BKLC vs DSPY: Grades, Fees and Holdings Compared

BNY Mellon US Large Cap Core Equity ETF

BKLCANYSE Arca

Tema S&P 500 Historical Weight ETF Strategy

DSPYBNYSE Arca

Overlap

78.9%by weight

Expense ratio

BKLC −0.18pt a year

BKLC0.00%DSPY0.18%

Avg volume · 30D

BKLC 60.4×the volume

BKLC643KDSPY10.6K

BKLC vs DSPY Performance

Nov 7, 2025 – Nov 9, 2026

+12.5%BKLC+16.2%DSPY

Expense ratio: BKLC 0.00%, better; DSPY 0.18%
Fund size: BKLC $6.75B; DSPY $987M
1Y total return: BKLC +12.5%; DSPY +16.2%, better
Yield (12M): BKLC No data; DSPY 0.94%
Holdings: BKLC 506; DSPY 504
Avg volume (30D): BKLC 643K sh, better; DSPY 10.6K sh
NAV per share: BKLC $46.90; DSPY $64.15
52W range

ETF.net Grade

Pillar letters and Scores for BKLC, DSPY, with each pillar’s weight
Pillar	BKLC	DSPY
Cost30% weight	A100Higher	B57
Mission25% weight	A100	Not scored
Risk15% weight	C53	B69Higher
Tradability15% weight	B64Higher	D39
Holdings10% weight	B62	A81Higher
Durability5% weight	A73Higher	C53

Rank among US Large-Cap funds

How we build Categories ›

Same Category. BKLC and DSPY are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

BKLC ranks 2nd and DSPY 17th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 3AEPSWisdomTree U.S. LargeCap FundScore 81
Rank 14BXMAGLarge Cap Ex-Mag 7 ETFScore 60
Rank 17BDSPYTema S&P 500 Historical Weight ETF StrategyScore 58
Rank 18CBLUCBluemonte Large Cap Core ETFScore 48

Our read on each fund

ETF.net Research

BKLCABNY Mellon US Large Cap Core Equity ETF

DSPYBTema S&P 500 Historical Weight ETF Strategy

In short

BKLC BNY launched BKLC in April 2020 as one of the first US stock ETFs with a 0.00% fee, no waiver, no expiration date. It still charges nothing to hold roughly 500 large US companies, while the typical fund in its peer group charges 0.14%.

DSPY Most S&P 500 funds either ride today's market caps or flatten everyone to equal weight. DSPY splits the difference, holding the same roughly 500 names at their average weights since 1989, so the mega-caps shrink without disappearing.

Stated mandate

BKLC The fund seeks to track the performance of the Solactive GBS United States 500 Index TR.

DSPY The Fund seeks long-term growth through a historical-weight interpretation of the S&P 500 Index.

Why people hold it

BKLC The fee is zero, not 'nearly zero.' No management fee and no waiver waiting to expire, against a 0.14% median in its large-cap peer group.prnewswire.com sec.gov
Even the discount giants charge something: SCHX and VV at 0.03%, VONE at 0.06%. BKLC's expense line reads 0.00%.
Boring by design: a rules-based basket of about 500 large US stocks tracking the Solactive GBS United States 500 Index, and the tracking has been tight.
Not a novelty product. It is a multi-billion-dollar fund run by BNY, and it pays distributions quarterly.

DSPY The mechanism is the whole pitch: each S&P 500 member is sized at its long-run average weight since 1989, trimming today's top-heavy tilt without going all the way to equal weight.wboc.com
0.18% a year, a fraction of the typical active US equity fund and level with the cheap end of active core large-cap (FELC 0.18%, versus DYNF at 0.26%).
Full index breadth, about 500 stocks, with quarterly distributions. It re-slices the S&P 500 rather than trying to pick which names win.
On cost and portfolio construction it stands out as one of the stronger builds in a crowded active US equity field.

