JMEE vs MGMT

JMEEAJPMorgan Small & Mid Cap Enhanced Equity ETF

MGMTDBallast Small/Mid Cap ETF

In short

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%.

MGMT A boutique, hand-picked take on US small and mid caps. Ballast's managers hunt companies they judge underpriced against their growth, in a corner of the market where cheap index trackers do most of the volume.

Stated mandate

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.

MGMT The fund seeks long-term growth by investing primarily in equity securities of small and midsize U.S. companies that the adviser considers underpriced relative to their expected growth.

Why people hold it

• 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.

• MGMT Genuinely active, not an index in disguise. The mandate is stock-by-stock: US small and midsize companies the adviser considers underpriced relative to their expected growth.
• Different lane from its category's heavyweights. The largest active US equity ETFs (DFAU, DFAC, AVLC) sit in large-cap core; MGMT works the smaller, less-covered end of the market.
• Live since December 2020, so it carries a multi-year record through a full rate cycle inside a standard 1940 Act ETF wrapper.

Worth knowing

• 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.

• MGMT Costs 1.10% a year, roughly double the typical active US equity ETF. That is a real annual hurdle the stock picking has to clear.
• Small fund, light tape. It trades thinly next to the category's giants, so spreads can widen and limit orders matter more than they would in a mega-fund.
• No index to grade it against. Results ride on the manager's judgment about what is underpriced, which is harder to monitor than a rules-based portfolio.

Full JMEE profile⁠

Full MGMT profile⁠