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DFAC vs MSLC

Dimensional US Core Equity 2 ETF

DFACANYSE Arca

Morgan Stanley Pathway Large Cap Equity ETF

MSLCANYSE Arca

Overlap

Expense ratio

DFAC −0.22pt a year

DFAC0.17%MSLC0.39%

Avg volume · 30D

DFAC 27.6×the volume

DFAC2MMSLC72.6K

DFAC vs MSLC Performance

Oct 31, 2025 – Oct 30, 2026

+16.1%DFAC+9.8%MSLC

Oct 31, 2025 to Oct 30, 2026. DFAC +16.1%. MSLC +9.8%. Use the arrow keys to read each point.−5%0%5%20%Oct 2025Apr 2026Oct 2026
Expense ratio
DFAC 0.17%, better
MSLC 0.39%
Fund size
DFAC $87.7B
MSLC $3.99B
1Y total return
DFAC +16.1%, better
MSLC +9.8%
Yield (12M)
DFAC 0.88%
MSLC No data
Holdings
DFAC 2553
MSLC 792
Avg volume (30D)
DFAC 2M sh, better
MSLC 72.6K sh
NAV per share
DFAC $44.87
MSLC $59.59
52W range

ETF.net Grade

DFAC: Cost 94, Risk 66, Mission 100, Tradability 87, Holdings 87, Durability 97. MSLC: Cost 76, Risk 51, Mission not scored, Tradability 70, Holdings 83, Durability 87.
Pillar letters and Scores for DFAC, MSLC, with each pillar’s weight
PillarDFACMSLC
Cost30% weightA94HigherA76
Mission25% weightA100Not scored
Risk15% weightB66HigherC51
Tradability15% weightA87HigherA70
Holdings10% weightA87HigherA83
Durability5% weightA97HigherA87

Rank among US Active Equity funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DFAC and MSLC are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds
See all 121 ›

DFAC ranks 3rd and MSLC 20th of 121 funds in the US Active Equity Category.

  1. Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
  2. Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
  3. Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
  4. Rank 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
  5. Rank 20AFFLCFidelity Fundamental Large Cap Core ETFScore 71
  6. Rank 20AMSLCMorgan Stanley Pathway Large Cap Equity ETFScore 71
  7. Rank 22BESUMEventide US Market ETFScore 70

Our read on each fund

ETF.net Research

DFACADimensional US Core Equity 2 ETF

MSLCAMorgan Stanley Pathway Large Cap Equity ETF

In short

DFAC Dimensional's whole-market workhorse: roughly 2,600 US stocks in one ticker, run by managers who weigh federal tax consequences before they trade, at a fee closer to index funds than to active ones.

MSLC No data

Stated mandate

DFAC The fund seeks long-term capital appreciation while considering federal income-tax implications in its investment decisions.

MSLC No data

Why people hold it

  • DFAC 0.17% a year for an actively run fund, well under the median fee among active US equity ETFs.
  • About 2,600 US stocks under one ticker, so it holds the market broadly rather than a narrow slice of it.
  • Federal income-tax implications sit inside the stated objective, not in a footnote, so they factor into what managers buy and sell.
  • A multi-billion-dollar fund with a track record running back to 2007 and one of the strongest implementations in its peer group.

MSLC No data

Worth knowing

  • DFAC Actively managed, so there's no published index to check it against. Holdings and tilts shift at the managers' discretion.
  • Dimensional's own DFAU runs a US core equity mandate for 0.12%, a slightly lighter fee for a similar shelf.
  • All stocks, all US: the mandate is capital appreciation from equities, so it takes the market's full swings, and cash arrives quarterly.

MSLC No data

Full DFAC profile⁠

Full MSLC profile⁠

DFAC vs MSLC Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAC vs MSLC Cost

Overpaying MSLC vs DFAC

$4,352

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DFAC 0.17%

    $3,546

  • MSLC 0.39%

    $7,898

$10,000
30 years

Cost over time

  • DFAC 0.17%
  • MSLC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530MSLC $7,898DFAC $3,546

Year by year

YearDFACMSLCOverpaying
10$310$705$395
20$1,211$2,725$1,514
30$3,546$7,898$4,352

Expense ratio

  • 0.17%DFAC, cheaper
  • 0.39%MSLC
  • Middle half of US Active Equity funds
  • Median 0.68%

DFAC 8th cheapest of 121 funds

MSLC 29th cheapest of 121 funds

DFAC vs MSLC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DFAC 0.88%
MSLC No data
Payout (12M)
DFAC $0.39
MSLC No data
Last payment
DFAC $0.10
MSLC $1.17
Ex-dividend
DFAC Sep 22, 2026
MSLC Dec 10, 2025
Paid on
DFAC Sep 24, 2026
MSLC Dec 16, 2025
Frequency
DFAC Quarterly
MSLC Irregular

Distribution history

Per share, 2021 to 2026, same scale for both

DFACQuarterly · 22 paymentsAll DFAC payments⁠
One bar per payment. 22 payments from 2021 to 2026 YTD. Jun 22, 2021 $0.06; Sep 21, 2021 $0.08; Dec 16, 2021 $0.11; Mar 22, 2022 $0.06; Jun 22, 2022 $0.09; Sep 20, 2022 $0.09; Dec 20, 2022 $0.12; Mar 21, 2023 $0.06; Jun 21, 2023 $0.09; Sep 19, 2023 $0.10; Dec 19, 2023 $0.10; Mar 19, 2024 $0.07; Jun 18, 2024 $0.10; Sep 17, 2024 $0.09; Dec 17, 2024 $0.10; Mar 25, 2025 $0.08; Jun 24, 2025 $0.11; Sep 23, 2025 $0.11; Dec 16, 2025 $0.09; Mar 24, 2026 $0.10; Jun 23, 2026 $0.11; Sep 22, 2026 $0.10. Use the arrow keys to read each point.$0$120232026YTD
MSLCIrregular · 1 paymentAll MSLC payments⁠
One bar per payment. 1 payment from 2021 to 2026 YTD. Dec 10, 2025 $1.17. Use the arrow keys to read each point.$0$120232026YTD

DFAC vs MSLC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DFAC 12.6%MSLC 12.0%since Jan 2025
Return per unit of riskSharpe ratio, 3 years
DFAC 1.32MSLC 0.81since Jan 2025
Worst fallMax drawdown, 5 years
DFAC −23.1%MSLC −17.9%since Dec 2024
Market sensitivityBeta, 5 years
DFAC 0.99MSLC 0.97

DFAC and MSLC in the news

All news⁠

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