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DFUS vs MSLC: Differences, Returns & Fees

DFUS and MSLC hold 80% of their weight in the same names, and DFUS returned +17.3% over the year. Net assets: $20.9bn on Jul 31, 2026 for Dimensional U.S. Equity Market ETF, and $4.0bn on May 31, 2026 for Morgan Stanley Pathway Large Cap Equity ETF.

DFUS costs 0.30 points a year less; their one-year returns differ by 3.0 points.

DFUS vs MSLC: Differences, Returns & Fees
DFUSMSLC
Expense ratio0.09%0.39%
Net assets, DFUS as of Jul 31, 2026 and MSLC as of May 31, 2026$20.9bn$4.0bn
Total return, 1 year+17.3%+14.3%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common80%
Top ten holdings, share of the fund34.6%34.8%

Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026.

+17.3%
DFUS total return, 1 year
+14.3%
MSLC total return, 1 year
0.09%
DFUS expense ratio
0.39%
MSLC expense ratio

What they hold in common

By the books each fund has filed, DFUS and MSLC hold 80% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Jul 31, 2026.

half

80% in common

Positions both hold, largest shared weight first
Holding DFUS MSLC
NVIDIA CORPORATION 6.75% 6.61%
MICROSOFT CORPORATION 4.99% 4.98%
APPLE INC. 6.45% 4.87%
AMAZON.COM, INC. 3.83% 4.46%
ALPHABET INC. 3.00% 3.45%
BROADCOM INC. 2.63% 2.87%
ALPHABET INC. 2.48% 2.14%
META PLATFORMS, INC. 1.77% 2.33%
JPMORGAN CHASE & CO. 1.37% 1.37%
MICRON TECHNOLOGY, INC. 1.35% 1.76%
TESLA, INC. 1.27% 1.32%
BERKSHIRE HATHAWAY INC. 1.38% 1.10%
Only in DFUS
EXXONMOBIL HOLDINGS CORPORATION 0.94%
HONEYWELL INTERNATIONAL INCORPORATION 0.11%
HONEYWELL AEROSPACE INC. 0.10%
TE CONNECTIVITY PUBLIC LIMITED COMPANY 0.09%
NXP Semiconductors N.V. 0.09%
BLOOM ENERGY CORPORATION 0.08%
Credo Technology Group Holding Ltd 0.05%
DUPONT DE NEMOURS, INC. 0.03%
Only in MSLC
EXXON MOBIL CORP 0.95%
BROOKFIELD CORP 0.66%
PROLOGIS INC 0.29%
AMERICAN TOWER CORP 0.22%
PUBLIC STORAGE REIT 0.19%
TAIWAN SEMICONDUCTOR-SP ADR 0.16%
HONEYWELL INTERNATIONAL INC 0.15%
WELLTOWER INC 0.14%

Check overlap with more funds →

On the same fields

DFUS
Dimensional U.S. Equity Market ETF
MSLC
Morgan Stanley Pathway Large Cap Equity ETF
Where it sits Stock ETF Stock ETF
Issuer Dimensional MORGAN STANLEY PATHWAY
What it is Actively managed Actively managed
Total return, 1 year +17.3% +14.3%
Its benchmark over the same days +16.7% (IWV) not published
Gap to its benchmark +0.6 pts vs IWV not available
Expense ratio 0.09% 0.39%
Already in the S&P 500 89.4% 92.3%
Holdings 2236 1007
Net assets, DFUS as of Jul 31, 2026 and MSLC as of May 31, 2026 $20.9bn $4.0bn

DFUS and MSLC on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About DFUS

DFUS is actively managed and tracks no index. The prospectus expense ratio is 0.09% a year. By its holdings filed for Jul 31, 2026, 89% of the fund by weight is stocks the S&P 500 also holds, across 2,236 positions, with the top ten at 34.6%.

Over the year to Oct 9, 2026 it returned +17.3% with distributions reinvested, against +16.7% for its benchmark, the Russell 3000 Index.

About MSLC

MSLC is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +14.3% with distributions reinvested. The prospectus expense ratio is 0.39% a year. By its holdings filed for May 31, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 1,007 positions, with the top ten at 34.8%.

Questions people ask

Which returned more over the last year, DFUS or MSLC?
In the year to Oct 9, 2026, with distributions reinvested, DFUS returned +17.3% and MSLC +14.3%.
Which is cheaper, DFUS or MSLC?
DFUS is cheaper, by 0.30 percentage points a year. That is about $30 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do DFUS and MSLC overlap with the S&P 500?
By their latest filed holdings, 89% of DFUS and 92% of MSLC by weight is stocks the S&P 500 already holds.
Other comparisons
DFUS vs LRGFDFUS vs GRNYDFUS vs QLTYDFUS vs TSPAMSLC vs OEFIWV vs MSLCMSLC vs MTUMMSLC vs SPHQ
DFUS on its own →MSLC on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
DFUS filings on SEC EDGAR ↗DFUS prospectus with the expense ratio (SEC) ↗Dimensional website ↗MSLC filings on SEC EDGAR ↗MSLC prospectus with the expense ratio (SEC) ↗MORGAN STANLEY PATHWAY website ↗

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, DFUS against MSLC, data as of Oct 9, 2026. https://etfiq.com/compare/any/dfus-vs-mslc

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.