TOPC vs USPX: Grades, Fees and Holdings Compared

iShares S&P 500 3% Capped ETF

TOPCBNYSE Arca

Franklin U.S. Equity Index ETF

USPXANYSE Arca

Overlap

80.9%by weight

Expense ratio

USPX −0.12pt a year

TOPC0.15%USPX0.03%

Avg volume · 30D

USPX 7.8×the volume

TOPC8.6KUSPX67.3K

TOPC vs USPX Performance

Oct 31, 2025 – Oct 30, 2026

+13.6%TOPC+11.2%USPX

Expense ratio: TOPC 0.15%; USPX 0.03%, better
Fund size: TOPC $33M; USPX $2.04B
1Y total return: TOPC +13.6%, better; USPX +11.2%
Yield (12M): TOPC 1.03%; USPX 1.04%, better
Holdings: TOPC 507; USPX 470
Avg volume (30D): TOPC 8.6K sh; USPX 67.3K sh, better
NAV per share: TOPC $34.59; USPX $66.00
52W range

ETF.net Grade

Pillar letters and Scores for TOPC, USPX, with each pillar’s weight
Pillar	TOPC	USPX
Cost30% weight	D32	A84Higher
Mission25% weight	A97	A98Higher
Risk15% weight	C50Higher	C41
Tradability15% weight	D28	C50Higher
Holdings10% weight	A77Higher	B61
Durability5% weight	C46	B61Higher

Rank among S&P 500 funds

How we build Categories ›

Same Category. TOPC and USPX 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 ›

USPX ranks 4th 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 4AUSPXFranklin U.S. Equity Index ETFScore 72
Rank 5ASPYState Street SPDR S&P 500 ETFScore 70
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

TOPCBiShares S&P 500 3% Capped ETF

USPXAFranklin U.S. Equity Index ETF

In short

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.

USPX The odd one out in the S&P 500 aisle. Franklin's fund tracks a Morningstar large-cap benchmark instead, for three basis points. Same big-US-stocks job, different scorecard, and a fee that undercuts most of the peer group.

Stated mandate

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

USPX The fund seeks to provide U.S. equity exposure through an index-based strategy.

Why people hold it

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

USPX 0.03% a year, a fraction of the roughly 0.15% typical in its peer group and level with the fee on VOO and IVV.
Sticks close to its Morningstar US Target Market Exposure Index, one of the tighter index-following records among the S&P 500 wrappers it sits beside.
Rules-based cap-weighted US equity, roughly 190 names, no factor tilts or manager picks. Pays quarterly.
Running since 2016 and now a multi-billion-dollar fund, with Franklin Templeton behind it.

Worth knowing

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

USPX Different index, different constituent rules. Holdings and returns can drift from the S&P 500 trackers most people compare it to.
Moderately traded rather than a volume monster like SPY, which can mean wider bid-ask spreads than the biggest names in the category.
Fewer names than the 500-stock benchmarks next door, and cap weighting keeps the largest US companies in the driver's seat.

Full TOPC profile⁠

Full USPX profile⁠

TOPC vs USPX Holdings

How TOPC and USPX differ

Overlap by weight

80.9%

Shared holdings make up 95.4% of USPX and 94.8% of TOPC.

Level by level

Holdings405 in both80.9%
Asset classEquity100%
Countryby domicile99.9%

Sector

No Sector split for TOPC.

Country, concentration and asset class

Country by domicile

Country weights in TOPC and USPX, widest gap first
Country	More in TOPCMore in USPX	TOPC	USPX
United States	Same weight	99.4%	99.4%
Switzerland	Same weight	0.3%	0.3%
Brazil	USPX +0.1 points	0.0%	0.1%
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

