FMF vs JPFP

FMFCFirst Trust Managed Futures Strategy Fund

JPFPBJPMorgan Managed Futures Plus ETF

In short

FMF One of the original managed futures ETFs, trading since 2013: long, short or flat across commodity, currency, equity index and Treasury futures, aiming at returns that don't track stocks or bonds.

JPFP Most managed futures ETFs make you sell stocks to make room. JPFP stacks instead: full large-cap U.S. equity exposure plus an active long/short trend program across global equities, bonds, currencies and commodities, for 0.59%.

Stated mandate

FMF The Fund seeks positive returns that are not directly correlated with broad equity or fixed-income market returns. It primarily uses exchange-listed futures, including through a wholly owned Cayman Islands subsidiary, and may take long or short positions across global futures markets.

JPFP The fund seeks capital appreciation by combining an active managed futures strategy with a U.S. large-cap equity strategy in one investment. The managed-futures component uses derivatives for long or short exposure across global equities, fixed income, commodities, and currencies.

Why people hold it

• FMF Running since 2013, one of the earliest ETFs to package a trend-following futures playbook that had mostly lived inside hedge funds.etfstrategy.com
• Goes long, short or flat across commodity, currency, equity index and global debt futures, including Treasuries, so falling trends are tradable too.ftportfolios.com
• Actively run against a diversification mandate: positive returns not directly correlated to broad equity or fixed income markets. No index to hug.
• Holds its futures through a wholly owned Cayman subsidiary, the plumbing that lets a fund wrapper carry this much derivatives exposure. Pays quarterly.

• JPFP Stacked, not swapped. Derivatives let the fund carry broad large-cap U.S. equity exposure while the managed futures sleeve runs alongside it in the same wrapper.jpmorgan.com
• At 0.59% it comes in below the typical managed futures ETF fee and under the top-scoring names in the group, including WTMF at 0.65% and DBMF at 0.85%.
• The trend sleeve can go long or short global equities, fixed income, currencies and commodities, so it is not locked to the direction of any single market.jpmorgan.com
• Built by J.P. Morgan's Multi-Asset Solutions team, which ran this stacking approach in its own portfolios before putting it in an ETF. One of the stronger builds in a crowded niche.jpmorgan.com

Worth knowing

• FMF At 0.98% a year it prices above the category median of 0.82%, with cheaper takes on the same idea in WTMF (0.65%) and JPFP (0.59%).
• Thinly traded for an ETF, so the spread and a limit order matter more here than on a mega-cap index fund.
• Manager signals drive the outcome, and it sits in the lower half of a crowded managed futures group on our overall read.

• JPFP The live record starts at the 2026 launch, and the fund is still building assets and volume, so spreads can run wider than at the category's biggest names.
• Both engines use derivatives, and both can go against you at once. Trend models are designed to follow moves, so sharp reversals can whipsaw the futures sleeve.jpmorgan.com
• Fully active with proprietary models and no benchmark index to check it against, so outcomes ride on the manager's signals rather than a published rulebook.jpmorgan.com

Full FMF profile⁠

Full JPFP profile⁠