SPYM vs TOPC: Grades, Fees and Holdings Compared

State Street SPDR Portfolio S&P 500 ETF

SPYMANYSE Arca

iShares S&P 500 3% Capped ETF

TOPCBNYSE Arca

Overlap

85.0%by weight

Both track S&P 500 Index

Expense ratio

SPYM −0.13pt a year

SPYM0.02%TOPC0.15%

Avg volume · 30D

SPYM 1393.7×the volume

SPYM12MTOPC8.6K

SPYM vs TOPC Performance

Oct 31, 2025 – Oct 30, 2026

+12.1%SPYM+13.6%TOPC

Expense ratio: SPYM 0.02%, better; TOPC 0.15%
Fund size: SPYM $185B; TOPC $33M
1Y total return: SPYM +12.1%; TOPC +13.6%, better
Yield (12M): SPYM 1.02%; TOPC 1.03%, better
Holdings: SPYM 507; TOPC 507
Avg volume (30D): SPYM 12M sh, better; TOPC 8.6K sh
NAV per share: SPYM $90.57; TOPC $34.59
52W range

ETF.net Grade

Pillar letters and Scores for SPYM, TOPC, with each pillar’s weight
Pillar	SPYM	TOPC
Cost30% weight	A99Higher	D32
Mission25% weight	A100Higher	A97
Risk15% weight	C51Higher	C50
Tradability15% weight	B69Higher	D28
Holdings10% weight	B56	A77Higher
Durability5% weight	A79Higher	C46

Rank among S&P 500 funds

How we build Categories ›

Same Category. SPYM 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 ›

SPYM ranks 1st 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 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

SPYMAState Street SPDR Portfolio S&P 500 ETF

TOPCBiShares S&P 500 3% Capped ETF

In short

SPYM State Street's budget-priced S&P 500 tracker: the same 500 large caps as its famous sibling, for 0.02% a year, the lowest fee in its S&P 500 peer group. Running since 2005 and now one of the category's giants.

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

SPYM The fund seeks to track the total return of the S&P 500 Index before fees and expenses, providing broad exposure to U.S. large-cap 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

SPYM 0.02% a year, the cheapest fee in its S&P 500 cohort, against a 0.15% median for the group. Two dollars a year per $10,000 invested.
Same S&P 500 index as State Street's flagship SPY (0.09%), for a fraction of the fee, and a basis point under VOO and IVV.
Tracks the index tightly: gaps between fund and benchmark are among the smallest in its peer group, which is the whole job of an index wrapper.
Live since 2005, now one of the largest and most heavily traded funds in the category. Distributions land quarterly.

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

SPYM The S&P 500 is cap-weighted, so the biggest US companies drive most of the move. Equal-weight takes on the same index (RSP) spread that bet differently.
About 500 US large caps and nothing else: no mid caps, no small caps, no international.
The fee edge over VOO and IVV is one basis point. Same index, so trading costs and platform access matter as much as the sticker fee.

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 SPYM profile⁠

Full TOPC profile⁠

SPYM vs TOPC Holdings

How SPYM and TOPC differ

Overlap by weight

85.0%

Shared holdings make up 99.9% of SPYM and 99.7% of TOPC.

Level by level

Holdings503 in both85.0%
Asset classEquity100%
Countryby domicile99.9%

Sector

No Sector split for TOPC.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

SPYM37.4%
TOPC25.2%

Securities held

SPYM506
TOPC504

Asset class

SPYM: Equity
TOPC: Equity

Holdings

Only in SPYM3
In both503
Only in TOPC1

Only in SPYM

3 securities, 0.0% of SPYM by weight

S+P500 Emini Fut DEC26<0.01%
Contra Hologic Incorpo0.00%
Contra Walgreens Boots0.00%

Only in TOPC

1 security, 0.0% of TOPC by weight

Hologic Inc0.00%

Weight gaps

The 100 widest of 503 Holdings in both funds.

