HSMV vs JMEE: Grades, Fees and Holdings Compared

First Trust Horizon Managed Volatility Small/Mid ETF

HSMVCNYSE Arca

JPMorgan Small & Mid Cap Enhanced Equity ETF

JMEEANYSE Arca

Overlap

16.2%by weight

Expense ratio

JMEE −0.45pt a year

HSMV0.80%JMEE0.35%

Avg volume · 30D

JMEE 8.1×the volume

HSMV14.9KJMEE121K

3Y return · a year

JMEE +7.6pt

HSMV+11.3%JMEE+18.9%

HSMV vs JMEE Performance

Oct 31, 2025 – Oct 30, 2026

+8.6%HSMV+19.6%JMEE

Expense ratio: HSMV 0.80%; JMEE 0.35%, better
Fund size: HSMV $5M; JMEE $2.94B
1Y total return: HSMV +8.6%; JMEE +19.6%, better
Yield (12M): HSMV 4.46%, better; JMEE 0.97%
Holdings: HSMV 152; JMEE 676
Avg volume (30D): HSMV 14.9K sh; JMEE 121K sh, better
NAV per share: HSMV $36.53; JMEE $74.78
52W range

ETF.net Grade

Pillar letters and Scores for HSMV, JMEE, with each pillar’s weight
Pillar	HSMV	JMEE
Cost30% weight	F12	A84Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B63Higher	C50
Tradability15% weight	B55	B56Higher
Holdings10% weight	B60	A88Higher
Durability5% weight	C54	A96Higher

Rank among US Active Small/Mid-Cap funds

How we build Categories ›

Same Category. HSMV 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 HSMV 31st 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 29CTSMEThrivent Small-Mid Cap Equity ETFScore 43
Rank 31CHSMVFirst Trust Horizon Managed Volatility Small/Mid ETFScore 40
Rank 31CHWSMHotchkis & Wiley SMID Cap Diversified Value FundScore 40

Our read on each fund

ETF.net Research

HSMVCFirst Trust Horizon Managed Volatility Small/Mid ETF

JMEEAJPMorgan Small & Mid Cap Enhanced Equity ETF

In short

HSMV Small and mid caps are where the swings live. HSMV screens them for low expected volatility, holding roughly 200 names picked by Horizon rather than an index. Small/mid exposure with the sharp edges sanded down.

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

HSMV The Fund seeks capital appreciation by investing at least 80% of its net assets in U.S.-listed small- and/or mid-capitalization common stocks that Horizon believes have low future expected volatility.

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

HSMV Low-volatility screening applied where volatility bites: at least 80% of net assets go to US small/mid cap stocks Horizon judges to have low future expected volatility.ftportfolios.com
Actively managed, so the low-vol call is a live judgment by the sub-adviser instead of a rule waiting on the next scheduled index rebalance.ftportfolios.com
Roughly 200 holdings spread the bet across the small/mid universe, and the fund distributes on a quarterly schedule.

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

HSMV The 0.80% expense ratio runs above the typical actively managed US equity fund and several times the cost of cheap core options like DFAU (0.12%) and AVLC (0.15%).
A small asset base and thin trading tend to mean wider bid-ask spreads than household-name ETFs, which matters most on larger orders.
Low expected volatility is a target, not a floor. This is still a stock fund that moves with small and mid caps, and it has only been trading since 2020.

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 HSMV profile⁠

Full JMEE profile⁠

HSMV vs JMEE Holdings

How HSMV and JMEE differ

Overlap by weight

16.2%

Shared holdings make up 70.2% of HSMV and 17.0% of JMEE.

