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MSLC vs SPY: Differences, Returns & Fees

MSLC and SPY hold 79% of their weight in the same names, and SPY returned +17.3% over the year. Net assets: $4.0bn on May 31, 2026 for Morgan Stanley Pathway Large Cap Equity ETF, and $817.2bn on Oct 8, 2026 for SPDR S&P 500 ETF Trust.

SPY costs 0.30 points a year less; their one-year returns differ by 3.0 points; SPY is far larger, $634.1bn against $2.8bn.

MSLC vs SPY: Differences, Returns & Fees
MSLCSPY
Expense ratio0.39%0.09%
Net assets, as of Feb 28, 2025$2.8bn$634.1bn
Total return, 1 year+14.3%+17.3%
What it tracksNo index, actively managedS&P 500 Index
Holdings in common79%
Top ten holdings, share of the fund34.8%39.1%

Holdings in common uses holdings dated May 31, 2026 and Oct 8, 2026.

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

What they hold in common

By the books each fund has filed, MSLC and SPY hold 79% 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 Oct 8, 2026.

half

79% in common

Positions both hold, largest shared weight first
Holding MSLC SPY
NVIDIA CORP 6.61% 8.34%
MICROSOFT CORP 4.98% 5.80%
APPLE INC 4.87% 7.42%
AMAZON.COM INC 4.46% 3.73%
ALPHABET INC-CL A 3.45% 3.06%
BROADCOM INC 2.87% 2.56%
META PLATFORMS INC-CLASS A 2.33% 2.38%
ALPHABET INC-CL C 2.14% 2.45%
MICRON TECHNOLOGY INC 1.76% 1.75%
TESLA INC 1.32% 1.58%
JPMORGAN CHASE & CO 1.37% 1.32%
BERKSHIRE HATHAWAY INC-CL B 1.10% 1.42%
Only in MSLC
EXXON MOBIL CORP 0.95%
BROOKFIELD CORP 0.66%
HEICO CORP-CLASS A 0.16%
TAIWAN SEMICONDUCTOR-SP ADR 0.16%
HONEYWELL INTERNATIONAL INC 0.15%
ASML HOLDING NV-NY REG SHS 0.13%
OWENS CORNING 0.12%
DUPONT DE NEMOURS INC 0.10%
Only in SPY
EXXONMOBIL HOLDINGS CORP 1.04%
BLOOM ENERGY CORP A 0.12%
HONEYWELL INTERNATIONAL INC 0.10%
TE CONNECTIVITY PLC 0.09%
NXP SEMICONDUCTORS NV 0.09%
ONEOK INC 0.09%
HONEYWELL AEROSPACE INC 0.07%
VYLOR INC 0.07%

Check overlap with more funds →

On the same fields

MSLC
Morgan Stanley Pathway Large Cap Equity ETF
SPY
SPDR S&P 500 ETF Trust
Where it sits Stock ETF Stock ETF
Issuer MORGAN STANLEY PATHWAY State Street
What it is Actively managed Tracks the S&P 500
Total return, 1 year +14.3% +17.3%
Its benchmark over the same days not published +17.3% (VOO)
Gap to its benchmark not available −0.1 pts vs VOO
Expense ratio 0.39% 0.09%
Already in the S&P 500 92.3% 99.8%
Holdings 1007 504
Net assets, MSLC as of May 31, 2026 and SPY as of Oct 8, 2026 $4.0bn $817.2bn

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

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%.

About SPY

SPY tracks the S&P 500. Over the year to Oct 9, 2026 it returned +17.3% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 8, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 39.1%.

Questions people ask

Which returned more over the last year, MSLC or SPY?
In the year to Oct 9, 2026, with distributions reinvested, MSLC returned +14.3% and SPY +17.3%.
Which is cheaper, MSLC or SPY?
SPY 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 MSLC and SPY overlap with the S&P 500?
By their latest filed holdings, 92% of MSLC and 100% of SPY by weight is stocks the S&P 500 already holds.
Other comparisons
IVV vs MSLCMSLC vs VTIMSLC vs VOOMSLC vs SPYMRDVY vs SPYSPY vs SPYMSPY vs VOOSPY vs SUSA
MSLC on its own →SPY on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
MSLC filings on SEC EDGAR ↗MSLC prospectus with the expense ratio (SEC) ↗MORGAN STANLEY PATHWAY website ↗SPY filings on SEC EDGAR ↗State Street 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, MSLC against SPY, data as of Oct 9, 2026. https://etfiq.com/compare/any/mslc-vs-spy

Open data

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