IVSS vs JMEE: Grades, Fees and Holdings Compared

Applied Finance IVS US SMID ETF

IVSSCNasdaq

JPMorgan Small & Mid Cap Enhanced Equity ETF

JMEEANYSE Arca

Overlap

11.8%by weight

Expense ratio

JMEE −0.24pt a year

IVSS0.59%JMEE0.35%

Avg volume · 30D

JMEE 30.8×the volume

IVSS3.91KJMEE121K

IVSS vs JMEE Performance

Dec 31, 2025 – Oct 30, 2026

+20.8%IVSS+16.2%JMEE

Expense ratio: IVSS 0.59%; JMEE 0.35%, better
Fund size: IVSS $31M; JMEE $2.94B
1Y total return: IVSS No data; JMEE +19.6%
Yield (12M): IVSS No data; JMEE 0.97%
Holdings: IVSS 356; JMEE 676
Avg volume (30D): IVSS 3.91K sh; JMEE 121K sh, better
NAV per share: IVSS $30.67; JMEE $74.78
52W range

ETF.net Grade

Pillar letters and Scores for IVSS, JMEE, with each pillar’s weight
Pillar	IVSS	JMEE
Cost30% weight	C47	A84Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A76Higher	C50
Tradability15% weight	D34	B56Higher
Holdings10% weight	A73	A88Higher
Durability5% weight	C43	A96Higher

Rank among US Active Small/Mid-Cap funds

How we build Categories ›

Same Category. IVSS 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 IVSS 21st 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 20CDSMCDistillate Small/Mid Cash Flow ETFScore 54
Rank 21CIVSSApplied Finance IVS US SMID ETFScore 53
Rank 22CMSSMMorgan Stanley Pathway Small-Mid Cap Equity ETFScore 51

Our read on each fund

ETF.net Research

IVSSCApplied Finance IVS US SMID ETF

JMEEAJPMorgan Small & Mid Cap Enhanced Equity ETF

In short

IVSS Most value funds screen for a low P/E. Applied Finance models what a company is actually worth, then buys the US small and mid caps trading below that number. Roughly 150 names, actively managed, launched in 2025.

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

IVSS The Fund seeks long-term capital appreciation.

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

IVSS Value here means price versus a modeled intrinsic value, not a cheap multiple. The IVS model weighs profitability, competition, growth, cost of capital and financing activity.sec.gov appliedfinance.com
0.59% for genuine active stock picking, below the median fee in the active US equity crowd.
The adviser expects to hold at least 150 positions, all sub-$15 billion at purchase, so one small-cap stumble does not steer the portfolio.sec.gov
SMID is where analyst coverage thins out, which is the terrain a valuation model is built to comb through.appliedfinance.com

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

IVSS It opened in December 2025. Live track record is short and the fund is still building its asset base.
Trading is light compared with big index funds, so bid-ask spreads can run wider.
Classified non-diversified, meaning it is permitted to hold larger stakes in individual names than a diversified fund. Distributions come annually or semiannually.sec.gov

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 IVSS profile⁠

Full JMEE profile⁠

IVSS vs JMEE Holdings

How IVSS and JMEE differ

Overlap by weight

11.8%

Shared holdings make up 46.3% of IVSS and 12.7% of JMEE.

Level by level

Holdings124 in both11.8%
Countryby domicile97.7%
Asset classEquity100%

Sector

No Sector split for IVSS.

Country, concentration and asset class

Country by domicile

Country weights in IVSS and JMEE, widest gap first
Country	More in IVSSMore in JMEE	IVSS	JMEE
Brazil	IVSS +1.8 points	1.9%	0.1%
United States	JMEE +1.4 points	97.5%	98.9%
United Kingdom	JMEE +0.7 points	0.1%	0.8%
Other countries (5)	IVSS +0.1 points	0.4%	0.3%