Level by level

Holdings105 in both16.2%
Sector11 Sectors68.2%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in HSMV and JMEE, widest gap first
Sector	More in HSMVMore in JMEE	HSMV	JMEE
Real Estate	HSMV +13.2 points	20.8%	7.6%
Technology	JMEE +13.1 points	2.9%	16.0%
Utilities	HSMV +9.8 points	12.0%	2.2%
Consumer Staples	HSMV +6.2 points	10.3%	4.1%
Industrials	JMEE +5.0 points	12.9%	17.9%
Consumer Discretionary	JMEE +4.9 points	6.2%	11.1%
Health Care	JMEE +4.3 points	6.0%	10.3%
Financials	HSMV +2.7 points	18.5%	15.8%
Energy	JMEE +2.4 points	3.9%	6.3%
Communication	JMEE +1.9 points	0.2%	2.1%
Materials	JMEE +0.1 points	6.4%	6.5%

Country, concentration and asset class

Country by domicile

Country weights in HSMV and JMEE, widest gap first
Country	More in HSMVMore in JMEE	HSMV	JMEE
Sweden	HSMV +0.9 points	1.0%	0.1%
United Kingdom	JMEE +0.8 points	0.0%	0.8%
Other countries (5)	JMEE +0.1 points	99.0%	99.1%

Concentration

Weight in the 10 largest Holdings

HSMV16.0%
JMEE9.7%

Securities held

HSMV151
JMEE674

Asset class

HSMV: Equity
JMEE: Equity

Holdings

Only in HSMV46
In both105
Only in JMEE569

Only in HSMV

46 securities, 29.4% of HSMV by weight

Ingredion Incorporated2.24%
Dolby Laboratories, Inc.2.10%
Antero Midstream Corp.1.67%
Innoviva, Inc.1.14%
Universal Corporation1.11%
Westamerica Bancorporation1.08%
The Ensign Group, Inc.1.00%
The Marzetti Company0.95%
J & J Snack Foods Corp.0.91%
WD-40 Company0.90%
Franklin Electric Co., Inc.0.90%
Del Monte Corp.0.88%
NewMarket Corporation0.83%
Portland General Electric Company0.81%
ONE Gas, Inc.0.79%
MSG Knickerbockers Corp. (Class A)0.76%
Avista Corporation0.74%
National Fuel Gas Company0.74%
First Commonwealth Financial Corporation0.69%
Chesapeake Utilities Corporation0.64%
MDU Resources Group, Inc.0.59%
Northwest Natural Holding Company0.52%
Broadstone Net Lease, Inc.0.52%
International Bancshares Corporation0.51%
Preferred Bank0.50%
United Bankshares, Inc.0.49%
S&T Bancorp, Inc.0.46%
Urban Edge Properties0.44%
MGE Energy, Inc.0.40%
Enact Holdings, Inc.0.40%
Independent Bank Corp.0.37%
Cathay General Bancorp0.33%
Old Republic International Corporation0.33%
Black Hills Corporation0.32%
H2O America0.29%
WaFd Inc.0.26%
SEI Investments Company0.24%
ARMOUR Residential REIT, Inc.0.21%
Easterly Government Properties, Inc.0.20%
Terreno Realty Corporation0.19%
STAG Industrial, Inc.0.18%
Rexford Industrial Realty, Inc.0.17%
Tanger Inc.0.15%
Acadia Realty Trust0.15%
Blackstone Mortgage Trust, Inc. (Class A)0.14%
Global Net Lease, Inc.0.12%

Only in JMEE

569 securities, 82.8% of JMEE by weight

JPMorgan Prime Money4.47%
Okta Inc Common Stock0.86%
United Therapeutics Corp0.77%
Technipfmc PLC Common0.62%
Halozyme Therapeutics0.57%
Nvent Electric PLC0.55%
Reliance Inc Common Stock0.53%
Curtiss-Wright Corp0.47%
Hf Sinclair Corp Common0.46%
Ati Inc Common Stock USD0.45%
Permian Resources0.44%
Pinnacle Financial0.43%
Ovintiv Inc Common Stock0.43%
Tenet Healthcare Corp0.42%
Protagonist Therapeutics0.42%
Jones Lang Lasalle Inc0.41%
Glaukos Corp Common Stock0.41%
Woodward Inc Common0.40%
Jazz Pharmaceuticals PLC0.40%
Us Foods Holding Corp0.39%
Rbc Bearings Inc Common0.39%
Td Synnex Corp Common0.39%
Medpace Holdings Inc0.38%
Evercore Inc Common Stock0.38%
Xpo Inc Common Stock USD0.38%
Macom Technology0.37%
Viasat Inc Common Stock0.36%
Nutanix Inc Common Stock0.36%
Arrow Electronics Inc0.35%
Toll Brothers Inc Common0.35%
Sharkninja Inc Common0.34%
Performance Food Group Co0.34%
Alarm.com Holdings Inc0.34%
Digitalocean Holdings0.33%
Iridium Communications0.33%
Owens Corning Common0.33%
East West Bancorp Inc0.33%
Antero Resources Corp0.32%
Docusign Inc Common0.32%
Five Below Inc Common0.32%
Dynatrace Inc0.32%
Mastec Inc Common Stock0.31%
Wesco International Inc0.31%
Granite Construction Inc0.31%
Equitable Holdings Inc0.30%
Timken Co/The Common0.30%
Borgwarner Inc Common0.30%
Mks Inc Common Stock USD0.30%
Dxp Enterprises Inc/Tx0.30%
Haemonetics Corp Common0.30%

