Launched on 05/11/2016, the JPMorgan Diversified Return U.S. Mid Cap Equity ETF (JPME) is a smart beta exchange traded fund offering broad exposure to the Style Box - Mid Cap Blend category of the market.What Are Smart Beta ETFs?The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.Fund Sponsor & IndexBecause the fund has amassed over $221.53 million, this makes it one of the average sized ETFs in the Style Box - Mid Cap Blend. JPME is managed by J.P. Morgan. Before fees and expenses, this particular fund seeks to match the performance of the Russell Midcap Diversified Factor Index.The JP Morgan Diversified Factor US Mid Cap Equity Index utilizes a rules-based approach that combines risk-based portfolio construction with multi-factor security selection, including value, quality and momentum factors.Cost & Other ExpensesFor ETF investors, expense ratios are an important factor when considering a fund's return; in the long-term, cheaper funds actually have the ability to outperform their more expensive cousins if all other things remain the same.With on par with most peer products in the space, this ETF has annual operating expenses of 0.24%.It's 12-month trailing dividend yield comes in at 1.55%.Sector Exposure and Top HoldingsMost ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it's still important for investors to research a fund's holdings.For JPME, it has heaviest allocation in the Information Technology sector --about 14.70% of the portfolio --while Healthcare and Materials round out the top three.Looking at individual holdings, Coterra Energy Inc (CTRA) accounts for about 0.93% of total assets, followed by Marathon Oil Corp Common (MRO) and Devon Energy Corp Common (DVN).The top 10 holdings account for about 5.41% of total assets under management.Performance and RiskYear-to-date, the JPMorgan Diversified Return U.S. Mid Cap Equity ETF has lost about -6.79% so far, and is up roughly 15.03% over the last 12 months (as of 01/26/2022). JPME has traded between $75.17 and $95.75 in this past 52-week period.JPME has a beta of 1.07 and standard deviation of 23.05% for the trailing three-year period. With about 365 holdings, it effectively diversifies company-specific risk.AlternativesJPMorgan Diversified Return U.S. Mid Cap Equity ETF is a reasonable option for investors seeking to outperform the Style Box - Mid Cap Blend segment of the market. However, there are other ETFs in the space which investors could consider.Vanguard MidCap ETF (VO) tracks CRSP US Mid Cap Index and the iShares Core S&P MidCap ETF (IJH) tracks S&P MidCap 400 Index. Vanguard MidCap ETF has $51.64 billion in assets, iShares Core S&P MidCap ETF has $62.83 billion. VO has an expense ratio of 0.04% and IJH charges 0.05%.Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Mid Cap Blend.Bottom LineTo learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center. 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Click to get this free report JPMorgan Diversified Return U.S. Mid Cap Equity ETF (JPME): ETF Research Reports Devon Energy Corporation (DVN): Free Stock Analysis Report Marathon Oil Corporation (MRO): Free Stock Analysis Report iShares Core S&P MidCap ETF (IJH): ETF Research Reports Vanguard MidCap ETF (VO): ETF Research Reports Coterra Energy Inc. (CTRA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research