Key Highlights

  • The fund holds 21 of the largest U.S. companies by market capitalization.
  • Apple, NVIDIA and Microsoft together account for about 42% of market value.
  • Net asset value is $33.58, after a one-day gain of $0.70, or 2.12%.
  • The expense ratio is 0.20%, and distributions are paid quarterly.

A small number of very large American companies now account for a sizable share of the U.S. Equity market, and the iShares Top 20 U.S. Stocks ETF (NYSEARCA:TOPT) offers concentrated exposure to that group. Figures in this article are current to November 9, 2026. The fund seeks to track an index composed of the 20 largest U.S. companies by market capitalization, offering a mega-cap focused holding. Shares trade on NYSE Arca and have been listed since October 2024.

Fund Fact

Detail

Exchange and ticker

NYSE Arca: TOPT

Fund inception

October 23, 2024

Net assets

$707.1 million

Net asset value

$33.58

Daily NAV change

+$0.70 (+2.12%)

Expense ratio

0.20%

30-day SEC yield

0.21%

Distribution frequency

Quarterly

Number of holdings

21

Concentration in the Largest Companies

Apple accounts for about 15.9% of market value, NVIDIA 13.4% and Microsoft 12.6%. Those three positions make up more than 40% of the fund, so the portfolio's results track a small group of technology leaders.

Amazon, Eli Lilly, Meta Platforms, Berkshire Hathaway, Tesla, Broadcom and JPMorgan Chase round out the holdings, each with a weight of roughly 3% to 5%.

Trading Activity and Price Movement

The net asset value rose $0.70 in the latest session, a gain of 2.12%. Shares outstanding total about 21.1 million, and the 30-day average Volume of roughly 609,000 shares indicates active trading. The 30-day median bid-ask spread of 0.03% reflects low trading costs.

The premium to NAV was 0.01 in recent figures, so shares traded very close to the value of underlying holdings.

Costs, Distributions and Concentration Risk

The expense ratio is 0.20%, consisting of a management fee of the same amount. Quarterly distributions are paid, and the 30-day SEC Yield of 0.21% reflects a minimal income profile typical of growth-oriented holdings.

A portfolio of 21 stocks carries concentration risk. Moves in any of the largest names, or in the technology sector as a whole, can have an outsized effect on the fund's results.

Final Word

The iShares Top 20 U.S. Stocks ETF offers a focused holding in the largest American companies, with a portfolio dominated by technology leaders. Its low fee, minimal income and short operating history define its profile. Investors will weigh this concentrated structure against their broader equity allocation.