DFAU vs MSLC: Grades, Fees and Holdings Compared

Dimensional US Core Equity Market ETF

DFAUANYSE Arca

Morgan Stanley Pathway Large Cap Equity ETF

MSLCANYSE Arca

Overlap

78.7%by weight

Expense ratio

DFAU −0.27pt a year

DFAU0.12%MSLC0.39%

Avg volume · 30D

DFAU 7.6×the volume

DFAU555KMSLC72.6K

DFAU vs MSLC Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%DFAU+9.8%MSLC

Expense ratio: DFAU 0.12%, better; MSLC 0.39%
Fund size: DFAU $12.9B; MSLC $3.99B
1Y total return: DFAU +13.2%, better; MSLC +9.8%
Yield (12M): DFAU 0.90%; MSLC No data
Holdings: DFAU 2165; MSLC 792
Avg volume (30D): DFAU 555K sh, better; MSLC 72.6K sh
NAV per share: DFAU $52.28; MSLC $59.59
52W range

ETF.net Grade

Pillar letters and Scores for DFAU, MSLC, with each pillar’s weight
Pillar	DFAU	MSLC
Cost30% weight	A97Higher	A76
Mission25% weight	A83	Not scored
Risk15% weight	B65Higher	C51
Tradability15% weight	A87Higher	A70
Holdings10% weight	A84Higher	A83
Durability5% weight	A91Higher	A87

Rank among US Active Equity funds

How we build Categories ›

Same Category. DFAU 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 ›

DFAU ranks 2nd and MSLC 20th of 121 funds in the US Active Equity Category.

Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
Rank 20AFFLCFidelity Fundamental Large Cap Core ETFScore 71
Rank 20AMSLCMorgan Stanley Pathway Large Cap Equity ETFScore 71
Rank 22BESUMEventide US Market ETFScore 70

Our read on each fund

ETF.net Research

DFAUADimensional US Core Equity Market ETF

MSLCAMorgan Stanley Pathway Large Cap Equity ETF

In short

DFAU Active management priced like an index fund. Dimensional spreads across roughly 2,400 US stocks, then tilts the weights toward value, profitability and momentum instead of simply mirroring the Russell 3000.

MSLC No data

Stated mandate

DFAU Seeks long-term capital appreciation. It uses an integrated research, portfolio-design, management, and trading process to build a broadly diversified portfolio of U.S. companies while balancing long-term return drivers, risk, shorter-term considerations, and trading costs.

MSLC No data

Why people hold it

DFAU Charges 0.12% a year, well under the 0.65% median for active US equity funds and the cheapest of the top-graded names in its group (AVLC, DFAC, FELC).
Holds roughly 2,400 US companies, so no single name steers the fund. Whole-market coverage, not a concentrated bet.
Active without the stock-picking drama: it leans weights toward value, profitability and momentum, using the Russell 3000 as its reference point rather than a rigid rulebook.
A multi-billion-dollar fund that trades actively, and one of the strongest overall implementations in its active US equity peer group.

MSLC No data

Worth knowing

DFAU Those tilts cut both ways: results can drift from a plain Russell 3000 fund for long stretches, in either direction.
No published index behind it. The trade-off for flexibility is that you're buying Dimensional's process, not a public set of rules you can check line by line.
Distributions land quarterly, not monthly, and the mandate is long-term capital appreciation rather than income.

MSLC No data

Full DFAU profile⁠

Full MSLC profile⁠

DFAU vs MSLC Holdings

How DFAU and MSLC differ

Overlap by weight

78.7%

Shared holdings make up 95.3% of MSLC and 92.4% of DFAU.