Concentration

Weight in the 10 largest Holdings

IVSS14.3%
JMEE9.7%

Securities held

IVSS355
JMEE674

Asset class

IVSS: Equity
JMEE: Equity

Holdings

Only in IVSS231
In both124
Only in JMEE550

Only in IVSS

231 securities, 52.8% of IVSS by weight

Dave Inc.1.57%
Pjt Partners Inc - A1.56%
Indivior Pharmaceuticals Inc1.50%
Trinet Group Inc1.10%
Brightspring Hlth Services Inc1.04%
Tanger Factory Outlet Centers Inc.1.02%
Kinetik Holdings Inc0.96%
Amneal Pharmaceuticals Inc Common Stock USD 0.010.95%
Huron Consulting Group Inc0.88%
PACS Group Inc.0.88%
Dlocal Ltd Class A0.87%
Perimeter Solutions SA0.86%
Scorpio Tankers Inc Common Stock0.84%
Stagwell Inc0.83%
Atmus Filtration Technologie Common Stock0.81%
V2X Inc Common Stock USD 0.010.72%
Marex Group PLC0.69%
Herbalife Ltd.0.65%
Red Rock Resorts Inc A0.61%
Tidewater Inc Common Stock0.60%
Hamilton Insurance Grou Class B Common Stock USD.010.60%
HCI Group Inc0.60%
Bellring Brands Inc0.57%
Crescent Energy Inc-A0.56%
International Seaways Inc0.55%
Diebold Nixdorf Inc Common Stock0.55%
NCR Atleos Corporation0.54%
Ziff Davis Inc0.50%
Douglas Emmett Inc0.49%
Teekay Tankers Ltd-Class A0.49%
Zurn Elkay Water Solns Corp0.48%
Installed Building Products0.48%
Skywest Inc0.46%
Grindr Inc Common Stock USD.00010.44%
Garrett Motion Inc Common Stock USD 0.0010.44%
Wiley John & Sons-Class A0.43%
Icf International Inc0.42%
Northern Oil and Gas Inc0.42%
Nutex Health Inc0.42%
Versigent Ltd-W/I0.42%
Urban Edge Properties0.42%
Cimpress PLC0.42%
Flowco Holdings Inc Class A Common Stock USD.00010.41%
Surgery Partners Inc0.41%
Harmony Biosciences Holdings Inc.0.40%
Playtika Holding Corp0.40%
Inter Parfums Inc0.39%
Adma Biologics Inc0.39%
EverCommerce Inc.0.37%
Enact Holdings Inc Common Stock USD.010.36%

Only in JMEE

550 securities, 87.1% 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%
Watts Water Technologies0.44%
Permian Resources0.44%
Pinnacle Financial0.43%
Ovintiv Inc Common Stock0.43%
Clean Harbors Inc Common0.43%
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%
Oge Energy Corp Common0.40%
Reinsurance Group of0.39%
Us Foods Holding Corp0.39%
Rbc Bearings Inc Common0.39%
Td Synnex Corp Common0.39%
Encompass Health Corp0.38%
Donaldson Co Inc Common0.38%
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%
Crown Holdings Inc Common0.35%
Arrow Electronics Inc0.35%
Toll Brothers Inc Common0.35%
Sharkninja Inc Common0.34%
Performance Food Group Co0.34%
Itt Inc Common Stock USD0.33%
Cubesmart Reit USD 0.010.33%
Digitalocean Holdings0.33%
Iridium Communications0.33%
Owens Corning Common0.33%
East West Bancorp Inc0.33%
Dt Midstream Inc Common0.32%
Antero Resources Corp0.32%
Docusign Inc Common0.32%
Five Below Inc Common0.32%
Dynatrace Inc0.32%

Weight gaps

The 100 widest of 124 Holdings in both funds.