Worth knowing

BKLC Zero fee is not zero cost. You still cross the bid-ask spread, and BKLC trades at moderate volume rather than the wall-to-wall liquidity of the biggest index funds.
One country, one asset class, one size band: US large-cap stocks. No bonds, no international, no small caps.
It opened in April 2020, so its live record is shorter than large-cap index rivals that have been running for decades.prnewswire.com

DSPY Launched in 2025, so the live record is short next to decades-old core index funds, and there is limited history to judge the weighting rule through a full cycle.
Volume is light next to the giant S&P 500 funds, so spreads and limit orders matter more than they would in a mega-cap tracker.
By design it holds different weights than the cap-weighted S&P 500, so its results separate from the benchmark most people mean when they say 'the S&P 500'.stockanalysis.com

Full BKLC profile⁠

Full DSPY profile⁠

BKLC vs DSPY Holdings

How BKLC and DSPY differ

Overlap by weight

78.9%

Shared holdings make up 96.5% of DSPY and 96.3% of BKLC.

Level by level

Holdings416 in both78.9%
Sector11 Sectors87.9%
Asset classStocks100%
Countryby domicile99.8%

Sector

Sector weights in BKLC and DSPY, widest gap first
Sector	Gap	BKLC	DSPY
Technology	BKLC +8.6 points	36.4%	27.8%
Financials	DSPY +3.2 points	12.1%	15.3%
Communication	BKLC +2.9 points	9.0%	6.1%
Health Care	DSPY +2.4 points	10.6%	13.0%
Industrials	DSPY +1.9 points	8.0%	9.9%
Consumer Staples	DSPY +1.8 points	4.9%	6.7%
Real Estate	DSPY +0.9 points	1.7%	2.6%
Energy	DSPY +0.9 points	3.6%	4.5%
Utilities	DSPY +0.7 points	2.1%	2.8%
Consumer Discretionary	BKLC +0.6 points	9.8%	9.2%
Materials	DSPY +0.4 points	1.8%	2.2%

Country, concentration and asset class

Country by domicile

Country weights in BKLC and DSPY, widest gap first
Country	Gap	BKLC	DSPY
United States	Same weight	99.3%	99.3%
Switzerland	DSPY +0.1 points	0.3%	0.4%
China	Same weight	0.1%	0.1%
Brazil	BKLC +0.1 points	0.1%	0.0%
United Kingdom	Same weight	0.1%	0.1%
Mexico	DSPY +0.1 points	0.0%	0.1%
Ireland	DSPY +0.1 points	0.0%	0.1%
Italy	Same weight	0.0%	0.0%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BKLC37.2%
DSPY21.1%

Securities held

BKLC505
DSPY503

Asset class

BKLC: Stocks
DSPY: Stocks

Holdings

Only in BKLC89
In both416
Only in DSPY87

Only in BKLC

89 securities, 3.7% of BKLC by weight

Space Exploration Techn-Cl A0.38%
Snowflake Inc0.15%
Elevance Health Inc0.14%
Trane Technologies PLC0.14%
Cloudflare Inc - Class A0.13%
Mercadolibre Inc0.11%
Cheniere Energy Inc0.09%
Strategy Inc0.08%
Dreyfus Institutional Preferred Government Money M0.08%
Anglogold Ashanti PLC0.07%
Block Inc0.07%
Vivmark Residential0.07%
Natera Inc0.07%
Revolution Medicines Inc0.06%
Fiserv Inc0.06%
Roblox Corp -Class A0.05%
Sunbelt Rentals Holdings Inc0.05%
Astera Labs Inc0.05%
Rocket Lab Corp0.05%
Royalty Pharma Plc- Class A0.04%
Okta Inc0.04%
Rocket Cos Inc-Class A0.04%
Net Current Assets0.04%
Steris PLC0.04%
Aercap Holdings NV0.04%
Insmed Inc0.04%
Atlassian Corp-Cl A0.04%
Markel Group Inc0.04%
Technipfmc PLC0.04%
Mongodb Inc0.04%
Zoom Communications Inc0.04%
Ati Inc0.04%
Liberty Media Corp-C0.04%
Lpl Financial Holdings Inc0.04%
Royal Gold Inc0.03%
Sofi Technologies Inc0.03%
United Therapeutics Corp0.03%
Alnylam Pharmaceuticals Inc0.03%
Reliance Inc0.03%
Xpo Inc0.03%
Affirm Holdings Inc0.03%
Zscaler Inc0.03%
Entegris Inc0.03%
Credo Technology Group Holdi0.03%
Ftai Aviation Ltd0.03%
Heico Corp0.03%
Amrize Ltd0.03%
First Citizens Bcshs -Cl A0.03%
Curtiss-Wright Corp0.03%
Sharkninja Inc0.03%

