FSMD vs TMSL: Differences, Returns & Fees
FSMD and TMSL hold 25% of their weight in the same names, and TMSL returned +16.9% over the year. Net assets: $2.5bn on Sep 30, 2026 for Fidelity Small-Mid Multifactor ETF, and $3.1bn on Oct 20, 2026 for T. Rowe Price Small-Mid Cap ETF.
FSMD costs 0.40 points a year less; their one-year returns differ by 1.1 points.
| FSMD | TMSL | |
|---|---|---|
| Expense ratio | 0.15% | 0.55% |
| Net assets, FSMD as of Sep 30, 2026 and TMSL as of Oct 20, 2026 | $2.5bn | $3.1bn |
| Total return, 1 year | +15.8% | +16.9% |
| What it tracks | Fidelity Small-Mid Multifactor Index | No index, actively managed |
| Holdings in common | 25% | |
| Top ten holdings, share of the fund | 8.2% | 9.8% |
| Below its high | 6.2%, high on Aug 17, 2026 | 8.3%, high on Aug 14, 2026 |
Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.
FSMD and TMSL are built for the same job. How do they differ in cost, holdings and results?
- What each follows. FSMD follows Fidelity Small-Mid Multifactor Index and TMSL follows No index, actively managed.
- Holdings in common. 25% of the weight is in the same securities (holdings dated Jul 31, 2026 and Jun 30, 2026).
- Cost. FSMD charges 0.15% of assets a year and TMSL 0.55%, a gap of 0.40 points.
Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.
Take this comparison to a client
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
Not advice. The brief uses the figures on this page, with the data date and a report id. Saved comparisons are listed on your saved page; privacy.
What they hold in common
By the books each fund has filed, FSMD and TMSL hold 25% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.
half
25% in common
On the same fields
FSMD and TMSL on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.
About FSMD
FSMD tracks an index. Over the year to Oct 20, 2026 it returned +15.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 15% of the fund by weight is stocks the S&P 500 also holds, across 586 positions, with the top ten at 8.2%. It sat 6.2% below its high of Aug 17, 2026 on Oct 20, 2026.
About TMSL
TMSL is actively managed and tracks no index. The prospectus expense ratio is 0.55% a year. By its holdings filed for Jun 30, 2026, 15% of the fund by weight is stocks the S&P 500 also holds, across 297 positions, with the top ten at 9.8%. It sat 8.3% below its high of Aug 14, 2026 on Oct 20, 2026.
Over the year to Oct 20, 2026 it returned +16.9% with distributions reinvested, against +15.0% for its benchmark, the Russell 3000 Index.
Questions people ask
- Which returned more over the last year, FSMD or TMSL?
- In the year to Oct 20, 2026, with distributions reinvested, FSMD returned +15.8% and TMSL +16.9%.
- Which is cheaper, FSMD or TMSL?
- FSMD is cheaper, by 0.40 percentage points a year. That is about $40 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, FSMD against TMSL, data as of Oct 20, 2026. https://etfiq.com/compare/any/fsmd-vs-tmsl
ETFIQ. (Oct 20, 2026). FSMD against TMSL. Retrieved from https://etfiq.com/compare/any/fsmd-vs-tmsl
[FSMD against TMSL (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/fsmd-vs-tmsl)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.