BKLC vs IWL: Grades, Fees and Holdings Compared

BNY Mellon US Large Cap Core Equity ETF

BKLCANYSE Arca

iShares Russell Top 200 ETF

IWLANYSE Arca

Overlap

84.8%by weight

Expense ratio

BKLC −0.15pt a year

BKLC0.00%IWL0.15%

Avg volume · 30D

BKLC 13.8×the volume

BKLC628KIWL45.6K

5Y return · a year

IWL +0.7pt

BKLC+11.8%IWL+12.5%

BKLC vs IWL Performance

Oct 29, 2021 – Oct 30, 2026

+74.7%BKLC+79.8%IWL

Expense ratio: BKLC 0.00%, better; IWL 0.15%
Fund size: BKLC $6.88B; IWL $2.21B
1Y total return: BKLC +11.2%, better; IWL +10.5%
Yield (12M): BKLC No data; IWL 0.85%
Holdings: BKLC 504; IWL 204
Avg volume (30D): BKLC 628K sh, better; IWL 45.6K sh
NAV per share: BKLC $48.23; IWL $187.08
52W range

ETF.net Grade

Pillar letters and Scores for BKLC, IWL, with each pillar’s weight
Pillar	BKLC	IWL
Cost30% weight	A100Higher	B63
Mission25% weight	A100	A100
Risk15% weight	C53Higher	D38
Tradability15% weight	B66	A81Higher
Holdings10% weight	B61Higher	D34
Durability5% weight	A73	A82Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. BKLC and IWL 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 IWL 7th 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 80
Rank 5AVONEVanguard Russell 1000 ETFScore 77
Rank 7AIWLiShares Russell Top 200 ETFScore 69
Rank 8BHDUSHartford Disciplined US Equity ETFScore 67

Our read on each fund

ETF.net Research

BKLCABNY Mellon US Large Cap Core Equity ETF

IWLAiShares Russell Top 200 ETF

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%.

IWL Most broad U.S. large-cap funds hold many hundreds of stocks. IWL tracks the Russell Top 200, about 200 names, so the market's biggest companies do the heavy lifting. Narrower lens, standard iShares plumbing.

Stated mandate

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

IWL The fund seeks to track the Russell Top 200 Index and provide broad exposure to U.S. large-cap stocks.

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.

IWL About 200 holdings rather than a full large-cap sweep, so the market's largest companies carry real weight instead of being diluted by hundreds of smaller names.ishares.com
Hugs the Russell Top 200 Index closely. Index-following is among the tightest in its large-cap peer group.
Running since 2009 under BlackRock's iShares roof, a multi-billion-dollar fund that pays quarterly.

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

IWL 0.15% a year is above the large-cap norm. SCHX and VV run 0.03%, so the mega-cap slice costs extra.
Thinly traded next to the household-name large-cap funds, which can mean wider spreads at the moment you trade.
Stopping at the top tier leaves out the mid and smaller companies that Russell 1000 trackers like VONE include.

Full BKLC profile⁠

Full IWL profile⁠

BKLC vs IWL Holdings

How BKLC and IWL differ

Overlap by weight

84.8%

Shared holdings make up 99.1% of IWL and 84.8% of BKLC.

Level by level

Holdings194 in both84.8%
Sector11 Sectors96.9%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in BKLC and IWL, widest gap first
Sector	More in BKLCMore in IWL	BKLC	IWL
Technology	IWL +1.3 points	40.2%	41.5%
Financials	IWL +1.0 points	10.9%	11.9%
Utilities	BKLC +0.7 points	1.8%	1.1%
Industrials	BKLC +0.6 points	7.8%	7.2%
Real Estate	BKLC +0.6 points	1.5%	0.9%
Energy	BKLC +0.5 points	3.5%	3.0%
Materials	BKLC +0.4 points	1.7%	1.3%
Consumer Staples	IWL +0.4 points	4.2%	4.6%
Communication	BKLC +0.4 points	10.1%	9.7%
Consumer Discretionary	IWL +0.3 points	8.8%	9.1%
Health Care	IWL +0.2 points	9.4%	9.6%

