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MSSMvsFSMDETF Comparison

ETF 1

MSSM

Morgan Stanley Pathway Small-Mid Cap Equity ETF

This fund is part of

US Multi-Factor

+0.52%

Full MSSM fund page

VS

ETF 2

FSMD

Fidelity Small-Mid Multifactor ETF

This fund is part of

US Multi-Factor

+0.52%

Full FSMD fund page

Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) and Fidelity Small-Mid Multifactor ETF (FSMD) belong to the same industry segment: US Multi-Factor. MSSM's top 3 sector exposures are Industrials, Information Technology and Financials. In contrast, FSMD's top sector exposures are Industrials, Financials and Information Technology. MSSM is more expensive with a Total Expense Ratio (TER) of 0.9%, versus 0.15% for FSMD. MSSM is up 12.8% year-to-date (YTD) with -$41M in YTD flows. FSMD performs worse with 10.84% YTD performance, and +$233M in YTD flows. Run a side-by-side ETF comparison of MSSM and FSMD 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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MSSM vs FSMD performance and flow charts

Performance

Cumulative Flows

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Data Services

Historic performance and flows

Data as of 04/24/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	MSSM FSMD	+9.91%+8.63%	+5.26%+6.13%	+12.80%+10.84%	+40.13%+29.55%	n/a+58.22%	n/a+53.61%
Flows	MSSM FSMD	-$35M+$50M	-$33M+$197M	-$41M+$233M	-$32M+$544M	-+$1.83B	-+$1.88B

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	MSSM FSMD	+20.29%+17.69%	+17.35%+14.98%	n/a+16.98%	n/a+18.30%
Max drawdown	MSSM FSMD	-9.62%-8.28%	-9.62%-8.28%	n/a-22.27%	n/a-22.27%
Max drawdown duration	MSSM FSMD	46d43d	46d43d	n/a289d	n/a289d

Trading data

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	MSSM	FSMD
Last sale 4/27/2026 at 1:30 PM	$56.93	$48.89
Previous close 04/24/2026	$56.96	$48.73
Consolidated volume 04/24/2026
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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	MSSM	FSMD
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 4/27/2026 at 1:30 PM

Live

Closed

	MSSM	FSMD
Last price	$56.93	$48.89
1D performance	-0.05%	+0.33%
AuM	$724.19 M	$2.36 B
E/R	0.9%	0.15%

Characteristics

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

More MSSM data on Trackinsight

More FSMD data on Trackinsight

Exposure

Countries

MSSM

USA

79.68%

Other

20.32%

FSMD

USA

92.6%

Other

7.4%

Sectors

MSSM

Industrials

19.29%

Information Techn.

17.22%

Financials

11.21%

Health Care

9.3%

Consumer Discreti.

7.76%

Other

35.23%

FSMD

Industrials

19.48%

Financials

14.58%

Information Techn.

13.34%

Health Care

11.29%

Consumer Discreti.

10.19%

Other

31.12%

Diversification

MSSM

Total weight of top 15 holdings out of 15

10.47%

FSMD

Total weight of top 15 holdings out of 15

9.31%

Top 15 holdings

Data as of March 31, 2026

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%

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%

Frequently asked questions about MSSM and FSMD

How have the MSSM and FSMD ETFs performed in 2026?

As of April 24, 2026, MSSM is up 12.8% year-to-date (YTD), while FSMD has returned 10.84%. That puts MSSM better performer ahead so far this year.

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

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

Which ETF is more volatile: MSSM or FSMD?

Over the past year, MSSM had a volatility of 17.35%, while FSMD experienced 14.98%.

Which ETF is bigger: MSSM or FSMD?

As of April 24, 2026, MSSM holds $724.19 M in assets under management (AUM), while FSMD manages $2.36 B.

What sectors do the MSSM and FSMD ETFs invest in?

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

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

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

MSSMvsFSMDETF Comparison

Morgan Stanley Pathway Small-Mid Cap Equity ETF

Fidelity Small-Mid Multifactor ETF

MSSM vs FSMD 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 MSSM and FSMD ETFs performed in 2026?

As of April 24, 2026, MSSM is up 12.8% year-to-date (YTD), while FSMD has returned 10.84%. That puts MSSM better performer ahead so far this year.

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

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

Which ETF is more volatile: MSSM or FSMD?

Over the past year, MSSM had a volatility of 17.35%, while FSMD experienced 14.98%.

Which ETF is bigger: MSSM or FSMD?

As of April 24, 2026, MSSM holds $724.19 M in assets under management (AUM), while FSMD manages $2.36 B.

What sectors do the MSSM and FSMD ETFs invest in?

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

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

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

Which ETF is more diversified: MSSM or FSMD?

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

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