At a glance
TOPT charges 0.2% a year, below the 0.23% average of the 8 funds most like it (the 4th cheapest of 9). It has $657.2M in assets, the 9th largest of that group; it paid 0.37% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.2% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds. Its ten largest positions make up 69.3% of the fund, out of 21 in all.
The short version
BlackRock's iShares Top 20 U.S. Stocks ETF (TOPT) tracks the S&P 500 Top 20 Select Index, which holds the 20 largest companies in the S&P 500. As of June 30, 2026, NVIDIA and Apple were the largest holdings. It may suit investors who want a focused bet on America's biggest companies, though technology stocks made up 52.3% of the fund. Its 0.20% yearly fee is slightly below the 0.23% average for similar funds.
Price history
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TOPT +12.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TOPT official prospectus, to Dec 31, 2025 | — | +20.45% | — | — | — | +22.59% |
| S And P Total Market Index index, same period | — | +17.05% | — | — | — | +16.12% |
| TOPT price data to Oct 27, 2026 | +12.3% | +12.2% | — | — | — | +19.1% |
- Over the year to Oct 27, 2026, TOPT returned +12.2%, 1st of 9 among similar funds.
- Its worst full calendar year was 2025 (+20.4%); its best was 2025 (+20.4%).
- The deepest fall in its price history was 21.2% (Dec 24, 2024 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +20.4% | +20.45% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1000 | |
| 2025 | $0.1200 |
What's inside
As of Jun 30, 2026, the fund held 21 securities; the ten largest made up 69.29% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 15.49% | |
| Apple, Inc. | 13.59% | |
| Alphabet, Inc. Class A | 6.70% | |
| Alphabet, Inc. Class C | 5.34% | |
| Micron Technology, Inc. | 5.34% | |
| Microsoft Corp. | 4.94% | |
| Tesla, Inc. | 4.80% | |
| Broadcom, Inc. | 4.42% | |
| Amazon.com, Inc. | 4.36% | |
| Meta Platforms, Inc. | 4.30% | |
| Eli Lilly & Co. | 3.89% | |
| Advanced Micro Devices, Inc. | 3.88% | |
| Berkshire Hathaway, Inc. | 3.76% | |
| JPMorgan Chase & Co. | 3.60% | |
| Intel Corp. | 2.70% |
By country
United States 99.93%By asset type
Stocks 99.93%By sector
Sectors of the companies held, for the 99.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $88.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.07%, +6.63%, -3.56%.
How it works
The fund follows the S&P 500 Top 20 Select Index, built by S&P Dow Jones Indices. The index takes the 20 largest companies in the S&P 500 by float-adjusted market capitalization, which is the market value of the shares available for public trading. It weights them by that value, within limits. At each quarterly rebalance in March, June, September and December, no single company can be more than 22.5% of the index. Companies that each weigh more than 4.5% also can't add up to more than 48% combined. Between rebalances, fast-rising stocks can drift past those limits.
BlackRock Fund Advisors uses "representative sampling." This means the fund doesn't have to hold every index stock in exact proportion, but it aims for a portfolio that behaves like the index. As of June 30, 2026, the fund held 21 companies. The largest were NVIDIA (15.5%), Apple (13.6%), Alphabet (about 12% across its Class A and Class C shares), Micron Technology (5.3%) and Microsoft (4.9%). Technology was 52.3% of assets and communication services 16.3%.
The fund may use derivatives, such as stock index futures, to manage its exposure. On June 30, 2026, a Nasdaq-100 micro futures contract was a tiny fraction of assets. The fund can also lend up to one-third of its assets to other investors to earn extra income. Portfolio turnover, the share of holdings replaced in a year, was 27%.
What it really costs
- TOPT charges 0.2% a year, versus an average of 0.23% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TOPT | $20 | $64 | $113 | $255 |
In a retirement portfolio
With about 69% of assets in its top 10 holdings and more than half in technology as of June 30, 2026, it works better as a tilt next to a broader fund than as a foundation.
TOPT could add a focused bet on the largest U.S. companies to a portfolio built mainly on broader funds. Its track record is short. The fund launched on October 23, 2024, so it did not exist during the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 20.45%. Its deepest drop was 21.2%, from December 24, 2024, to April 8, 2025. It recovered by June 26, 2025. Anyone who had to sell shares near that low would have locked in the loss. Its yield was 0.37% as of October 27, 2026, paid quarterly, so it provides little income. In the SEC's standard example, its 0.20% expense ratio costs about $20 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want only the 20 largest S&P 500 companies, led by NVIDIA, Apple and Alphabet, for a 0.20% expense ratio.