Holding weights in SPYM and TOPC, widest gap first
Holding	More in SPYMMore in TOPC	SPYM	TOPC
NVIDIA CorpNVDA	SPYM +5.02 points	7.77%	2.75%
Apple IncAAPL	SPYM +4.37 points	7.65%	3.28%
Microsoft CorpMSFT	SPYM +2.73 points	5.92%	3.19%
Alphabet Inc Class AGOOGL	SPYM +1.09 points	2.50%	1.41%
Alphabet Inc Class CGOOG	SPYM +0.88 points	2.02%	1.14%
Amazon.com IncAMZN	SPYM +0.74 points	3.60%	2.86%
Eli Lilly & CoLLY	TOPC +0.45 points	1.65%	2.10%
Meta Platforms Inc Class AMETA	TOPC +0.44 points	2.07%	2.51%
Tesla IncTSLA	TOPC +0.37 points	1.71%	2.08%
Berkshire Hathaway Inc Class BBRK.B	TOPC +0.35 points	1.52%	1.87%
Exxonmobil Holdings CorpXOM	TOPC +0.29 points	1.13%	1.42%
JPMorgan Chase & CoJPM	TOPC +0.29 points	1.37%	1.66%
Micron Technology IncMU	TOPC +0.26 points	1.59%	1.85%
Visa Inc Class A SharesV	TOPC +0.25 points	1.05%	1.30%
Broadcom IncAVGO	TOPC +0.22 points	2.47%	2.69%
Johnson & JohnsonJNJ	TOPC +0.22 points	1.00%	1.22%
Walmart IncWMT	TOPC +0.21 points	0.81%	1.02%
AbbVie IncABBV	TOPC +0.19 points	0.77%	0.96%
Mastercard Inc AMA	TOPC +0.18 points	0.77%	0.95%
Chevron CorpCVX	TOPC +0.17 points	0.69%	0.86%
Costco Wholesale CorpCOST	TOPC +0.17 points	0.66%	0.83%
Merck & Co. Inc.MRK	TOPC +0.14 points	0.54%	0.68%
Advanced Micro DevicesAMD	TOPC +0.13 points	1.39%	1.52%
Coca Cola Co/TheKO	TOPC +0.13 points	0.54%	0.67%
Procter & Gamble Co/ThePG	TOPC +0.13 points	0.56%	0.69%
UnitedHealth Group IncUNH	TOPC +0.13 points	0.55%	0.68%
Cisco Systems IncCSCO	TOPC +0.12 points	0.64%	0.76%
Home Depot IncHD	TOPC +0.12 points	0.49%	0.61%
Philip Morris InternationalPM	TOPC +0.11 points	0.49%	0.60%
Palantir Technologies Inc APLTR	TOPC +0.10 points	0.68%	0.78%
Bank of America CorpBAC	TOPC +0.10 points	0.50%	0.60%
Rtx CorpRTX	TOPC +0.10 points	0.40%	0.50%
Amgen IncAMGN	TOPC +0.10 points	0.37%	0.47%
General ElectricGE	TOPC +0.09 points	0.49%	0.58%
Netflix IncNFLX	TOPC +0.09 points	0.39%	0.48%
Linde PLCLIN	TOPC +0.09 points	0.35%	0.44%
Palo Alto Networks IncPANW	TOPC +0.08 points	0.47%	0.55%
Intl Business Machines CorpIBM	TOPC +0.08 points	0.37%	0.45%
Intel CorpINTC	SPYM +0.09 points	0.69%	0.60%
Gilead Sciences IncGILD	TOPC +0.08 points	0.31%	0.39%
Caterpillar IncCAT	TOPC +0.08 points	0.45%	0.53%
Thermo Fisher Scientific IncTMO	TOPC +0.09 points	0.39%	0.48%
Wells Fargo & CoWFC	TOPC +0.08 points	0.39%	0.47%
Texas Instruments IncTXN	TOPC +0.08 points	0.43%	0.51%
Goldman Sachs Group IncGS	TOPC +0.07 points	0.41%	0.48%
Lam Research CorpLRCX	TOPC +0.07 points	0.48%	0.55%
Crowdstrike Holdings Inc ACRWD	TOPC +0.07 points	0.40%	0.47%
Pepsico IncPEP	TOPC +0.08 points	0.27%	0.35%
ConocophillipsCOP	TOPC +0.07 points	0.27%	0.34%
Verizon Communications IncVZ	TOPC +0.07 points	0.27%	0.34%
Applied Materials IncAMAT	TOPC +0.07 points	0.50%	0.57%
Abbott LaboratoriesABT	TOPC +0.07 points	0.27%	0.34%
Morgan StanleyMS	TOPC +0.07 points	0.34%	0.41%
Ge Vernova IncGEV	TOPC +0.06 points	0.36%	0.42%
Walt Disney Co/TheDIS	TOPC +0.06 points	0.29%	0.35%
Deere & CoDE	TOPC +0.06 points	0.25%	0.31%
Pfizer IncPFE	TOPC +0.06 points	0.26%	0.32%
Nextera Energy IncNEE	TOPC +0.06 points	0.26%	0.32%
Accenture PLC Class AACN	TOPC +0.06 points	0.23%	0.29%
Union Pacific CorpUNP	TOPC +0.06 points	0.27%	0.33%
McDonald’s CorpMCD	TOPC +0.07 points	0.27%	0.34%
Citigroup IncC	TOPC +0.06 points	0.32%	0.38%
Salesforce IncCRM	TOPC +0.07 points	0.28%	0.35%
Welltower IncWELL	TOPC +0.06 points	0.25%	0.31%
Analog Devices IncADI	TOPC +0.06 points	0.32%	0.38%
Amphenol Corp Class AAPH	TOPC +0.06 points	0.30%	0.36%
Vertex Pharmaceuticals IncVRTX	TOPC +0.05 points	0.21%	0.26%
At+t IncT	TOPC +0.05 points	0.22%	0.27%
Oracle CorpORCL	TOPC +0.06 points	0.36%	0.42%
American Express CoAXP	TOPC +0.05 points	0.26%	0.31%
BlackRock IncBLK	TOPC +0.06 points	0.25%	0.31%
Kla CorpKLAC	TOPC +0.05 points	0.33%	0.38%
Tjx Companies IncTJX	TOPC +0.06 points	0.23%	0.29%
S+p Global IncSPGI	TOPC +0.05 points	0.21%	0.26%
Medtronic PLCMDT	TOPC +0.05 points	0.18%	0.23%
Marathon Petroleum CorpMPC	TOPC +0.05 points	0.18%	0.23%
Regeneron PharmaceuticalsREGN	TOPC +0.05 points	0.12%	0.17%
Altria Group IncMO	TOPC +0.05 points	0.19%	0.24%
Bristol Myers Squibb CoBMY	TOPC +0.05 points	0.19%	0.24%
Progressive CorpPGR	TOPC +0.05 points	0.20%	0.25%
Danaher CorpDHR	TOPC +0.05 points	0.22%	0.27%
Valero Energy CorpVLO	TOPC +0.04 points	0.17%	0.21%
Schwab (Charles) CorpSCHW	TOPC +0.04 points	0.22%	0.26%
Chubb LtdCB	TOPC +0.05 points	0.19%	0.24%
Boeing Co/TheBA	TOPC +0.04 points	0.21%	0.25%
Phillips 66PSX	TOPC +0.05 points	0.16%	0.21%
Automatic Data ProcessingADP	TOPC +0.05 points	0.17%	0.22%
Uber Technologies IncUBER	TOPC +0.05 points	0.20%	0.25%
Intuitive Surgical IncISRG	TOPC +0.04 points	0.24%	0.28%
Mckesson CorpMCK	TOPC +0.04 points	0.17%	0.21%
Lowe’s Cos IncLOW	TOPC +0.05 points	0.17%	0.22%
Lockheed Martin CorpLMT	TOPC +0.04 points	0.20%	0.24%
Prologis IncPLD	TOPC +0.04 points	0.18%	0.22%
Cme Group IncCME	TOPC +0.04 points	0.16%	0.20%
Capital One Financial CorpCOF	TOPC +0.04 points	0.19%	0.23%
Cvs Health CorpCVS	TOPC +0.04 points	0.17%	0.21%
Southern Co/TheSO	TOPC +0.04 points	0.16%	0.20%
Starbucks CorpSBUX	TOPC +0.04 points	0.18%	0.22%
Intercontinental Exchange InICE	TOPC +0.04 points	0.14%	0.18%
Arista Networks IncANET	TOPC +0.04 points	0.29%	0.33%

