At a glance
BBMC charges 0.07% a year, below the 0.08% average of the 8 funds most like it (the 6th cheapest of 9). It has $2.03B in assets, the 7th largest of that group; it paid 1.15% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.5% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +22.2% a year. At its worst it fell 26.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 6.3% of the fund, out of 462 in all.
The short version
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) is an index fund. It tracks the Morningstar US Mid Cap Target Market Exposure Extended Index, a basket of mid-sized U.S. companies weighted by market value, and held 462 stocks as of July 31, 2026. Its 0.07% yearly expense ratio is low but not the lowest: SPDR Portfolio S&P 400 Mid Cap ETF charges 0.03%. It also picks mid caps by size rank, not by following the S&P MidCap 400.
Price history
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BBMC +16.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BBMC official prospectus, to Dec 31, 2025 | — | +12.14% | — | +7.62% | — | +15.30% |
| BBMC price data to Oct 27, 2026 | +16.0% | +16.5% | +22.2% | +7.4% | — | +7.9% |
- Over the year to Oct 27, 2026, BBMC returned +16.5%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +7.4%.
- Its worst full calendar year was 2022 (-19.8%); its best was 2023 (+18.4%).
- The deepest fall in its price history was 30.1% (Nov 8, 2021 to Jun 16, 2022), recovered by Sep 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.0% | — |
| 2025 | +12.2% | +12.14% |
| 2024 | +15.1% | +15.22% |
| 2023 | +18.4% | +18.30% |
| 2022 | -19.8% | -19.59% |
| 2021 | — | +17.46% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.6% over that stretch · deepest drop along the way 26.5%, back to its old high 20.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9200 | |
| 2025 | $1.3300 | +6.4% |
| 2024 | $1.2500 | +8.7% |
| 2023 | $1.1500 | +7.5% |
| 2022 | $1.0700 |
What's inside
As of Jul 31, 2026, the fund held 462 securities; the ten largest made up 6.33% of assets. It also reported 4.25% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Natera, Inc. | 0.79% | |
| Revolution Medicines, Inc. | 0.75% | |
| Casey's General Stores, Inc. | 0.70% | |
| Tapestry, Inc. | 0.66% | |
| Qnity Electronics, Inc. | 0.59% | |
| TechnipFMC plc | 0.58% | |
| Williams-Sonoma, Inc. | 0.58% | |
| Curtiss-Wright Corp. | 0.58% | |
| Carpenter Technology Corp. | 0.55% | |
| ATI, Inc. | 0.54% | |
| nVent Electric plc | 0.53% | |
| Okta, Inc. | 0.52% | |
| XPO, Inc. | 0.51% | |
| US Foods Holding Corp. | 0.48% | |
| Tenet Healthcare Corp. | 0.47% |
By country
United States 92.86%Bermuda 2.03%Ireland 1.69%Cayman Islands 0.76%United Kingdom 0.72%By asset type
Stocks 99.04%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $97.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.07%, +3.54%, -2.64%.
How it works
BBMC tracks the Morningstar US Mid Cap Target Market Exposure Extended Index. The index ranks U.S.-traded stocks by free-float market value, which counts only the shares actually available to trade. It then targets companies between the 85th and 95th percentiles of that universe. Most are mid caps, though some large and small companies can qualify. As of January 30, 2026, the index held 564 securities, worth $741.8 million to $66.9 billion each. Bigger companies get bigger weights. The fund can hold common stock, preferred shares and real estate investment trusts (REITs).
The fund aims to replicate the index, meaning it owns nearly all of the index's stocks in about the same proportions. When that isn't practical, it may hold a representative sample instead, but it must keep at least 80% of its assets in index securities. It rebalances quarterly, in step with the index. Portfolio turnover was 19%. It may put up to 10% of assets in exchange-traded futures. As of July 31, 2026, its only derivative was a tiny S&P MidCap 400 E-Mini futures position.
Management is passive. The fund won't sell a struggling company unless that company leaves the index, and it doesn't move to cash when markets fall. Holdings are spread thin: as of July 31, 2026, the top 10 of its 462 holdings made up 6.33% of assets.
What it really costs
- BBMC charges 0.07% a year, versus an average of 0.08% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $7 in the first year and $90 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BBMC | $7 | $23 | $40 | $90 |
In a retirement portfolio
It adds hundreds of mid-sized U.S. companies that a large-company core fund holds little of, at a low 0.07% expense ratio.
