iShares S&P 500 3% Capped ETF
TOPC
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- iShares Trust - iShares S&P 500 3% Capped ETF (TOPC) is an exchange-traded fund that seeks to track the investment results of the S&P 500 3% Capped Index, composed of the companies in the S&P 500 with each constituent capped at a 3% weight to enhance issuer and sector diversification; excess weights from capped holdings are redistributed to other index constituents based on market capitalization during quarterly rebalancings. The ETF provides investors with balanced exposure to U.S. large-cap equities, targeting approximately 503 holdings across sectors including financial services, software and services, semiconductors, media and entertainment, and capital goods; top holdings as of mid-2025 include NVIDIA Corp (3.23%), Meta Platforms Inc Class A (3.10%), Microsoft Corp (3.07%), Apple Inc (3.01%), and Amazon.com Inc (3.00%). It features a gross expense ratio of 0.15%, with a contractual fee waiver reducing the net expense ratio to 0.09% through April 3, 2026, and trades on the NYSE Arca exchange under the ticker TOPC with CUSIP 46438G349. Launched on April 15, 2025, by BlackRock Fund Advisors as part of the iShares Build ETF toolkit, TOPC represents the industry's first 3% capped weighted S&P 500 ETF in the U.S., designed to mitigate concentration risk from mega-cap stocks amid evolving market dynamics where the top seven companies exceed $15 trillion in market value. iShares Trust operates under BlackRock, Inc., headquartered in New York, with the broader iShares platform managing over $4.3 trillion in assets across more than 1,500 ETFs globally as of March 31, 2025; the fund targets institutional and retail investors seeking core U.S. equity exposure with improved diversification. As of June 30, 2025, net assets stood at $9.97 million, with a 30-day SEC yield of 1.22% and inception-to-date returns of approximately 14.15% (NAV basis). No significant acquisitions, partnerships, or strategic shifts specific to TOPC have been reported since inception, though BlackRock continues expanding its ETF offerings including related iShares Build funds like TOPT and QTOP.