Country, concentration and asset class

Country by domicile

Country weights in BKLC and IWL, widest gap first
Country	More in BKLCMore in IWL	BKLC	IWL
United States	IWL +0.4 points	99.3%	99.7%
Switzerland	BKLC +0.1 points	0.3%	0.2%
Brazil	Same weight	0.1%	0.1%
China	BKLC +0.1 points	0.1%	0.0%
United Kingdom	BKLC +0.1 points	0.1%	0.0%
Mexico	BKLC +0.1 points	0.1%	0.0%
Ireland	Same weight	0.0%	0.0%
Canada	Same weight	0.0%	0.0%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BKLC36.9%
IWL42.9%

Securities held

BKLC503
IWL201

Asset class

BKLC: Equity
IWL: Equity

Holdings

Only in BKLC309
In both194
Only in IWL7

Only in BKLC

309 securities, 15.2% of BKLC by weight

Seagate Technology Holdings0.22%
Marathon Petroleum Corp0.20%
Phillips 660.17%
Snowflake Inc0.16%
Elevance Health Inc0.14%
Trane Technologies PLC0.14%
Cloudflare Inc - Class A0.14%
Moderna Inc0.12%
Mercadolibre Inc0.12%
Datadog Inc - Class A0.12%
United Rentals Inc0.11%
Royal Caribbean Cruises Ltd0.11%
Hewlett Packard Enterprise0.11%
Simon Property Group Inc0.11%
Cheniere Energy Inc0.11%
Allstate Corp0.10%
Robinhood Markets Inc - A0.10%
Targa Resources Corp0.10%
Kinder Morgan Inc0.10%
Digital Realty Trust Inc0.10%
Nxp Semiconductors NV0.10%
Nucor Corp0.10%
Oneok Inc0.10%
Kimberly-Clark Corp0.10%
Te Connectivity PLC0.10%
Fastenal Co0.09%
Lumentum Holdings Inc0.09%
Ww Grainger Inc0.09%
Cardinal Health Inc0.09%
Cencora Inc0.09%
Devon Energy Corp0.09%
Autodesk Inc0.09%
Natera Inc0.09%
Ebay Inc0.08%
Ametek Inc0.08%
Edwards Lifesciences Corp0.08%
Becton Dickinson and Co0.08%
Xcel Energy Inc0.08%
Baker Hughes Co0.08%
PayPal Holdings Inc0.08%
Keysight Technologies In0.08%
Fifth Third Bancorp0.08%
Agilent Technologies Inc0.08%
Ford Motor Co0.08%
Humana Inc0.07%
Rockwell Automation Inc0.07%
Roper Technologies Inc0.07%
Wabtec Corp0.07%
Vylor Inc0.07%
Exelon Corp0.07%

Only in IWL

7 securities, 0.7% of IWL by weight

Spotify Technology0.17%
Elevance Health Inc0.16%
Trane Technologies PLC0.16%
Honeywell Aerospace Inc0.09%
Nu Holdings Class A0.07%
Brookfield Asset Management Voting0.03%
Mobility Global Inc<0.01%

Weight gaps

The 100 widest of 194 Holdings in both funds.

