SMLFvsMSSMETF Comparison
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iShares U.S. Small-Cap Equity Factor ETF (SMLF) 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. SMLF is less expensive with a Total Expense Ratio (TER) of 0.15%, versus 0.89% for MSSM. SMLF is up 14.37% year-to-date (YTD) with +$856M in YTD flows. MSSM performs better with 14.5% YTD performance, and -$82M in YTD flows. Run a side-by-side ETF comparison of SMLF 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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SMLF vs MSSM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMLF MSSM | -5.85%-6.19% | -2.35%-4.58% | +14.37%+14.50% | +15.49%+18.07% | +64.93%n/a | +65.09%n/a |
| Flows | SMLF MSSM | +$40M+$3M | +$154M-$18M | +$856M-$82M | +$1.38B-$82M | +$2.49B- | +$2.25B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMLF MSSM | +14.22%+13.69% | +17.34%+17.47% | +19.90%n/a | +21.14%n/a |
| Max drawdown | SMLF MSSM | -6.09%-6.59% | -8.74%-9.62% | -26.10%n/a | -26.10%n/a |
| Max drawdown duration | SMLF MSSM | 30d30d | 81d46d | 266dn/a | 266dn/a |
Trading data
SMLF | MSSM | |
Last sale 9/16/2026 at 1:30 PM | $84.64 | $57.73 |
| Previous close 09/15/2026 | $84.89 | $57.86 |
| Consolidated volume 09/15/2026 | ||
| 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 indexSMLF | 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 9/16/2026 at 1:30 PM
Live
Closed
SMLF | MSSM | |
|---|---|---|
| Last price | $84.64 | $57.73 |
| 1D performance | -0.29% | -0.21% |
| AuM | $4.11 B | $694.56 M |
| E/R | 0.15% | 0.89% |
Characteristics
SMLF | MSSM | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | iShares | Morgan Stanley |
| Benchmark | STOXX U.S. Small-Cap Equity Factor USD Gross Return | - |
| N° of holdings | 890 | 1801 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 28, 2015 | December 9, 2024 |
| ESG | No | No |
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Exposure
Countries
SMLF
USA
93.28%
Other
6.72%
MSSM
USA
90.63%
Other
9.37%
Sectors
SMLF
Finance
21.93%
Technology
17.24%
Healthcare
14.67%
Industrials
13.83%
Non-Energy Materi.
7.45%
Consumer Cyclical.
7.14%
Other
17.75%
MSSM
Finance
21.3%
Technology
15.21%
Healthcare
14.69%
Industrials
13.77%
Other
35.02%
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Diversification
SMLF
Total weight of top 15 holdings out of 15
10.16%
MSSM
Total weight of top 15 holdings out of 15
9.05%
Top 15 holdings
Data as of July 31, 2026
SMLF
EMCOR Group, Inc.
0.95%
Interactive Brokers Group, Inc.
0.86%
BlackRock Cash Funds - Treasury
0.83%
Flex Ltd.
0.77%
nVent Electric Plc
0.75%
Jabil, Inc.
0.74%
Astera Labs, Inc.
0.67%
Tapestry, Inc.
0.66%
Natera, Inc.
0.62%
Williams-Sonoma, Inc.
0.62%
Mueller Industries, Inc.
0.59%
Reliance, Inc.
0.55%
Popular, Inc.
0.54%
Tenet Healthcare Corp.
0.51%
Credo Technology Group Holding Ltd.
0.50%
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 SMLF and MSSM
How have the SMLF and MSSM ETFs performed in 2026?
As of September 15, 2026, SMLF is up 14.37% year-to-date (YTD), while MSSM has returned 14.5%. That puts MSSM better performer ahead so far this year.
Which ETF is attracting more investor money: SMLF or MSSM?
Year-to-date, the SMLF ETF saw +$856M in flows, compared to -$82M for MSSM.
Which ETF is more volatile: SMLF or MSSM?
Over the past year, SMLF had a volatility of 17.34%, while MSSM experienced 17.47%.
Which ETF is bigger: SMLF or MSSM?
As of September 15, 2026, SMLF holds $4.11 B in assets under management (AUM), while MSSM manages $694.56 M.
What sectors do the SMLF and MSSM ETFs invest in?
SMLF leans toward sectors like Finance, Technology and Healthcare. Meanwhile, MSSM focuses on Finance, Technology and Healthcare.
What are the top holdings of the SMLF ETF and MSSM ETF?
SMLF top holdings include EMCOR Group, Inc., Interactive Brokers Group, Inc. and BlackRock Cash Funds - Treasury. MSSM holds in its top three: TechnipFMC plc, Ascendis Pharma A/S and ViaSat, Inc..
Which ETF is more diversified: SMLF or MSSM?
SMLF holds 891 securities with 10.16% of its assets in the top 15. MSSM has 1814 securities and a top 15 weight of 9.05%.
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