BlackRock Launches Industry’s First S&P 500 ex Top 100 ETF for More Precise U.S. Large-cap Exposure

July 09, 2025 at 08:00 AM EDT

Complements the iShares S&P 100 ETF (OEF) to adjust exposure to S&P 500 companies

Today, BlackRock launched the iShares S&P 500 ex Top 100 ETF (NYSE: XOEF), expanding its iShares Build ETF toolkit, which enables investors to manage their U.S. equity exposure with precise building blocks. XOEF seeks to track the investment results of an index composed of the large-cap U.S. equities within the S&P 500 Index, excluding those in the S&P 100 Index.

The ETF offers investors a new way to target segments of the largest U.S. companies within the S&P 500 Index and to diversify their portfolios. Over the past two decades, the rise of mega-cap stocks has significantly reshaped the U.S. equity landscape, leading to indices with increasingly concentrated weightings in the largest names and greater dispersion within U.S. equity large-cap performance.¹

“Today’s market environment requires investors to be more intentional in managing mega-cap exposure within portfolios,” says Jay Jacobs, U.S. Head of Equity ETFs at BlackRock. "XOEF provides investors a new lever for managing mega-cap concentration with greater precision.”

XOEF is designed to complement existing mega-cap exposures, such as the iShares S&P 100 ETF (OEF), by offering targeted access to the remaining large-cap segment of the S&P 500 Index. This differentiated approach enables investors, including model builders and financial advisors, to take more selective positions and helps enhance diversification in portfolios.

BlackRock manages over $22 billion in assets across the iShares Build ETFs, reflecting growing investor demand for precision building blocks to manage equity exposure.²

iShares Build ETF Line-up

Fund Name	Ticker	Net Expense Ratio
iShares S&P 500 ex Top 100 ETF	XOEF	0.20%
iShares S&P 100 ETF	OEF	0.20%
iShares Top 20 U.S. Stocks ETF	TOPT	0.20%
iShares Nasdaq Top 30 Stocks ETF	QTOP	0.20%
iShares Nasdaq-100 ex Top 30 ETF	QNXT	0.20%
iShares S&P 500 3% Capped ETF	TOPC	0.09% \| Gross: 0.15%³
iShares MSCI USA Equal Weighted ETF	EUSA	0.09%

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1,500+ exchange traded funds (ETFs) and $4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.

Diversification and asset allocation may not protect against market risk or loss of principal.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with S&P Dow Jones Indices LLC.

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¹ Morningstar, as of June 30, 2025. The top 20 stocks accounted for ~47% of the S&P 500.

² BlackRock, as of July 3, 2025.

³ BlackRock Fund Advisors, the investment adviser to the Fund and an affiliate of BlackRock Investments, LLC, has contractually agreed to waive a portion of its management fees through April 03, 2026. Please see the Fund’s prospectus for additional details.