BKLC vs RWLC: Grades, Fees and Holdings Compared

BNY Mellon US Large Cap Core Equity ETF

BKLCANYSE Arca

Rayliant NxtGen Multifactor US Equity ETF

RWLCCNYSE Arca

Overlap

44.1%by weight

Expense ratio

BKLC −0.32pt a year

BKLC0.00%RWLC0.32%

Avg volume · 30D

BKLC 85.9×the volume

BKLC628KRWLC7.31K

3Y return · a year

RWLC +2.4pt

BKLC+23.2%RWLC+25.6%

BKLC vs RWLC Performance

Oct 31, 2025 – Oct 30, 2026

+11.2%BKLC+16.0%RWLC

Expense ratio: BKLC 0.00%, better; RWLC 0.32%
Fund size: BKLC $6.88B; RWLC $101M
1Y total return: BKLC +11.2%; RWLC +16.0%, better
Yield (12M): BKLC No data; RWLC 12.79%
Holdings: BKLC 504; RWLC 107
Avg volume (30D): BKLC 628K sh, better; RWLC 7.31K sh
NAV per share: BKLC $48.23; RWLC $38.70
52W range

ETF.net Grade

Pillar letters and Scores for BKLC, RWLC, with each pillar’s weight
Pillar	BKLC	RWLC
Cost30% weight	A100Higher	D36
Mission25% weight	A100Higher	B63
Risk15% weight	C53	C54Higher
Tradability15% weight	B66Higher	D25
Holdings10% weight	B61Higher	C53
Durability5% weight	A73Higher	C46

Rank among US Large-Cap funds

How we build Categories ›

Same Category. BKLC and RWLC 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 RWLC 19th 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 19CBLUCBluemonte Large Cap Core ETFScore 46
Rank 19CRWLCRayliant NxtGen Multifactor US Equity ETFScore 46
Rank 21CNBCRNeuberger Berman Core Equity ETFScore 42

Our read on each fund

ETF.net Research

BKLCABNY Mellon US Large Cap Core Equity ETF

RWLCCRayliant NxtGen Multifactor US Equity 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%.

RWLC A boutique quant shop's swing at US large caps: RWLC follows the FT Wilshire US Large NxtGen Index, a published multifactor rulebook rather than a plain cap-weighted list, and charges the category's middle price to do it.

Stated mandate

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

RWLC The Fund seeks long-term capital appreciation.

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.

RWLC 0.32% expense ratio, right at the median for US multifactor ETFs. The rules-based tilt costs no more than the typical competitor in the group.
The stock picks come from an outside index provider (the FT Wilshire US Large NxtGen Index), so the selection rules are published rather than left to a manager's mood.
Simple plumbing: a standard 1940 Act US equity fund with one stated goal, long-term capital appreciation, and no structural red flags in the wrapper.
Live since 2021, so there is a multi-year record of the strategy running with real money, not just a backtest of the index.

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

RWLC Small and thinly traded next to the category's giants. Spreads can be wider, which makes limit orders and mid-session trading worth the extra care.
The peer shelf includes broad, deeply cheap alternatives such as VONV, VYM and IUSG at single-digit basis points. You are paying up for the factor rulebook.
Distributions land annually or semiannually, not monthly, so this is a growth-mandate fund rather than an income schedule.

Full BKLC profile⁠

Full RWLC profile⁠

BKLC vs RWLC Holdings

How BKLC and RWLC differ

Overlap by weight

44.1%

Shared holdings make up 97.5% of RWLC and 52.7% of BKLC.

Level by level

Holdings95 in both44.1%
Sector11 Sectors90.4%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in BKLC and RWLC, widest gap first
Sector	More in BKLCMore in RWLC	BKLC	RWLC
Industrials	BKLC +5.9 points	7.8%	1.9%
Health Care	RWLC +3.2 points	9.4%	12.6%
Energy	RWLC +2.4 points	3.5%	5.9%
Technology	RWLC +2.5 points	40.2%	42.7%
Utilities	BKLC +1.8 points	1.8%	0.0%
Financials	RWLC +1.3 points	10.9%	12.2%
Real Estate	BKLC +0.8 points	1.5%	0.7%
Communication	BKLC +0.7 points	10.1%	9.4%
Materials	RWLC +0.2 points	1.7%	1.9%
Consumer Discretionary	BKLC +0.1 points	8.8%	8.7%
Consumer Staples	BKLC +0.1 points	4.2%	4.1%

