DYNF vs MSLC: Grades, Fees and Holdings Compared

iShares U.S. Equity Factor Rotation Active ETF

DYNFANYSE Arca

Morgan Stanley Pathway Large Cap Equity ETF

MSLCANYSE Arca

Overlap

62.2%by weight

Expense ratio

DYNF −0.13pt a year

DYNF0.26%MSLC0.39%

Avg volume · 30D

DYNF 31.1×the volume

DYNF2.25MMSLC72.6K

DYNF vs MSLC Performance

Oct 31, 2025 – Oct 30, 2026

+11.6%DYNF+9.8%MSLC

Expense ratio: DYNF 0.26%, better; MSLC 0.39%
Fund size: DYNF $41.8B; MSLC $3.99B
1Y total return: DYNF +11.6%, better; MSLC +9.8%
Yield (12M): DYNF 0.84%; MSLC No data
Holdings: DYNF 264; MSLC 792
Avg volume (30D): DYNF 2.25M sh, better; MSLC 72.6K sh
NAV per share: DYNF $67.32; MSLC $59.59
52W range

ETF.net Grade

Pillar letters and Scores for DYNF, MSLC, with each pillar’s weight
Pillar	DYNF	MSLC
Cost30% weight	A86Higher	A76
Mission25% weight	Not scored	Not scored
Risk15% weight	A71Higher	C51
Tradability15% weight	A99Higher	A70
Holdings10% weight	B65	A83Higher
Durability5% weight	A97Higher	A87

Rank among US Active Equity funds

How we build Categories ›

Same Category. DYNF 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 ›

DYNF ranks 4th 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 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
Rank 4AFELCFidelity Enhanced Large Cap Core ETFScore 83
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

DYNFAiShares U.S. Equity Factor Rotation Active ETF

MSLCAMorgan Stanley Pathway Large Cap Equity ETF

In short

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

MSLC No data

Stated mandate

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

MSLC No data

Why people hold it

DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

MSLC No data

Worth knowing

DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

MSLC No data

Full DYNF profile⁠

Full MSLC profile⁠

DYNF vs MSLC Holdings

How DYNF and MSLC differ

Overlap by weight

62.2%

Shared holdings make up 99.3% of DYNF and 76.8% of MSLC.

Level by level

Holdings244 in both62.2%
Sector11 Sectors92.1%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in DYNF and MSLC, widest gap first
Sector	More in DYNFMore in MSLC	DYNF	MSLC
Technology	DYNF +4.8 points	39.9%	35.1%
Health Care	MSLC +2.2 points	7.7%	9.9%
Consumer Discretionary	MSLC +1.9 points	7.0%	8.9%
Consumer Staples	MSLC +1.5 points	2.2%	3.7%
Energy	DYNF +1.4 points	5.3%	3.9%
Financials	DYNF +1.4 points	15.4%	14.0%
Materials	MSLC +1.1 points	0.9%	2.0%
Industrials	MSLC +1.0 points	8.0%	9.0%
Real Estate	DYNF +0.3 points	2.0%	1.7%
Utilities	MSLC +0.2 points	1.8%	2.0%
Communication	MSLC +0.1 points	9.6%	9.7%

Country, concentration and asset class

Country by domicile

Country weights in DYNF and MSLC, widest gap first
Country	More in DYNFMore in MSLC	DYNF	MSLC
United States	DYNF +1.3 points	100.0%	98.7%
Canada	MSLC +0.9 points	0.0%	0.9%
Other countries (8)	MSLC +0.4 points	0.0%	0.4%

Concentration

Weight in the 10 largest Holdings

DYNF40.4%
MSLC34.4%

Securities held

DYNF262
MSLC791

Asset class

DYNF: Equity
MSLC: Equity

Holdings

Only in DYNF18
In both244
Only in MSLC547

Only in DYNF

18 securities, 0.4% of DYNF by weight

Atlassian Corp Class A0.08%
Workday Class A0.07%
Insmed0.04%
Biogen0.04%
Hubspot0.04%
Strategy Inc Class A0.03%
Zoom Communications Class A0.02%
Figma Class A0.02%
Elevance Health Inc0.01%
Kraft Heinz0.01%
Celsius Holdings<0.01%
Millicom International Cellular0.00%
Occidental Petroleum Corp0.00%
Virtu Financial Inc Class A0.00%
Zimmer Biomet Holdings0.00%
Darling Ingredients0.00%
Coupang Class A0.00%
Abiomed Cvrs0.00%

