FDLSvsMSSMETF Comparison
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Inspire Fidelis Multi Factor ETF (FDLS) and Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) belong to the same industry segment: US Multi-Factor. Both ETFs have the same top 3 sector exposures: Finance, Technology and Healthcare. FDLS is less expensive with a Total Expense Ratio (TER) of 0.66%, versus 0.89% for MSSM. FDLS is up 18.55% year-to-date (YTD) with +$148M in YTD flows. MSSM performs worse with 14.68% YTD performance, and -$82M in YTD flows. Run a side-by-side ETF comparison of FDLS and MSSM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FDLS vs MSSM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/17/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FDLS MSSM | -4.12%-6.04% | +2.93%-2.66% | +18.55%+14.68% | +22.86%+18.36% | +70.55%n/a | n/an/a |
| Flows | FDLS MSSM | +$66M+$3M | +$76M-$18M | +$148M-$82M | +$168M-$82M | +$187M- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FDLS MSSM | +11.51%+13.55% | +16.37%+17.49% | +18.28%n/a | n/an/a |
| Max drawdown | FDLS MSSM | -4.55%-6.98% | -9.10%-9.62% | -23.13%n/a | n/an/a |
| Max drawdown duration | FDLS MSSM | 31d32d | 46d46d | 219dn/a | n/an/a |
Trading data
FDLS | MSSM | |
Last sale 9/18/2026 at 1:30 PM | $41.91 | $57.68 |
| Previous close 09/17/2026 | $42.16 | $58.07 |
| Consolidated volume 09/17/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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MSSM
is actively managed and doesn’t replicate an indexFDLS | MSSM | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/18/2026 at 1:30 PM
Live
Closed
FDLS | MSSM | |
|---|---|---|
| Last price | $41.91 | $57.68 |
| 1D performance | -0.59% | -0.67% |
| AuM | $301.44 M | $695.69 M |
| E/R | 0.66% | 0.89% |
Characteristics
FDLS | MSSM | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Inspire ETFs | Morgan Stanley |
| Benchmark | WI Fidelis Multi-Cap, Multi-Factor Index | - |
| N° of holdings | 101 | 1801 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 23, 2022 | December 9, 2024 |
| ESG | No | No |
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Exposure
Countries
FDLS
USA
82.49%
Other
17.51%
MSSM
USA
90.63%
Other
9.37%
Sectors
FDLS
Finance
21.24%
Technology
19.98%
Healthcare
12.66%
Energy
10.85%
Non-Energy Materi.
10.1%
Industrials
8.92%
Other
16.25%
MSSM
Finance
21.3%
Technology
15.21%
Healthcare
14.69%
Industrials
13.77%
Other
35.02%
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Diversification
FDLS
Total weight of top 15 holdings out of 15
19.17%
MSSM
Total weight of top 15 holdings out of 15
9.05%
Top 15 holdings
Data as of July 31, 2026
FDLS
Par Pacific Holdings, Inc.
1.65%
Bausch Health Cos., Inc.
1.41%
HF Sinclair Corp.
1.38%
Quad/Graphics, Inc.
1.33%
Valero Energy Corp.
1.30%
Columbus McKinnon Corp.
1.28%
Ooma, Inc.
1.24%
PACS Group, Inc.
1.23%
EverQuote, Inc.
1.22%
Cboe Global Markets, Inc.
1.20%
Jack Henry & Associates, Inc.
1.20%
CF Industries Holdings, Inc.
1.18%
Donnelley Financial Solutions, Inc.
1.18%
Aveanna Healthcare Holdings, Inc.
1.18%
Slide Insurance Holdings, Inc.
1.18%
MSSM
TechnipFMC plc
0.83%
Ascendis Pharma A/S
0.83%
ViaSat, Inc.
0.76%
Dynatrace, Inc.
0.66%
FTAI Aviation Ltd.
0.65%
KBR, Inc.
0.62%
Regal Rexnord Corp.
0.61%
Veeco Instruments, Inc.
0.58%
Sprouts Farmers Market, Inc.
0.54%
Plexus Corp.
0.51%
Life Time Group Holdings, Inc.
0.50%
Wintrust Financial Corp.
0.50%
Resideo Technologies, Inc.
0.49%
IMAX Corp.
0.49%
Texas Capital Bancshares, Inc.
0.49%
Frequently asked questions about FDLS and MSSM
How have the FDLS and MSSM ETFs performed in 2026?
As of September 17, 2026, FDLS is up 18.55% year-to-date (YTD), while MSSM has returned 14.68%. That puts FDLS better performer ahead so far this year.
Which ETF is attracting more investor money: FDLS or MSSM?
Year-to-date, the FDLS ETF saw +$148M in flows, compared to -$82M for MSSM.
Which ETF is more volatile: FDLS or MSSM?
Over the past year, FDLS had a volatility of 16.37%, while MSSM experienced 17.49%.
Which ETF is bigger: FDLS or MSSM?
As of September 17, 2026, FDLS holds $301.44 M in assets under management (AUM), while MSSM manages $695.69 M.
What sectors do the FDLS and MSSM ETFs invest in?
FDLS leans toward sectors like Finance, Technology and Healthcare. Meanwhile, MSSM focuses on Finance, Technology and Healthcare.
What are the top holdings of the FDLS ETF and MSSM ETF?
FDLS top holdings include Par Pacific Holdings, Inc., Bausch Health Cos., Inc. and HF Sinclair Corp.. MSSM holds in its top three: TechnipFMC plc, Ascendis Pharma A/S and ViaSat, Inc..
Which ETF is more diversified: FDLS or MSSM?
FDLS holds 101 securities with 19.17% of its assets in the top 15. MSSM has 1814 securities and a top 15 weight of 9.05%.
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