Holding weights in BKLC and IWL, widest gap first
Holding	More in BKLCMore in IWL	BKLC	IWL
Apple IncAAPL	IWL +1.34 points	7.53%	8.87%
NVIDIA CorpNVDA	IWL +1.22 points	7.28%	8.50%
Microsoft CorpMSFT	IWL +1.06 points	5.84%	6.90%
Berkshire Hathaway Inc-Cl BBRK.B	IWL +0.64 points	1.16%	1.80%
Amazon.com IncAMZN	IWL +0.62 points	3.53%	4.15%
Alphabet Inc-Cl AGOOGL	IWL +0.39 points	2.51%	2.90%
Broadcom IncAVGO	IWL +0.38 points	2.32%	2.70%
Meta Platforms Inc-Class AMETA	IWL +0.35 points	2.06%	2.41%
Micron Technology IncMU	IWL +0.25 points	1.53%	1.78%
JPMorgan Chase & CoJPM	IWL +0.23 points	1.37%	1.60%
Advanced Micro DevicesAMD	IWL +0.21 points	1.25%	1.46%
Tesla IncTSLA	IWL +0.21 points	1.87%	2.08%
Alphabet Inc-Cl CGOOG	IWL +0.19 points	2.16%	2.35%
Visa Inc-Class A SharesV	IWL +0.20 points	1.05%	1.25%
Eli Lilly & CoLLY	IWL +0.18 points	1.83%	2.01%
Exxonmobil Holdings CorpXOM	IWL +0.18 points	1.19%	1.37%
Johnson & JohnsonJNJ	IWL +0.16 points	1.01%	1.17%
Mastercard Inc - AMA	IWL +0.15 points	0.77%	0.92%
Walmart IncWMT	IWL +0.15 points	0.82%	0.97%
AbbVie IncABBV	IWL +0.13 points	0.80%	0.93%
Palantir Technologies Inc-APLTR	IWL +0.13 points	0.60%	0.73%
Costco Wholesale CorpCOST	IWL +0.11 points	0.69%	0.80%
Bank of America CorpBAC	IWL +0.11 points	0.47%	0.58%
Cisco Systems IncCSCO	IWL +0.10 points	0.63%	0.73%
Chevron CorpCVX	IWL +0.11 points	0.67%	0.78%
Intel CorpINTC	IWL +0.10 points	0.43%	0.53%
UnitedHealth Group IncUNH	IWL +0.09 points	0.56%	0.65%
Coca-Cola Co/TheKO	IWL +0.09 points	0.56%	0.65%
Merck & Co. Inc.MRK	IWL +0.10 points	0.56%	0.66%
Procter & Gamble Co/ThePG	IWL +0.09 points	0.58%	0.67%
Home Depot IncHD	IWL +0.09 points	0.49%	0.58%
Philip Morris InternationalPM	IWL +0.08 points	0.50%	0.58%
General ElectricGE	IWL +0.07 points	0.48%	0.55%
Applied Materials IncAMAT	IWL +0.08 points	0.47%	0.55%
Lam Research CorpLRCX	IWL +0.07 points	0.46%	0.53%
Caterpillar IncCAT	IWL +0.07 points	0.43%	0.50%
Palo Alto Networks IncPANW	IWL +0.08 points	0.45%	0.53%
Texas Instruments IncTXN	IWL +0.08 points	0.41%	0.49%
Rtx CorpRTX	IWL +0.07 points	0.41%	0.48%
Thermo Fisher Scientific IncTMO	IWL +0.07 points	0.39%	0.46%
Crowdstrike Holdings Inc - ACRWD	IWL +0.07 points	0.38%	0.45%
Amgen IncAMGN	IWL +0.07 points	0.38%	0.45%
Goldman Sachs Group IncGS	IWL +0.06 points	0.40%	0.46%
Linde PLCLIN	IWL +0.06 points	0.36%	0.42%
Oracle CorpORCL	IWL +0.06 points	0.34%	0.40%
Ge Vernova IncGEV	IWL +0.06 points	0.35%	0.41%
Netflix IncNFLX	IWL +0.06 points	0.40%	0.46%
Intl Business Machines CorpIBM	IWL +0.06 points	0.37%	0.43%
Analog Devices IncADI	IWL +0.05 points	0.31%	0.36%
Gilead Sciences IncGILD	IWL +0.06 points	0.32%	0.38%
Wells Fargo & CoWFC	IWL +0.06 points	0.39%	0.45%
Mcdonald's CorpMCD	IWL +0.06 points	0.27%	0.33%
Amphenol Corp-Cl AAPH	IWL +0.06 points	0.29%	0.35%
Kla CorpKLAC	IWL +0.05 points	0.32%	0.37%
Pepsico IncPEP	IWL +0.05 points	0.28%	0.33%
Walt Disney Co/TheDIS	IWL +0.04 points	0.30%	0.34%
Welltower IncWELL	IWL +0.05 points	0.25%	0.30%
Nextera Energy IncNEE	IWL +0.05 points	0.26%	0.31%
ConocophillipsCOP	IWL +0.04 points	0.29%	0.33%
Arista Networks IncANET	IWL +0.04 points	0.27%	0.31%
Salesforce IncCRM	IWL +0.04 points	0.28%	0.32%
Pfizer IncPFE	IWL +0.05 points	0.26%	0.31%
Citigroup IncC	IWL +0.05 points	0.32%	0.37%
Qualcomm IncQCOM	IWL +0.04 points	0.27%	0.31%
Verizon Communications IncVZ	IWL +0.04 points	0.29%	0.33%
United Parcel Service-Cl BUPS	IWL +0.04 points	0.10%	0.14%
S&P Global IncSPGI	IWL +0.05 points	0.20%	0.25%
Marvell Technology IncMRVL	IWL +0.05 points	0.26%	0.31%
Tjx Companies IncTJX	IWL +0.05 points	0.23%	0.28%
Union Pacific CorpUNP	IWL +0.04 points	0.28%	0.32%
Danaher CorpDHR	IWL +0.04 points	0.22%	0.26%
Dell Technologies -CDELL	IWL +0.04 points	0.19%	0.23%
General Dynamics CorpGD	IWL +0.04 points	0.13%	0.17%
Deere & CoDE	IWL +0.04 points	0.26%	0.30%
Accenture Plc-Cl AACN	IWL +0.04 points	0.24%	0.28%
Abbott LaboratoriesABT	IWL +0.04 points	0.29%	0.33%
Southern Co/TheSO	IWL +0.04 points	0.15%	0.19%
Intuitive Surgical IncISRG	IWL +0.04 points	0.23%	0.27%
Vertiv Holdings Co-AVRT	IWL +0.04 points	0.12%	0.16%
Sandisk CorpSNDK	IWL +0.04 points	0.26%	0.30%
Eaton Corp PLCETN	IWL +0.04 points	0.22%	0.26%
Vertex Pharmaceuticals IncVRTX	IWL +0.03 points	0.22%	0.25%
Western Digital CorpWDC	IWL +0.03 points	0.19%	0.22%
BlackRock IncBLK	IWL +0.03 points	0.28%	0.31%
Marsh & Mclennan CosMRSH	IWL +0.03 points	0.14%	0.17%
Parker Hannifin CorpPH	IWL +0.03 points	0.17%	0.20%
Altria Group IncMO	IWL +0.03 points	0.20%	0.23%
Uber Technologies IncUBER	IWL +0.03 points	0.20%	0.23%
Pnc Financial Services GroupPNC	IWL +0.03 points	0.13%	0.16%
Schwab (Charles) CorpSCHW	IWL +0.04 points	0.22%	0.26%
Morgan StanleyMS	IWL +0.03 points	0.34%	0.37%
Progressive CorpPGR	IWL +0.03 points	0.21%	0.24%
Prologis IncPLD	IWL +0.03 points	0.19%	0.22%
Cvs Health CorpCVS	IWL +0.03 points	0.18%	0.21%
Mckesson CorpMCK	IWL +0.03 points	0.18%	0.21%
Lowe's Cos IncLOW	IWL +0.03 points	0.18%	0.21%
American Express CoAXP	IWL +0.03 points	0.27%	0.30%
Bank of New York Mellon CorpBNY	IWL +0.03 points	0.15%	0.18%
Bristol-Myers Squibb CoBMY	IWL +0.03 points	0.20%	0.23%
Blackstone IncBX	IWL +0.03 points	0.13%	0.16%

