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BCFN vs FNCL

Baron Financials ETF

BCFNFNasdaq

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

Overlap

40.1%by weight

Expense ratio

FNCL −0.72pt a year

BCFN0.80%FNCL0.08%

Avg volume · 30D

FNCL 54.9×the volume

BCFN2.24KFNCL123K

BCFN vs FNCL Performance

Dec 31, 2025 – Oct 30, 2026

−10.6%BCFN+4.3%FNCL

Dec 31, 2025 to Oct 30, 2026. BCFN −10.6%. FNCL +4.3%. Use the arrow keys to read each point.−15%−5%0%Dec 2025Jun 2026Oct 2026
Expense ratio
BCFN 0.80%
FNCL 0.08%, better
Fund size
BCFN $45M
FNCL $2.24B
1Y total return
BCFN No data
FNCL +9.6%
Yield (12M)
BCFN No data
FNCL 1.61%
Holdings
BCFN 44
FNCL 386
Avg volume (30D)
BCFN 2.24K sh
FNCL 123K sh, better
NAV per share
BCFN $22.26
FNCL $79.91
52W range

ETF.net Grade

BCFN: Cost 6, Risk 6, Mission not scored, Tradability 5, Holdings 60, Durability 26. FNCL: Cost 97, Risk 53, Mission 81, Tradability 71, Holdings 54, Durability 56.
Pillar letters and Scores for BCFN, FNCL, with each pillar’s weight
PillarBCFNFNCL
Cost30% weightF6A97Higher
Mission25% weightNot scoredA81
Risk15% weightF6C53Higher
Tradability15% weightF5A71Higher
Holdings10% weightB60HigherC54
Durability5% weightD26B56Higher

Rank among Financials (Broad) funds

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

Same Category. BCFN and FNCL are both graded against the same 18 Financials (Broad) funds, so their Grades compare head to head.

Financials (Broad)⁠

Category · 18 funds
See all 18 ›

FNCL ranks 2nd and BCFN 18th of 18 funds in the Financials (Broad) Category.

  1. Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
  2. Rank 2AFNCLFidelity MSCI Financials Index ETFScore 76
  3. Rank 3AKIEState Street SPDR S&P Insurance ETFScore 72
  4. Rank 17FKBWDInvesco KBW High Dividend Yield Financial ETFScore 22
  5. Rank 18FBCFNBaron Financials ETFScore 14

Our read on each fund

ETF.net Research

BCFNFBaron Financials ETF

FNCLAFidelity MSCI Financials Index ETF

In short

BCFN Baron's financials entry skips the cheap-index game: 0.80% a year in an aisle where the big index funds charge under a tenth of a percent, and a mandate that runs one line long, capital appreciation.

FNCL The whole financial food chain in one cheap wrapper: FNCL tracks an MSCI index of about 400 US banks, insurers, exchanges and payment names for 0.08% a year.

Stated mandate

BCFN The Fund seeks capital appreciation.

FNCL The fund seeks to track, before fees and expenses, the performance of the MSCI USA IMI Financials Index.

Why people hold it

  • BCFN The mandate is refreshingly short: an equity portfolio in financials, aiming for capital appreciation. You always know which corner of the market you're renting.
  • Trading since the last day of 2019, so there's a multi-year live record behind it rather than a backtest and a launch-week story.
  • Plain 1940 Act fund wrapper. No K-1 at tax time, no bank-issued note behind the exposure, no exotic-structure homework before you can size a position.
  • FNCL Costs 0.08% a year, against a median near 0.44% for broad financials funds. That is the cheapest tier in the category, matched by XLF and undercutting VFH.
  • About 400 holdings under the MSCI USA IMI Financials mandate, so the basket reaches well past the megabank tier into smaller lenders and insurers.
  • Pure index plumbing: it has tracked its benchmark tightly, one of the closer fits in its peer group, and it pays out quarterly.
  • Running since 2013, with a real multi-cycle record behind the ticker rather than a launch-week backtest.

Worth knowing

  • BCFN At 0.80%, it runs well above the broad-financials median of 0.44% and roughly ten times what XLF (0.08%) or VFH (0.09%) charge. The strategy has to earn that gap.
  • Small and lightly traded next to the household-name sector funds, so spreads and order size matter more here than they would in a giant.
  • The stated goal is capital appreciation, not income, a real distinction in a sector plenty of people own for the dividend cheques.
  • FNCL This is one slice of the market. Financials live and die by rates, credit and lending cycles, so the ride is bumpier than a total-market fund.
  • Volume is moderate rather than heavy. XLF trades far more actively, so limit orders matter more here, especially in fast markets.

Full BCFN profile⁠

Full FNCL profile⁠

BCFN vs FNCL Holdings

How BCFN and FNCL differ

Overlap by weight

40.1%

Shared holdings make up 79.7% of BCFN and 46.4% of FNCL.