Level by level

Holdings708 in both78.7%
Sector11 Sectors95.3%
Countryby domicile99.0%
Asset classEquity100%

Sector

Sector weights in DFAU and MSLC, widest gap first
Sector	More in DFAUMore in MSLC	DFAU	MSLC
Communication	MSLC +1.7 points	8.0%	9.7%
Real Estate	MSLC +1.6 points	0.1%	1.7%
Technology	DFAU +1.5 points	36.6%	35.1%
Financials	MSLC +1.1 points	12.9%	14.0%
Consumer Staples	DFAU +1.0 points	4.7%	3.7%
Energy	DFAU +1.0 points	4.9%	3.9%
Materials	DFAU +0.7 points	2.7%	2.0%
Consumer Discretionary	DFAU +0.5 points	9.4%	8.9%
Health Care	MSLC +0.2 points	9.7%	9.9%
Utilities	DFAU +0.1 points	2.1%	2.0%
Industrials	MSLC +0.1 points	8.9%	9.0%

Country, concentration and asset class

Country by domicile

Country weights in DFAU and MSLC, widest gap first
Country	More in DFAUMore in MSLC	DFAU	MSLC
Canada	MSLC +0.9 points	0.0%	0.9%
United States	DFAU +0.6 points	99.3%	98.7%
Other countries (12)	DFAU +0.3 points	0.7%	0.4%

Concentration

Weight in the 10 largest Holdings

DFAU33.4%
MSLC34.4%

Securities held

DFAU2,164
MSLC791

Asset class

DFAU: Equity
MSLC: Equity

Holdings

Only in DFAU1,456
In both708
Only in MSLC83

Only in DFAU

1,456 securities, 7.5% of DFAU by weight

Occidental Petroleum Corp0.14%
Nxp Semiconductors NV0.13%
Te Connectivity PLC0.13%
Crh PLC0.11%
Elevance Health Inc0.10%
Becton Dickinson & Co0.09%
Kenvue Inc0.07%
Block Inc0.07%
Ge Healthcare Technologie0.06%
Biogen Inc0.06%
Estee Lauder Cos. Class A0.05%
Zoom Communications Inc0.05%
Roivant Sciences Ltd0.04%
Workday Inc - A0.04%
Kraft Heinz Co/The0.04%
Intl Flavors & Fragrance0.04%
Lyondellbasell Industries0.04%
Corebridge Financial Inc0.04%
Super Micro Computer Inc0.04%
Equifax Inc0.03%
Solventum Corp0.03%
International Paper0.03%
Ball Corporation0.03%
Zimmer Biomet Holdings0.03%
Guardant Health Inc0.03%
Icon PLC0.03%
The J.m. Smucker Co.0.03%
Tractor Supply Co.0.03%
Rivian Automotive Inc0.03%
James Hardie Industries P0.03%
Cnh Industrial NV0.03%
Rubrik Inc0.03%
Dow Inc0.03%
Viasat Inc0.02%
Jackson Financial Inc0.02%
Penske Automotive Group I0.02%
Atlassian Corp PLC0.02%
Baxter Internationalinc.0.02%
Hormel Foods Corp0.02%
Gamestop Corp.(New) Cl. A0.02%
Biomarin Pharmaceutical0.02%
Nextpower Inc -Cl A0.02%
Gap Inc0.02%
Docusign Inc0.02%
Umb Financial Corp0.02%
Sterling Infrastructure0.02%
Ensign Group Inc/The0.02%
Fabrinet0.02%
Life Time Group Holdings0.02%
Brightspring Health Servi0.02%

