MSSM Fees and Costs — Morgan Stanley Pathway Small-Mid Cap Equity ETF
Data updated: 2026-07-28
The net expense ratio is 0.62%: a 0.75% management fee plus 0.14% other expenses, less a 0.27% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $240K in broker commissions, 0.0419% of average net assets, and portfolio turnover was 45%.
MSSM Fees and Expenses
Annual operating expenses and sales charges of MSSM. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.14% |
| Gross expense ratio | 0.89% |
| Fee waiver | −0.27% |
| Net expense ratio | 0.62% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MSSM Costs Over Time
On $10,000 invested in MSSM, assuming 5% a year before costs, total costs come to $417 over 5 years, cutting the return by 0.69% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.62%) | $65 | $204 | $355 |
| Trading costs (broker commissions) | $4 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $228 | $417 |
| Value after costs | $10,431 | $11,348 | $12,346 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
MSSM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0419%
- Total broker commissions: $240K
- Bought from dealers (principal trades, not a cost): $4.0M
- Portfolio turnover (prospectus): 45%
- Securities on loan, average value: $4.1M
- Net income from securities lending: $69K (0.012% of average net assets)
MSSM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co, LLC | $25K | 19.13% |
| LIQUIDNET INC. | $14K | 10.85% |
| J.P. MORGAN SECURITIES LLC | $14K | 10.79% |
| Jefferies LLC | $13K | 10.12% |
| MORGAN STANLEY & CO. LLC | $13K | 9.49% |
| UBS Securities LLC | $12K | 9.01% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $12K | 8.97% |
| BARCLAYS CAPITAL INC. | $10K | 7.84% |
| CITATION FINANCIAL GROUP | $9K | 7.04% |
| LUMINEX TRADING & ANALYTICS LLC | $9K | 6.76% |
MSSM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $1.5M | 37.67% |
| Goldman Sachs & Co, LLC | $1.1M | 28.64% |
| Citigroup Global Markets Inc. | $980K | 24.55% |
| UBS Securities LLC | $198K | 4.95% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $164K | 4.12% |
| BARCLAYS CAPITAL INC. | $3K | 0.07% |
| BNP Paribas Securities Corp. | $145 | 0.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.