TOPC25.2%
USPX37.0%

Securities held

TOPC504
USPX468

Asset class

TOPC: Equity
USPX: Equity

Holdings

Only in TOPC99
In both405
Only in USPX63

Only in TOPC

99 securities, 4.9% of TOPC by weight

Linde PLC0.44%
Accenture PLC Class A0.29%
Eaton PLC0.27%
Chubb0.24%
Medtronic PLC0.23%
Elevance Health Inc0.17%
Johnson Controls International PLC0.17%
Moderna0.15%
Slb0.15%
Royal Caribbean Group0.14%
Nxp Semiconductors NV0.12%
Crh Public Limited PLC0.11%
Becton Dickinson0.10%
Vivmark Residential0.08%
Block Class A0.08%
Kenvue0.07%
Carnival Corp Ltd0.07%
Cboe Global Markets0.06%
Williams Sonoma Inc0.06%
Willis Towers Watson0.06%
Fiserv Inc0.05%
Caseys General Stores Inc0.05%
Qnity Electronics0.05%
Tapestry0.04%
Smurfit Westrock PLC0.04%
Viatris0.04%
Skyworks Solutions0.04%
Best Buy0.04%
Cf Industries Holdings Inc0.03%
Apa0.03%
Ball Corp0.03%
Lyondellbasell Industries Class A0.03%
Revvity0.03%
Host Hotels & Resorts Reit0.03%
Zebra Technologies Corp Class A0.03%
Charles River Laboratories Interna0.03%
Nordson0.03%
Idex0.03%
Hasbro0.03%
Allegion PLC0.03%
Gen Digital0.03%
Stanley Black & Decker0.03%
Bunge Global SA0.03%
Fedex Freight Holding Company Inc0.03%
Godaddy Class A0.03%
Everest Group0.03%
Ralph Lauren Class A0.03%
Ch Robinson Worldwide0.03%
Gartner0.03%
Assurant Inc0.03%

Only in USPX

63 securities, 4.4% of USPX by weight

Space Exploration Techn-C0.41%
Linde PLC0.36%
Accenture Plc-Cl A0.24%
Eaton Corp PLC0.22%
Chubb Ltd0.20%
Medtronic PLC0.19%
Snowflake Inc0.16%
Elevance Health Inc0.14%
Johnson Controls Internat0.14%
Cloudflare Inc - Class A0.14%
Slb Ltd0.12%
Royal Caribbean Cruises L0.12%
Mercadolibre Inc0.12%
Cheniere Energy Inc0.10%
Nxp Semiconductors NV0.09%
Crh PLC0.09%
Becton Dickinson and Co0.08%
Strategy Inc0.07%
Astera Labs Inc0.06%
Block Inc0.06%
Carnival Corp Ltd0.06%
Sunbelt Rentals Holdings0.05%
Willis Towers Watson PLC0.05%
Rocket Lab Corp0.04%
Roblox Corp -Class A0.04%
Mongodb Inc0.04%
Fiserv Inc0.04%
Royalty Pharma Plc- Class A0.04%
Insmed Inc0.04%
Entegris Inc0.04%
Credo Technology Group Ho0.04%
Zscaler Inc0.04%
Smurfit Westrock PLC0.04%
Alnylam Pharmaceuticals I0.04%
Zoom Communications Inc0.03%
Lpl Financial Holdings In0.03%
Net Current Assets0.03%
Markel Group Inc0.03%
Sofi Technologies Inc0.03%
Liberty Media Corp-C0.03%
Heico Corp-Class A0.03%
First Citizens Bcshs -Cl0.03%
Coupang Inc0.03%
Coreweave Inc-Cl A0.03%
East West Bancorp Inc0.03%
Southern Copper Corp0.03%
Lyondellbasell Indu-Cl A0.03%
SS&C Technologies Holding0.03%
Burlington Stores Inc0.02%
Wp Carey Inc0.02%

Weight gaps

The 100 widest of 405 Holdings in both funds.