Weight gaps

The 100 widest of 105 Holdings in both funds.

Holding weights in HSMV and JMEE, widest gap first
Holding	More in HSMVMore in JMEE	HSMV	JMEE
Phillips Edison & Company, Inc.PECO	HSMV +1.54 points	1.63%	0.09%
Balchem CorporationBCPC	HSMV +1.38 points	1.55%	0.17%
Starwood Property Trust, Inc.STWD	HSMV +1.19 points	1.24%	0.05%
Ellington Financial Inc.EFC	HSMV +1.17 points	1.38%	0.21%
New Jersey Resources CorporationNJR	HSMV +1.17 points	1.22%	0.05%
InvenTrust Properties Corp.IVT	HSMV +1.15 points	1.24%	0.09%
Innospec Inc.IOSP	HSMV +1.12 points	1.35%	0.23%
City Holding CompanyCHCO	HSMV +1.12 points	1.16%	0.04%
DT Midstream, Inc.DTM	HSMV +1.09 points	1.41%	0.32%
ABM Industries IncorporatedABM	HSMV +1.08 points	1.19%	0.11%
GATX CorporationGATX	HSMV +1.08 points	1.24%	0.16%
OGE Energy Corp.OGE	HSMV +0.99 points	1.39%	0.40%
Reynolds Consumer Products Inc.REYN	HSMV +0.99 points	1.02%	0.03%
FTI Consulting, Inc.FCN	HSMV +0.98 points	1.15%	0.17%
AptarGroup, Inc.ATR	HSMV +0.98 points	1.14%	0.16%
MSC Industrial Direct Co., Inc. (Class A)MSM	HSMV +0.97 points	1.09%	0.12%
Graco Inc.GGG	HSMV +0.97 points	1.24%	0.27%
BJ's Wholesale Club Holdings, Inc.BJ	HSMV +0.94 points	1.12%	0.18%
Service Corporation InternationalSCI	HSMV +0.94 points	1.03%	0.09%
Southwest Gas Holdings, Inc.SWX	HSMV +0.93 points	1.23%	0.30%
IDACORP, Inc.IDA	HSMV +0.93 points	1.07%	0.14%
Post Holdings, Inc.POST	HSMV +0.93 points	1.08%	0.15%
MSA Safety IncorporatedMSA	HSMV +0.92 points	1.05%	0.13%
Gentex CorporationGNTX	HSMV +0.92 points	0.94%	0.02%
Monarch Casino & Resort, Inc.MCRI	HSMV +0.89 points	1.02%	0.13%
American Financial Group, Inc.AFG	HSMV +0.88 points	1.08%	0.20%
NNN REIT Inc.NNN	HSMV +0.87 points	1.10%	0.23%
Penske Automotive Group, Inc.PAG	HSMV +0.86 points	0.96%	0.10%
W.P. Carey Inc.WPC	HSMV +0.83 points	1.01%	0.18%
Autoliv, Inc.ALV	HSMV +0.82 points	0.96%	0.14%
Agree Realty CorporationADC	HSMV +0.82 points	1.12%	0.30%
Korn FerryKFY	HSMV +0.82 points	0.89%	0.07%
Commerce Bancshares, Inc.CBSH	HSMV +0.81 points	0.86%	0.05%
Grand Canyon Education, Inc.LOPE	HSMV +0.81 points	0.96%	0.15%
Chemed CorporationCHE	HSMV +0.80 points	1.00%	0.20%
Prestige Consumer Healthcare Inc.PBH	HSMV +0.79 points	0.83%	0.04%
Encompass Health CorporationEHC	HSMV +0.77 points	1.15%	0.38%
Spire Inc.SR	HSMV +0.76 points	0.81%	0.05%
Crown Holdings, Inc.CCK	HSMV +0.74 points	1.09%	0.35%
Armstrong World Industries, Inc.AWI	HSMV +0.68 points	0.91%	0.23%
Brixmor Property Group Inc.BRX	HSMV +0.64 points	0.87%	0.23%
RPM International Inc.RPM	HSMV +0.61 points	0.82%	0.21%
Clean Harbors, Inc.CLH	HSMV +0.58 points	1.01%	0.43%
Donaldson Company, Inc.DCI	HSMV +0.55 points	0.93%	0.38%
ITT Inc.ITT	HSMV +0.54 points	0.87%	0.33%
Prosperity Bancshares, Inc.PB	HSMV +0.53 points	0.61%	0.08%
Kite Realty Group TrustKRG	HSMV +0.53 points	0.65%	0.12%
Watts Water Technologies, Inc.WTS	HSMV +0.53 points	0.97%	0.44%
Horace Mann Educators CorporationHMN	HSMV +0.52 points	0.65%	0.13%
