JMEE vs SMDX: Grades, Fees and Holdings Compared

JPMorgan Small & Mid Cap Enhanced Equity ETF

JMEEANYSE Arca

Intech S&P Small-Mid Cap Diversified Alpha ETF

SMDXBNYSE Arca

Overlap

45.2%by weight

Expense ratio

JMEE −0.01pt a year

JMEE0.34%SMDX0.35%

Avg volume · 30D

JMEE 641.2×the volume

JMEE121KSMDX188

JMEE vs SMDX Performance

Oct 31, 2025 – Nov 2, 2026

+20.4%JMEE+18.9%SMDX

Expense ratio: JMEE 0.34%, better; SMDX 0.35%
Fund size: JMEE $2.94B; SMDX $128M
1Y total return: JMEE +20.4%, better; SMDX +18.9%
Yield (12M): JMEE 0.96%; SMDX No data
Holdings: JMEE 676; SMDX 529
Avg volume (30D): JMEE 121K sh, better; SMDX 188 sh
NAV per share: JMEE $74.78; SMDX $26.13
52W range

ETF.net Grade

Pillar letters and Scores for JMEE, SMDX, with each pillar’s weight
Pillar	JMEE	SMDX
Cost30% weight	A87Higher	A83
Mission25% weight	Not scored	A100
Risk15% weight	C51	B63Higher
Tradability15% weight	B56Higher	D38
Holdings10% weight	A88Higher	A86
Durability5% weight	A96Higher	C53

Rank among US Active Small/Mid-Cap funds

How we build Categories ›

Same Category. JMEE and SMDX 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 SMDX 6th 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 74
Rank 5AREMCColumbia Research Enhanced Mid Cap ETFScore 70
Rank 6BSMDXIntech S&P Small-Mid Cap Diversified Alpha ETFScore 68
Rank 7BASCEAllspring SMID Core ETFScore 65

Our read on each fund

ETF.net Research

JMEEAJPMorgan Small & Mid Cap Enhanced Equity ETF

SMDXBIntech S&P Small-Mid Cap Diversified Alpha 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%.

SMDX Active small- and mid-cap investing at close to index-fund pricing: SMDX works off the S&P 1000 for about half the fee of the typical active US equity ETF. It launched in 2025, so the live record is still short.

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.

SMDX The Fund seeks long-term capital appreciation.

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.

SMDX 0.35% a year against a 0.65% median for active US equity ETFs: roughly half the usual toll for an actively managed sleeve.
The reference point is the S&P 1000, so the hunting ground is small and mid caps rather than the large-cap names most US core funds already hand you.
Lands in the upper half of a crowded active US equity peer group, with cost doing much of the heavy lifting.

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.

SMDX Thinly traded. Bid-ask spreads can cost more than the expense ratio on a given trade, especially in size.
Launched in February 2025. Risk readings rest on about a year of live data, which is thin ground for judging an active strategy.
JMEE, the other ETF built around the same S&P 1000 benchmark, charges 0.24%, so cheaper access to this slice exists.

Full JMEE profile⁠

Full SMDX profile⁠

JMEE vs SMDX Holdings

How JMEE and SMDX differ

Overlap by weight

45.2%

Shared holdings make up 82.1% of SMDX and 64.0% of JMEE.

Level by level

Holdings386 in both45.2%
Asset classEquity100%
Countryby domicile99.7%

Sector

No Sector split for SMDX.

Country, concentration and asset class

Country by domicile

Country weights in JMEE and SMDX, widest gap first
Country	More in JMEEMore in SMDX	JMEE	SMDX
United States	JMEE +0.3 points	98.9%	98.6%
United Kingdom	SMDX +0.2 points	0.8%	1.0%
Sweden	Same weight	0.1%	0.1%
Brazil	Same weight	0.1%	0.1%
Singapore	Same weight	0.1%	0.1%
India	Same weight	0.1%	0.1%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