Only in MSLC

83 securities, 3.8% of MSLC by weight

Brookfield Corp0.69%
Prologis Inc0.26%
Ascendis Pharma A/S0.24%
Public Storage Reit0.20%
Becton Dickinson and Co0.19%
Welltower Inc0.16%
Space Exploration Techn-Cl A0.15%
Constellation Software Inc0.12%
Equinix Inc0.10%
Elevance Health Inc0.09%
Argenx SE - Adr0.09%
American Tower Corp0.08%
Taiwan Semiconductor-Sp Adr0.08%
Equity Lifestyle Properties0.08%
Simon Property Group Inc0.07%
Zoetis Inc0.07%
Celestica Inc0.06%
Digital Realty Trust Inc0.06%
Crh PLC0.06%
Vici Properties Inc0.05%
Realty Income Corp0.05%
Vivmark Residential0.05%
Block Inc0.04%
Anglogold Ashanti PLC0.04%
Ventas Inc0.04%
Crown Castle Inc0.04%
Host Hotels & Resorts Inc0.04%
Iron Mountain Inc0.03%
Kimco Realty Corp0.03%
Invitation Homes Inc0.03%
Extra Space Storage Inc0.03%
Regency Centers Corp0.03%
Royalty Pharma Plc- Class A0.02%
Sun Communities Inc0.02%
Udr Inc0.02%
Gaming and Leisure Propertie0.02%
Aes Corp0.02%
Bitmine Immersion Technologi0.02%
Sba Communications Corp0.02%
Federal Realty Invs Trust0.02%
Ball Corp0.02%
Iren Ltd0.02%
Essex Property Trust Inc0.02%
Rb Global Inc0.02%
Agree Realty Corp0.01%
Silicon Laboratories Inc0.01%
Viking Holdings Ltd0.01%
Wp Carey Inc0.01%
Mid-America Apartment Comm0.01%
Omega Healthcare Investors0.01%

Weight gaps

The 100 widest of 708 Holdings in both funds.