Gaming and Leisure Properties, Inc.GLPI	HSMV +0.50 points	0.67%	0.17%
Home BancShares, Inc.HOMB	HSMV +0.50 points	0.55%	0.05%
Trustmark CorporationTRMK	HSMV +0.45 points	0.50%	0.05%
Cullen/Frost Bankers, Inc.CFR	HSMV +0.45 points	0.67%	0.22%
COPT Defense PropertiesCDP	HSMV +0.43 points	0.64%	0.21%
The Hanover Insurance Group, Inc.THG	HSMV +0.44 points	0.54%	0.10%
Annaly Capital Management, Inc.NLY	HSMV +0.42 points	0.68%	0.26%
CNO Financial Group, Inc.CNO	HSMV +0.42 points	0.52%	0.10%
Equity Lifestyle Properties, Inc.ELS	HSMV +0.42 points	0.63%	0.21%
EastGroup Properties, Inc.EGP	HSMV +0.41 points	0.65%	0.24%
WSFS Financial CorporationWSFS	HSMV +0.40 points	0.43%	0.03%
Northwest Bancshares, Inc.NWBI	HSMV +0.40 points	0.48%	0.08%
Four Corners Property Trust, Inc.FCPT	HSMV +0.36 points	0.50%	0.14%
American States Water CompanyAWR	HSMV +0.34 points	0.49%	0.15%
Assured Guaranty Ltd.AGO	HSMV +0.32 points	0.39%	0.07%
Primerica, Inc.PRI	HSMV +0.32 points	0.39%	0.07%
MGIC Investment CorporationMTG	HSMV +0.27 points	0.41%	0.14%
Genworth Financial, Inc.GNW	HSMV +0.25 points	0.32%	0.07%
Essent Group Ltd.ESNT	HSMV +0.25 points	0.31%	0.06%
MSG Rangers Corp.MSGR	HSMV +0.22 points	0.26%	0.04%
Hilltop Holdings Inc.HTH	HSMV +0.19 points	0.31%	0.12%
LTC Properties, Inc.LTC	HSMV +0.19 points	0.23%	0.04%
NetSTREIT Corp.NTST	HSMV +0.19 points	0.26%	0.07%
Healthcare Realty Trust Inc.HR	HSMV +0.19 points	0.31%	0.12%
Radian Group Inc.RDN	HSMV +0.18 points	0.27%	0.09%
Essential Properties Realty Trust, Inc.EPRT	HSMV +0.17 points	0.41%	0.24%
CubeSmartCUBE	JMEE +0.16 points	0.17%	0.33%
UGI CorporationUGI	HSMV +0.15 points	0.44%	0.29%
Omega Healthcare Investors, Inc.OHI	HSMV +0.14 points	0.22%	0.08%
Otter Tail CorporationOTTR	HSMV +0.13 points	0.38%	0.25%
Employers Holdings, Inc.EIG	HSMV +0.13 points	0.19%	0.06%
Fidelity National Financial, Inc.FNF	JMEE +0.13 points	0.13%	0.26%
Ameris BancorpABCB	HSMV +0.13 points	0.32%	0.19%
First American Financial CorporationFAF	JMEE +0.12 points	0.14%	0.26%
NMI Holdings, Inc. (Class A)NMIH	HSMV +0.12 points	0.25%	0.13%
Sabra Health Care REIT, Inc.SBRA	HSMV +0.12 points	0.16%	0.04%
PennyMac Mortgage Investment TrustPMT	HSMV +0.11 points	0.13%	0.02%
Apple Hospitality REIT, Inc.APLE	HSMV +0.11 points	0.19%	0.08%
California Water Service GroupCWT	HSMV +0.11 points	0.16%	0.05%
Highwoods Properties, Inc.HIW	HSMV +0.10 points	0.16%	0.06%
Getty Realty Corp.GTY	HSMV +0.09 points	0.17%	0.08%
American Homes 4 Rent (Class A)AMH	HSMV +0.08 points	0.27%	0.19%
Reinsurance Group of America, IncorporatedRGA	JMEE +0.08 points	0.31%	0.39%
Independence Realty Trust, Inc.IRT	HSMV +0.08 points	0.14%	0.06%
EPR PropertiesEPR	HSMV +0.08 points	0.16%	0.08%
Lamar Advertising CompanyLAMR	JMEE +0.07 points	0.17%	0.24%
RLI Corp.RLI	JMEE +0.07 points	0.16%	0.23%
Rayonier Inc.RYN	HSMV +0.04 points	0.14%	0.10%
CareTrust REIT, Inc.CTRE	JMEE +0.04 points	0.15%	0.19%
Unum GroupUNM	HSMV +0.04 points	0.31%	0.27%
RenaissanceRe Holdings Ltd.RNR	JMEE +0.03 points	0.18%	0.21%