Country, concentration and asset class

Country by domicile

Country weights in BKLC and RWLC, widest gap first
Country	More in BKLCMore in RWLC	BKLC	RWLC
United States	Same weight	99.3%	99.3%
Switzerland	RWLC +0.4 points	0.3%	0.7%
Brazil	BKLC +0.1 points	0.1%	0.0%
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%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BKLC36.9%
RWLC37.2%

Securities held

BKLC503
RWLC106

Asset class

BKLC: Equity
RWLC: Equity

Holdings

Only in BKLC408
In both95
Only in RWLC11

Only in BKLC

408 securities, 47.3% of BKLC by weight

Tesla Inc1.87%
JPMorgan Chase & Co1.37%
Berkshire Hathaway Inc-Cl B1.16%
Visa Inc-Class A Shares1.05%
Johnson & Johnson1.01%
Walmart Inc0.82%
Chevron Corp0.67%
Cisco Systems Inc0.63%
Procter & Gamble Co/The0.58%
Coca-Cola Co/The0.56%
Philip Morris International0.50%
Home Depot Inc0.49%
General Electric0.48%
Bank of America Corp0.47%
Palo Alto Networks Inc0.45%
Intel Corp0.43%
Caterpillar Inc0.43%
Texas Instruments Inc0.41%
Rtx Corp0.41%
Goldman Sachs Group Inc0.40%
Thermo Fisher Scientific Inc0.39%
Wells Fargo & Co0.39%
Amgen Inc0.38%
Crowdstrike Holdings Inc - A0.38%
Intl Business Machines Corp0.37%
Linde PLC0.36%
Oracle Corp0.34%
Morgan Stanley0.34%
Citigroup Inc0.32%
Analog Devices Inc0.31%
Walt Disney Co/The0.30%
Amphenol Corp-Cl A0.29%
Verizon Communications Inc0.29%
Conocophillips0.29%
Abbott Laboratories0.29%
Pepsico Inc0.28%
Union Pacific Corp0.28%
Salesforce Inc0.28%
BlackRock Inc0.28%
Mcdonald's Corp0.27%
American Express Co0.27%
Qualcomm Inc0.27%
Pfizer Inc0.26%
Nextera Energy Inc0.26%
Marvell Technology Inc0.26%
Deere & Co0.26%
Welltower Inc0.25%
Accenture Plc-Cl A0.24%
Tjx Companies Inc0.23%
Intuitive Surgical Inc0.23%

Only in RWLC

11 securities, 2.5% of RWLC by weight

Chubb Ltd0.71%
Cf Industries Holdings Inc0.30%
Hasbro Inc0.26%
Everest Group Ltd0.23%
Assurant Inc0.23%
Godaddy Inc - Class A0.22%
Albemarle Corp0.18%
Domino's Pizza Inc0.15%
Universal Health Services-B0.12%
Snap-On Inc0.08%
Jm Smucker Co/The0.06%

Weight gaps

All 95 Holdings in both funds, largest gap first.