Holding weights in DFAU and MSLC, widest gap first
Holding	More in DFAUMore in MSLC	DFAU	MSLC
Apple Inc.AAPL	DFAU +1.02 points	7.10%	6.08%
Amazon.com Inc.AMZN	MSLC +0.72 points	3.14%	3.86%
Alphabet Inc - Class AGOOGL	MSLC +0.60 points	2.14%	2.74%
Transdigm Group IncTDG	MSLC +0.41 points	0.10%	0.51%
Meta Platforms IncMETA	MSLC +0.41 points	1.78%	2.19%
JPMorgan Chase & CoJPM	MSLC +0.33 points	1.21%	1.54%
Parker-Hannifin CorpPH	MSLC +0.30 points	0.14%	0.44%
New Linde PLCLIN	MSLC +0.30 points	0.30%	0.60%
BlackRock Funding Inc/DeBLK	MSLC +0.29 points	0.18%	0.47%
Cadence Design SystemsCDNS	MSLC +0.27 points	0.09%	0.36%
Rtx CorpRTX	MSLC +0.28 points	0.31%	0.59%
Broadcom IncAVGO	MSLC +0.27 points	2.04%	2.31%
Tesla IncTSLA	DFAU +0.26 points	1.35%	1.09%
Visa IncV	MSLC +0.26 points	0.96%	1.22%
Abbott LaboratoriesABT	MSLC +0.25 points	0.18%	0.43%
Walt Disney Co/TheDIS	MSLC +0.24 points	0.22%	0.46%
The Charles Schwab Corp.SCHW	MSLC +0.23 points	0.17%	0.40%
Mastercard Inc - AMA	MSLC +0.23 points	0.69%	0.92%
Amphenol Corp Class AAPH	MSLC +0.23 points	0.25%	0.48%
Thermo Fisher Scientific.TMO	MSLC +0.23 points	0.27%	0.50%
Coca Cola Co.KO	MSLC +0.22 points	0.46%	0.68%
Csx CorpCSX	MSLC +0.21 points	0.17%	0.38%
Gilead Sciences IncGILD	MSLC +0.21 points	0.30%	0.51%
Bank of America CorpBAC	MSLC +0.22 points	0.39%	0.61%
AbbVie Inc.ABBV	MSLC +0.21 points	0.61%	0.82%
Heico CorpHEI.A	MSLC +0.21 points	0.03%	0.24%
Intel CorpINTC	DFAU +0.20 points	0.48%	0.28%
Spotify Technology SASPOT	MSLC +0.19 points	0.07%	0.26%
Palo Alto Networks IncPANW	MSLC +0.20 points	0.20%	0.40%
Cisco Systems Inc.CSCO	MSLC +0.19 points	0.54%	0.73%
Hartford Insurance GroupHIG	MSLC +0.19 points	0.08%	0.27%
UnitedHealth Group Inc.UNH	MSLC +0.19 points	0.40%	0.59%
Waste Management Inc.WM	MSLC +0.18 points	0.13%	0.31%
Delta Air Lines Inc.DAL	MSLC +0.19 points	0.11%	0.30%
Lowe's Cos IncLOW	MSLC +0.18 points	0.13%	0.31%
Axon EnterpriseAXON	MSLC +0.18 points	0.03%	0.21%
Doordash IncDASH	MSLC +0.18 points	0.08%	0.26%
Travelers Companies Inc.TRV	MSLC +0.18 points	0.19%	0.37%
Duke Energy Corp.DUK	MSLC +0.18 points	0.11%	0.29%
Martin Marietta MaterialsMLM	MSLC +0.18 points	0.05%	0.23%
Advanced Micro DevicesAMD	DFAU +0.17 points	1.02%	0.85%
ConocophillipsCOP	MSLC +0.18 points	0.28%	0.46%
Merck & Company IncMRK	MSLC +0.17 points	0.53%	0.70%
Quanta Services Inc.PWR	MSLC +0.17 points	0.09%	0.26%
Darden Restaurant Inc.DRI	MSLC +0.17 points	0.05%	0.22%
Oracle Corp.ORCL	DFAU +0.17 points	0.38%	0.21%
Microsoft CorpMSFT	MSLC +0.16 points	5.62%	5.78%
Uber Technologies IncUBER	MSLC +0.17 points	0.13%	0.30%
Walmart Inc.WMT	DFAU +0.16 points	0.68%	0.52%
Micron Technology Inc.MU	DFAU +0.17 points	1.62%	1.45%
Tjx Companies Inc.TJX	MSLC +0.17 points	0.20%	0.37%
Intercontinental ExchangeICE	MSLC +0.16 points	0.16%	0.32%
Fox Corp - Class AFOXA	MSLC +0.16 points	0.03%	0.19%
Kkr & Co IncKKR	MSLC +0.16 points	0.06%	0.22%
Netflix.com Inc.NFLX	MSLC +0.16 points	0.24%	0.40%
Exxonmobil Holdings CorpXOM	MSLC +0.15 points	1.07%	1.22%
Nextera Energy IncNEE	MSLC +0.15 points	0.20%	0.35%
Servicenow IncNOW	MSLC +0.15 points	0.09%	0.24%
Iqvia Holdings IncIQV	MSLC +0.14 points	0.09%	0.23%
Snowflake IncSNOW	MSLC +0.14 points	0.10%	0.24%
Goldman Sachs Group Inc.GS	MSLC +0.15 points	0.35%	0.50%
Slb LtdSLB	MSLC +0.14 points	0.15%	0.29%
Johnson & JohnsonJNJ	DFAU +0.15 points	0.78%	0.63%
Howmet Aerospace IncHWM	MSLC +0.14 points	0.09%	0.23%
Home Depot IncHD	DFAU +0.14 points	0.46%	0.32%
Freeport-Mcmoran Inc.FCX	MSLC +0.13 points	0.14%	0.27%
Chevron Corp.CVX	DFAU +0.13 points	0.56%	0.43%
Boeing Co/TheBA	MSLC +0.14 points	0.13%	0.27%
Veeva Systems IncVEEV	MSLC +0.13 points	0.06%	0.19%
Textron IncTXT	MSLC +0.12 points	0.03%	0.15%
Eli Lilly and CompanyLLY	DFAU +0.13 points	1.45%	1.32%
Cencora IncCOR	MSLC +0.12 points	0.12%	0.24%
Motorola Solutions Inc.MSI	MSLC +0.13 points	0.15%	0.28%
Qualcomm Inc.QCOM	DFAU +0.12 points	0.29%	0.17%
Mondelez IntlMDLZ	MSLC +0.12 points	0.15%	0.27%
Marvell Technology IncMRVL	MSLC +0.12 points	0.12%	0.24%
Western DigitalWDC	DFAU +0.12 points	0.24%	0.12%
General MotorsGM	MSLC +0.11 points	0.17%	0.28%
Palantir Technologies IncPLTR	MSLC +0.11 points	0.40%	0.51%
Cvs Health CorpCVS	MSLC +0.10 points	0.14%	0.24%
Wells Fargo & Co.WFC	MSLC +0.10 points	0.34%	0.44%
Carrier Global CorpCARR	MSLC +0.10 points	0.07%	0.17%
Berkshire Hathaway Cl-BBRK.B	MSLC +0.10 points	1.15%	1.25%
S&P Global IncSPGI	MSLC +0.10 points	0.16%	0.26%
Constellation Energy CorpCEG	MSLC +0.10 points	0.09%	0.19%
Crowdstrike Holdings IncCRWD	MSLC +0.10 points	0.14%	0.24%
Hewlett-Packard EnterprisHPE	DFAU +0.09 points	0.16%	0.07%
Ge Vernova LlcGEV	MSLC +0.09 points	0.20%	0.29%
Texas Instruments Inc.TXN	DFAU +0.10 points	0.36%	0.26%
State Street Corp.STT	MSLC +0.09 points	0.08%	0.17%
Kla CorpKLAC	DFAU +0.09 points	0.29%	0.20%
Morgan StanleyMS	DFAU +0.09 points	0.29%	0.20%
Republic Services IncRSG	DFAU +0.08 points	0.13%	0.05%
Applied Materials Inc.AMAT	DFAU +0.09 points	0.39%	0.30%
Expand Energy CorpEXE	MSLC +0.08 points	0.04%	0.12%
Bristol-Myers Squibb Co.BMY	DFAU +0.09 points	0.21%	0.12%
Eog Resources Inc.EOG	MSLC +0.09 points	0.19%	0.28%
Allstate Corp.ALL	DFAU +0.08 points	0.15%	0.07%
Alphabet IncGOOG	DFAU +0.08 points	1.76%	1.68%
Moody's CorporationMCO	MSLC +0.08 points	0.13%	0.21%