Holding weights in TOPC and USPX, widest gap first
Holding	More in TOPCMore in USPX	TOPC	USPX
NVIDIANVDA	USPX +4.55 points	2.75%	7.30%
AppleAAPL	USPX +4.43 points	3.28%	7.71%
MicrosoftMSFT	USPX +2.76 points	3.19%	5.95%
Alphabet Class AGOOGL	USPX +1.10 points	1.41%	2.51%
Alphabet Class CGOOG	USPX +0.88 points	1.14%	2.02%
Amazon.com IncAMZN	USPX +0.77 points	2.86%	3.63%
Meta Platforms Class AMETA	TOPC +0.42 points	2.51%	2.09%
Eli LillyLLY	TOPC +0.37 points	2.10%	1.73%
Broadcom IncAVGO	TOPC +0.36 points	2.69%	2.33%
Tesla IncTSLA	TOPC +0.35 points	2.08%	1.73%
Berkshire Hathaway Inc Class BBRK.B	TOPC +0.34 points	1.87%	1.53%
Micron TechnologyMU	TOPC +0.32 points	1.85%	1.53%
JPMorgan Chase & CoJPM	TOPC +0.29 points	1.66%	1.37%
Advanced Micro DevicesAMD	TOPC +0.26 points	1.52%	1.26%
Exxonmobil Holdings CorpXOM	TOPC +0.25 points	1.42%	1.17%
Visa Class AV	TOPC +0.22 points	1.30%	1.08%
Johnson & JohnsonJNJ	TOPC +0.21 points	1.22%	1.01%
WalmartWMT	TOPC +0.19 points	1.02%	0.83%
ChevronCVX	TOPC +0.19 points	0.86%	0.67%
AbbVieABBV	TOPC +0.16 points	0.96%	0.80%
Mastercard Class AMA	TOPC +0.16 points	0.95%	0.79%
Palantir Technologies Class APLTR	TOPC +0.16 points	0.78%	0.62%
Costco Wholesale CorpCOST	TOPC +0.14 points	0.83%	0.69%
Intel CorporationINTC	TOPC +0.13 points	0.60%	0.47%
Cisco Systems IncCSCO	TOPC +0.13 points	0.76%	0.63%
UnitedHealth GroupUNH	TOPC +0.13 points	0.68%	0.55%
Merck & Co IncMRK	TOPC +0.12 points	0.68%	0.56%
Procter & GamblePG	TOPC +0.11 points	0.69%	0.58%
Coca-ColaKO	TOPC +0.11 points	0.67%	0.56%
Home DepotHD	TOPC +0.11 points	0.61%	0.50%
Bank of AmericaBAC	TOPC +0.10 points	0.60%	0.50%
Ge AerospaceGE	TOPC +0.10 points	0.58%	0.48%
Philip Morris InternationalPM	TOPC +0.10 points	0.60%	0.50%
Applied Material IncAMAT	TOPC +0.10 points	0.57%	0.47%
Palo Alto NetworksPANW	TOPC +0.10 points	0.55%	0.45%
Lam ResearchLRCX	TOPC +0.09 points	0.55%	0.46%
Caterpillar IncCAT	TOPC +0.10 points	0.53%	0.43%
Crowdstrike Holdings Class ACRWD	TOPC +0.09 points	0.47%	0.38%
Texas InstrumentTXN	TOPC +0.09 points	0.51%	0.42%
RtxRTX	TOPC +0.09 points	0.50%	0.41%
Amgen IncAMGN	TOPC +0.09 points	0.47%	0.38%
NetflixNFLX	TOPC +0.08 points	0.48%	0.40%
Wells FargoWFC	TOPC +0.08 points	0.47%	0.39%
OracleORCL	TOPC +0.08 points	0.42%	0.34%
Goldman Sachs GroupGS	TOPC +0.07 points	0.48%	0.41%
International Business Machines CoIBM	TOPC +0.07 points	0.45%	0.38%
Thermo Fisher ScientificTMO	TOPC +0.08 points	0.48%	0.40%
Morgan StanleyMS	TOPC +0.07 points	0.41%	0.34%
Ge VernovaGEV	TOPC +0.07 points	0.42%	0.35%
CitigroupC	TOPC +0.07 points	0.38%	0.31%
SalesforceCRM	TOPC +0.07 points	0.35%	0.28%
Gilead SciencesGILD	TOPC +0.06 points	0.39%	0.33%
BlackRockBLK	TOPC +0.07 points	0.31%	0.24%
Amphenol Corp Class AAPH	TOPC +0.06 points	0.36%	0.30%
KlaKLAC	TOPC +0.06 points	0.38%	0.32%
QualcommQCOM	TOPC +0.07 points	0.33%	0.26%
Arista NetworksANET	TOPC +0.06 points	0.33%	0.27%
Abbott LaboratoriesABT	TOPC +0.06 points	0.34%	0.28%
Analog DevicesADI	TOPC +0.06 points	0.38%	0.32%
PepsicoPEP	TOPC +0.06 points	0.35%	0.29%
Verizon Communications IncVZ	TOPC +0.06 points	0.34%	0.28%
Walt DisneyDIS	TOPC +0.05 points	0.35%	0.30%
Union PacificUNP	TOPC +0.05 points	0.33%	0.28%
ConocophillipsCOP	TOPC +0.06 points	0.34%	0.28%
WelltowerWELL	TOPC +0.05 points	0.31%	0.26%
Mcdonalds CorpMCD	TOPC +0.06 points	0.34%	0.28%
Marvell TechnologyMRVL	TOPC +0.06 points	0.32%	0.26%
SandiskSNDK	TOPC +0.05 points	0.31%	0.26%
PfizerPFE	TOPC +0.05 points	0.32%	0.27%
Nextera EnergyNEE	TOPC +0.05 points	0.32%	0.27%
American ExpressAXP	TOPC +0.05 points	0.31%	0.26%
Dell Technologies Inc Class CDELL	TOPC +0.05 points	0.24%	0.19%
Seagate Technology Holdings PLCSTX	TOPC +0.05 points	0.27%	0.22%
Uber TechnologiesUBER	TOPC +0.05 points	0.25%	0.20%
Charles SchwabSCHW	TOPC +0.04 points	0.26%	0.22%
DeereDE	TOPC +0.04 points	0.31%	0.27%
TjxTJX	TOPC +0.05 points	0.29%	0.24%
S&P GlobalSPGI	TOPC +0.05 points	0.26%	0.21%
Parker-HannifinPH	TOPC +0.05 points	0.21%	0.16%
Intuitive SurgicalISRG	TOPC +0.04 points	0.28%	0.24%
AT&TT	TOPC +0.05 points	0.27%	0.22%
Lockheed MartinLMT	TOPC +0.05 points	0.24%	0.19%
ProgressivePGR	TOPC +0.05 points	0.25%	0.20%
Western Digital CorpWDC	TOPC +0.04 points	0.24%	0.20%
Marathon PetroleumMPC	TOPC +0.04 points	0.23%	0.19%
BoeingBA	TOPC +0.04 points	0.25%	0.21%
Prologis ReitPLD	TOPC +0.04 points	0.22%	0.18%
Quanta Services IncPWR	TOPC +0.04 points	0.17%	0.13%
Vertex PharmaceuticalsVRTX	TOPC +0.04 points	0.26%	0.22%
Capital One Financial CorpCOF	TOPC +0.04 points	0.23%	0.19%
Altria Group IncMO	TOPC +0.04 points	0.24%	0.20%
Lowes Companies IncLOW	TOPC +0.04 points	0.22%	0.18%
General Dynamics CorpGD	TOPC +0.03 points	0.17%	0.14%
Bristol Myers SquibbBMY	TOPC +0.04 points	0.24%	0.20%
Cvs HealthCVS	TOPC +0.03 points	0.21%	0.17%
Phillips 66PSX	TOPC +0.04 points	0.21%	0.17%
Automatic Data Processing IncADP	TOPC +0.04 points	0.22%	0.18%
DanaherDHR	TOPC +0.04 points	0.27%	0.23%
Cme Group Class ACME	TOPC +0.03 points	0.20%	0.17%
Starbucks CorpSBUX	TOPC +0.04 points	0.22%	0.18%