JMEE9.7%
SMDX9.6%

Securities held

JMEE674
SMDX528

Asset class

JMEE: Equity
SMDX: Equity

Holdings

Only in JMEE288
In both386
Only in SMDX142

Only in JMEE

288 securities, 35.8% of JMEE by weight

JPMorgan Prime Money4.47%
Pinnacle Financial0.43%
Oge Energy Corp Common0.40%
Sharkninja Inc Common0.34%
Alarm.com Holdings Inc0.34%
Itt Inc Common Stock USD0.33%
Cubesmart Reit USD 0.010.33%
Owens Corning Common0.33%
Dt Midstream Inc Common0.32%
Antero Resources Corp0.32%
Equitable Holdings Inc0.30%
Agree Realty Corp Reit0.30%
Entegris Inc0.30%
Ugi Corp Common Stock0.29%
Corebridge Financial Inc0.27%
Ryman Hospitality0.26%
Fidelity National0.26%
Old National Bancorp/In0.26%
Roku Inc Common Stock USD0.25%
Otter Tail Corp Common0.25%
Southstate Bank Corp0.24%
Western Alliance Bancorp0.24%
Rithm Capital Corp Reit0.24%
United Community Banks0.24%
Essential Properties0.24%
Silgan Holdings Inc0.24%
Nnn Reit Inc USD0.23%
Rli Corp Common Stock0.23%
Brixmor Property Group0.23%
Royal Gold Inc0.22%
Semtech Corp Common0.22%
Biomarin Pharmaceutical0.22%
First Bancorp/Puerto Rico0.22%
Boise Cascade Co Common0.21%
Coeur Mining Inc Common0.21%
Equity Lifestyle0.21%
Avantor Inc Common Stock0.21%
Copt Defense Properties0.21%
Celanese Corp Common0.21%
Ellington Financial Inc0.21%
Conagra Brands Inc0.20%
Kbr Inc Common Stock USD0.20%
Simpson Manufacturing Co0.20%
Allison Transmission0.20%
American Healthcare Reit0.19%
Etsy Inc Common Stock USD0.19%
Sphere Entertainment Co0.19%
Ameris Bancorp Common0.19%
Hb Fuller Co Common0.19%
Vf Corp Common Stock USD0.19%

Only in SMDX

142 securities, 17.7% of SMDX by weight

Sensata Technologies Holding PLC0.82%
Universal Display Corp0.48%
Pebblebrook Hotel Trust0.42%
Rogers Corp0.42%
Outfront Media Inc0.41%
Ormat Technologies Inc0.40%
Indivior Pharmaceuticals Inc0.40%
Extreme Networks Inc0.36%
Veracyte Inc0.34%
Commvault Systems Inc0.32%
Ralliant Corp0.32%
Healthcare Services Group Inc0.30%
First American Government Obligations Fund 12/01/20310.30%
SkyWest Inc0.30%
TG Therapeutics Inc0.28%
Warner Music Group Corp0.28%
ONE Gas Inc0.27%
TXNM Energy Inc0.26%
Envista Holdings Corp0.25%
Interparfums Inc0.23%
Harmonic Inc0.23%
ICU Medical Inc0.23%
International Seaways Inc0.22%
Schneider National Inc0.22%
Arlo Technologies Inc0.22%
Harley-Davidson Inc0.21%
WillScot Holdings Corp0.21%
MDU Resources Group Inc0.20%
WD-40 Co0.20%
Greif Inc0.20%
QuinStreet Inc0.19%
United Fire Group Inc0.19%
DNOW Inc0.19%
S&T Bancorp Inc0.19%
Ensign Group Inc/The0.18%
Innovative Industrial Properties Inc0.18%
Vericel Corp0.18%
Old Republic International Corp0.18%
Powell Industries Inc0.18%
PTC Therapeutics Inc0.17%
Werner Enterprises Inc0.17%
Boot Barn Holdings Inc0.17%
Visteon Corp0.16%
Vicor Corp0.16%
Cracker Barrel Old Country Store Inc0.15%
Boyd Gaming Corp0.15%
Ingredion Inc0.15%
HCI Group Inc0.13%
Northwest Natural Holding Co0.13%
MGE Energy Inc0.13%

Weight gaps

The 100 widest of 386 Holdings in both funds.

