diff --git a/xen/arch/x86/hvm/vmx/entry.S b/xen/arch/x86/hvm/vmx/entry.S
index 30139ae58e9d..ce7b48558ee1 100644
--- a/xen/arch/x86/hvm/vmx/entry.S
+++ b/xen/arch/x86/hvm/vmx/entry.S
@@ -35,7 +35,14 @@ ENTRY(vmx_asm_vmexit_handler)
 
         /* SPEC_CTRL_ENTRY_FROM_VMX    Req: b=curr %rsp=regs/cpuinfo, Clob: acd */
         ALTERNATIVE "", DO_OVERWRITE_RSB, X86_FEATURE_SC_RSB_HVM
-        ALTERNATIVE "", DO_SPEC_CTRL_ENTRY_FROM_HVM, X86_FEATURE_SC_MSR_HVM
+
+        .macro restore_spec_ctrl
+            mov    $MSR_SPEC_CTRL, %ecx
+            movzbl CPUINFO_xen_spec_ctrl(%rsp), %eax
+            xor    %edx, %edx
+            wrmsr
+        .endm
+        ALTERNATIVE "", restore_spec_ctrl, X86_FEATURE_SC_MSR_HVM
         /* WARNING! `ret`, `call *`, `jmp *` not safe before this point. */
 
         /* Hardware clears MSR_DEBUGCTL on VMExit.  Reinstate it if debugging Xen. */
@@ -82,8 +89,7 @@ UNLIKELY_END(realmode)
         mov VCPUMSR_spec_ctrl_raw(%rax), %eax
 
         /* WARNING! `ret`, `call *`, `jmp *` not safe beyond this point. */
-        /* SPEC_CTRL_EXIT_TO_VMX   Req: a=spec_ctrl %rsp=regs/cpuinfo, Clob: cd */
-        ALTERNATIVE "", DO_SPEC_CTRL_EXIT_TO_GUEST, X86_FEATURE_SC_MSR_HVM
+        /* SPEC_CTRL_EXIT_TO_VMX   Req: %rsp=regs/cpuinfo              Clob:    */
         ALTERNATIVE "", __stringify(verw CPUINFO_verw_sel(%rsp)), X86_FEATURE_SC_VERW_HVM
 
         mov  VCPU_hvm_guest_cr2(%rbx),%rax
@@ -119,12 +125,11 @@ UNLIKELY_END(realmode)
         SAVE_ALL
 
         /*
-         * PV variant needed here as no guest code has executed (so
-         * MSR_SPEC_CTRL can't have changed value), and NMIs/MCEs are liable
-         * to hit (in which case the HVM variant might corrupt things).
+         * SPEC_CTRL_ENTRY notes
+         *
+         * If we end up here, no guest code has executed.  We still have Xen's
+         * choice of MSR_SPEC_CTRL in context, and the RSB is safe.
          */
-        SPEC_CTRL_ENTRY_FROM_PV /* Req: %rsp=regs/cpuinfo Clob: acd */
-        /* WARNING! `ret`, `call *`, `jmp *` not safe before this point. */
 
         call vmx_vmentry_failure
         jmp  .Lvmx_process_softirqs
diff --git a/xen/arch/x86/hvm/vmx/vmx.c b/xen/arch/x86/hvm/vmx/vmx.c
index c32967f190ff..69e38d0fa8f9 100644
--- a/xen/arch/x86/hvm/vmx/vmx.c
+++ b/xen/arch/x86/hvm/vmx/vmx.c
@@ -592,6 +592,7 @@ void vmx_update_exception_bitmap(struct vcpu *v)
 static void vmx_cpuid_policy_changed(struct vcpu *v)
 {
     const struct cpuid_policy *cp = v->domain->arch.cpuid;
+    int rc = 0;
 
     if ( opt_hvm_fep ||
          (v->domain->arch.cpuid->x86_vendor != boot_cpu_data.x86_vendor) )
@@ -601,17 +602,29 @@ static void vmx_cpuid_policy_changed(struct vcpu *v)
 
     vmx_vmcs_enter(v);
     vmx_update_exception_bitmap(v);
-    vmx_vmcs_exit(v);
 
     /*
      * We can safely pass MSR_SPEC_CTRL through to the guest, even if STIBP
      * isn't enumerated in hardware, as SPEC_CTRL_STIBP is ignored.
      */
     if ( cp->feat.ibrsb )
+    {
         vmx_clear_msr_intercept(v, MSR_SPEC_CTRL, VMX_MSR_RW);
+
+        rc = vmx_add_guest_msr(v, MSR_SPEC_CTRL, 0);
+        if ( rc )
+            goto out;
+    }
     else
+    {
         vmx_set_msr_intercept(v, MSR_SPEC_CTRL, VMX_MSR_RW);
 