All 505 SPYM 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.

SPYM vs TOPC Cost

Overpaying TOPC vs SPYM

$2,711

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

SPYM 0.02%
$426
TOPC 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

SPYM 0.02%
TOPC 0.15%
Overpaying

Year by year

Year	SPYM	TOPC	Overpaying
10	$37	$274	$237
20	$144	$1,071	$927
30	$426	$3,137	$2,711

Expense ratio

0.02%SPYM, cheaper
0.15%TOPC

SPYM0.02%TOPC0.15%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

SPYM cheapest of 14 funds

TOPC 10th cheapest of 14 funds

SPYM vs TOPC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPYM 1.02%; TOPC 1.03%, better
Payout (12M): SPYM $0.91; TOPC $0.36
Last payment: SPYM $0.24; TOPC $0.10
Ex-dividend: SPYM Sep 11, 2026; TOPC Sep 15, 2026
Paid on: SPYM Sep 15, 2026; TOPC Sep 18, 2026
Frequency: SPYM Quarterly; TOPC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPYMQuarterly · 39 paymentsAll SPYM payments⁠

TOPCQuarterly · 6 paymentsAll TOPC payments⁠

SPYM vs TOPC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPYM 12.3%TOPC 10.8%since May 2025
Return per unit of riskSharpe ratio, 3 years: SPYM 1.42TOPC 1.60since May 2025
Worst fallMax drawdown, 5 years: SPYM −24.5%TOPC −8.0%since Apr 2025
Market sensitivityBeta, 5 years: SPYM 1.01TOPC 0.90; Market = 1

SPYM and TOPC 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, 2026SPYM
Deep Dive
SPY vs. SPYM, VOO, and IVV: Why SPY trails cheaper S&P 500 ETFs
Oct 29, 2026SPYM
Head-to-Head
SPYM leads IWF by 9.4 percentage points in 2026. They are not the same bet
Oct 21, 2026SPYM
Deep Dive
SPY trailed the S&P 500 by 0.14 percentage points over the past year, more than triple the gap at cheaper rivals
Oct 13, 2026SPYM
Deep Dive
VOO shares its portfolio with other Vanguard 500 index fund share classes
Oct 10, 2026SPYM
Best ETFs
The cheap S&P 500 funds tied this year. Equal weight did not.
Updated Oct 2, 2026SPYM

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