At a glance
SMDX charges 0.35% a year, above the 0.14% average of the 8 funds most like it (the most expensive of 9). It has $130.1M in assets, the 8th largest of that group; it paid 0.54% of its price in distributions over the past 12 months, annual. Over the past year it returned +14.2% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds. Its ten largest positions make up 9.4% of the fund, out of 525 in all.
The short version
Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) is an actively managed fund that picks from the stocks in the S&P 1000 Index, which combines the S&P MidCap 400 and the S&P SmallCap 600. It does not weight companies by size. Instead, sub-adviser Intech uses a computer-driven process to spread risk across about 525 holdings, and it rebalances weekly. Its 0.35% expense ratio is well above the 0.14% average of similar funds.
Price history
The interactive chart needs JavaScript.
SMDX +14.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMDX price data to Oct 27, 2026 | +14.1% | +14.2% | — | — | — | +17.3% |
- Over the year to Oct 27, 2026, SMDX returned +14.2%, 7th of 9 among similar funds.
- The deepest fall in its price history was 14.5% (Feb 28, 2025 to Apr 7, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 525 securities; the ten largest made up 9.37% of assets.
| Holding | Weight | |
|---|---|---|
| Jones Lang LaSalle Inc | 1.21% | |
| United Therapeutics Corp | 1.01% | |
| US Foods Holding Corp | 0.99% | |
| East West Bancorp Inc | 0.97% | |
| Tenet Healthcare Corp | 0.91% | |
| AECOM | 0.88% | |
| Exelixis Inc | 0.88% | |
| XPO Inc | 0.88% | |
| Lamar Advertising Co | 0.83% | |
| Everpure Inc | 0.82% | |
| nVent Electric PLC | 0.77% | |
| Omega Healthcare Investors Inc | 0.75% | |
| Valley National Bancorp | 0.71% | |
| Encompass Health Corp | 0.69% | |
| Curtiss-Wright Corp | 0.69% |
By country
United States 96.2%United Kingdom 1.29%Bermuda 0.76%Ireland 0.54%Thailand 0.44%By asset type
Stocks 99.69%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $146K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.19%, +4.70%, -2.24%.
How it works
SMDX is actively managed. That means it does not copy an index. Its sub-adviser, Intech Investment Management LLC, picks mainly from the stocks in the S&P 1000 Index and tries to beat that index. Under normal conditions, at least 80% of net assets go into U.S. small- and mid-cap companies. The fund defines these as companies within the index's size range, which ran from $357.24 million to $33.66 billion in market value as of April 30, 2026.
Intech uses a quantitative (computer-driven) process. It looks at how much each stock's price swings, how closely it moves with other stocks, and traits such as profitability and valuation. It then sets a target weight for each stock so that no single company, sector or market factor dominates the fund's results. As of July 31, 2026, the fund held 525 stocks. The 10 largest made up just 9.37% of assets, led by Jones Lang LaSalle (1.2%), United Therapeutics (1.0%), US Foods (1.0%) and East West Bancorp (1.0%).
As prices move, holdings drift away from their targets. Intech usually rebalances weekly, selling stocks that have grown too large and buying those that have shrunk. Because of this, portfolio turnover was 166%, according to the prospectus filed May 26, 2026. The fund may also hold some stocks outside the index. It used no derivatives as of July 31, 2026.
What it really costs
- SMDX charges 0.35% a year, versus an average of 0.14% for the similar funds below (9th 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMDX | $36 | $113 | $197 | $443 |
In a retirement portfolio
It adds broad exposure to small and mid-size U.S. companies, which large-cap-heavy portfolios often hold little of, but its short record and higher cost argue against using it as a core holding.
SMDX could widen a portfolio's reach into smaller U.S. companies. Its record is short. It launched on February 27, 2025, so it has no history through the 2008 crisis, the 2020 COVID crash or the 2022 bear market, and it has not yet had a full calendar year. Its deepest drop so far was 14.5%, from February 28 to April 7, 2025. It recovered by May 12, 2025, about a month later. One brief test says little about a long bear market, when small and mid-size stocks can fall hard and anyone drawing money may have to sell at low prices. Income is small: the yield was 0.54% as of October 27, 2026, paid once a year. Under the SEC's standard $10,000 example, costs come to $36 in year one. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want small- and mid-cap U.S. stocks spread across about 525 names, with no holding above roughly 1.2% as of July 31, 2026.
- People open to a quantitative, actively managed approach that tries to beat the S&P 1000 Index by balancing risk rather than weighting by company size.
- Holders of large-cap-heavy portfolios looking for a diversifier, who accept a track record that only goes back to February 2025.
Look elsewhere if
- Cost-focused investors: the 0.35% expense ratio ranks 9th of 9 among similar funds, compared with 0.05% for IJH and 0.03% for SPMD.
- Taxable-account investors wary of 166% turnover, which the prospectus warns may raise trading costs and short-term capital gains.
- Income seekers, or those who want a long history: the yield was 0.54% as of October 27, 2026, paid once a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SMDX this fund | — | 0.35% | $130.1M | +14.2% | — |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 47% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 47% | 0.05% | $124.33B | +15.3% | +16.6% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 47% | 0.15% | $426.1M | +12.5% | +18.3% |
| MDY SPDR S&P Midcap 400 ETF Trust | 47% | 0.24% | $28.05B | +14.9% | +16.3% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 47% | 0.07% | $5.87B | +12.0% | +18.0% |
| JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 46% | 0.24% | $2.89B | +16.8% | +19.5% |
| FSMD Fidelity Small-Mid Multifactor ETF | 41% | 0.16% | $2.50B | +15.5% | +20.0% |
Questions investors ask
Is SMDX an index fund?
No. SMDX is actively managed. Intech chooses mainly from stocks in the S&P 1000 Index, which combines the S&P MidCap 400 and S&P SmallCap 600, and tries to beat that index. It uses a quantitative process to set target weights that balance risk across holdings, rather than weighting by company size, and it usually rebalances weekly. The prospectus warns that the strategy may not work and that the fund may not meet its objective.
What's the difference between SMDX and IJH?
IJH, the iShares Core S&P Mid-Cap ETF, tracks the S&P MidCap 400 and charges 0.05%. SMDX is actively managed, also includes small caps from the S&P 1000, and charges 0.35%. The two funds share about 47% of their holdings. IJH returned 15.1% over one year as of October 30, 2026. SMDX returned 14.2% as of October 27, 2026. IJH is far larger, with $124.3 billion in net assets as of June 30, 2026, against SMDX's $130.1 million as of July 31, 2026.
Does SMDX pay dividends?
Yes, but only once a year, and the amount is small. The trailing 12-month yield was 0.54% as of October 27, 2026, or about $0.14 per share. The fund aims for long-term capital growth, not income. Its holdings are small and mid-size companies, and many of them pay little or nothing in dividends. Investors who want regular cash payouts may find it provides little.
What is the SMDX expense ratio?
SMDX's expense ratio is 0.35%, all of it a management fee, according to the prospectus filed May 26, 2026. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs come to $36 after one year, $113 after three, $197 after five and $443 after ten. That ranks 9th of 9 among similar funds, whose average expense ratio is 0.14%.
Why is SMDX turnover so high?
SMDX's turnover was 166% because Intech usually rebalances weekly. It sells stocks that have grown past their target weights and buys those that have fallen below them. The prospectus says this reflects keeping the targets in line, not replacing the whole portfolio. It also warns that frequent trading raises transaction costs and may lead to more short-term capital gains. That matters most for shares held in taxable accounts.