IVV vs TOPC: Grades, Fees and Holdings Compared

iShares Core S&P 500 ETF

IVVANYSE Arca

iShares S&P 500 3% Capped ETF

TOPCBNYSE Arca

Overlap

85.3%by weight

Both track S&P 500 Index

Expense ratio

IVV −0.12pt a year

IVV0.03%TOPC0.15%

Avg volume · 30D

IVV 724.0×the volume

IVV6.23MTOPC8.6K

IVV vs TOPC Performance

Oct 31, 2025 – Oct 30, 2026

+12.1%IVV+13.6%TOPC

Expense ratio: IVV 0.03%, better; TOPC 0.15%
Fund size: IVV $870B; TOPC $33M
1Y total return: IVV +12.1%; TOPC +13.6%, better
Yield (12M): IVV 1.11%, better; TOPC 1.03%
Holdings: IVV 507; TOPC 507
Avg volume (30D): IVV 6.23M sh, better; TOPC 8.6K sh
NAV per share: IVV $758.95; TOPC $34.59
52W range

ETF.net Grade

Pillar letters and Scores for IVV, TOPC, with each pillar’s weight
Pillar	IVV	TOPC
Cost30% weight	A84Higher	D32
Mission25% weight	A100Higher	A97
Risk15% weight	C51Higher	C50
Tradability15% weight	A78Higher	D28
Holdings10% weight	B55	A77Higher
Durability5% weight	A86Higher	C46

Rank among S&P 500 funds

How we build Categories ›

Same Category. IVV and TOPC are both graded against the same 14 S&P 500 funds, so their Grades compare head to head.

S&P 500⁠

Category · 14 funds

See all 14 ›

IVV ranks 2nd and TOPC 9th of 14 funds in the S&P 500 Category.

Rank 1ASPYMState Street SPDR Portfolio S&P 500 ETFScore 82
Rank 2AIVViShares Core S&P 500 ETFScore 79
Rank 3AVOOVanguard S&P 500 ETFScore 74
Rank 8BSPXDXtrackers S&P 500 Diversified Sector Weight ETFScore 57
Rank 9BTOPCiShares S&P 500 3% Capped ETFScore 55
Rank 10CSPYXState Street SPDR S&P 500 Fossil Fuel Reserves Free ETFScore 53

Our read on each fund

ETF.net Research

IVVAiShares Core S&P 500 ETF

TOPCBiShares S&P 500 3% Capped ETF

In short

IVV The 2000-vintage iShares take on the S&P 500, now a $100B-plus cornerstone holding: roughly 500 large US companies, 0.03% a year, and tracking that stays tight to the index.

TOPC The S&P 500 with a governor on its biggest engines. Same roughly 500 companies, but at each quarterly rebalance no single stock is allowed past 3% of the index. A middle lane between straight cap weighting and equal weight.

Stated mandate

IVV The fund seeks to track the investment results of an index made up of large-capitalization U.S. equities.

TOPC The fund seeks to track an index of S&P 500 companies while limiting each company's index weight to 3%.

Why people hold it

IVV Costs 0.03% a year, a fraction of the typical fee among S&P 500 trackers, and undercuts the category's founding fund (SPY, 0.09%) on the same index.
Tracking is the whole job, and it does it about as tightly as this peer group gets: roughly 500 large US companies, no manager discretion bolted on.
A $100B-plus fund that trades heavily all session, which is what keeps bid-ask spreads thin for retail-sized orders and institutional blocks alike.
Running since 2000 as a registered open-end fund, with quarterly distributions and one of the longest live records in the S&P 500 aisle.ishares.com

TOPC One rule does all the work: at each quarterly rebalance no company may exceed a 3% index weight, so a handful of megacaps cannot set the tone for the whole portfolio.indexologyblog.com ishares.com
Costs less than the equal-weight route (0.15% versus RSP's 0.20%) and keeps cap weighting intact below the ceiling rather than flattening every name to the same size.
No black box. Roughly 500 familiar large caps, a published capping rule from S&P you can check yourself, and cash paid out quarterly.spglobal.com

Worth knowing

IVV Pure US large cap. No mid caps, no small caps, nothing overseas, so it works as one slab of a portfolio rather than the whole thing.
It rides the index in both directions: when the S&P 500 has an ugly year, this has the same ugly year, minus the fee.
A near-identical rival shaves a basis point (SPYM at 0.02%). On $10,000 that gap is about a dollar a year, so structure and trading habits matter more.