Holding weights in IVSS and JMEE, widest gap first
Holding	More in IVSSMore in JMEE	IVSS	JMEE
Healthequity IncHQY	IVSS +1.57 points	1.65%	0.08%
Interdigital IncIDCC	IVSS +1.36 points	1.65%	0.29%
Sezzle Inc.SEZL	IVSS +1.26 points	1.29%	0.03%
Otter Tail CorpOTTR	IVSS +1.12 points	1.37%	0.25%
Southwest Gas Holdings Inc Common Stock USD 1SWX	IVSS +1.10 points	1.40%	0.30%
Mercury General CorpMCY	IVSS +1.06 points	1.16%	0.10%
Sm Energy CoSM	IVSS +1.03 points	1.15%	0.12%
Aci Worldwide IncACIW	IVSS +1.00 points	1.07%	0.07%
Frontdoor IncFTDR	IVSS +0.96 points	1.10%	0.14%
Lantheus Holdings IncLNTH	IVSS +0.86 points	1.05%	0.19%
Maximus IncMMS	IVSS +0.82 points	0.86%	0.04%
Valaris LtdVAL	IVSS +0.75 points	0.80%	0.05%
Option Care Health IncOPCH	IVSS +0.69 points	0.87%	0.18%
The Bancorp Inc.TBBK	IVSS +0.62 points	0.69%	0.07%
Progress Software CorpPRGS	IVSS +0.63 points	0.69%	0.06%
Brinker IntlEAT	IVSS +0.60 points	0.76%	0.16%
Matson IncMATX	IVSS +0.57 points	0.83%	0.26%
Griffon CorpGFF	IVSS +0.54 points	0.65%	0.11%
Blackbaud IncBLKB	IVSS +0.52 points	0.59%	0.07%
Jackson Financial Inc Common Stock USDJXN	IVSS +0.52 points	0.73%	0.21%
Terex CorpTEX	IVSS +0.51 points	0.60%	0.09%
Sarepta Therapeutics IncSRPT	IVSS +0.50 points	0.53%	0.03%
Acadian Asset ManagementAAMI	IVSS +0.49 points	0.54%	0.05%
Belden IncBDC	IVSS +0.46 points	0.56%	0.10%
CarGurus Inc.CARG	IVSS +0.45 points	0.57%	0.12%
Axos Financial IncAX	IVSS +0.44 points	0.58%	0.14%
Prestige Brands Holdings IncPBH	IVSS +0.42 points	0.46%	0.04%
Abercrombie & Fitch Co-Cl AANF	IVSS +0.41 points	0.55%	0.14%
Stride IncLRN	IVSS +0.41 points	0.50%	0.09%
Palomar Holdings Inc.PLMR	IVSS +0.40 points	0.47%	0.07%
Adeia IncADEA	IVSS +0.40 points	0.43%	0.03%
Qualys IncQLYS	IVSS +0.38 points	0.64%	0.26%
Covista Inc Common Stock USD 0.01CVSA	IVSS +0.37 points	0.55%	0.18%
Magnolia Oil & Gas Corp Common Stock USD.0001MGY	IVSS +0.36 points	0.52%	0.16%
California Resources Corp Common Stock USD.01CRC	IVSS +0.36 points	0.45%	0.09%
Par Pacific Holdings IncPARR	IVSS +0.35 points	0.42%	0.07%
Donnelley FinancDFIN	IVSS +0.36 points	0.50%	0.14%
Cnx Resources CorpCNX	IVSS +0.34 points	0.50%	0.16%
Teradata CorpTDC	IVSS +0.34 points	0.41%	0.07%
Hilton Grand Vacations IncHGV	IVSS +0.33 points	0.42%	0.09%
Itron IncITRI	IVSS +0.32 points	0.37%	0.05%
Radian Group IncRDN	IVSS +0.30 points	0.39%	0.09%
Addus Homecare CorpADUS	IVSS +0.28 points	0.32%	0.04%
Nmi Holdings Inc-Class ANMIH	IVSS +0.28 points	0.41%	0.13%
Clear Secure Inc Class A Common Stock USD.00001YOU	IVSS +0.27 points	0.34%	0.07%
Kite Realty Group TrustKRG	IVSS +0.27 points	0.39%	0.12%
RhRH	IVSS +0.27 points	0.30%	0.03%
Brinks CoBCO	IVSS +0.26 points	0.38%	0.12%
Green Brick Partners IncGRBK	IVSS +0.26 points	0.36%	0.10%
Cno Financial Group IncCNO	IVSS +0.25 points	0.35%	0.10%
Essent Group LtdESNT	IVSS +0.25 points	0.31%	0.06%
American Eagle OutfittersAEO	IVSS +0.23 points	0.27%	0.04%
M/I Homes IncMHO	IVSS +0.23 points	0.35%	0.12%
Urban Outfitters IncURBN	IVSS +0.22 points	0.28%	0.06%
Cushman & Wakefield LtdCWK	IVSS +0.22 points	0.27%	0.05%
PROG Holdings IncPRG	IVSS +0.22 points	0.32%	0.10%
Xenia Hotels & Resorts IncXHR	IVSS +0.20 points	0.29%	0.09%
United Natural Foods IncUNFI	IVSS +0.20 points	0.30%	0.10%
Pathward Financial Inc Common Stock USD 0.01CASH	IVSS +0.20 points	0.27%	0.07%
Sally Beauty Holdings IncSBH	IVSS +0.19 points	0.22%	0.03%
Warrior Met Coal Inc Common Stock USD.01HCC	IVSS +0.19 points	0.32%	0.13%
Peloton Interactive Inc. Class APTON	IVSS +0.20 points	0.22%	0.02%
Patrick Industries IncPATK	IVSS +0.19 points	0.23%	0.04%
Boise Cascade CoBCC	JMEE +0.17 points	0.04%	0.21%
Geo Group Inc/TheGEO	IVSS +0.18 points	0.23%	0.05%
Trinity Industries IncTRN	IVSS +0.17 points	0.21%	0.04%
EnersysENS	IVSS +0.16 points	0.45%	0.29%
Liberty Energy Inc Common Stock USDLBRT	IVSS +0.16 points	0.27%	0.11%
Commercial Metals CoCMC	IVSS +0.16 points	0.44%	0.28%
Greenbrier Companies IncGBX	IVSS +0.15 points	0.17%	0.02%
Signet Jewelers Ltd Common Stock USD.18SIG	IVSS +0.16 points	0.31%	0.15%
Phibro Animal Health Corp-APAHC	IVSS +0.15 points	0.23%	0.08%
Korn/Ferry InternationalKFY	IVSS +0.15 points	0.22%	0.07%
HB Fuller CoFUL	JMEE +0.14 points	0.05%	0.19%
Standex International CorpSXI	IVSS +0.13 points	0.17%	0.04%
Badger Meter IncBMI	IVSS +0.13 points	0.21%	0.08%
Tandem Diabetes Care IncTNDM	JMEE +0.12 points	0.02%	0.14%
Healthstream IncHSTM	IVSS +0.12 points	0.14%	0.02%
Allegiant Travel CoALGT	IVSS +0.12 points	0.14%	0.02%
Sonic Automotive Inc-Class ASAH	IVSS +0.12 points	0.18%	0.06%
First BanCorp.FBP	IVSS +0.10 points	0.32%	0.22%
Chemours Co/TheCC	IVSS +0.11 points	0.22%	0.11%
Interface Inc.TILE	IVSS +0.10 points	0.14%	0.04%
Horace Mann Educators CorpHMN	JMEE +0.10 points	0.03%	0.13%
Azz IncAZZ	IVSS +0.10 points	0.17%	0.07%
Apple Hospitality Reit IncAPLE	IVSS +0.10 points	0.18%	0.08%
Diodes IncDIOD	JMEE +0.09 points	0.06%	0.15%
Inspire Medical Systems Inc.INSP	IVSS +0.10 points	0.13%	0.03%
DXC Technology Co.DXC	IVSS +0.08 points	0.14%	0.06%
Ufp Industries IncUFPI	IVSS +0.08 points	0.17%	0.09%
Koppers Holdings IncKOP	IVSS +0.08 points	0.14%	0.06%
Home Bancshares IncHOMB	IVSS +0.06 points	0.11%	0.05%
Legalzoom Com IncLZ	IVSS +0.06 points	0.11%	0.05%
American Assets Trust IncAAT	IVSS +0.04 points	0.16%	0.12%
La Z Boy Inc Common Stock USD1.0LZB	IVSS +0.05 points	0.07%	0.02%
Gentherm Inc.THRM	IVSS +0.04 points	0.06%	0.02%
Innospec IncIOSP	JMEE +0.04 points	0.19%	0.23%
Apogee Enterprises IncAPOG	JMEE +0.04 points	0.07%	0.11%
Fluor CorpFLR	IVSS +0.04 points	0.19%	0.15%
Lindsay CorpLNN	IVSS +0.03 points	0.07%	0.04%

