The folks at a 23,000-employee, $11.584-trillion-AUM*, publicly traded asset manager are further expanding their 1,500-fund, $4.3-trillion-AUM** ETF business.

Jonathan Aaron "Jay" Jacobs BlackRock Managing Director, U.S. Head of Equity ETFs

Yesterday (July 9), Jay Jacobs, U.S. head of equity ETFs at New York City-based BlackRock [profile], unveiled the launch of the iShares S&P 500 ex Top 100 ETF (XOEF on the NYSE Arca). San Francisco-based BlackRock Fund Advisors (BFA) serves as the new fund's investment advisor. The launch expands BlackRock's $22-billion-AUM*** iShares Build ETF lineup to 7 ETFs in total.

XOEF's launch date was Tuesday (July 8), and the new ETF comes with an expense ratio of 20 basis points. It now has about $9.99 million in AUM****.

S&P Dow Jones Indices LLC (SPDJI) serves as index provider to XOEF. The new fund is designed to track the S&P 500 ex-S&P 100 Select Index, which in turns tracks a slice of the famous S&P 500 while excluding its largest stocks (i.e. those in the S&P 100).

The PM team for XOEF includes:

Jennifer Hsui, senior portfolio manager and managing director at BlackRock;

Peter Sietsema, PM and director;

Matt Waldron, PM and managing director; and

Steven White, PM and director.

"XOEF provides investors a new lever for managing mega-cap concentration with greater precision," Jacobs states.

XOEF is a non-diversified series of iShares Trust. The new ETF's other service providers include:

BlackRock Institutional Trust Company, N.A. (BTC) as securities lending agent;

BlackRock Investments, LLC (BRIL) as distributor;

JPMorgan Chase Bank, N.A. as administrator, custodian, and transfer agent;

PricewaterhouseCoopers LLP as independent accounting firm; and

Willkie Farr & Gallagher LLP as counsel.

*As of the end of Q1 2025.

**Also as of March 31, 2025.

***As of July 3, 2025.

****As of July 9, 2025. 

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