Holding weights in JMEE and SMDX, widest gap first
Holding	More in JMEEMore in SMDX	JMEE	SMDX
Jones Lang Lasalle IncJLL	SMDX +0.96 points	0.41%	1.37%
Tenet Healthcare CorpTHC	SMDX +0.92 points	0.42%	1.34%
Valley National BancorpVLY	SMDX +0.67 points	0.05%	0.72%
Omega HealthcareOHI	SMDX +0.63 points	0.08%	0.71%
Cognex Corp Common StockCGNX	SMDX +0.62 points	0.10%	0.72%
Lamar Advertising CoLAMR	SMDX +0.59 points	0.24%	0.83%
Xpo Inc Common Stock USDXPO	SMDX +0.58 points	0.38%	0.96%
Healthcare Realty TrustHR	SMDX +0.58 points	0.12%	0.70%
Jackson Financial IncJXN	SMDX +0.55 points	0.21%	0.76%
Affiliated ManagersAMG	SMDX +0.53 points	0.26%	0.79%
Yeti Holdings Inc CommonYETI	SMDX +0.51 points	0.08%	0.59%
East West Bancorp IncEWBC	SMDX +0.49 points	0.33%	0.82%
Valmont Industries IncVMI	SMDX +0.49 points	0.16%	0.65%
Materion Corp CommonMTRN	SMDX +0.49 points	0.09%	0.58%
Hf Sinclair Corp CommonDINO	SMDX +0.47 points	0.46%	0.93%
Exelixis Inc Common StockEXEL	SMDX +0.45 points	0.21%	0.66%
Us Foods Holding CorpUSFD	SMDX +0.44 points	0.39%	0.83%
Cno Financial Group IncCNO	SMDX +0.43 points	0.10%	0.53%
Ryder System Inc CommonR	SMDX +0.43 points	0.23%	0.66%
Medpace Holdings IncMEDP	SMDX +0.43 points	0.38%	0.81%
Itron Inc Common StockITRI	SMDX +0.41 points	0.05%	0.46%
Murphy Usa Inc CommonMUSA	SMDX +0.41 points	0.17%	0.58%
Encompass Health CorpEHC	SMDX +0.40 points	0.38%	0.78%
Technipfmc PLC CommonFTI	JMEE +0.39 points	0.62%	0.23%
Watts Water TechnologiesWTS	JMEE +0.38 points	0.44%	0.06%
Wsfs Financial CorpWSFS	SMDX +0.37 points	0.03%	0.40%
Ati Inc Common Stock USDATI	SMDX +0.36 points	0.45%	0.81%
Unum Group Common StockUNM	SMDX +0.37 points	0.27%	0.64%
Protagonist TherapeuticsPTGX	JMEE +0.37 points	0.42%	0.05%
Novanta Inc Common StockNOVT	SMDX +0.35 points	0.13%	0.48%
Bgc Partners IncBGC	SMDX +0.35 points	0.10%	0.45%
Manhattan Associates IncMANH	SMDX +0.35 points	0.16%	0.51%
Dorian Lpg Ltd CommonLPG	SMDX +0.33 points	0.03%	0.36%
Korn Ferry Common StockKFY	SMDX +0.33 points	0.07%	0.40%
Performance Food Group CoPFGC	JMEE +0.32 points	0.34%	0.02%
Woodward Inc CommonWWD	SMDX +0.32 points	0.40%	0.72%
World Kinect Corp CommonWKC	SMDX +0.32 points	0.05%	0.37%
Okta Inc Common StockOKTA	JMEE +0.31 points	0.86%	0.55%
Commercial Metals CoCMC	SMDX +0.31 points	0.28%	0.59%
Primerica Inc CommonPRI	SMDX +0.31 points	0.07%	0.38%
Dynatrace IncDT	JMEE +0.31 points	0.32%	<0.01%
Nvent Electric PLCNVT	SMDX +0.31 points	0.55%	0.86%
Globus Medical Inc CommonGMED	SMDX +0.30 points	0.28%	0.58%
Adeia Inc Common StockADEA	SMDX +0.30 points	0.03%	0.33%
Bwx Technologies IncBWXT	SMDX +0.29 points	0.22%	0.51%
Kirby Corp Common StockKEX	SMDX +0.29 points	0.19%	0.48%
Hamilton Lane Inc CommonHLNE	SMDX +0.28 points	0.16%	0.44%
Evercore Inc Common StockEVR	JMEE +0.29 points	0.38%	0.09%
Permian ResourcesPR	JMEE +0.29 points	0.44%	0.15%
Donaldson Co Inc CommonDCI	JMEE +0.28 points	0.38%	0.10%
Neurocrine BiosciencesNBIX	SMDX +0.28 points	0.27%	0.55%
Ovintiv Inc Common StockOVV	JMEE +0.29 points	0.43%	0.14%
Alcoa Corp Common StockAA	SMDX +0.29 points	0.07%	0.36%
Digitalocean HoldingsDOCN	JMEE +0.28 points	0.33%	0.05%
Amkor Technology IncAMKR	SMDX +0.28 points	0.07%	0.35%
Dxp Enterprises Inc/TxDXPE	JMEE +0.28 points	0.30%	0.02%
Iridium CommunicationsIRDM	JMEE +0.27 points	0.33%	0.06%
Crocs Inc Common StockCROX	SMDX +0.27 points	0.15%	0.41%
Newell Brands Inc CommonNWL	SMDX +0.26 points	0.03%	0.29%
Rambus Inc Common StockRMBS	SMDX +0.26 points	0.14%	0.40%
Curtiss-Wright CorpCW	SMDX +0.26 points	0.47%	0.73%
Provident FinancialPFS	SMDX +0.26 points	0.20%	0.46%
Firstcash Holdings IncFCFS	SMDX +0.25 points	0.13%	0.38%
Interdigital Inc CommonIDCC	JMEE +0.25 points	0.29%	0.04%
New York Times Co/TheNYT	SMDX +0.25 points	0.25%	0.50%
Genworth Financial IncGNW	SMDX +0.24 points	0.07%	0.31%
Virtu Financial IncVIRT	SMDX +0.24 points	0.11%	0.35%
Bankunited Inc CommonBKU	JMEE +0.24 points	0.25%	0.01%
Brunswick Corp/De CommonBC	SMDX +0.23 points	0.09%	0.32%
Mercury Systems IncMRCY	JMEE +0.24 points	0.27%	0.03%
Carpenter TechnologyCRS	SMDX +0.23 points	0.21%	0.44%
Annaly Capital ManagementNLY	JMEE +0.24 points	0.26%	0.02%
Coca-Cola ConsolidatedCOKE	SMDX +0.23 points	0.19%	0.42%
Rb Global IncRBA	SMDX +0.22 points	0.21%	0.43%
Lumen Technologies IncLUMN	SMDX +0.23 points	0.09%	0.32%
Versant Media Group IncVSNT	SMDX +0.23 points	0.15%	0.38%
Autonation Inc CommonAN	SMDX +0.22 points	0.06%	0.28%
Prog Holdings IncPRG	SMDX +0.22 points	0.10%	0.32%
Radnet Inc Common StockRDNT	JMEE +0.21 points	0.26%	0.05%
Sanmina Corp CommonSANM	JMEE +0.21 points	0.23%	0.02%
Jefferies FinancialJEF	SMDX +0.22 points	0.07%	0.29%
Crown Holdings Inc CommonCCK	JMEE +0.21 points	0.35%	0.14%
Borgwarner Inc CommonBWA	JMEE +0.21 points	0.30%	0.09%
Associated Banc-CorpASB	JMEE +0.22 points	0.25%	0.03%
Lattice SemiconductorLSCC	SMDX +0.21 points	0.20%	0.41%
Granite Construction IncGVA	JMEE +0.21 points	0.31%	0.10%
Viasat Inc Common StockVSAT	SMDX +0.21 points	0.36%	0.57%
Victoria's Secret & CoVSXY	SMDX +0.20 points	0.19%	0.39%
Mastec Inc Common StockMTZ	SMDX +0.21 points	0.31%	0.52%
First American FinancialFAF	JMEE +0.21 points	0.26%	0.05%
Maxlinear Inc CommonMXL	SMDX +0.21 points	0.10%	0.31%
Ofg BancorpOFG	SMDX +0.20 points	0.04%	0.24%
Graco Inc Common StockGGG	JMEE +0.20 points	0.27%	0.07%
Onto Innovation IncONTO	SMDX +0.20 points	0.18%	0.38%
Fnb Corp/Pa Common StockFNB	JMEE +0.20 points	0.22%	0.02%
Strategic Education IncSTRA	SMDX +0.21 points	0.03%	0.24%
First Industrial RealtyFR	JMEE +0.20 points	0.22%	0.02%
Halozyme TherapeuticsHALO	SMDX +0.20 points	0.57%	0.77%
Clean Harbors Inc CommonCLH	JMEE +0.20 points	0.43%	0.23%
Five Below Inc CommonFIVE	SMDX +0.20 points	0.32%	0.52%