All IVSS 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.

IVSS vs JMEE Cost

Overpaying IVSS vs JMEE

$4,509

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

IVSS 0.59%
$11,635
JMEE 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

IVSS 0.59%
JMEE 0.35%
Overpaying

Year by year

Year	IVSS	JMEE	Overpaying
10	$1,058	$634	$424
20	$4,051	$2,454	$1,597
30	$11,635	$7,126	$4,509

Expense ratio

0.59%IVSS
0.35%JMEE, cheaper

JMEE0.35%IVSS0.59%

0.18%1.10%

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

JMEE 7th cheapest of 47 funds

IVSS 25th cheapest of 47 funds

IVSS vs JMEE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVSS No data; JMEE 0.97%
Payout (12M): IVSS No data; JMEE $0.72
Last payment: IVSS $0.02; JMEE $0.72
Ex-dividend: IVSS Dec 24, 2025; JMEE Dec 16, 2025
Paid on: IVSS Dec 26, 2025; JMEE Dec 18, 2025
Frequency: IVSS Irregular; JMEE Annual

Distribution history

Per share, 2022 to 2026, same scale for both

IVSSIrregular · 1 paymentAll IVSS payments⁠

JMEEAnnual · 4 paymentsAll JMEE payments⁠

IVSS vs JMEE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVSS No dataJMEE 15.8%
Return per unit of riskSharpe ratio, 3 years: IVSS No dataJMEE 0.90
Worst fallMax drawdown, 5 years: IVSS No dataJMEE −25.4%since May 2022
Market sensitivityBeta, 5 years: IVSS 0.52JMEE 1.10; Market = 1

IVSS 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
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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IVSS vs JMEE

In short

Stated mandate

Why people hold it