Morgan Stanley Pathway Large Cap Equity ETF

MORGAN STANLEY PATHWAY FUNDS · 1 share class

Actively managed U.S. equity ETF
One fund, 1 share class:MSLC
$4.00B NAV
1,008 positions · as of 2026-05-31 · filed 2026-07-28

Fund classification

Classified from what the fund holds · as of 2026 Q2

Morgan Stanley Pathway Large Cap Equity ETF is an actively managed U.S. equity ETF. 20% of MSLC’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 98% of the fund’s equity).

Asset class
Equity
Region
United States
Management
Actively managed
Fund type
ETF

Fund profile

As filed in the prospectus · 2025 Q4

Capital appreciation.

Strategy · summarised

The fund allocates portions of its assets to multiple sub-advisers who make day-to-day investment decisions, each responsible for investing large-capitalization equity securities typically within the Russell 1000 Index range. The fund may hold up to 10% in foreign securities not traded on U.S. exchanges and may lend portfolio securities to generate additional income. Because investment decisions are distributed among sub-advisers, fund performance depends on the individual performance of each sub-adviser's holdings and allocation decisions.

Expenses
0.39%one share class
Share classGrossNet
MSLC0.63%0.39%

Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.

Portfolio turnover 13.00% · as of 2025 Q4

Allocation

Asset groups · long / short shown separately, never netted · 2026 Q2

98.74%
of net assets
Stocks96.84%
Real assets1.87%
Cash & short-term0.03%

Sector allocation

The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2

100%
of net assets
Information Technology33.3%
Financials12.8%
Communication Services10.7%
Industrials10.1%
10 smaller33.0%

Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).

Portfolio growth profile

How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2

Revenue growth
20%of stock holdings in top-quartile growers
covering 98% of the fund’s equity
Earnings growth
27%of stock holdings in top-quartile growers
covering 91% of the fund’s equity

Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.

Latest quarter

What changed since the fund's previous filing

2026Q2 vs 2026Q1: 5 new11 exited

Largest new: STX, CCL, VGNT

Largest exited: F/C S&P500 EMINI FUT MAR26, CARNIVAL CORP, F/C S&P MID 400 EMINI MAR26, COTERRA ENERGY INC, EXACT SCIENCES CORP, HOLOGIC INC, CONFLUENT INC-CLASS A, AIR LEASE CORP

Return profile

Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026

1-year
+26.41%
3-year
17 of 36 months
5-year
17 of 60 months
Volatility
12.86%
Worst 3-yr fall
Cumulative return· Dec 2024 – Apr 2026

May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.

Debt profile

What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31

Avg coupon
Avg maturity
Flagged holdings
Defaulted: not reported
In arrears: not reported
Paid in kind: not reported

Based on what filers reported; a filer that never reported a flag also reads as none.

Risk profile

Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2

Interest-rate duration
-0.00 yr
gains value when rates rise
Credit-spread duration
Not disclosed

Holdings

By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page

Issuer%NAVValue
NVIDIA CORPNVDA6.61%$264.36M
MICROSOFT CORPMSFT4.98%$199.11M
APPLE INCAAPL4.87%$194.92M
AMAZON.COM INCAMZN4.46%$178.32M
ALPHABET INC-CL AGOOGL3.45%$137.93M
BROADCOM INCAVGO2.87%$114.78M
META PLATFORMS INC-CLASS AMETA2.33%$93.24M
ALPHABET INC-CL CGOOG2.14%$85.49M
MICRON TECHNOLOGY INCMU1.76%$70.51M
JPMORGAN CHASE & COJPM1.37%$54.90M
Showing 10 of 1,008Sign in to see more

Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.

Top 10 positions are 34.84% of net assets, top 25 47.52%, across 1.0K issuers.

See more of this fund's book

More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.

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