BKLC vs XMAG: Grades, Fees and Holdings Compared

BNY Mellon US Large Cap Core Equity ETF

BKLCANYSE Arca

Large Cap Ex-Mag 7 ETF

XMAGBNasdaq

Overlap

64.5%by weight

Expense ratio

BKLC −0.35pt a year

BKLC0.00%XMAG0.35%

Avg volume · 30D

BKLC 9.1×the volume

BKLC643KXMAG70.9K

BKLC vs XMAG Performance

Nov 7, 2025 – Nov 9, 2026

+12.5%BKLC+16.1%XMAG

Expense ratio: BKLC 0.00%, better; XMAG 0.35%
Fund size: BKLC $6.75B; XMAG $199M
1Y total return: BKLC +12.5%; XMAG +16.1%, better
Yield (12M): BKLC No data; XMAG 0.45%
Holdings: BKLC 506; XMAG 493
Avg volume (30D): BKLC 643K sh, better; XMAG 70.9K sh
NAV per share: BKLC $46.90; XMAG $24.84
52W range

ETF.net Grade

Pillar letters and Scores for BKLC, XMAG, with each pillar’s weight
Pillar	BKLC	XMAG
Cost30% weight	A100Higher	D30
Mission25% weight	A100Higher	A96
Risk15% weight	C53	A74Higher
Tradability15% weight	B64Higher	C40
Holdings10% weight	B62	A81Higher
Durability5% weight	A73Higher	C50

Rank among US Large-Cap funds

How we build Categories ›

Same Category. BKLC and XMAG 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 XMAG 14th 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 14BXLGInvesco S&P 500 Top 50 ETFScore 60
Rank 14BXMAGLarge Cap Ex-Mag 7 ETFScore 60
Rank 17BDSPYTema S&P 500 Historical Weight ETF StrategyScore 58

Our read on each fund

ETF.net Research

BKLCABNY Mellon US Large Cap Core Equity ETF

XMAGBLarge Cap Ex-Mag 7 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%.

XMAG The large-cap 500 with the seven biggest names cut out. Defiance built XMAG for investors who want broad US exposure without Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla setting the tone.

Stated mandate

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

XMAG The Fund seeks to track, before fees and expenses, the performance of the BITA US 500 ex-Magnificent 7 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.

XMAG Does in one ticker what used to take manual workarounds: roughly 500 large US companies with the Magnificent 7 screened out by index rule.defianceetfs.com
Defiance launched it in 2024 as the first ETF built around S&P 500-style exposure minus the Mag 7, and it remains the recognizable name in that niche.defianceetfs.com
Rules-based plumbing: free-float market-cap weights, quarterly rebalances, and tracking that has stayed close to the index.defianceetfs.com

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

XMAG At 0.35% a year it runs well above the roughly 0.14% typical of large-cap peers, and cheap core options like SCHX and VV charge 0.03%.
Leaving out the seven largest companies is a real stance: when megacap tech drives the market, this portfolio simply is not in that part of it.defianceetfs.com
A 2024 launch means a short live record, and the asset base is modest next to the index giants it sits beside.

Full BKLC profile⁠

Full XMAG profile⁠

BKLC vs XMAG Holdings

How BKLC and XMAG differ

Overlap by weight

64.5%

Shared holdings make up 97.8% of XMAG and 64.6% of BKLC.