TOPC The ceiling has a price tag: 0.15% a year, while plain S&P 500 trackers like SPYM, VOO and IVV charge 0.02% to 0.03%.
Launched in 2025, still small and thinly traded. That combination typically means wider bid-ask spreads than the household-name S&P 500 funds.
The 3% limit is applied at quarterly rebalances, not continuously, so a fast-rising giant can drift above 3% between reset dates.indexologyblog.com

Full IVV profile⁠

Full TOPC profile⁠

IVV vs TOPC Holdings

How IVV and TOPC differ

Overlap by weight

85.3%

Shared holdings make up 100% of IVV and 100% of TOPC.

Level by level

Holdings504 in both85.3%
Asset classEquity100%
Countryby domicile99.9%

Sector

No Sector split for TOPC.

Country, concentration and asset class

Country by domicile

Country weights in IVV and TOPC, widest gap first
Country	More in IVVMore in TOPC	IVV	TOPC
United States	IVV +0.2 points	99.5%	99.4%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	TOPC +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IVV37.3%
TOPC25.2%

Securities held

IVV504
TOPC504

Asset class

IVV: Equity
TOPC: Equity

Holdings

Only in IVV0
In both504
Only in TOPC0

Only in IVV

0 securities, 0.0% of IVV by weight

Only in TOPC

0 securities, 0.0% of TOPC by weight

Weight gaps

The 100 widest of 504 Holdings in both funds.