BBMC could add mid-sized U.S. companies alongside a large-company core fund. Its record is short. It launched in April 2020, after the COVID crash, so it has no history for 2008 or 2020. In the 2022 bear market it fell 26.5% from January 3 to June 16, 2022, and took about 21 months to recover, by March 4, 2024. Its deepest drop was 30.1%, starting November 8, 2021, and took about 27 months to recover. Its worst calendar year was 2022, at -19.59%. Anyone selling shares or drawing income during a stretch like that would lock in losses. The trailing 12-month yield was 1.15% as of October 27, 2026, paid quarterly, which is modest income. In the SEC's standard example, costs come to about $7 for the first year on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a low-cost (0.07%) mid-cap complement to a large-company fund, spread across 462 stocks with none above 0.8% of assets.
- Long-term holders who can sit through drops like the 30.1% fall from November 2021, which took about 27 months to recover.
- Investors who prefer Morningstar's size-ranked mid-cap index over the S&P MidCap 400 tracked by IJH, IVOO and SPMD.
Look elsewhere if
- Cost-focused investors: SPMD (0.03%), BKMC and SCHM (0.04%) and IJH (0.05%) charge less for overlapping mid-cap exposure.
- Income seekers: the trailing 12-month yield was only 1.15% as of October 27, 2026, paid quarterly.
- Anyone who may need the money within a few years: the fund fell 26.5% in 2022 and has no record for 2008 or 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BBMC this fund | — | 0.07% | $2.03B | +16.5% | +22.2% |
| BKMC BNY Mellon US Mid Cap Core Equity ETF | 75% | 0.04% | $647.8M | +8.5% | +17.9% |
| SCHM Schwab US Mid-Cap ETF | 72% | 0.04% | $14.86B | +20.5% | +18.9% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 59% | 0.07% | $5.87B | +12.0% | +18.0% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 58% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 58% | 0.05% | $124.33B | +15.3% | +16.6% |
| MDY SPDR S&P Midcap 400 ETF Trust | 58% | 0.24% | $28.05B | +14.9% | +16.3% |
| VB Vanguard Small Cap ETF | 55% | 0.05% | $188.70B | +16.1% | +19.7% |
Questions investors ask
What does BBMC invest in?
BBMC invests in mid-sized U.S. companies by tracking the Morningstar US Mid Cap Target Market Exposure Extended Index. As of July 31, 2026, it held 462 stocks, and its 10 largest positions made up just 6.33% of assets. The biggest were Natera (0.79%), Revolution Medicines (0.75%), Casey's General Stores (0.70%) and Tapestry (0.66%). About 93% of assets were in U.S.-based companies, with small amounts in companies based in Bermuda, Ireland and elsewhere.
What's the difference between BBMC and BKMC?
The two funds are close: about 75% of their holdings overlap, based on their latest N-PORT reports. BKMC charges 0.04% a year, compared with 0.07% for BBMC. Returns have differed. Over the year to October 27, 2026, BBMC returned 16.5% and BKMC 8.5%. Over three years, BBMC averaged 22.2% a year and BKMC 17.9%. BKMC is smaller, with about $648 million in net assets, compared with about $2.03 billion for BBMC as of July 31, 2026.
Does BBMC pay dividends?
Yes, BBMC pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.41 per share, a trailing yield of 1.15%. That is modest income, because many mid-sized companies reinvest profits rather than pay large dividends. The payout depends on what the companies in the index pay, so it can change from quarter to quarter.
What is BBMC's expense ratio?
BBMC's expense ratio is 0.07% a year, according to its prospectus filed February 25, 2026. In the SEC's standard example, with $10,000 invested and a 5% annual return, costs come to about $7 after one year, $40 after five years and $90 after ten. That is close to the 0.08% average of similar funds, but it ranks only 6th of 9 on cost. SPMD charges 0.03%, BKMC and SCHM 0.04%, and IJH 0.05%.
How did BBMC do in 2022?
BBMC lost 19.59% in calendar 2022, its worst year since launch, according to its prospectus. Its worst quarter ended June 30, 2022, down 17.72%. From its peak on November 8, 2021, to its low on June 16, 2022, the fund fell 30.1%, and it did not get back to that peak until September 19, 2024. It then gained 18.3% in 2023, 15.22% in 2024 and 12.14% in 2025.