Holding weights in BKLC and RWLC, widest gap first
Holding	More in BKLCMore in RWLC	BKLC	RWLC
Mastercard Inc - AMA	RWLC +2.15 points	0.77%	2.92%
Gilead Sciences IncGILD	RWLC +1.99 points	0.32%	2.31%
Apple IncAAPL	RWLC +1.95 points	7.53%	9.48%
Microsoft CorpMSFT	BKLC +1.90 points	5.84%	3.94%
Altria Group IncMO	RWLC +1.90 points	0.20%	2.10%
Marathon Petroleum CorpMPC	RWLC +1.69 points	0.20%	1.89%
Mckesson CorpMCK	RWLC +1.62 points	0.18%	1.80%
Valero Energy CorpVLO	RWLC +1.56 points	0.18%	1.74%
Adobe IncADBE	RWLC +1.47 points	0.15%	1.62%
Bank of New York Mellon CorpBNY	RWLC +1.42 points	0.15%	1.57%
Amazon.com IncAMZN	BKLC +1.31 points	3.53%	2.22%
Fortinet IncFTNT	RWLC +1.29 points	0.13%	1.42%
Lam Research CorpLRCX	RWLC +1.27 points	0.46%	1.73%
Travelers Cos Inc/TheTRV	RWLC +1.22 points	0.13%	1.35%
Meta Platforms Inc-Class AMETA	BKLC +1.19 points	2.06%	0.86%
NVIDIA CorpNVDA	BKLC +1.11 points	7.28%	6.17%
Williams Cos IncWMB	RWLC +1.10 points	0.14%	1.24%
Broadcom IncAVGO	BKLC +1.10 points	2.32%	1.22%
General Motors CoGM	RWLC +1.09 points	0.12%	1.21%
Progressive CorpPGR	RWLC +1.05 points	0.21%	1.26%
Automatic Data ProcessingADP	RWLC +1.02 points	0.18%	1.20%
Seagate Technology HoldingsSTX	RWLC +0.96 points	0.22%	1.18%
O'reilly Automotive IncORLY	RWLC +0.95 points	0.11%	1.06%
Allstate CorpALL	RWLC +0.96 points	0.10%	1.06%
Autodesk IncADSK	RWLC +0.90 points	0.09%	0.99%
Micron Technology IncMU	RWLC +0.86 points	1.53%	2.39%
Advanced Micro DevicesAMD	BKLC +0.85 points	1.25%	0.40%
Cardinal Health IncCAH	RWLC +0.84 points	0.09%	0.93%
Western Digital CorpWDC	RWLC +0.83 points	0.19%	1.02%
Targa Resources CorpTRGP	RWLC +0.80 points	0.10%	0.90%
Eli Lilly & CoLLY	RWLC +0.79 points	1.83%	2.62%
Nucor CorpNUE	RWLC +0.77 points	0.10%	0.87%
Regeneron PharmaceuticalsREGN	RWLC +0.76 points	0.14%	0.90%
Ebay IncEBAY	RWLC +0.72 points	0.08%	0.80%
State Street CorpSTT	RWLC +0.72 points	0.07%	0.79%
Comfort Systems Usa IncFIX	RWLC +0.69 points	0.07%	0.76%
Dell Technologies -CDELL	RWLC +0.68 points	0.19%	0.87%
Teradyne IncTER	RWLC +0.68 points	0.06%	0.74%
Netapp IncNTAP	RWLC +0.63 points	0.06%	0.69%
Booking Holdings IncBKNG	RWLC +0.62 points	0.18%	0.80%
American International GroupAIG	RWLC +0.59 points	0.07%	0.66%
Airbnb Inc-Class AABNB	RWLC +0.58 points	0.10%	0.68%
Corteva IncCTVA	RWLC +0.58 points	0.01%	0.59%
Idexx Laboratories IncIDXX	RWLC +0.58 points	0.07%	0.65%
Kroger CoKR	RWLC +0.54 points	0.06%	0.60%
Vylor IncVYLR	RWLC +0.54 points	0.07%	0.61%
Humana IncHUM	RWLC +0.53 points	0.07%	0.60%
Arista Networks IncANET	RWLC +0.50 points	0.27%	0.77%
Steel Dynamics IncSTLD	RWLC +0.50 points	0.05%	0.55%
Hartford Insurance Group IncHIG	RWLC +0.50 points	0.05%	0.55%
Expedia Group IncEXPE	RWLC +0.49 points	0.05%	0.54%
Cboe Global Markets IncCBOE	RWLC +0.48 points	0.05%	0.53%
AbbVie IncABBV	RWLC +0.45 points	0.80%	1.25%
Msci IncMSCI	RWLC +0.42 points	0.07%	0.49%
UnitedHealth Group IncUNH	BKLC +0.39 points	0.56%	0.17%
Casey's General Stores IncCASY	RWLC +0.38 points	0.03%	0.41%
Ge Vernova IncGEV	RWLC +0.38 points	0.35%	0.73%
Hilton Worldwide Holdings InHLT	RWLC +0.37 points	0.12%	0.49%
Synchrony FinancialSYF	RWLC +0.37 points	0.04%	0.41%
Verisign IncVRSN	RWLC +0.36 points	0.04%	0.40%
Ameriprise Financial IncAMP	RWLC +0.36 points	0.07%	0.43%
Sandisk CorpSNDK	RWLC +0.35 points	0.26%	0.61%
Bristol-Myers Squibb CoBMY	RWLC +0.34 points	0.20%	0.54%
Tapestry IncTPR	RWLC +0.33 points	0.04%	0.37%
Cencora IncCOR	RWLC +0.33 points	0.09%	0.42%
Incyte CorpINCY	RWLC +0.31 points	0.03%	0.34%
Exxonmobil Holdings CorpXOM	RWLC +0.31 points	1.19%	1.50%
Netflix IncNFLX	RWLC +0.28 points	0.40%	0.68%
Centene CorpCNC	RWLC +0.28 points	0.05%	0.33%
Alphabet Inc-Cl AGOOGL	RWLC +0.27 points	2.51%	2.78%
Colgate-Palmolive CoCL	RWLC +0.27 points	0.11%	0.38%
Applied Materials IncAMAT	BKLC +0.24 points	0.47%	0.23%
Wr Berkley CorpWRB	RWLC +0.24 points	0.03%	0.27%
Alphabet Inc-Cl CGOOG	RWLC +0.23 points	2.16%	2.39%
Ralph Lauren CorpRL	RWLC +0.22 points	0.02%	0.24%
Fair Isaac CorpFICO	RWLC +0.20 points	0.03%	0.23%
Merck & Co. Inc.MRK	BKLC +0.18 points	0.56%	0.38%
Kla CorpKLAC	BKLC +0.19 points	0.32%	0.13%
Fox Corp - Class AFOXA	RWLC +0.18 points	0.02%	0.20%
Applovin Corp-Class AAPP	RWLC +0.18 points	0.09%	0.27%
Palantir Technologies Inc-APLTR	RWLC +0.16 points	0.60%	0.76%
Metlife IncMET	RWLC +0.15 points	0.08%	0.23%
Monolithic Power Systems IncMPWR	RWLC +0.14 points	0.09%	0.23%
Ciena CorpCIEN	RWLC +0.14 points	0.07%	0.21%
Costco Wholesale CorpCOST	RWLC +0.11 points	0.69%	0.80%
Fox Corp - Class BFOX	RWLC +0.11 points	0.01%	0.12%
Veeva Systems Inc-Class AVEEV	RWLC +0.11 points	0.07%	0.18%
Tyson Foods Inc-Cl ATSN	RWLC +0.09 points	0.02%	0.11%
AT&T IncT	BKLC +0.08 points	0.23%	0.15%
Darden Restaurants IncDRI	RWLC +0.06 points	0.04%	0.10%
Reddit Inc-Cl ARDDT	RWLC +0.03 points	0.02%	0.05%
Vertex Pharmaceuticals IncVRTX	BKLC +0.03 points	0.22%	0.19%
Uber Technologies IncUBER	RWLC +0.01 points	0.20%	0.21%
Simon Property Group IncSPG	Same weight	0.11%	0.11%
Ross Stores IncROST	Same weight	0.11%	0.11%