Level by level

  • Holdings27 in both40.1%
  • Countryby domicile91.5%
  • Asset classEquity100%

Sector

No Sector split for BCFN.

Country, concentration and asset class

Country by domicile

Country weights in BCFN and FNCL, widest gap first
CountryMore in BCFNMore in FNCL
United StatesFNCL +7.1 points
BrazilBCFN +4.7 points
CanadaBCFN +2.1 points
United KingdomBCFN +1.5 points
SwitzerlandFNCL +1.4 points
PhilippinesBCFN +0.2 points

Concentration

Weight in the 10 largest Holdings

  • BCFN45.6%
  • FNCL48.7%

Securities held

  • BCFN43
  • FNCL383

Asset class

BCFN
Equity
FNCL
Equity

Holdings

  • Only in BCFN16
  • In both27
  • Only in FNCL356

Only in BCFN

16 securities, 19.5% of BCFN by weight

  • Aercap Holdings NV3.06%
  • Mercadolibre Inc2.65%
  • Verisk Analytics Inc2.21%

Only in FNCL

356 securities, 54.6% of FNCL by weight

  • Berkshire Hathaway Inc Class B8.56%
  • Goldman Sachs Group Inc3.06%
  • Wells Fargo & Co2.88%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in BCFN and FNCL, widest gap first
HoldingMore in BCFNMore in FNCL
JPMorgan Chase & CoJPMFNCL +5.09 points
Interactive Brokers Gro Class AIBKRBCFN +3.35 points
Msci IncMSCIBCFN +3.16 points
Moody’s CorpMCOBCFN +2.96 points
Lpl Financial Holdings IncLPLABCFN +2.89 points
S+p Global IncSPGIBCFN +2.70 points
Kkr & Co IncKKRBCFN +2.56 points
Tradeweb Markets Inc Class ATWBCFN +2.15 points

All BCFN holdings⁠All 404 FNCL 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.

BCFN vs FNCL Cost

Overpaying BCFN vs FNCL

$13,573

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

  • BCFN 0.80%

    $15,346

  • FNCL 0.084%

    $1,773

$10,000
30 years

Cost over time

  • BCFN 0.80%
  • FNCL 0.084%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BCFN $15,346FNCL $1,773

Year by year

YearBCFNFNCLOverpaying
10$1,422$154$1,268
20$5,393$603$4,790
30$15,346$1,773$13,573

Expense ratio

  • 0.80%BCFN
  • 0.08%FNCL, cheaper
  • Middle half of Financials (Broad) funds
  • Median 0.37%

FNCL 2nd cheapest of 18 funds

BCFN 17th cheapest of 18 funds

BCFN vs FNCL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BCFN No data
FNCL 1.61%
Payout (12M)
BCFN None
FNCL $1.29
Last payment
BCFN No data
FNCL $0.31
Ex-dividend
BCFN No data
FNCL Sep 18, 2026
Paid on
BCFN No data
FNCL Sep 22, 2026
Frequency
BCFN No data
FNCL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BCFNAll BCFN payments⁠

No distribution history available.

FNCLQuarterly · 39 paymentsAll FNCL payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.14; Jun 16, 2017 $0.16; Sep 15, 2017 $0.18; Dec 15, 2017 $0.18; Mar 16, 2018 $0.19; Jun 15, 2018 $0.20; Sep 21, 2018 $0.20; Dec 21, 2018 $0.23; Mar 15, 2019 $0.24; Jun 21, 2019 $0.23; Sep 20, 2019 $0.27; Dec 20, 2019 $0.23; Mar 20, 2020 $0.29; Jun 19, 2020 $0.23; Sep 18, 2020 $0.22; Dec 18, 2020 $0.22; Mar 19, 2021 $0.22; Jun 18, 2021 $0.23; Sep 17, 2021 $0.26; Dec 17, 2021 $0.27; Mar 18, 2022 $0.27; Jun 17, 2022 $0.28; Sep 16, 2022 $0.28; Dec 16, 2022 $0.27; Mar 17, 2023 $0.28; Jun 16, 2023 $0.27; Sep 15, 2023 $0.24; Dec 15, 2023 $0.23; Mar 15, 2024 $0.26; Jun 21, 2024 $0.25; Sep 20, 2024 $0.27; Dec 20, 2024 $0.27; Mar 21, 2025 $0.30; Jun 20, 2025 $0.28; Sep 19, 2025 $0.28; Dec 19, 2025 $0.27; Mar 20, 2026 $0.40; Jun 18, 2026 $0.31; Sep 18, 2026 $0.31. Use the arrow keys to read each point.$0$0.252017202020232026YTD

BCFN vs FNCL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BCFN No dataFNCL 15.8%
Return per unit of riskSharpe ratio, 3 years
BCFN No dataFNCL 1.11
Worst fallMax drawdown, 5 years
BCFN No dataFNCL −25.7%
Market sensitivityBeta, 5 years
BCFN 0.82FNCL 0.92

BCFN and FNCL in the news

All news⁠

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