Only in MSLC

547 securities, 22.4% of MSLC by weight

Brookfield Corp0.69%
Linde PLC0.60%
Transdigm Group Inc0.51%
BlackRock Inc0.47%
Conocophillips0.46%
Cadence Design Sys Inc0.36%
Lowe's Cos Inc0.31%
Delta Air Lines Inc0.30%
Slb Ltd0.29%
Motorola Solutions Inc0.28%
Eog Resources Inc0.28%
Freeport-Mcmoran Inc0.27%
Mondelez International Inc-A0.27%
Boeing Co/The0.27%
Spotify Technology SA0.26%
Doordash Inc - A0.26%
S&P Global Inc0.26%
Cencora Inc0.24%
Ascendis Pharma A/S0.24%
Heico Corp-Class A0.24%
Martin Marietta Materials0.23%
Kkr & Co Inc0.22%
Darden Restaurants Inc0.22%
Moody's Corp0.21%
Axon Enterprise Inc0.21%
Kla Corp0.20%
Public Storage Reit0.20%
Becton Dickinson and Co0.19%
Synopsys Inc0.19%
Veeva Systems Inc-Class A0.19%
Constellation Energy0.19%
Carrier Global Corp0.17%
General Dynamics Corp0.17%
Textron Inc0.15%
Ecolab Inc0.14%
Ametek Inc0.13%
Hilton Worldwide Hldgs0.13%
Chubb Ltd0.13%
Expand Energy Corp0.12%
Truist Financial Corp0.12%
Qnity Electronics Inc0.12%
Constellation Software Inc0.12%
Starbucks Corp0.11%
Autozone Inc0.10%
PayPal Holdings Inc0.10%
Southern Co/The0.10%
Stryker Corp0.10%
Marsh & Mclennan Cos0.10%
Equinix Inc0.10%
Dupont De Nemours Inc0.09%

Weight gaps

The 100 widest of 244 Holdings in both funds.