All 502 BKLC holdings⁠All 113 RWLC 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 RWLC Cost

Overpaying RWLC vs BKLC

$6,542

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

BKLC 0.00%
$0
RWLC 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

BKLC 0.00%
RWLC 0.32%
Overpaying

Year by year

Year	BKLC	RWLC	Overpaying
10	$0	$580	$580
20	$0	$2,250	$2,250
30	$0	$6,542	$6,542

Expense ratio

0.00%BKLC, cheaper
0.32%RWLC

BKLC0.00%RWLC0.32%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

BKLC cheapest of 29 funds

RWLC 19th cheapest of 29 funds

BKLC vs RWLC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BKLC No data; RWLC 12.79%
Payout (12M): BKLC No data; RWLC $4.88
Last payment: BKLC $0.13; RWLC $4.88
Ex-dividend: BKLC Oct 1, 2026; RWLC Dec 30, 2025
Paid on: BKLC Oct 6, 2026; RWLC Jan 7, 2026
Frequency: BKLC Quarterly; RWLC Annual

Distribution history

Per share, 2020 to 2026, same scale for both

BKLCQuarterly · 20 paymentsAll BKLC payments⁠

RWLCAnnual · 4 paymentsAll RWLC payments⁠

BKLC vs RWLC 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%RWLC 11.1%, better
Return per unit of riskSharpe ratio, 3 years: BKLC 1.37RWLC 1.73, better
Worst fallMax drawdown, 5 years: BKLC −26.2%RWLC −21.0%since Dec 2021
Market sensitivityBeta, 5 years: BKLC 1.02RWLC 0.85; Market = 1

BKLC and RWLC 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 RWLC

In short

Stated mandate

Why people hold it

Worth knowing

How BKLC and RWLC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in RWLC

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 RWLC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in RWLC

Weight gaps