Holding weights in IVV and TOPC, widest gap first
Holding	More in IVVMore in TOPC	IVV	TOPC
NVIDIANVDA	IVV +4.83 points	7.58%	2.75%
AppleAAPL	IVV +4.42 points	7.70%	3.28%
MicrosoftMSFT	IVV +2.74 points	5.93%	3.19%
Alphabet Class AGOOGL	IVV +1.10 points	2.51%	1.41%
Alphabet Class CGOOG	IVV +0.88 points	2.02%	1.14%
Amazon.com IncAMZN	IVV +0.75 points	3.61%	2.86%
Meta Platforms Class AMETA	TOPC +0.43 points	2.08%	2.51%
Eli LillyLLY	TOPC +0.36 points	1.74%	2.10%
Tesla IncTSLA	TOPC +0.36 points	1.72%	2.08%
Berkshire Hathaway Inc Class BBRK.B	TOPC +0.32 points	1.55%	1.87%
Micron TechnologyMU	TOPC +0.32 points	1.53%	1.85%
Broadcom IncAVGO	TOPC +0.32 points	2.37%	2.69%
JPMorgan Chase & CoJPM	TOPC +0.29 points	1.37%	1.66%
Advanced Micro DevicesAMD	TOPC +0.26 points	1.26%	1.52%
Exxonmobil Holdings CorpXOM	TOPC +0.24 points	1.18%	1.42%
Visa Class AV	TOPC +0.22 points	1.08%	1.30%
Johnson & JohnsonJNJ	TOPC +0.21 points	1.01%	1.22%
WalmartWMT	TOPC +0.18 points	0.84%	1.02%
AbbVieABBV	TOPC +0.16 points	0.80%	0.96%
Mastercard Class AMA	TOPC +0.16 points	0.79%	0.95%
ChevronCVX	TOPC +0.15 points	0.71%	0.86%
Costco Wholesale CorpCOST	TOPC +0.14 points	0.69%	0.83%
Palantir Technologies Class APLTR	TOPC +0.13 points	0.65%	0.78%
Cisco Systems IncCSCO	TOPC +0.13 points	0.63%	0.76%
Procter & GamblePG	TOPC +0.12 points	0.57%	0.69%
Merck & Co IncMRK	TOPC +0.12 points	0.56%	0.68%
UnitedHealth GroupUNH	TOPC +0.12 points	0.56%	0.68%
Coca-ColaKO	TOPC +0.11 points	0.56%	0.67%
Home DepotHD	TOPC +0.11 points	0.50%	0.61%
Philip Morris InternationalPM	TOPC +0.10 points	0.50%	0.60%
Intel CorporationINTC	TOPC +0.10 points	0.50%	0.60%
Bank of AmericaBAC	TOPC +0.10 points	0.50%	0.60%
Ge AerospaceGE	TOPC +0.10 points	0.48%	0.58%
Applied Material IncAMAT	TOPC +0.10 points	0.47%	0.57%
Lam ResearchLRCX	TOPC +0.09 points	0.46%	0.55%
Palo Alto NetworksPANW	TOPC +0.09 points	0.46%	0.55%
Caterpillar IncCAT	TOPC +0.09 points	0.44%	0.53%
Texas InstrumentTXN	TOPC +0.09 points	0.42%	0.51%
RtxRTX	TOPC +0.09 points	0.41%	0.50%
Goldman Sachs GroupGS	TOPC +0.08 points	0.40%	0.48%
NetflixNFLX	TOPC +0.08 points	0.40%	0.48%
Crowdstrike Holdings Class ACRWD	TOPC +0.08 points	0.39%	0.47%
Amgen IncAMGN	TOPC +0.08 points	0.39%	0.47%
Thermo Fisher ScientificTMO	TOPC +0.09 points	0.39%	0.48%
Wells FargoWFC	TOPC +0.08 points	0.39%	0.47%
International Business Machines CoIBM	TOPC +0.08 points	0.37%	0.45%
Linde PLCLIN	TOPC +0.08 points	0.36%	0.44%
Ge VernovaGEV	TOPC +0.07 points	0.35%	0.42%
OracleORCL	TOPC +0.07 points	0.35%	0.42%
Morgan StanleyMS	TOPC +0.07 points	0.34%	0.41%
Gilead SciencesGILD	TOPC +0.07 points	0.32%	0.39%
CitigroupC	TOPC +0.07 points	0.31%	0.38%
KlaKLAC	TOPC +0.06 points	0.32%	0.38%
Analog DevicesADI	TOPC +0.07 points	0.31%	0.38%
Amphenol Corp Class AAPH	TOPC +0.06 points	0.30%	0.36%
Walt DisneyDIS	TOPC +0.06 points	0.29%	0.35%
SalesforceCRM	TOPC +0.06 points	0.29%	0.35%
PepsicoPEP	TOPC +0.06 points	0.29%	0.35%
Verizon Communications IncVZ	TOPC +0.06 points	0.28%	0.34%
ConocophillipsCOP	TOPC +0.06 points	0.28%	0.34%
Abbott LaboratoriesABT	TOPC +0.06 points	0.28%	0.34%
Mcdonalds CorpMCD	TOPC +0.06 points	0.28%	0.34%
Union PacificUNP	TOPC +0.05 points	0.28%	0.33%
Arista NetworksANET	TOPC +0.06 points	0.27%	0.33%
QualcommQCOM	TOPC +0.06 points	0.27%	0.33%
PfizerPFE	TOPC +0.05 points	0.27%	0.32%
Nextera EnergyNEE	TOPC +0.05 points	0.27%	0.32%
DeereDE	TOPC +0.05 points	0.26%	0.31%
Marvell TechnologyMRVL	TOPC +0.06 points	0.26%	0.32%
SandiskSNDK	TOPC +0.05 points	0.26%	0.31%
BlackRockBLK	TOPC +0.06 points	0.25%	0.31%
WelltowerWELL	TOPC +0.05 points	0.26%	0.31%
American ExpressAXP	TOPC +0.05 points	0.26%	0.31%
Accenture PLC Class AACN	TOPC +0.05 points	0.24%	0.29%
Intuitive SurgicalISRG	TOPC +0.05 points	0.23%	0.28%
TjxTJX	TOPC +0.05 points	0.24%	0.29%
Medtronic PLCMDT	TOPC +0.05 points	0.18%	0.23%
Seagate Technology Holdings PLCSTX	TOPC +0.05 points	0.22%	0.27%
DanaherDHR	TOPC +0.05 points	0.22%	0.27%
AT&TT	TOPC +0.05 points	0.22%	0.27%
Eaton PLCETN	TOPC +0.05 points	0.22%	0.27%
Charles SchwabSCHW	TOPC +0.04 points	0.22%	0.26%
Vertex PharmaceuticalsVRTX	TOPC +0.04 points	0.22%	0.26%
S&P GlobalSPGI	TOPC +0.04 points	0.22%	0.26%
BoeingBA	TOPC +0.04 points	0.21%	0.25%
ProgressivePGR	TOPC +0.04 points	0.21%	0.25%
Uber TechnologiesUBER	TOPC +0.05 points	0.20%	0.25%
Western Digital CorpWDC	TOPC +0.04 points	0.20%	0.24%
Altria Group IncMO	TOPC +0.04 points	0.20%	0.24%
ChubbCB	TOPC +0.04 points	0.20%	0.24%
Dell Technologies Inc Class CDELL	TOPC +0.04 points	0.20%	0.24%
Bristol Myers SquibbBMY	TOPC +0.04 points	0.20%	0.24%
Lockheed MartinLMT	TOPC +0.04 points	0.20%	0.24%
Marathon PetroleumMPC	TOPC +0.04 points	0.19%	0.23%
Capital One Financial CorpCOF	TOPC +0.04 points	0.19%	0.23%
Prologis ReitPLD	TOPC +0.03 points	0.19%	0.22%
Starbucks CorpSBUX	TOPC +0.04 points	0.18%	0.22%
Lowes Companies IncLOW	TOPC +0.04 points	0.18%	0.22%
Mckesson CorpMCK	TOPC +0.03 points	0.18%	0.21%
Parker-HannifinPH	TOPC +0.04 points	0.17%	0.21%