All 674 JMEE holdings⁠All SMDX 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.

JMEE vs SMDX Cost

Overpaying SMDX vs JMEE

$194

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

JMEE 0.34%
$6,932
SMDX 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

JMEE 0.34%
SMDX 0.35%
Overpaying

Year by year

Year	JMEE	SMDX	Overpaying
10	$616	$634	$18
20	$2,386	$2,454	$68
30	$6,932	$7,126	$194

Expense ratio

0.34%JMEE, cheaper
0.35%SMDX

JMEE0.34%SMDX0.35%

0.18%1.10%

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

JMEE 7th cheapest of 47 funds

SMDX 8th cheapest of 47 funds

JMEE vs SMDX Dividends

Last 12 months to Nov 2, 2026

Yield (12M): JMEE 0.96%; SMDX No data
Payout (12M): JMEE $0.72; SMDX No data
Last payment: JMEE $0.72; SMDX $0.14
Ex-dividend: JMEE Dec 16, 2025; SMDX Dec 23, 2025
Paid on: JMEE Dec 18, 2025; SMDX Dec 24, 2025
Frequency: JMEE Annual; SMDX Irregular

Distribution history

Per share, 2022 to 2026, same scale for both

JMEEAnnual · 4 paymentsAll JMEE payments⁠

SMDXIrregular · 1 paymentAll SMDX payments⁠

JMEE vs SMDX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JMEE 15.8%SMDX 12.8%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: JMEE 0.90SMDX 1.01since Mar 2025
Worst fallMax drawdown, 5 years: JMEE −25.4%since May 2022SMDX −14.5%since Feb 2025
Market sensitivityBeta, 5 years: JMEE 1.10SMDX 0.71; Market = 1

JMEE and SMDX 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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JMEE vs SMDX

In short

Stated mandate

Why people hold it