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TOPT vs USMC

iShares Top 20 U.S. Stocks ETF

TOPTCNYSE Arca

Principal U.S. Mega-Cap ETF

USMCBNasdaq

Overlap

72.1%by weight

Expense ratio

USMC −0.08pt a year

TOPT0.20%USMC0.12%

Avg volume · 30D

TOPT 4.4×the volume

TOPT413KUSMC94.1K

TOPT vs USMC Performance

Oct 31, 2025 – Oct 30, 2026

+8.5%TOPT+9.2%USMC

Oct 31, 2025 to Oct 30, 2026. TOPT +8.5%. USMC +9.2%. Use the arrow keys to read each point.−10%−5%0%15%Oct 2025Apr 2026Oct 2026
Expense ratio
TOPT 0.20%
USMC 0.12%, better
Fund size
TOPT $725M
USMC $5.1B
1Y total return
TOPT +8.5%
USMC +9.2%, better
Yield (12M)
TOPT 0.36%
USMC 0.74%, better
Holdings
TOPT 24
USMC 27
Avg volume (30D)
TOPT 413K sh, better
USMC 94.1K sh
NAV per share
TOPT $34.01
USMC $76.75
52W range

ETF.net Grade

TOPT: Cost 39, Risk 26, Mission 75, Tradability 67, Holdings 22, Durability 40. USMC: Cost 73, Risk 41, Mission 100, Tradability 64, Holdings 39, Durability 50.
Pillar letters and Scores for TOPT, USMC, with each pillar’s weight
PillarTOPTUSMC
Cost30% weightD39A73Higher
Mission25% weightA75A100Higher
Risk15% weightD26C41Higher
Tradability15% weightB67HigherB64
Holdings10% weightF22D39Higher
Durability5% weightC40C50Higher

Rank among US Mega-Cap funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. TOPT and USMC are both graded against the same 6 US Mega-Cap funds, so their Grades compare head to head.

US Mega-Cap⁠

Category · 6 funds
See all 6 ›

USMC ranks 2nd and TOPT 5th of 6 funds in the US Mega-Cap Category.

  1. Rank 1AMGCVanguard Morningstar Mega Cap ETFScore 74
  2. Rank 2BUSMCPrincipal U.S. Mega-Cap ETFScore 69
  3. Rank 3BBBLUEA Bridgeway Blue Chip ETFScore 64
  4. Rank 4BOEFiShares S&P 100 ETFScore 60
  5. Rank 5CTOPTiShares Top 20 U.S. Stocks ETFScore 48
  6. Rank 6DSIXAETC 6 Meridian Mega Cap Equity ETFScore 36

Our read on each fund

ETF.net Research

TOPTCiShares Top 20 U.S. Stocks ETF

USMCBPrincipal U.S. Mega-Cap ETF

In short

TOPT Most mega-cap funds hold hundreds of names. TOPT holds twenty: an index of the largest U.S. companies, and nothing behind them. It is the most concentrated way iShares sells the giants.

USMC Own the giants without letting the giants run the show. USMC follows a Nasdaq index that market-cap-weights only the very largest slice of US mega-caps, equal-weights the rest, and leans toward the calmer names, all for 0.12% a year.

Stated mandate

TOPT The fund seeks to track an index composed of the 20 largest U.S. companies by market capitalization.

USMC The Fund seeks investment results that closely correspond, before expenses, to the performance of the Nasdaq U.S. Mega Cap Select Leaders Index.

Why people hold it

  • TOPT Twenty holdings, one ticker. It tracks an index of the 20 largest U.S. companies by market value, so you get the giants without picking among them.
  • The 0.20% fee sits right at the median for mega-cap funds, and matches iShares' 100-stock OEF for a far more concentrated slice of the same universe.
  • Membership is set by S&P index rules, not a manager's judgment, and the fund distributes quarterly.
  • USMC Costs 0.12% a year, a fraction of the typical fee among active US equity funds and level with the cheapest strong names in that group, like DFAU.
  • The rules do the work: cap-weight the top 10% of aggregate market value, equal-weight the rest, nudge weight toward lower-volatility deciles, reset each April and October.nasdaq.com
  • Trading since 2017 and now a multi-billion-dollar fund, it ranks among the strongest overall builds in its US equity peer group.
  • Distributions arrive quarterly, and the fund sees steady enough trading volume for ordinary retail-sized orders.

Worth knowing

  • TOPT With 20 names, the top few positions steer results in both directions, and the sector mix is simply whatever happens to be biggest.
  • Broader mega-cap exposure costs less elsewhere: MGC and MGK charge 0.05%.
  • Launched in October 2024, so there is only a short record to judge it by.
  • USMC Concentrated by design: a few dozen mega-caps, so one company's stumble lands harder here than in a 500-stock index fund.
  • By capping how much the biggest names dominate, it deliberately holds a different mix than a cap-weighted S&P fund, and its results diverge accordingly.nasdaq.com
  • Weights reset only twice a year, in April and October, so drift between reviews comes with the strategy.nasdaq.com

Full TOPT profile⁠

Full USMC profile⁠

TOPT vs USMC Holdings

How TOPT and USMC differ

Overlap by weight

72.1%

Shared holdings make up 97.7% of TOPT and 82.3% of USMC.

