# Morgan Stanley Pathway Funds - Small-Mid Cap Equity ETF (MSSM): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/mssm for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Morgan Stanley · Asset class: Small/Micro Cap Equity - Strategy: Actively Managed · Inception: 1991-11-18 MSSM primarily invests in equity securities of mid- and small-cap companies or other investments with similar economic characteristics. The fund defines these companies as those with market caps not exceeding the highest month-end market cap value of any stock in the Russell 2500 or Russell Mid Cap Index for the previous 12 months. To construct the portfolio, the fund employs a multi-manager strategy, with portions of the fund allocated to professional money managers who are responsible for investing the fund's assets. The fund may allocate up to 10% of its assets in foreign securities not... ## Key Facts | Metric | Value | |---|---| | Price | $57.43 | | Expense Ratio | 0.89% | | Assets Under Management | $691.6M | | NAV | $57.40 (2026-10-29 close) | | Holdings Count | 0 | | Distribution Yield (TTM) | 2.78% | | Annual Distribution (TTM) | $1.60 /share | | Distribution Frequency | Irregular | | 52-Week Range | $48.51 – $62.08 | | Beta | 1.04 | ## Latest Distribution - Amount: $1.5950 /share - Ex-date: 2025-12-10 - Pay date: — ## Frequently Asked Questions ### What does MSSM invest in? MSSM primarily invests in equity securities of mid- and small-cap companies or other investments with similar economic characteristics. The fund defines these companies as those with market caps not exceeding the highest month-end market cap value of any stock in the Russell 2500 or Russell Mid Cap Index for the previous 12 months. To construct the portfolio, the fund employs a multi-manager strategy, with portions of the fund allocated to professional money managers who are responsible for investing the fund's assets. The fund may allocate up to 10% of its assets in foreign securities not traded on a US exchange or the US over-the-counter market. To generate additional income, the fund may lend portfolio securities. On December 9, 2024, MSSM converted from a mutual fund to an ETF structure, starting with $499 million in assets. ### What is the expense ratio of MSSM? Morgan Stanley Pathway Funds - Small-Mid Cap Equity ETF (MSSM) charges an expense ratio of 0.89%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is MSSM? Morgan Stanley Pathway Funds - Small-Mid Cap Equity ETF (MSSM) manages $691.6M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is MSSM actively managed or an index fund? MSSM is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (MSSM's is 0.89%) in exchange for the discretion to over- or under-weight positions. ### When was MSSM launched? Morgan Stanley Pathway Funds - Small-Mid Cap Equity ETF (MSSM) launched in November 1991 and is managed by Morgan Stanley. ### How has MSSM performed? MSSM's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does MSSM pay a dividend? Morgan Stanley Pathway Funds - Small-Mid Cap Equity ETF (MSSM) currently distributes little or no income. Trailing-twelve-month yield is 2.78%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does MSSM pay dividends? Morgan Stanley Pathway Funds - Small-Mid Cap Equity ETF pays dividends Irregular. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is MSSM's dividend yield? MSSM's trailing-twelve-month yield is 2.78%, calculated from the sum of dividends over the past year divided by the current price. ### When is MSSM's next ex-dividend date? The most recently announced ex-dividend date for MSSM was 2025-12-10. The next ex-date typically follows Irregular; once announced it appears at the top of the dividend history table on this page. ### How much will MSSM's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.89% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does MSSM charge its expense ratio? The expense ratio is deducted in tiny daily slices from MSSM's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does MSSM cost more than a fund like VOO? MSSM is actively managed (current expense ratio 0.89%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether MSSM's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to MSSM? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as MSSM (0.89%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/mssm - Distribution history: https://www.dividenddata.com/funds/mssm/dividend - Holdings & diversification: https://www.dividenddata.com/funds/mssm/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/mssm/expenses - Peer comparison: https://www.dividenddata.com/funds/mssm/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.