All 151 HSMV 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.

HSMV vs JMEE Cost

Overpaying HSMV vs JMEE

$8,220

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

HSMV 0.80%
$15,346
JMEE 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

HSMV 0.80%
JMEE 0.35%
Overpaying

Year by year

Year	HSMV	JMEE	Overpaying
10	$1,422	$634	$788
20	$5,393	$2,454	$2,939
30	$15,346	$7,126	$8,220

Expense ratio

0.80%HSMV
0.35%JMEE, cheaper

JMEE0.35%HSMV0.80%

0.18%1.10%

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

JMEE 7th cheapest of 47 funds

HSMV 41st cheapest of 47 funds

HSMV vs JMEE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HSMV 4.46%, better; JMEE 0.97%
Payout (12M): HSMV $1.63; JMEE $0.72
Last payment: HSMV $1.05; JMEE $0.72
Ex-dividend: HSMV Sep 24, 2026; JMEE Dec 16, 2025
Paid on: HSMV Sep 30, 2026; JMEE Dec 18, 2025
Frequency: HSMV Quarterly; JMEE Annual

Distribution history

Per share, 2020 to 2026, same scale for both

HSMVQuarterly · 26 paymentsAll HSMV payments⁠

JMEEAnnual · 4 paymentsAll JMEE payments⁠

HSMV vs JMEE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HSMV 12.7%, betterJMEE 15.8%
Return per unit of riskSharpe ratio, 3 years: HSMV 0.56JMEE 0.90, better
Worst fallMax drawdown, 5 years: HSMV −19.2%JMEE −25.4%since May 2022
Market sensitivityBeta, 5 years: HSMV 0.59JMEE 1.10; Market = 1

HSMV 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, 2026JMEE
ETF Filings
Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million
Sep 21, 2026JMEE
Launch Roundup
Issuers filed 2x ETFs on unlisted stocks and moved to convert $10 billion of munis
Sep 18, 2026HSMV
ETF Filings
First Trust to liquidate HDMV, a $15 million international low-volatility ETF
Sep 14, 2026HSMV
ETF Filings
First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January
Sep 14, 2026HSMV
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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HSMV vs JMEE

In short

Stated mandate

Why people hold it