Level by level

Holdings445 in both64.5%
Sector11 Sectors76.2%
Asset classStocks100%
Countryby domicile99.6%

Sector

Sector weights in BKLC and XMAG, widest gap first
Sector	Gap	BKLC	XMAG
Technology	BKLC +14.1 points	36.4%	22.3%
Financials	XMAG +6.6 points	12.1%	18.7%
Communication	BKLC +5.7 points	9.0%	3.3%
Health Care	XMAG +5.8 points	10.6%	16.4%
Consumer Discretionary	BKLC +3.9 points	9.8%	5.9%
Industrials	XMAG +3.5 points	8.0%	11.5%
Consumer Staples	XMAG +3.1 points	4.9%	8.0%
Energy	XMAG +2.0 points	3.6%	5.6%
Utilities	XMAG +1.1 points	2.1%	3.2%
Real Estate	XMAG +1.1 points	1.7%	2.8%
Materials	XMAG +0.7 points	1.8%	2.5%

Country, concentration and asset class

Country by domicile

Country weights in BKLC and XMAG, widest gap first
Country	Gap	BKLC	XMAG
United States	BKLC +0.2 points	99.3%	99.1%
Switzerland	XMAG +0.2 points	0.3%	0.5%
United Kingdom	XMAG +0.1 points	0.1%	0.2%
China	Same weight	0.1%	0.1%
Brazil	BKLC +0.1 points	0.1%	0.0%
Peru	XMAG +0.1 points	0.0%	0.1%
Mexico	XMAG +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
Other countries (3)	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BKLC37.2%
XMAG19.1%

Securities held

BKLC505
XMAG492

Asset class

BKLC: Stocks
XMAG: Stocks

Holdings

Only in BKLC60
In both445
Only in XMAG47

Only in BKLC

60 securities, 35.4% of BKLC by weight

Apple Inc7.69%
NVIDIA Corp6.76%
Microsoft Corp6.08%
Amazon.com Inc3.91%
Alphabet Inc-Cl A2.58%
Alphabet Inc-Cl C2.29%
Meta Platforms Inc-Class A2.10%
Tesla Inc1.82%
Space Exploration Techn-Cl A0.38%
Trane Technologies PLC0.14%
Mercadolibre Inc0.11%
Nxp Semiconductors NV0.10%
Crh PLC0.09%
Dreyfus Institutional Preferred Government Money M0.08%
Honeywell Aerospace Inc0.08%
Ferguson Enterprises Inc0.07%
Vivmark Residential0.07%
Cboe Global Markets Inc0.06%
Arch Capital Group Ltd0.05%
Sunbelt Rentals Holdings Inc0.05%
Net Current Assets0.04%
Steris PLC0.04%
Aercap Holdings NV0.04%
Smurfit Westrock PLC0.04%
Qnity Electronics Inc0.04%
Fox Corp - Class A0.04%
Royal Gold Inc0.03%
United Therapeutics Corp0.03%
Reliance Inc0.03%
Heico Corp0.03%
Amrize Ltd0.03%
Viking Holdings Ltd0.03%
Woodward Inc0.03%
Everest Group Ltd0.03%
Rubrik Inc-A0.03%
F5 Inc0.03%
Ralph Lauren Corp0.02%
Medline Inc-Cl A0.02%
C.h. Robinson Worldwide Inc0.02%
Fedex Freight Holding Co0.02%
Samsara Inc-Cl A0.02%
Tradeweb Markets Inc-Class A0.02%
Bunge Global SA0.02%
Echostar Corp-A0.02%
Mks Inc0.02%
Tko Group Holdings Inc0.02%
Fabrinet0.02%
Carlyle Group Inc/The0.02%
Bending Spoons Spa0.02%
Draftkings Inc-Cl A0.02%