Only in DSPY

87 securities, 2.8% of DSPY by weight

Trane Technologies PLC0.21%
Elevance Health Inc0.18%
Vivmark Residential0.10%
Block Inc0.10%
Vylor Inc0.08%
Fiserv Inc0.08%
Ptc Inc0.08%
Steris PLC0.05%
Huntington Ingalls Industries Inc0.05%
Cf Industries Holdings Inc0.05%
Viatris Inc0.05%
Everest Group Ltd0.05%
Stanley Black & Decker Inc0.04%
Ball Corp0.04%
Best Buy Co Inc0.04%
Kimco Realty Corp0.04%
Tyler Technologies Inc0.04%
Masco Corp0.04%
Leidos Holdings Inc0.04%
Apa Corp0.04%
Host Hotels & Resorts Inc0.03%
Charles River Laboratories International Inc0.03%
Zebra Technologies Corp0.03%
Revvity Inc0.03%
Gen Digital Inc0.03%
Weyerhaeuser Co0.03%
Textron Inc0.03%
Healthpeak Properties Inc.0.03%
Gartner Inc0.03%
Godaddy Inc0.03%
Hasbro Inc0.03%
Avery Dennison Corp0.03%
J M Smucker Co/The0.03%
Baxter International Inc0.03%
Costar Group Inc0.03%
Cooper Cos Inc/The0.03%
Skyworks Solutions Inc0.03%
Invesco Ltd0.03%
Trimble Inc0.03%
News Corp0.03%
Mccormick & Co Inc/Md0.03%
Albemarle Corp0.03%
Clorox Co/The0.02%
Lululemon Athletica Inc0.02%
Deckers Outdoor Corp0.02%
Pinnacle West Capital Corp0.02%
Jack Henry & Associates Inc0.02%
Akamai Technologies Inc0.02%
Bunge Global SA0.02%
Udr Inc0.02%

Weight gaps

The 100 widest of 416 Holdings in both funds.

