG and JUSA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMAG

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 FMAG and JUSA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMAG

Only in JUSA

Weight gaps