MSLC Fees and Costs — Morgan Stanley Pathway Large Cap Equity ETF
Data updated: 2026-07-28
The net expense ratio is 0.39%: a 0.55% management fee plus 0.08% other expenses, less a 0.24% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $80K in broker commissions, 0.0028% of average net assets, and portfolio turnover was 13%.
MSLC Fees and Expenses
Annual operating expenses and sales charges of MSLC. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.08% |
| Gross expense ratio | 0.63% |
| Fee waiver | −0.24% |
| Net expense ratio | 0.39% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MSLC Costs Over Time
On $10,000 invested in MSLC, assuming 5% a year before costs, total costs come to $249 over 5 years, cutting the return by 0.41% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.39%) | $41 | $129 | $224 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $136 | $249 |
| Value after costs | $10,459 | $11,440 | $12,514 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
MSLC Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0028%
- Total broker commissions: $80K
- Bought from dealers (principal trades, not a cost): $4K
- Portfolio turnover (prospectus): 13%
- Securities on loan, average value: $3.6M
- Net income from securities lending: $12K (0.000% of average net assets)
MSLC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS, LLC | $9K | 17.42% |
| Jefferies LLC | $8K | 16.71% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $6K | 11.13% |
| J.P. MORGAN SECURITIES LLC | $5K | 9.56% |
| UBS Securities LLC | $4K | 8.46% |
| BNP Paribas Securities Corp. | $4K | 8.40% |
| Citigroup Global Markets Inc. | $4K | 8.22% |
| Goldman Sachs & Co, LLC | $4K | 7.29% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $4K | 6.97% |
| TD Securities (USA) LLC. | $3K | 5.84% |
MSLC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co, LLC | $1K | 28.77% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $954 | 21.29% |
| BARCLAYS CAPITAL INC. | $708 | 15.80% |
| J.P. MORGAN SECURITIES LLC | $629 | 14.04% |
| Citigroup Global Markets Inc. | $623 | 13.91% |
| BNP Paribas Securities Corp. | $163 | 3.64% |
| UBS Securities LLC | $115 | 2.56% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.