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MSSMvsMSMLETF Comparison

ETF 1

MSSM

Morgan Stanley Pathway Small-Mid Cap Equity ETF

This fund is part of

US Multi-Factor

+0.56%

Full MSSM fund page

VS

ETF 2

MSML

iShares MSCI USA Small-Cap ETF

This fund is part of

US Small Cap

+0.43%

Full MSML fund page

Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) belongs to the US Multi-Factor segment. iShares MSCI USA Small-Cap ETF (MSML) is part of the US Small Cap segment. MSSM's top 3 sector exposures are Finance, Technology and Healthcare. In contrast, MSML's top sector exposures are Finance, Healthcare and Technology. MSSM is more expensive with a Total Expense Ratio (TER) of 0.89%, versus 0.04% for MSML. MSSM is up 13.53% year-to-date (YTD) with -$79M in YTD flows. MSML performs worse with 11.75% YTD performance, and -$7M in YTD flows. Run a side-by-side ETF comparison of MSSM and MSML 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 MSML performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 10/26/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	MSSM MSML	+0.67%+0.49%	-3.88%-3.03%	+13.53%+11.75%	+13.11%+11.88%	n/a+71.43%	n/a+32.49%
Flows	MSSM MSML	--	+$6M-	-$79M-$7M	-$64M-$10M	--$22M	--$23M

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	MSSM MSML	+13.25%+12.71%	+17.00%+15.53%	n/a+19.22%	n/a+21.24%
Max drawdown	MSSM MSML	-9.43%-8.77%	-9.62%-9.38%	n/a-25.75%	n/a-30.04%
Max drawdown duration	MSSM MSML	71d71d	46d65d	n/a289d	n/a1067d

Trading data

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	MSSM	MSML
Last sale 10/27/2026 at 1:30 PM	$57.97
Previous close 10/26/2026	$57.40
Consolidated volume 10/26/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of October 28, 2026

1-year trailing difference

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MSSM

is actively managed and doesn’t replicate an index

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

Main metrics

Last update 10/27/2026 at 1:30 PM

Live

Closed

	MSSM	MSML
Last price	$57.97	–
1D performance	+1.00%	–
AuM	$691.54 M	$273.44 M
E/R	0.89%	0.04%

Characteristics

	MSSM	MSML
Management strategy	Active	Passive
Provider	Morgan Stanley	iShares
Benchmark	-	MSCI Daily TR Gross Small Cap USA Index
N° of holdings	1802	1551
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	December 9, 2024	June 28, 2004
ESG	No	No

More MSSM data on Trackinsight

More MSML data on Trackinsight

Exposure

Countries

MSSM

USA

90.5%

Other

9.5%

MSML

USA

96.82%

Other

3.18%

Sectors

MSSM

Finance

20.95%

Technology

15.86%

Healthcare

15.63%

Industrials

13.05%

Other

34.51%

MSML

Finance

25.39%

Healthcare

15.31%

Technology

14.44%

Industrials

12.88%

Other

31.99%

Diversification

MSSM

Total weight of top 15 holdings out of 15

8.68%

MSML

Total weight of top 15 holdings out of 15

4.58%

Top 15 holdings

Data as of August 31, 2026

MSSM

Ascendis Pharma A/S

0.89%

Dynatrace, Inc.

0.82%

TechnipFMC plc

0.67%

ViaSat, Inc.

0.63%

KBR, Inc.

0.63%

Regal Rexnord Corp.

0.53%

Avient Corp.

0.52%

IMAX Corp.

0.52%

Sprouts Farmers Market, Inc.

0.52%

Veeco Instruments, Inc.

0.51%

Brinker International, Inc.

0.50%

Plexus Corp.

0.50%

Haemonetics Corp.

0.49%

Life Time Group Holdings, Inc.

0.49%

Texas Capital Bancshares, Inc.

0.47%

MSML

Atlassian Corp.

0.48%

Okta, Inc.

0.46%

BlackRock Cash Funds - Treasury

0.38%

Roku, Inc.

0.32%

Guardant Health, Inc.

0.32%

Nutanix, Inc.

0.29%

Zebra Technologies Corp.

0.27%

Jones Lang LaSalle, Inc.

0.27%

Gen Digital, Inc.

0.27%

Guidewire Software, Inc.

0.26%

TransUnion

0.26%

Nordson Corp.

0.25%

Dynatrace, Inc.

0.25%

Reinsurance Group of America, Inc.

0.25%

Jazz Pharmaceuticals Plc

0.25%

Frequently asked questions about MSSM and MSML

How have the MSSM and MSML ETFs performed in 2026?

As of October 26, 2026, MSSM is up 13.53% year-to-date (YTD), while MSML has returned 11.75%. That puts MSSM better performer ahead so far this year.

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

Year-to-date, the MSSM ETF saw -$79M in flows, compared to -$7M for MSML.

Which ETF is more volatile: MSSM or MSML?

Over the past year, MSSM had a volatility of 17%, while MSML experienced 15.53%.

Which ETF is bigger: MSSM or MSML?

As of October 26, 2026, MSSM holds $691.54 M in assets under management (AUM), while MSML manages $273.44 M.

What sectors do the MSSM and MSML ETFs invest in?

MSSM leans toward sectors like Finance, Technology and Healthcare. Meanwhile, MSML focuses on Finance, Healthcare and Technology.

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

MSSM top holdings include Ascendis Pharma A/S, Dynatrace, Inc. and TechnipFMC plc. MSML holds in its top three: Atlassian Corp., Okta, Inc. and BlackRock Cash Funds - Treasury.

MSSMvsMSMLETF Comparison

Morgan Stanley Pathway Small-Mid Cap Equity ETF

iShares MSCI USA Small-Cap ETF

MSSM vs MSML 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 MSML ETFs performed in 2026?

As of October 26, 2026, MSSM is up 13.53% year-to-date (YTD), while MSML has returned 11.75%. That puts MSSM better performer ahead so far this year.

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

Year-to-date, the MSSM ETF saw -$79M in flows, compared to -$7M for MSML.

Which ETF is more volatile: MSSM or MSML?

Over the past year, MSSM had a volatility of 17%, while MSML experienced 15.53%.

Which ETF is bigger: MSSM or MSML?

As of October 26, 2026, MSSM holds $691.54 M in assets under management (AUM), while MSML manages $273.44 M.

What sectors do the MSSM and MSML ETFs invest in?

MSSM leans toward sectors like Finance, Technology and Healthcare. Meanwhile, MSML focuses on Finance, Healthcare and Technology.

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

MSSM top holdings include Ascendis Pharma A/S, Dynatrace, Inc. and TechnipFMC plc. MSML holds in its top three: Atlassian Corp., Okta, Inc. and BlackRock Cash Funds - Treasury.

Which ETF is more diversified: MSSM or MSML?

MSSM holds 1815 securities with 8.68% of its assets in the top 15. MSML has 1566 securities and a top 15 weight of 4.58%.

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