Only in XMAG

47 securities, 2.1% of XMAG by weight

First American Government Obligations Fund 12/01/20310.22%
Trane Technologies PLC0.21%
Spotify Technology SA0.20%
Steris PLC0.06%
Credicorp Ltd0.06%
Coca-Cola Europacific Partners PLC0.06%
Viatris Inc0.05%
PTC Inc0.05%
Best Buy Co Inc0.05%
Ball Corp0.04%
Stanley Black & Decker Inc0.04%
CF Industries Holdings Inc0.04%
Masco Corp0.04%
Host Hotels & Resorts Inc0.04%
Gen Digital Inc0.04%
Leidos Holdings Inc0.04%
IDEX Corp0.04%
Tyler Technologies Inc0.04%
GoDaddy Inc0.04%
Bunge Global SA0.04%
Weyerhaeuser Co0.04%
Annaly Capital Management Inc0.03%
WP Carey Inc0.03%
TransUnion0.03%
Textron Inc0.03%
Carlisle Cos Inc0.03%
Healthpeak Properties Inc.0.03%
Avery Dennison Corp0.03%
Regency Centers Corp0.03%
CNA Financial Corp0.03%
Trimble Inc0.03%
CoStar Group Inc0.03%
Guidewire Software Inc0.03%
McCormick & Co Inc/MD0.03%
Deckers Outdoor Corp0.03%
Akamai Technologies Inc0.03%
Cooper Cos Inc/The0.03%
Equity LifeStyle Properties Inc0.03%
UDR Inc0.03%
Clorox Co/The0.03%
Lennox International Inc0.02%
Burlington Stores Inc0.02%
Grab Holdings Ltd0.02%
Corteva Inc0.02%
Hormel Foods Corp0.02%
Sterling Infrastructure Inc0.02%
Fidelity National Financial Inc0.02%

Weight gaps

The 100 widest of 445 Holdings in both funds.