All 505 IVV holdings⁠All 504 TOPC 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.

IVV vs TOPC Cost

Overpaying TOPC vs IVV

$2,499

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

IVV 0.03%
$638
TOPC 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

IVV 0.03%
TOPC 0.15%
Overpaying

Year by year

Year	IVV	TOPC	Overpaying
10	$55	$274	$219
20	$216	$1,071	$855
30	$638	$3,137	$2,499

Expense ratio

0.03%IVV, cheaper
0.15%TOPC

IVV0.03%TOPC0.15%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

IVV 2nd cheapest of 14 funds

TOPC 10th cheapest of 14 funds

IVV vs TOPC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVV 1.11%, better; TOPC 1.03%
Payout (12M): IVV $8.40; TOPC $0.36
Last payment: IVV $2.20; TOPC $0.10
Ex-dividend: IVV Sep 15, 2026; TOPC Sep 15, 2026
Paid on: IVV Sep 18, 2026; TOPC Sep 18, 2026
Frequency: IVV Quarterly; TOPC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IVVQuarterly · 40 paymentsAll IVV payments⁠

TOPCQuarterly · 6 paymentsAll TOPC payments⁠

IVV vs TOPC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVV 12.3%TOPC 10.8%since May 2025
Return per unit of riskSharpe ratio, 3 years: IVV 1.42TOPC 1.60since May 2025
Worst fallMax drawdown, 5 years: IVV −24.5%TOPC −8.0%since Apr 2025
Market sensitivityBeta, 5 years: IVV 1.00TOPC 0.90; Market = 1

IVV and TOPC in the news

All news⁠

New ETFs
C.J. Lawrence's new 0.75% ETF hedges a band J.P. Morgan already covers at 0.50%
10 hours agoIVV
Best ETFs
The best S&P 500 ETF costs 0.02%. Equal weight is a different bet
Updated Nov 2, 2026IVV
Deep Dive
SPY vs. SPYM, VOO, and IVV: Why SPY trails cheaper S&P 500 ETFs
Oct 29, 2026IVV
Head-to-Head
VOO and IVV own the same S&P 500 stocks at the same fee
Oct 23, 2026IVV
Head-to-Head
Own iShares Core S&P 500 ETF, IVV, unless you want the heavier growth bet in Vanguard Morningstar Growth ETF, VUG
Oct 16, 2026IVV
Deep Dive
VOO shares its portfolio with other Vanguard 500 index fund share classes
Oct 10, 2026IVV

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IVV vs TOPC

In short

Stated mandate

Why people hold it