VS
TD Q U.S. Small-Mid-Cap Equity ETF (TQSM) and Manulife Multifactor U.S. Small Cap Index ETF (MUSC) offer distinct profiles for Canadian ETF investors. A direct comparison shows that TQSM focuses its top 3 sector exposures on Finance, Technology, and Industrials, while MUSC leans towards Finance, Industrials, and Technology. When evaluating costs, TQSM features a management fee (MER) of 0.4%, compared to 0.5% for MUSC. Performance-wise, TQSM has returned 18.19% year-to-date with +$340 M in net flows, whereas MUSC is at 10.15% with +$0 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
TQSM
MUSC
| AuM | $1,067.84 M | $3.90 M |
| Management Fees | 0.40% | 0.50% |
| Exp. ratio | 0.45% | 0.55% |
| Tracking Difference | - | -0.18% |
Historical performance and flows
As of September 21, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TQSM | -0.90% | -0.00% | +18.19% | +14.96% | +59.36% |
MUSC | -4.85% | -2.86% | +10.15% | +10.40% | +41.93% | |
| Flows | TQSM | +$56 M | +$127 M | +$340 M | +$391 M | +$784 M |
MUSC | +$0 M | +$0 M | +$0 M | +$0 M | +$2 M |
TQSM vs MUSC exposure
Countries
TQSM
USA
95.53%
MUSC
USA
96.67%
Sectors
TQSM
Finance
23.98%
Technology
14.78%
Industrials
12.97%
Healthcare
9.04%
Non-Energy Materials
8.88%
Energy
7.61%
Other
22.74%
MUSC
Finance
26.44%
Industrials
12.93%
Technology
11.23%
Healthcare
9.06%
Non-Energy Materials
8.58%
Consumer Cyclicals
8.51%
Other
23.26%
As of September 21, 2026
Top 10 Holdings
TQSM
HF Sinclair Corp.
1.74%
Reinsurance Group of America, Inc.
1.50%
Ovintiv, Inc.
1.44%
StoneX Group, Inc.
1.40%
US Foods Holding Corp.
1.34%
First BanCorp (Puerto Rico)
1.32%
Equitable Holdings, Inc.
1.31%
Mueller Industries, Inc.
1.29%
Exelixis, Inc.
1.25%
Medpace Holdings, Inc.
1.15%
MUSC
Arrow Electronics, Inc.
0.59%
Littelfuse, Inc.
0.57%
Ryder System, Inc.
0.51%
The Timken Co.
0.50%
Krystal Biotech, Inc.
0.50%
Darling Ingredients, Inc.
0.50%
Affiliated Managers Group, Inc.
0.50%
Element Solutions, Inc.
0.48%
Voya Financial, Inc.
0.47%
Etsy, Inc.
0.44%
Diversification
TQSM
Total weight of top 10 holdings out of 294 total
13.73%
MUSC
Total weight of top 10 holdings out of 495 total
5.04%
Characteristics
Compare
TQSM
MUSC
| Provider | TD Asset Management | Manulife Investments |
| Management | Actively managed | Passively managed |
| Benchmark | - | John Hancock Dimensional Small Cap Index Total Return Hedged to CAD - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.42% | 1.24% |
| Meets ESG criteria | No | No |
| Inception Date | November 26, 2019 | November 27, 2017 |
Frequently asked questions about TQSM and MUSC
Which ETF has performed better year to date: TQSM or MUSC?
As of September 21, 2026, TQSM has returned 18.19% year to date, while MUSC has returned 10.15%. TQSM is ahead on YTD performance.
Which ETF is larger by assets under management: TQSM or MUSC?
As of September 21, 2026, TQSM manages $1.07 B in assets, while MUSC manages $3.90 M. TQSM is the larger fund by AUM.
How are TQSM and MUSC managed?
TQSM is actively managed by TD Asset Management. It does not track an index. MUSC is passively managed by Manulife Investments. It tracks the John Hancock Dimensional Small Cap Index Total Return Hedged to CAD - CAD benchmark.
What sectors do TQSM and MUSC emphasize?
TQSM is most exposed to Finance, Technology, and Industrials. MUSC is most exposed to Finance, Industrials, and Technology.
Which ETF is attracting more investor flows: TQSM or MUSC?
Year to date, TQSM has seen +$340.13 M in net flows, compared with +$0.04 M for MUSC. TQSM has attracted more net investor money so far.
How do the fees of TQSM and MUSC compare?
TQSM has an expense ratio of 0.45%, while MUSC has an expense ratio of 0.55%.
What are the top holdings of TQSM and MUSC?
TQSM's largest holdings include HF Sinclair Corp., Reinsurance Group of America, Inc., and Ovintiv, Inc.. MUSC's top holdings include Arrow Electronics, Inc., Littelfuse, Inc., and Ryder System, Inc..
Which ETF is more diversified: TQSM or MUSC?
TQSM holds 294 securities, while MUSC holds 491. On holdings count, MUSC is the more diversified portfolio.
Recent articles about TQSM and MUSC
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