Holding weights in DYNF and MSLC, widest gap first
Holding	More in DYNFMore in MSLC	DYNF	MSLC
AppleAAPL	DYNF +2.19 points	8.27%	6.08%
Exxonmobil Holdings CorpXOM	DYNF +1.96 points	3.18%	1.22%
JPMorgan Chase & CoJPM	DYNF +1.85 points	3.39%	1.54%
Bank of AmericaBAC	DYNF +1.52 points	2.13%	0.61%
Johnson & JohnsonJNJ	DYNF +1.41 points	2.04%	0.63%
ChevronCVX	DYNF +1.28 points	1.71%	0.43%
SalesforceCRM	DYNF +1.26 points	1.57%	0.31%
Travelers CompaniesTRV	DYNF +1.23 points	1.60%	0.37%
NVIDIANVDA	DYNF +1.10 points	7.83%	6.73%
Allstate CorpALL	DYNF +1.07 points	1.14%	0.07%
CitigroupC	DYNF +1.05 points	1.35%	0.30%
Caterpillar IncCAT	DYNF +1.03 points	1.31%	0.28%
MicrosoftMSFT	MSLC +1.00 points	4.78%	5.78%
Lam ResearchLRCX	DYNF +0.90 points	1.26%	0.36%
Mastercard Class AMA	MSLC +0.85 points	0.07%	0.92%
Parker-HannifinPH	DYNF +0.84 points	1.28%	0.44%
Cisco Systems IncCSCO	DYNF +0.81 points	1.54%	0.73%
Visa Class AV	MSLC +0.80 points	0.42%	1.22%
Duke Energy CorpDUK	DYNF +0.78 points	1.07%	0.29%
WelltowerWELL	DYNF +0.76 points	0.92%	0.16%
Applied Material IncAMAT	DYNF +0.75 points	1.05%	0.30%
Advanced Micro DevicesAMD	DYNF +0.69 points	1.54%	0.85%
Merck & Co IncMRK	MSLC +0.68 points	0.02%	0.70%
Realty Income ReitO	DYNF +0.68 points	0.73%	0.05%
Alphabet Class AGOOGL	MSLC +0.67 points	2.07%	2.74%
Tesla IncTSLA	DYNF +0.63 points	1.72%	1.09%
WalmartWMT	DYNF +0.62 points	1.14%	0.52%
Coca-ColaKO	MSLC +0.61 points	0.07%	0.68%
Cme Group Class ACME	DYNF +0.60 points	0.71%	0.11%
American International GroupAIG	DYNF +0.58 points	0.62%	0.04%
Goldman Sachs GroupGS	DYNF +0.55 points	1.05%	0.50%
RtxRTX	DYNF +0.53 points	1.12%	0.59%
NewmontNEM	DYNF +0.51 points	0.62%	0.11%
AT&TT	DYNF +0.50 points	0.64%	0.14%
Verizon Communications IncVZ	DYNF +0.44 points	0.75%	0.31%
Space Exploration Technologies CorSPCX	DYNF +0.43 points	0.58%	0.15%
Trane Technologies PLCTT	DYNF +0.42 points	0.51%	0.09%
Abbott LaboratoriesABT	MSLC +0.41 points	0.02%	0.43%
DeereDE	DYNF +0.39 points	0.55%	0.16%
Amgen IncAMGN	MSLC +0.37 points	0.05%	0.42%
Valero Energy CorpVLO	DYNF +0.35 points	0.47%	0.12%
TjxTJX	MSLC +0.34 points	0.03%	0.37%
Walt DisneyDIS	MSLC +0.33 points	0.13%	0.46%
AbbVieABBV	MSLC +0.33 points	0.49%	0.82%
Wells FargoWFC	MSLC +0.32 points	0.12%	0.44%
American ExpressAXP	MSLC +0.32 points	0.00%	0.32%
Procter & GamblePG	MSLC +0.32 points	0.21%	0.53%
Waste Management IncWM	MSLC +0.31 points	0.00%	0.31%
NetflixNFLX	DYNF +0.31 points	0.71%	0.40%
Intercontinental Exchange IncICE	MSLC +0.30 points	0.02%	0.32%
Hartford Insurance GroupHIG	DYNF +0.30 points	0.57%	0.27%
Home DepotHD	MSLC +0.30 points	0.02%	0.32%
CsxCSX	MSLC +0.29 points	0.09%	0.38%
Eaton PLCETN	DYNF +0.29 points	0.43%	0.14%
Western Digital CorpWDC	DYNF +0.28 points	0.40%	0.12%
Booking HoldingsBKNG	DYNF +0.26 points	0.38%	0.12%
Costco Wholesale CorpCOST	MSLC +0.25 points	0.22%	0.47%
Micron TechnologyMU	DYNF +0.25 points	1.70%	1.45%
CorningGLW	DYNF +0.24 points	0.33%	0.09%
Charles SchwabSCHW	MSLC +0.22 points	0.18%	0.40%
Quanta Services IncPWR	MSLC +0.23 points	0.03%	0.26%
Amphenol Corp Class AAPH	DYNF +0.22 points	0.70%	0.48%
Analog DevicesADI	MSLC +0.22 points	0.05%	0.27%
Palantir Technologies Class APLTR	DYNF +0.22 points	0.73%	0.51%
Medtronic PLCMDT	DYNF +0.21 points	0.33%	0.12%
Ge VernovaGEV	DYNF +0.22 points	0.51%	0.29%
Iqvia Holdings IncIQV	MSLC +0.21 points	0.02%	0.23%
Eli LillyLLY	DYNF +0.20 points	1.52%	1.32%
Berkshire Hathaway Inc Class BBRK.B	MSLC +0.19 points	1.06%	1.25%
SandiskSNDK	MSLC +0.18 points	0.05%	0.23%
ProgressivePGR	DYNF +0.19 points	0.32%	0.13%
Intel CorporationINTC	DYNF +0.18 points	0.46%	0.28%
IntuitINTU	DYNF +0.18 points	0.27%	0.09%
Meta Platforms Class AMETA	DYNF +0.18 points	2.37%	2.19%
Uber TechnologiesUBER	MSLC +0.17 points	0.13%	0.30%
Fox Class AFOXA	MSLC +0.17 points	0.02%	0.19%
Exelon CorpEXC	DYNF +0.17 points	0.21%	0.04%
International Business Machines CoIBM	MSLC +0.17 points	0.22%	0.39%
Arista NetworksANET	MSLC +0.16 points	0.06%	0.22%
Thermo Fisher ScientificTMO	DYNF +0.16 points	0.66%	0.50%
Host Hotels & Resorts ReitHST	DYNF +0.15 points	0.19%	0.04%
Nextera EnergyNEE	DYNF +0.16 points	0.51%	0.35%
Palo Alto NetworksPANW	MSLC +0.15 points	0.25%	0.40%
Texas InstrumentTXN	MSLC +0.14 points	0.12%	0.26%
Adobe IncADBE	DYNF +0.15 points	0.25%	0.10%
Amazon.com IncAMZN	DYNF +0.14 points	4.00%	3.86%
PfizerPFE	DYNF +0.14 points	0.30%	0.17%
SnowflakeSNOW	MSLC +0.13 points	0.11%	0.24%
Regeneron PharmaceuticalsREGN	DYNF +0.13 points	0.22%	0.09%
Marathon PetroleumMPC	MSLC +0.13 points	0.00%	0.13%
Altria Group IncMO	MSLC +0.13 points	0.00%	0.13%
UnitedHealth GroupUNH	MSLC +0.12 points	0.47%	0.59%
Us BancorpUSB	DYNF +0.12 points	0.21%	0.09%
Phillips 66PSX	DYNF +0.12 points	0.23%	0.11%
Automatic Data Processing IncADP	MSLC +0.12 points	<0.01%	0.12%
Ge AerospaceGE	DYNF +0.11 points	0.48%	0.37%
ServicenowNOW	DYNF +0.11 points	0.35%	0.24%
Howmet AerospaceHWM	MSLC +0.11 points	0.12%	0.23%
Lockheed MartinLMT	DYNF +0.10 points	0.23%	0.13%
Oreilly Automotive IncORLY	MSLC +0.10 points	0.00%	0.10%