- Owners of a broad index fund who want to add a smaller, deliberate tilt toward mega-cap technology and communication services stocks.
- Long-term holders who can sit through drops like the 21.2% decline from December 2024 to April 2025 without needing to sell.
Look elsewhere if
- Investors seeking income: the yield was 0.37% as of October 27, 2026, with dividends paid quarterly.
- Those wanting broad diversification: technology was 52.3% of assets and the top 10 holdings about 69% as of June 30, 2026.
- Those wanting a long record or lower fees: TOPT dates only to October 2024, and Vanguard's MGK charges 0.07% and VUG 0.04%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TOPT this fund | — | 0.2% | $657.2M | +12.2% | — |
| XLG Invesco S&P 500® Top 50 ETF | 70% | 0.2% | $10.56B | +6.9% | +25.3% |
| MGK Vanguard Mega Cap Growth ETF | 67% | 0.07% | $33.30B | +2.5% | +23.2% |
| OEF iShares S&P 100 ETF | 65% | 0.2% | $20.04B | +8.3% | +23.3% |
| IWY iShares Russell Top 200 Growth ETF | 65% | 0.2% | $16.96B | -3.4% | +20.7% |
| VUG Vanguard Growth ETF | 64% | 0.04% | $379.29B | +3.8% | +25.1% |
| TCHP T. Rowe Price Blue Chip Growth ETF | 61% | 0.57% | $2.16B | -1.2% | +23.5% |
| VONG Vanguard Russell 1000 Growth ETF | 61% | 0.07% | $54.28B | -2.3% | +22.4% |
Questions investors ask
What stocks are in TOPT?
TOPT holds the 20 largest U.S. companies in the S&P 500, ranked by float-adjusted market value (the value of shares available for public trading). As of June 30, 2026, its biggest positions were NVIDIA at 15.5% and Apple at 13.6%. Next came Alphabet (through two share classes), Micron Technology, Microsoft and Tesla. The ten largest positions made up 69.3% of the fund. At each quarterly rebalance, no company can exceed 22.5% of the index. Companies above 4.5% cannot total more than 48%.
Is TOPT riskier than an S&P 500 index fund?
Yes, by most measures. TOPT owns only 20 companies, and technology stocks made up 52.3% of the fund as of June 30, 2026. Its beta measures how much a fund swings compared with the overall market. Over the year to October 27, 2026, its beta was 1.12, so it moved more than the market. Its deepest drop was 21.2%, from December 24, 2024 to April 8, 2025. It recovered by June 26, 2025. TOPT launched on October 23, 2024, and has not yet been through a long bear market.
What's the difference between TOPT and XLG?
The Invesco S&P 500 Top 50 ETF (XLG) is built around the top 50 S&P 500 companies, while TOPT holds only 20. That means TOPT bets more heavily on its biggest names. The two funds share about 70% of their holdings, and both charge 0.20% a year. XLG is far larger, with about $10.6 billion in net assets as of July 31, 2026. TOPT had $657 million as of June 30, 2026. Over the year to October 27, 2026, TOPT returned 12.2% and XLG returned 6.9%.
Does TOPT pay dividends?
Yes, but very little. TOPT pays dividends quarterly. Its yield over the past year was 0.37% as of October 27, 2026, or about $0.13 per share. The yield is low because large technology companies dominate the fund, and they tend to pay small dividends or none at all. The fund is built around growth in share price. Investors who rely on their portfolio for regular income may find it adds little cash flow.
What is TOPT's expense ratio?
TOPT's expense ratio is 0.20% a year, all of it management fee. The SEC's standard example assumes $10,000 invested with a 5% yearly return, sold at the end of each period. On that basis, costs come to about $20 over one year, $64 over three years, $113 over five and $255 over ten. That fee is slightly below the 0.23% average for similar funds. Vanguard Growth ETF (VUG), at 0.04%, and Vanguard Mega Cap Growth ETF (MGK), at 0.07%, cost less, but they are growth funds rather than a top-20 portfolio.