All 2,381 DFAU holdings⁠All 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.

DFAU vs MSLC Cost

Overpaying MSLC vs DFAU

$5,378

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

DFAU 0.12%
$2,520
MSLC 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

DFAU 0.12%
MSLC 0.39%
Overpaying

Year by year

Year	DFAU	MSLC	Overpaying
10	$220	$705	$485
20	$859	$2,725	$1,866
30	$2,520	$7,898	$5,378

Expense ratio

0.12%DFAU, cheaper
0.39%MSLC

DFAU0.12%MSLC0.39%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAU 4th cheapest of 121 funds

MSLC 29th cheapest of 121 funds

DFAU vs MSLC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAU 0.90%; MSLC No data
Payout (12M): DFAU $0.47; MSLC No data
Last payment: DFAU $0.12; MSLC $1.17
Ex-dividend: DFAU Sep 22, 2026; MSLC Dec 10, 2025
Paid on: DFAU Sep 24, 2026; MSLC Dec 16, 2025
Frequency: DFAU Quarterly; MSLC Irregular

Distribution history

Per share, 2020 to 2026, same scale for both

DFAUQuarterly · 24 paymentsAll DFAU payments⁠

MSLCIrregular · 1 paymentAll MSLC payments⁠

DFAU vs MSLC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAU 12.4%MSLC 12.0%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: DFAU 1.38MSLC 0.81since Jan 2025
Worst fallMax drawdown, 5 years: DFAU −23.6%MSLC −17.9%since Dec 2024
Market sensitivityBeta, 5 years: DFAU 1.01MSLC 0.97; Market = 1

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