Holding weights in BKLC and DSPY, widest gap first
Holding	Gap	BKLC	DSPY
Apple IncAAPL	BKLC +4.19 points	7.69%	3.50%
Microsoft CorpMSFT	BKLC +3.38 points	6.08%	2.70%
NVIDIA CorpNVDA	BKLC +3.14 points	6.76%	3.62%
Amazon.com IncAMZN	BKLC +1.78 points	3.91%	2.13%
Alphabet Inc-Cl AGOOGL	BKLC +1.53 points	2.58%	1.05%
Alphabet Inc-Cl CGOOG	BKLC +1.44 points	2.29%	0.85%
Broadcom IncAVGO	BKLC +0.61 points	2.15%	1.54%
Meta Platforms Inc-Class AMETA	BKLC +0.46 points	2.10%	1.64%
Berkshire Hathaway Inc-Cl BBRK.B	DSPY +0.35 points	1.26%	1.61%
Tesla IncTSLA	BKLC +0.35 points	1.82%	1.47%
Walmart IncWMT	DSPY +0.28 points	0.84%	1.12%
Mastercard Inc - AMA	DSPY +0.26 points	0.80%	1.06%
Chevron CorpCVX	DSPY +0.24 points	0.63%	0.87%
Procter & Gamble Co/ThePG	DSPY +0.24 points	0.60%	0.84%
Eli Lilly & CoLLY	BKLC +0.23 points	1.78%	1.55%
Palantir Technologies Inc-APLTR	DSPY +0.22 points	0.54%	0.76%
AbbVie IncABBV	DSPY +0.22 points	0.80%	1.02%
Coca-Cola Co/TheKO	DSPY +0.20 points	0.58%	0.78%
Bank of America CorpBAC	DSPY +0.21 points	0.50%	0.71%
Merck & Co. Inc.MRK	DSPY +0.19 points	0.57%	0.76%
UnitedHealth Group IncUNH	DSPY +0.19 points	0.55%	0.74%
Goldman Sachs Group IncGS	DSPY +0.17 points	0.39%	0.56%
Wells Fargo & CoWFC	DSPY +0.17 points	0.40%	0.57%
General ElectricGE	DSPY +0.17 points	0.52%	0.69%
Cisco Systems IncCSCO	DSPY +0.17 points	0.58%	0.75%
Intel CorpINTC	DSPY +0.16 points	0.40%	0.56%
Costco Wholesale CorpCOST	DSPY +0.16 points	0.73%	0.89%
Rtx CorpRTX	DSPY +0.15 points	0.40%	0.55%
Simon Property Group IncSPG	DSPY +0.15 points	0.11%	0.26%
Johnson & JohnsonJNJ	DSPY +0.15 points	1.04%	1.19%
Home Depot IncHD	DSPY +0.14 points	0.54%	0.68%
Thermo Fisher Scientific IncTMO	DSPY +0.14 points	0.40%	0.54%
Caterpillar IncCAT	DSPY +0.14 points	0.40%	0.54%
Applied Materials IncAMAT	DSPY +0.13 points	0.41%	0.54%
Linde PLCLIN	DSPY +0.13 points	0.37%	0.50%
Abbott LaboratoriesABT	DSPY +0.13 points	0.29%	0.42%
Morgan StanleyMS	DSPY +0.13 points	0.33%	0.46%
Lam Research CorpLRCX	DSPY +0.12 points	0.39%	0.51%
Philip Morris InternationalPM	DSPY +0.13 points	0.48%	0.61%
Intl Business Machines CorpIBM	DSPY +0.12 points	0.36%	0.48%
Palo Alto Networks IncPANW	DSPY +0.12 points	0.40%	0.52%
Mcdonald's CorpMCD	DSPY +0.12 points	0.31%	0.43%
Walt Disney Co/TheDIS	DSPY +0.11 points	0.32%	0.43%
Crowdstrike Holdings Inc - ACRWD	DSPY +0.12 points	0.34%	0.46%
Pepsico IncPEP	DSPY +0.11 points	0.31%	0.42%
Texas Instruments IncTXN	DSPY +0.12 points	0.39%	0.51%
Netflix IncNFLX	DSPY +0.11 points	0.41%	0.52%
Citigroup IncC	DSPY +0.11 points	0.32%	0.43%
Ge Vernova IncGEV	DSPY +0.11 points	0.32%	0.43%
Visa Inc-Class A SharesV	DSPY +0.10 points	1.13%	1.23%
Arista Networks IncANET	DSPY +0.10 points	0.28%	0.38%
Salesforce IncCRM	DSPY +0.10 points	0.27%	0.37%
Kla CorpKLAC	DSPY +0.10 points	0.28%	0.38%
Amgen IncAMGN	DSPY +0.09 points	0.39%	0.48%
Oracle CorpORCL	DSPY +0.10 points	0.32%	0.42%
Amphenol Corp-Cl AAPH	DSPY +0.10 points	0.28%	0.38%
Chubb LtdCB	DSPY +0.10 points	0.20%	0.30%
Verizon Communications IncVZ	DSPY +0.09 points	0.30%	0.39%
Wabtec CorpWAB	DSPY +0.10 points	0.07%	0.17%
Marriott International -Cl AMAR	DSPY +0.09 points	0.14%	0.23%
Exxonmobil Holdings CorpXOM	DSPY +0.09 points	1.07%	1.16%
Qualcomm IncQCOM	DSPY +0.09 points	0.28%	0.37%
Advanced Micro DevicesAMD	BKLC +0.09 points	1.14%	1.05%
S&P Global IncSPGI	DSPY +0.09 points	0.21%	0.30%
Uber Technologies IncUBER	DSPY +0.08 points	0.21%	0.29%
Progressive CorpPGR	DSPY +0.09 points	0.20%	0.29%
JPMorgan Chase & CoJPM	BKLC +0.08 points	1.39%	1.31%
Accenture Plc-Cl AACN	DSPY +0.08 points	0.25%	0.33%
AT&T IncT	DSPY +0.08 points	0.23%	0.31%
Gilead Sciences IncGILD	DSPY +0.08 points	0.32%	0.40%
American Express CoAXP	DSPY +0.07 points	0.27%	0.34%
Howmet Aerospace IncHWM	DSPY +0.08 points	0.12%	0.20%
Newmont CorpNEM	DSPY +0.08 points	0.20%	0.28%
Hca Healthcare IncHCA	DSPY +0.08 points	0.11%	0.19%
Nextera Energy IncNEE	DSPY +0.07 points	0.29%	0.36%
Micron Technology IncMU	BKLC +0.08 points	1.22%	1.14%
Intuitive Surgical IncISRG	DSPY +0.07 points	0.25%	0.32%
Idexx Laboratories IncIDXX	DSPY +0.07 points	0.08%	0.15%
Quanta Services IncPWR	DSPY +0.07 points	0.13%	0.20%
Booking Holdings IncBKNG	DSPY +0.07 points	0.18%	0.25%
Lennar Corp-ALEN	DSPY +0.07 points	0.02%	0.09%
Schwab (Charles) CorpSCHW	DSPY +0.07 points	0.23%	0.30%
Valero Energy CorpVLO	DSPY +0.07 points	0.15%	0.22%
Adobe IncADBE	DSPY +0.06 points	0.14%	0.20%
Kinder Morgan IncKMI	DSPY +0.07 points	0.09%	0.16%
Analog Devices IncADI	DSPY +0.07 points	0.27%	0.34%
Boeing Co/TheBA	DSPY +0.07 points	0.20%	0.27%
Deere & CoDE	DSPY +0.07 points	0.26%	0.33%
Sandisk CorpSNDK	DSPY +0.07 points	0.19%	0.26%
Iron Mountain IncIRM	DSPY +0.07 points	0.05%	0.12%
Tjx Companies IncTJX	DSPY +0.06 points	0.23%	0.30%
Moderna IncMRNA	DSPY +0.06 points	0.14%	0.20%
Servicenow IncNOW	DSPY +0.06 points	0.16%	0.22%
Pfizer IncPFE	DSPY +0.07 points	0.26%	0.33%
Atmos Energy CorpATO	DSPY +0.06 points	0.04%	0.10%
Union Pacific CorpUNP	DSPY +0.06 points	0.27%	0.33%
Twilio Inc - ATWLO	DSPY +0.06 points	0.05%	0.11%
Marsh & Mclennan CosMRSH	DSPY +0.06 points	0.15%	0.21%
Ww Grainger IncGWW	DSPY +0.07 points	0.09%	0.16%
Marvell Technology IncMRVL	DSPY +0.06 points	0.19%	0.25%