+        rc = vmx_del_msr(v, MSR_SPEC_CTRL, VMX_MSR_GUEST);
+        if ( rc && rc != -ESRCH )
+            goto out;
+        rc = 0; /* Tolerate -ESRCH */
+    }
+
     /* MSR_PRED_CMD is safe to pass through if the guest knows about it. */
     if ( cp->feat.ibrsb || cp->extd.ibpb )
         vmx_clear_msr_intercept(v, MSR_PRED_CMD,  VMX_MSR_RW);
@@ -623,6 +636,15 @@ static void vmx_cpuid_policy_changed(struct vcpu *v)
         vmx_clear_msr_intercept(v, MSR_FLUSH_CMD, VMX_MSR_RW);
     else
         vmx_set_msr_intercept(v, MSR_FLUSH_CMD, VMX_MSR_RW);
+
+ out:
+    vmx_vmcs_exit(v);
+
+    if ( rc )
+    {
+        printk(XENLOG_G_ERR "%pv MSR list error: %d", v, rc);
+        domain_crash(v->domain);
+    }
 }
 
 int vmx_guest_x86_mode(struct vcpu *v)
@@ -2407,11 +2429,20 @@ static int vmtrace_reset(struct vcpu *v)
 static uint64_t vmx_get_reg(struct vcpu *v, unsigned int reg)
 {
     struct domain *d = v->domain;
+    uint64_t val = 0;
+    int rc;
 
     switch ( reg )
     {
     case MSR_SPEC_CTRL:
-        return v->arch.msrs->spec_ctrl.raw;
+        rc = vmx_read_guest_msr(v, reg, &val);
+        if ( rc )
+        {
+            printk(XENLOG_G_ERR "%s(%pv, 0x%08x) MSR list error: %d\n",
+                   __func__, v, reg, rc);
+            domain_crash(d);
+        }
+        return val;
 
     default:
         printk(XENLOG_G_ERR "%s(%pv, 0x%08x) Bad register\n",
@@ -2424,11 +2455,18 @@ static uint64_t vmx_get_reg(struct vcpu *v, unsigned int reg)
 static void vmx_set_reg(struct vcpu *v, unsigned int reg, uint64_t val)
 {
     struct domain *d = v->domain;
+    int rc;
 
     switch ( reg )
     {
     case MSR_SPEC_CTRL:
-        v->arch.msrs->spec_ctrl.raw = val;
+        rc = vmx_write_guest_msr(v, reg, val);
+        if ( rc )
+        {
+            printk(XENLOG_G_ERR "%s(%pv, 0x%08x) MSR list error: %d\n",
+                   __func__, v, reg, rc);
+            domain_crash(d);
+        }
         break;
 
     default:
diff --git a/xen/arch/x86/include/asm/msr.h b/xen/arch/x86/include/asm/msr.h
index 1d3eca9063a2..10039c2d227b 100644
--- a/xen/arch/x86/include/asm/msr.h
+++ b/xen/arch/x86/include/asm/msr.h
@@ -287,7 +287,15 @@ extern struct msr_policy     raw_msr_policy,
 /* Container object for per-vCPU MSRs */
 struct vcpu_msrs
 {
-    /* 0x00000048 - MSR_SPEC_CTRL */
+    /*
+     * 0x00000048 - MSR_SPEC_CTRL
+     *
+     * For PV guests, this holds the guest kernel value.  It is accessed on
+     * every entry/exit path.
+     *
+     * For VT-x guests, the guest value is held in the MSR guest load/save
+     * list.
+     */
     struct {
         uint32_t raw;
     } spec_ctrl;
diff --git a/xen/arch/x86/include/asm/spec_ctrl_asm.h b/xen/arch/x86/include/asm/spec_ctrl_asm.h
index 2b3f123cb501..bf82528a12ae 100644
--- a/xen/arch/x86/include/asm/spec_ctrl_asm.h
+++ b/xen/arch/x86/include/asm/spec_ctrl_asm.h
@@ -42,9 +42,10 @@
  *     path, or late in the exit path after restoring the guest value.  This
  *     will corrupt the guest value.
  *
- * Factor 1 is dealt with by relying on NMIs/MCEs being blocked immediately
- * after VMEXIT.  The VMEXIT-specific code reads MSR_SPEC_CTRL and updates
- * current before loading Xen's MSR_SPEC_CTRL setting.
+ * Factor 1 is dealt with:
+ *   - On VMX by using MSR load/save lists to have vmentry/exit atomically
+ *     load/save the guest value.  Xen's value is loaded in regular code, and
+ *     there is no need to use the shadow logic (below).
  *
  * Factor 2 is harder.  We maintain a shadow_spec_ctrl value, and a use_shadow
  * boolean in the per cpu spec_ctrl_flags.  The synchronous use is:
@@ -128,31 +129,6 @@
 #endif
 .endm
 
-.macro DO_SPEC_CTRL_ENTRY_FROM_HVM
-/*
- * Requires %rbx=current, %rsp=regs/cpuinfo
- * Clobbers %rax, %rcx, %rdx
- *
- * The common case is that a guest has direct access to MSR_SPEC_CTRL, at
- * which point we need to save the guest value before setting IBRS for Xen.
- * Unilaterally saving the guest value is shorter and faster than checking.
- */
-    mov $MSR_SPEC_CTRL, %ecx
-    rdmsr
-
-    /* Stash the value from hardware. */
-    mov VCPU_arch_msrs(%rbx), %rdx
-    mov %eax, VCPUMSR_spec_ctrl_raw(%rdx)
-    xor %edx, %edx
-
-    /* Clear SPEC_CTRL shadowing *before* loading Xen's value. */
-    andb $~SCF_use_shadow, CPUINFO_spec_ctrl_flags(%rsp)
-
-    /* Load Xen's intended value. */
-    movzbl CPUINFO_xen_spec_ctrl(%rsp), %eax
-    wrmsr
-.endm
-
 .macro DO_SPEC_CTRL_ENTRY maybexen:req
 /*
  * Requires %rsp=regs (also cpuinfo if !maybexen)
