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FSMDvsMSSMETF Comparison

ETF 1

FSMD

Fidelity Small-Mid Multifactor ETF

This fund is part of

US Multi-Factor

+0%

Full FSMD fund page

VS

ETF 2

MSSM

Morgan Stanley Pathway Small-Mid Cap Equity ETF

This fund is part of

US Multi-Factor

+0%

Full MSSM fund page

Fidelity Small-Mid Multifactor ETF (FSMD) and Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) belong to the same industry segment: US Multi-Factor. FSMD's top 3 sector exposures are Industrials, Financials and Information Technology. In contrast, MSSM's top sector exposures are Industrials, Information Technology and Financials. FSMD is less expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.9% for MSSM. FSMD is up 11.2% year-to-date (YTD) with +$233M in YTD flows. MSSM performs better with 12.8% YTD performance, and -$41M in YTD flows. Run a side-by-side ETF comparison of FSMD 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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FSMD vs MSSM performance and flow charts

Performance

Cumulative Flows

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Data Services

Historic performance and flows

Data as of 04/27/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FSMD MSSM	+11.37%+9.91%	+6.78%+5.26%	+11.20%+12.80%	+29.63%+40.13%	+61.21%n/a	+54.02%n/a
Flows	FSMD MSSM	+$37M-$35M	+$197M-$33M	+$233M-$41M	+$510M-$32M	+$1.83B-	+$1.88B-

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FSMD MSSM	+17.67%+20.29%	+15.01%+17.35%	+16.94%n/a	+18.30%n/a
Max drawdown	FSMD MSSM	-8.28%-9.62%	-8.28%-9.62%	-22.27%n/a	-22.27%n/a
Max drawdown duration	FSMD MSSM	43d46d	43d46d	289dn/a	289dn/a

Trading data

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	FSMD	MSSM
Last sale 4/27/2026 at 7:59 PM	$48.89	$56.52
Previous close 04/27/2026	$48.73	$56.93
Consolidated volume 04/27/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of March 31, 2026

1-year trailing difference

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MSSM

is actively managed and doesn’t replicate an index

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	FSMD	MSSM
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 4/27/2026 at 7:59 PM

Live

Closed

	FSMD	MSSM
Last price	$48.89	$56.52
1D performance	+0.33%	-0.73%
AuM	$2.36 B	$724.19 M
E/R	0.15%	0.9%

Characteristics

	FSMD	MSSM
Management strategy	Passive	Active
Provider	Fidelity	Morgan Stanley
Benchmark	Fidelity Small-Mid Multifactor Index	-
N° of holdings	560	1902
Asset class	Equities	-
Trailing 12m distribution yield	Join	Join
Inception date	February 26, 2019	December 9, 2024
ESG	No	No

More FSMD data on Trackinsight

More MSSM data on Trackinsight

Exposure

Countries

FSMD

USA

92.6%

Other

7.4%

MSSM

USA

79.68%

Other

20.32%

Sectors

FSMD

Industrials

19.48%

Financials

14.58%

Information Techn.

13.34%

Health Care

11.29%

Consumer Discreti.

10.19%

Other

31.12%

MSSM

Industrials

19.29%

Information Techn.

17.22%

Financials

11.21%

Health Care

9.3%

Consumer Discreti.

7.76%

Other

35.23%

Diversification

FSMD

Total weight of top 15 holdings out of 15

9.31%

MSSM

Total weight of top 15 holdings out of 15

10.47%

Top 15 holdings

Data as of March 31, 2026

FSMD

US80004C2008

1.35%

CIENA

0.95%

LUMENTUM HOLDINGS

0.83%

COMFORT SYSTEMS USA

0.78%

US19247G1076

0.65%

GB00BRXH2664

0.62%

TECHNIPFMC PLC

0.54%

EMCOR GROUP

0.54%

TAPESTRY INC

0.51%

CASEYS GENERAL STORES

0.51%

UTD THERAPEUT

0.43%

FLEX LTD

0.43%

CURTISS WRIGHT

0.42%

APA CORPORATION

0.38%

WOODWARD

0.37%

MSSM

COMFORT SYSTEMS USA

1.13%

TECHNIPFMC PLC

1.07%

US04351P1012

1.03%

CIENA

0.86%

VIASAT

0.80%

BLOOM ENERGY CORP

0.73%

ORMAT TECHNOLOGIES

0.59%

PLEXUS

0.57%

RESIDEO TECHNOLOGIES

0.56%

REGAL REXNORD CORP

0.55%

FABRINET

0.54%

TEXAS CAPITAL

0.54%

ITT

0.52%

CALIX NETWORKS

0.51%

PRIMORIS SERVICES

0.48%

Frequently asked questions about FSMD and MSSM

How have the FSMD and MSSM ETFs performed in 2026?

As of April 27, 2026, FSMD is up 11.2% year-to-date (YTD), while MSSM has returned 12.8%. That puts MSSM better performer ahead so far this year.

Which ETF is attracting more investor money: FSMD or MSSM?

Year-to-date, the FSMD ETF saw +$233M in flows, compared to -$41M for MSSM.

Which ETF is more volatile: FSMD or MSSM?

Over the past year, FSMD had a volatility of 15.01%, while MSSM experienced 17.35%.

Which ETF is bigger: FSMD or MSSM?

As of April 27, 2026, FSMD holds $2.36 B in assets under management (AUM), while MSSM manages $724.19 M.

What sectors do the FSMD and MSSM ETFs invest in?

FSMD leans toward sectors like Industrials, Financials and Information Technology. Meanwhile, MSSM focuses on Industrials, Information Technology and Financials.

What are the top holdings of the FSMD ETF and MSSM ETF?

FSMD top holdings include US80004C2008, CIENA and LUMENTUM HOLDINGS. MSSM holds in its top three: COMFORT SYSTEMS USA, TECHNIPFMC PLC and US04351P1012.

FSMDvsMSSMETF Comparison

Fidelity Small-Mid Multifactor ETF

Morgan Stanley Pathway Small-Mid Cap Equity ETF

FSMD vs MSSM performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the FSMD and MSSM ETFs performed in 2026?

As of April 27, 2026, FSMD is up 11.2% year-to-date (YTD), while MSSM has returned 12.8%. That puts MSSM better performer ahead so far this year.

Which ETF is attracting more investor money: FSMD or MSSM?

Year-to-date, the FSMD ETF saw +$233M in flows, compared to -$41M for MSSM.

Which ETF is more volatile: FSMD or MSSM?

Over the past year, FSMD had a volatility of 15.01%, while MSSM experienced 17.35%.

Which ETF is bigger: FSMD or MSSM?

As of April 27, 2026, FSMD holds $2.36 B in assets under management (AUM), while MSSM manages $724.19 M.

What sectors do the FSMD and MSSM ETFs invest in?

FSMD leans toward sectors like Industrials, Financials and Information Technology. Meanwhile, MSSM focuses on Industrials, Information Technology and Financials.

What are the top holdings of the FSMD ETF and MSSM ETF?

FSMD top holdings include US80004C2008, CIENA and LUMENTUM HOLDINGS. MSSM holds in its top three: COMFORT SYSTEMS USA, TECHNIPFMC PLC and US04351P1012.

Which ETF is more diversified: FSMD or MSSM?

FSMD holds 595 securities with 9.31% of its assets in the top 15. MSSM has 1949 securities and a top 15 weight of 10.47%.

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