All 502 BKLC holdings⁠All 505 DSPY 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.

BKLC vs DSPY Cost

Overpaying DSPY vs BKLC

$3,749

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

BKLC 0.00%
$0
DSPY 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

BKLC 0.00%
DSPY 0.18%
Overpaying

Year by year

Year	BKLC	DSPY	Overpaying
10	$0	$328	$328
20	$0	$1,281	$1,281
30	$0	$3,749	$3,749

Expense ratio

0.00%BKLC, cheaper
0.18%DSPY

BKLC0.00%DSPY0.18%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

BKLC cheapest of 29 funds

DSPY 13th cheapest of 29 funds

BKLC vs DSPY Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BKLC No data; DSPY 0.94%
Payout (12M): BKLC No data; DSPY $0.62
Last payment: BKLC $0.13; DSPY $0.19
Ex-dividend: BKLC Oct 1, 2026; DSPY Sep 29, 2026
Paid on: BKLC Oct 6, 2026; DSPY Oct 1, 2026
Frequency: BKLC Quarterly; DSPY Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

BKLCQuarterly · 20 paymentsAll BKLC payments⁠

DSPYQuarterly · 6 paymentsAll DSPY payments⁠

BKLC vs DSPY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BKLC 12.7%DSPY 10.4%since May 2025
Return per unit of riskSharpe ratio, 3 years: BKLC 1.37DSPY 1.69since May 2025
Worst fallMax drawdown, 5 years: BKLC −26.2%DSPY −12.2%since Apr 2025
Market sensitivityBeta, 5 years: BKLC 1.02DSPY 0.82; Market = 1

BKLC and DSPY in the news

All news⁠

Best ETFs
The best S&P 500 ETF costs 0.02%. Equal weight is a different bet
Updated Nov 2, 2026BKLC

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BKLC vs DSPY

In short

Stated mandate

Why people hold it

Worth knowing

How BKLC and DSPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in DSPY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The best S&P 500 ETF costs 0.02%. Equal weight is a different bet

How BKLC and DSPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in DSPY

Weight gaps