Holding weights in BKLC and XMAG, widest gap first
Holding	Gap	BKLC	XMAG
Eli Lilly & CoLLY	XMAG +0.99 points	1.78%	2.77%
JPMorgan Chase & CoJPM	XMAG +0.75 points	1.39%	2.14%
Berkshire Hathaway Inc-Cl BBRK.B	XMAG +0.67 points	1.26%	1.93%
Micron Technology IncMU	XMAG +0.65 points	1.22%	1.87%
Advanced Micro DevicesAMD	XMAG +0.62 points	1.14%	1.76%
Visa Inc-Class A SharesV	XMAG +0.61 points	1.13%	1.74%
Exxonmobil Holdings CorpXOM	XMAG +0.57 points	1.07%	1.64%
Johnson & JohnsonJNJ	XMAG +0.58 points	1.04%	1.62%
Walmart IncWMT	XMAG +0.50 points	0.84%	1.34%
AbbVie IncABBV	XMAG +0.45 points	0.80%	1.25%
Coca-Cola Co/TheKO	XMAG +0.42 points	0.58%	1.00%
Mastercard Inc - AMA	XMAG +0.41 points	0.80%	1.21%
Costco Wholesale CorpCOST	XMAG +0.40 points	0.73%	1.13%
Chevron CorpCVX	XMAG +0.39 points	0.63%	1.02%
Bank of America CorpBAC	XMAG +0.34 points	0.50%	0.84%
Procter & Gamble Co/ThePG	XMAG +0.32 points	0.60%	0.92%
UnitedHealth Group IncUNH	XMAG +0.31 points	0.55%	0.86%
Cisco Systems IncCSCO	XMAG +0.31 points	0.58%	0.89%
Merck & Co. Inc.MRK	XMAG +0.30 points	0.57%	0.87%
General ElectricGE	XMAG +0.29 points	0.52%	0.81%
Home Depot IncHD	XMAG +0.28 points	0.54%	0.82%
Philip Morris InternationalPM	XMAG +0.26 points	0.48%	0.74%
American Express CoAXP	XMAG +0.26 points	0.27%	0.53%
Netflix IncNFLX	XMAG +0.23 points	0.41%	0.64%
Texas Instruments IncTXN	XMAG +0.23 points	0.39%	0.62%
Applied Materials IncAMAT	XMAG +0.22 points	0.41%	0.63%
Wells Fargo & CoWFC	XMAG +0.22 points	0.40%	0.62%
Rtx CorpRTX	XMAG +0.22 points	0.40%	0.62%
Goldman Sachs Group IncGS	XMAG +0.21 points	0.39%	0.60%
Caterpillar IncCAT	XMAG +0.22 points	0.40%	0.62%
Thermo Fisher Scientific IncTMO	XMAG +0.22 points	0.40%	0.62%
Lam Research CorpLRCX	XMAG +0.21 points	0.39%	0.60%
Intel CorpINTC	XMAG +0.21 points	0.40%	0.61%
Amgen IncAMGN	XMAG +0.21 points	0.39%	0.60%
Palo Alto Networks IncPANW	XMAG +0.21 points	0.40%	0.61%
Linde PLCLIN	XMAG +0.20 points	0.37%	0.57%
Intl Business Machines CorpIBM	XMAG +0.20 points	0.36%	0.56%
Morgan StanleyMS	XMAG +0.19 points	0.33%	0.52%
Ge Vernova IncGEV	XMAG +0.18 points	0.32%	0.50%
Gilead Sciences IncGILD	XMAG +0.17 points	0.32%	0.49%
Citigroup IncC	XMAG +0.17 points	0.32%	0.49%
Walt Disney Co/TheDIS	XMAG +0.16 points	0.32%	0.48%
Palantir Technologies Inc-APLTR	XMAG +0.16 points	0.54%	0.70%
Abbott LaboratoriesABT	XMAG +0.16 points	0.29%	0.45%
Mcdonald's CorpMCD	XMAG +0.16 points	0.31%	0.47%
Verizon Communications IncVZ	XMAG +0.16 points	0.30%	0.46%
Pepsico IncPEP	XMAG +0.15 points	0.31%	0.46%
Amphenol Corp-Cl AAPH	XMAG +0.16 points	0.28%	0.44%
Oracle CorpORCL	XMAG +0.16 points	0.32%	0.48%
Crowdstrike Holdings Inc - ACRWD	XMAG +0.16 points	0.34%	0.50%
Kla CorpKLAC	XMAG +0.15 points	0.28%	0.43%
Pfizer IncPFE	XMAG +0.16 points	0.26%	0.42%
Nextera Energy IncNEE	XMAG +0.15 points	0.29%	0.44%
Arista Networks IncANET	XMAG +0.14 points	0.28%	0.42%
Deere & CoDE	XMAG +0.15 points	0.26%	0.41%
Analog Devices IncADI	XMAG +0.15 points	0.27%	0.42%
Welltower IncWELL	XMAG +0.14 points	0.28%	0.42%
Union Pacific CorpUNP	XMAG +0.15 points	0.27%	0.42%
ConocophillipsCOP	XMAG +0.14 points	0.26%	0.40%
Salesforce IncCRM	XMAG +0.14 points	0.27%	0.41%
Qualcomm IncQCOM	XMAG +0.14 points	0.28%	0.42%
Accenture Plc-Cl AACN	XMAG +0.14 points	0.25%	0.39%
Chubb LtdCB	XMAG +0.14 points	0.20%	0.34%
Boeing Co/TheBA	XMAG +0.14 points	0.20%	0.34%
Intuitive Surgical IncISRG	XMAG +0.13 points	0.25%	0.38%
BlackRock IncBLK	XMAG +0.14 points	0.28%	0.42%
AT&T IncT	XMAG +0.13 points	0.23%	0.36%
Lockheed Martin CorpLMT	XMAG +0.13 points	0.20%	0.33%
Schwab (Charles) CorpSCHW	XMAG +0.13 points	0.23%	0.36%
Danaher CorpDHR	XMAG +0.12 points	0.23%	0.35%
Eaton Corp PLCETN	XMAG +0.12 points	0.21%	0.33%
Tjx Companies IncTJX	XMAG +0.12 points	0.23%	0.36%
Booking Holdings IncBKNG	XMAG +0.12 points	0.18%	0.30%
S&P Global IncSPGI	XMAG +0.12 points	0.21%	0.33%
Progressive CorpPGR	XMAG +0.11 points	0.20%	0.31%
Altria Group IncMO	XMAG +0.11 points	0.20%	0.31%
Mckesson CorpMCK	XMAG +0.11 points	0.19%	0.30%
Newmont CorpNEM	XMAG +0.11 points	0.20%	0.31%
Vertex Pharmaceuticals IncVRTX	XMAG +0.11 points	0.22%	0.33%
Broadcom IncAVGO	XMAG +0.11 points	2.15%	2.26%
Lowe's Cos IncLOW	XMAG +0.11 points	0.19%	0.30%
Bristol-Myers Squibb CoBMY	XMAG +0.11 points	0.20%	0.31%
Automatic Data ProcessingADP	XMAG +0.10 points	0.19%	0.29%
Capital One Financial CorpCOF	XMAG +0.11 points	0.19%	0.30%
Medtronic PLCMDT	XMAG +0.10 points	0.21%	0.31%
Starbucks CorpSBUX	XMAG +0.11 points	0.18%	0.29%
Marvell Technology IncMRVL	XMAG +0.11 points	0.19%	0.30%
Prologis IncPLD	XMAG +0.10 points	0.19%	0.29%
Parker Hannifin CorpPH	XMAG +0.10 points	0.18%	0.28%
Stryker CorpSYK	XMAG +0.10 points	0.18%	0.28%
General Dynamics CorpGD	XMAG +0.10 points	0.13%	0.23%
Servicenow IncNOW	XMAG +0.10 points	0.16%	0.26%
Moody's CorpMCO	XMAG +0.10 points	0.12%	0.22%
Marathon Petroleum CorpMPC	XMAG +0.10 points	0.16%	0.26%
Adobe IncADBE	XMAG +0.09 points	0.14%	0.23%
Dell Technologies -CDELL	XMAG +0.09 points	0.15%	0.24%
Valero Energy CorpVLO	XMAG +0.09 points	0.15%	0.24%
Cvs Health CorpCVS	XMAG +0.09 points	0.17%	0.26%
Sandisk CorpSNDK	XMAG +0.09 points	0.19%	0.28%
Cme Group IncCME	XMAG +0.09 points	0.17%	0.26%