Level by level

  • Sector15 Sectors15.7%
  • Holdings20 in both72.1%
  • Asset classEquity100%
  • Countryby domicile100%

Sector

Sector weights in TOPT and USMC, widest gap first
SectorMore in TOPTMore in USMC
TechnologyUSMC +41.0 points
Semiconductors & Semiconductor EquipmentTOPT +29.4 points
Tech Hardware & EquipTOPT +15.0 points
FinancialsUSMC +12.5 points
Software & ServicesTOPT +11.8 points
Media & EntertainmentTOPT +9.7 points
Health CareUSMC +9.4 points
CommunicationUSMC +8.8 points
Pharma, Biotech & Life SciencesTOPT +8.5 points
Consumer StaplesUSMC +7.9 points
Autos & ComponentsTOPT +4.4 points
BanksTOPT +3.5 points
EnergyUSMC +2.9 points
Consumer Staples Distribution & RetailTOPT +2.0 points
Consumer DiscretionaryUSMC +1.8 points

Country, concentration and asset class

Country by domicile

Country weights in TOPT and USMC, widest gap first
CountryMore in TOPTMore in USMC
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • TOPT71.9%
  • USMC53.2%

Securities held

  • TOPT21
  • USMC26

Asset class

TOPT
Equity
USMC
Equity

Holdings

  • Only in TOPT1
  • In both20
  • Only in USMC6

Only in TOPT

1 security, 2.2% of TOPT by weight

  • Alphabet Class C2.24%

Only in USMC

6 securities, 17.7% of USMC by weight

  • Costco Wholesale Corp Common Stock USD.0054.92%
  • Lam Research Corp Common Stock USD.0013.50%
  • Cisco Systems Inc Common Stock USD.0013.41%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in TOPT and USMC, widest gap first
HoldingMore in TOPTMore in USMC
AppleAAPLTOPT +7.83 points
NVIDIANVDATOPT +7.52 points
MicrosoftMSFTTOPT +6.04 points
Mastercard Class AMAUSMC +3.08 points
Visa Class AVUSMC +2.10 points
Tesla IncTSLATOPT +1.80 points
Alphabet Class AGOOGLUSMC +1.65 points
AbbVieABBVUSMC +0.79 points

All 21 TOPT holdings⁠All 25 USMC 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.

TOPT vs USMC Cost

Overpaying TOPT vs USMC

$1,635

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

  • TOPT 0.20%

    $4,155

  • USMC 0.12%

    $2,520

$10,000
30 years

Cost over time

  • TOPT 0.20%
  • USMC 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530TOPT $4,155USMC $2,520

Year by year

YearTOPTUSMCOverpaying
10$365$220$145
20$1,421$859$562
30$4,155$2,520$1,635

Expense ratio

  • 0.20%TOPT
  • 0.12%USMC, cheaper
  • Middle half of US Mega-Cap funds
  • Median 0.17%

USMC 2nd cheapest of 6 funds

TOPT 4th cheapest of 6 funds

TOPT vs USMC Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TOPT 0.36%
USMC 0.74%, better
Payout (12M)
TOPT $0.12
USMC $0.56
Last payment
TOPT $0.03
USMC $0.13
Ex-dividend
TOPT Sep 15, 2026
USMC Oct 1, 2026
Paid on
TOPT Sep 18, 2026
USMC Oct 5, 2026
Frequency
TOPT Quarterly
USMC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TOPTQuarterly · 8 paymentsAll TOPT payments⁠
One bar per payment. 8 payments from 2017 to 2026 YTD. Dec 17, 2024 $0.02; Mar 18, 2025 $0.03; Jun 16, 2025 $0.03; Sep 16, 2025 $0.03; Dec 16, 2025 $0.03; Mar 17, 2026 $0.03; Jun 15, 2026 $0.04; Sep 15, 2026 $0.03. Use the arrow keys to read each point.$0$0.202017202020232026YTD
USMCQuarterly · 36 paymentsAll USMC payments⁠
One bar per payment. 36 payments from 2017 to 2026 YTD. Dec 27, 2017 $0.06; Apr 2, 2018 $0.10; Jul 2, 2018 $0.13; Oct 1, 2018 $0.17; Dec 27, 2018 $0.17; Apr 1, 2019 $0.15; Jul 1, 2019 $0.16; Oct 1, 2019 $0.17; Dec 27, 2019 $0.16; Apr 1, 2020 $0.15; Jul 1, 2020 $0.14; Oct 1, 2020 $0.14; Dec 29, 2020 $0.13; Apr 1, 2021 $0.15; Jul 1, 2021 $0.17; Oct 1, 2021 $0.16; Dec 29, 2021 $0.20; Apr 1, 2022 $0.17; Jul 1, 2022 $0.18; Oct 3, 2022 $0.16; Dec 28, 2022 $0.14; Apr 3, 2023 $0.15; Jul 3, 2023 $0.15; Oct 2, 2023 $0.14; Dec 27, 2023 $0.18; Apr 1, 2024 $0.15; Jul 1, 2024 $0.16; Oct 1, 2024 $0.16; Dec 27, 2024 $0.15; Apr 1, 2025 $0.13; Jul 1, 2025 $0.13; Oct 1, 2025 $0.14; Dec 29, 2025 $0.14; Apr 1, 2026 $0.15; Jul 1, 2026 $0.14; Oct 1, 2026 $0.13. Use the arrow keys to read each point.$0$0.202017202020232026YTD

TOPT vs USMC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TOPT 15.4%since Nov 2024USMC 12.3%
Return per unit of riskSharpe ratio, 3 years
TOPT 0.94since Nov 2024USMC 1.40
Worst fallMax drawdown, 5 years
TOPT −21.2%since Oct 2024USMC −24.1%
Market sensitivityBeta, 5 years
TOPT 1.10USMC 0.95

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