JPMorgan Fundamental Data Science Mid Core ETF

JPMorgan Fundamental Data Science Mid Core ETF (MCDS) is an actively managed fund holding about 200 mid-sized company stocks, chosen using data-science forecasts and in-house company research rather than by tracking an index. It aims for a growth-and-value mix similar to the Russell Midcap Index. Its 0.35% yearly expense ratio is about double the 0.18% average of similar funds, and it had only $8.2 million in assets as of June 30, 2026.

• Over the year to Oct 27, 2026, MCDS returned +16.1%, 5th of 9 among similar funds.
• Its worst full calendar year was 2025 (+6.5%); its best was 2025 (+6.5%).
• The deepest fall in its price history was 22.5% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 11, 2025.

As of Jun 30, 2026, the fund held 202 securities; the ten largest made up 10.66% of assets, and 3.9% sat in cash and money-market holdings.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $4K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.77%, +1.94%, +4.29%.

MCDS is actively managed and does not track an index. JPMorgan's managers keep at least 80% of assets in mid-sized companies, meaning those with market values within the Russell Midcap Index's range when purchased. As of September 30, 2026, that range ran from about $727 million to $252 billion. The managers aim for a growth-and-value mix similar to that index, which is why the prospectus calls it a core portfolio.

Stock picking relies on what JPMorgan calls data science: models that combine decades of in-house research, company financial statements and other data to forecast each company's finances. Managers use those forecasts and their own judgment to find stocks priced attractively for their risk, while limiting exposure to risks such as economic swings, new competitors and flaws in business models. They also weigh financially material environmental, social and governance (ESG) issues. A stock may be dropped if its fundamentals change, its price no longer looks attractive or a better idea appears.

As of June 30, 2026, the fund had 202 holdings, and the 10 largest, led by Teradyne at about 1.4%, made up just 10.66%. Turnover, a gauge of trading activity, was 26%. The fund kept 3.9% in cash and used S&P MidCap 400 futures, contracts tied to an index, to keep that cash exposed to the market.

• MCDS charges 0.35% a year, versus an average of 0.18% for the similar funds below (8th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).

It is an actively managed mid-cap stock fund with a record dating only to August 2024 and about $8.2 million in assets, so it fits better as a smaller add-on to a broad core fund than as a portfolio's foundation.

MCDS could add exposure to mid-sized US companies alongside a broad core fund. Because it launched in August 2024, it has no record in the 2008, 2020 or 2022 downturns. Its deepest peak-to-low drop was 22.5%, from November 25, 2024, to April 8, 2025, and it needed about eight months after that low to recover, on December 11, 2025. Anyone drawing money during that slide would have been cashing out at depressed prices. Its only full calendar year, 2025, returned 6.44%.

Income is modest: the trailing 12-month yield was 1.01% as of October 27, 2026, paid quarterly. The 0.35% expense ratio is about double the 0.18% peer average; in the SEC's standard example, $10,000 earning 5% a year would incur $443 in costs over 10 years. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.