All 502 BKLC holdings⁠All 201 IWL 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 IWL Cost

Overpaying IWL vs BKLC

$3,137

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

BKLC 0.00%
$0
IWL 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

BKLC 0.00%
IWL 0.15%
Overpaying

Year by year

Year	BKLC	IWL	Overpaying
10	$0	$274	$274
20	$0	$1,071	$1,071
30	$0	$3,137	$3,137

Expense ratio

0.00%BKLC, cheaper
0.15%IWL

BKLC0.00%IWL0.15%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

BKLC cheapest of 29 funds

IWL 11th cheapest of 29 funds

BKLC vs IWL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BKLC No data; IWL 0.85%
Payout (12M): BKLC No data; IWL $1.60
Last payment: BKLC $0.13; IWL $0.42
Ex-dividend: BKLC Oct 1, 2026; IWL Sep 15, 2026
Paid on: BKLC Oct 6, 2026; IWL Sep 18, 2026
Frequency: BKLC Quarterly; IWL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BKLCQuarterly · 20 paymentsAll BKLC payments⁠

IWLQuarterly · 39 paymentsAll IWL payments⁠

BKLC vs IWL Risk

Fall from peak · 5 years

BKLC
IWL

Risk facts

VolatilityStd dev, 3 years: BKLC 12.7%, betterIWL 12.8%
Return per unit of riskSharpe ratio, 3 years: BKLC 1.37IWL 1.40, better
Worst fallMax drawdown, 5 years: BKLC −26.2%IWL −25.6%, better
Market sensitivityBeta, 5 years: BKLC 1.02IWL 1.02; Market = 1

BKLC and IWL 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 IWL

In short

Stated mandate

Why people hold it

Worth knowing

How BKLC and IWL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in IWL

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 IWL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in IWL

Weight gaps