All 502 BKLC holdings⁠All 494 XMAG 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 XMAG Cost

Overpaying XMAG vs BKLC

$7,126

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

BKLC 0.00%
$0
XMAG 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

BKLC 0.00%
XMAG 0.35%
Overpaying

Year by year

Year	BKLC	XMAG	Overpaying
10	$0	$634	$634
20	$0	$2,454	$2,454
30	$0	$7,126	$7,126

Expense ratio

0.00%BKLC, cheaper
0.35%XMAG

BKLC0.00%XMAG0.35%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

BKLC cheapest of 29 funds

XMAG 20th cheapest of 29 funds

BKLC vs XMAG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BKLC No data; XMAG 0.45%
Payout (12M): BKLC No data; XMAG $0.12
Last payment: BKLC $0.13; XMAG $0.12
Ex-dividend: BKLC Oct 1, 2026; XMAG Dec 30, 2025
Paid on: BKLC Oct 6, 2026; XMAG Dec 31, 2025
Frequency: BKLC Quarterly; XMAG Irregular

Distribution history

Per share, 2020 to 2026, same scale for both

BKLCQuarterly · 20 paymentsAll BKLC payments⁠

XMAGIrregular · 2 paymentsAll XMAG payments⁠

BKLC vs XMAG 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%XMAG 11.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years: BKLC 1.37XMAG 0.92since Nov 2024
Worst fallMax drawdown, 5 years: BKLC −26.2%XMAG −16.2%since Oct 2024
Market sensitivityBeta, 5 years: BKLC 1.02XMAG 0.80; Market = 1

BKLC and XMAG 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
Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026XMAG

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BKLC vs XMAG

In short

Stated mandate

Why people hold it

Worth knowing

How BKLC and XMAG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in XMAG

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

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

How BKLC and XMAG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BKLC

Only in XMAG

Weight gaps