All 504 TOPC holdings⁠All USPX 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.

TOPC vs USPX Cost

Overpaying TOPC vs USPX

$2,499

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

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

Amount$10,000

Years30 years

Cost over time

TOPC 0.15%
USPX 0.03%
Overpaying

Year by year

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

Expense ratio

0.15%TOPC
0.03%USPX, cheaper

USPX0.03%TOPC0.15%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

USPX 2nd cheapest of 14 funds

TOPC 10th cheapest of 14 funds

TOPC vs USPX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TOPC 1.03%; USPX 1.04%, better
Payout (12M): TOPC $0.36; USPX $0.69
Last payment: TOPC $0.10; USPX $0.14
Ex-dividend: TOPC Sep 15, 2026; USPX Sep 18, 2026
Paid on: TOPC Sep 18, 2026; USPX Sep 25, 2026
Frequency: TOPC Quarterly; USPX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TOPCQuarterly · 6 paymentsAll TOPC payments⁠

USPXQuarterly · 28 paymentsAll USPX payments⁠

TOPC vs USPX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TOPC 10.8%since May 2025USPX 12.6%
Return per unit of riskSharpe ratio, 3 years: TOPC 1.60since May 2025USPX 1.39
Worst fallMax drawdown, 5 years: TOPC −8.0%since Apr 2025USPX −24.6%
Market sensitivityBeta, 5 years: TOPC 0.90USPX 0.93; Market = 1

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