All 262 DYNF 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.

DYNF vs MSLC Cost

Overpaying MSLC vs DYNF

$2,540

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

DYNF 0.26%
$5,358
MSLC 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

DYNF 0.26%
MSLC 0.39%
Overpaying

Year by year

Year	DYNF	MSLC	Overpaying
10	$473	$705	$232
20	$1,838	$2,725	$887
30	$5,358	$7,898	$2,540

Expense ratio

0.26%DYNF, cheaper
0.39%MSLC

DYNF0.26%MSLC0.39%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DYNF 18th cheapest of 121 funds

MSLC 29th cheapest of 121 funds

DYNF vs MSLC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DYNF 0.84%; MSLC No data
Payout (12M): DYNF $0.56; MSLC No data
Last payment: DYNF $0.14; MSLC $1.17
Ex-dividend: DYNF Sep 15, 2026; MSLC Dec 10, 2025
Paid on: DYNF Sep 18, 2026; MSLC Dec 16, 2025
Frequency: DYNF Quarterly; MSLC Irregular

Distribution history

Per share, 2019 to 2026, same scale for both

DYNFQuarterly · 30 paymentsAll DYNF payments⁠

MSLCIrregular · 1 paymentAll MSLC payments⁠

DYNF vs MSLC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DYNF 13.1%MSLC 12.0%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: DYNF 1.55MSLC 0.81since Jan 2025
Worst fallMax drawdown, 5 years: DYNF −26.9%MSLC −17.9%since Dec 2024
Market sensitivityBeta, 5 years: DYNF 1.02MSLC 0.97; Market = 1

DYNF and MSLC in the news

All news⁠

ETF Filings
BlackRock files two Form 497Ks for iShares DYNF
Sep 7, 2026DYNF

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DYNF vs MSLC

In short

Stated mandate

Why people hold it

Worth knowing

How DYNF and MSLC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in MSLC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BlackRock files two Form 497Ks for iShares DYNF

How DYNF and MSLC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in MSLC

Weight gaps