BPAY vs FDFF: Grades, Fees and Holdings Compared

iShares FinTech Active ETF

BPAYCNYSE Arca

Fidelity Disruptive Finance ETF

FDFFBNasdaq

Overlap

24.7%by weight

Expense ratio

FDFF −0.05pt a year

BPAY0.55%FDFF0.50%

Avg volume · 30D

FDFF 1.6×the volume

BPAY2.59KFDFF4.25K

3Y return · a year

FDFF +3.0pt

BPAY+12.2%FDFF+15.2%

BPAY vs FDFF Performance

Oct 31, 2025 – Oct 30, 2026

−17.0%BPAY+2.3%FDFF

Expense ratio: BPAY 0.55%; FDFF 0.50%, better
Fund size: BPAY $9M; FDFF $43M
1Y total return: BPAY −17.0%; FDFF +2.3%, better
Yield (12M): BPAY 7.59%, better; FDFF 0.99%
Holdings: BPAY 48; FDFF 51
Avg volume (30D): BPAY 2.59K sh; FDFF 4.25K sh, better
NAV per share: BPAY $24.09; FDFF $35.51
52W range

ETF.net Grade

Pillar letters and Scores for BPAY, FDFF, with each pillar’s weight
Pillar	BPAY	FDFF
Cost30% weight	C51	B64Higher
Mission25% weight	Not scored	A77
Risk15% weight	C40	A71Higher
Tradability15% weight	C46Higher	C40
Holdings10% weight	A77Higher	B64
Durability5% weight	C49	B57Higher

Rank among Fintech & Payments funds

How we build Categories ›

Same Category. BPAY and FDFF are both graded against the same 7 Fintech & Payments funds, so their Grades compare head to head.

Fintech & Payments⁠

Category · 7 funds

See all 7 ›

FDFF ranks 1st and BPAY 2nd of 7 funds in the Fintech & Payments Category.

Rank 1BFDFFFidelity Disruptive Finance ETFScore 60
Rank 2CBPAYiShares FinTech Active ETFScore 51
Rank 3CFINXGlobal X FinTech ETFScore 41

Our read on each fund

ETF.net Research

BPAYCiShares FinTech Active ETF

FDFFBFidelity Disruptive Finance ETF

In short

BPAY BlackRock's stock-picker take on fintech: no index, roughly 40 hand-picked names across payments, banking, insurance and software, for 0.55% net of a waiver through June 30, 2027.

FDFF Fidelity's stock-picker take on fintech: roughly 50 hand-chosen names in payments, lending and financial software, at the lowest fee in its fintech peer group. Small and thinly traded, but the mandate is clear and the price tag is light.

Stated mandate

BPAY The fund seeks to maximize total return by investing in companies that provide innovative technologies across financial services, including payments, banking, insurance, and software.

FDFF The fund seeks long-term growth of capital and normally invests at least 80% of its assets in securities of disruptive finance companies.

Why people hold it

BPAY Actively run with no index behind it, so the managers can add a newly listed fintech or trim a holding when they choose rather than waiting on a rebalance calendar.ishares.com
0.55% net of a waiver through June 30, 2027 (0.66% gross) sits near the category median and under index peers FINX at 0.68% and IPAY at 0.75%.
Reads fintech broadly: payments, banking, insurance and software, worldwide, rather than a short list of US card networks.ishares.com
In a fintech group of only seven funds, this one lands in the upper half of our review, with its portfolio build the clearest strength.

FDFF Costs 0.50% a year, under the 0.68% median for fintech ETFs and below every peer here: BPAY (0.66%), FINX (0.68%), IPAY and ARKF (0.75%).
A real mandate, not a label: at least 80% of assets go to disruptive finance companies, held in a focused book of about 50 stocks rather than a sprawling index.fidelity.com
Fidelity research behind the picks, running since 2020, and it grades in the top quartile of the fintech funds we cover.

Worth knowing

BPAY One of the smaller, lightly traded funds in the category, so spreads can run wider than on the headline fintech names.
Non-diversified by design: with roughly 40 positions, one holding going wrong moves the fund more than it would a broad index.ishares.com
The 0.55% is after a waiver; if that waiver lapses following June 30, 2027, the cost reverts toward the 0.66% gross figure.

FDFF Thinly traded and small by ETF standards, so spreads can be wider than the headline fee suggests and the fund has less scale cushion than its bigger rivals.
About 50 stocks in one theme means fintech sentiment drives the ride. This is a concentrated slice, not a diversified financials holding.
Active, so there is no index to check the manager against. Results track stock selection, and distributions come quarterly rather than monthly.

Full BPAY profile⁠

Full FDFF profile⁠

BPAY vs FDFF Holdings

How BPAY and FDFF differ

Overlap by weight

24.7%

Shared holdings make up 31.8% of BPAY and 31.0% of FDFF.

Level by level

Holdings12 in both24.7%
Countryby domicile78.9%
Sector4 Sectors96.9%
Asset classEquity100%

Sector

Sector weights in BPAY and FDFF, widest gap first
Sector	More in BPAYMore in FDFF	BPAY	FDFF
Consumer Discretionary	BPAY +2.0 points	2.8%	0.8%
Financials	FDFF +1.6 points	91.9%	93.5%
Industrials	FDFF +1.5 points	1.8%	3.3%
Technology	BPAY +1.1 points	3.5%	2.4%

Country, concentration and asset class

Country by domicile

Country weights in BPAY and FDFF, widest gap first
Country	More in BPAYMore in FDFF	BPAY	FDFF
United States	FDFF +13.0 points	65.6%	78.6%
Kazakhstan	BPAY +4.4 points	4.4%	0.0%
Spain	FDFF +4.3 points	0.0%	4.3%
Sweden	BPAY +3.0 points	3.0%	0.0%
Australia	BPAY +2.6 points	2.6%	0.0%
Israel	BPAY +2.2 points	2.7%	0.5%
United Kingdom	BPAY +2.2 points	6.3%	4.1%
Japan	BPAY +2.1 points	2.1%	0.0%
Other countries (6)	BPAY +0.9 points	13.4%	12.5%

Outside the US: BPAY 65% developed, 35% emerging. FDFF 84% developed, 16% emerging.

Concentration

Weight in the 10 largest Holdings

BPAY39.8%
FDFF46.6%

Securities held

BPAY42
FDFF49

Asset class

BPAY: Equity
FDFF: Equity

Holdings

Only in BPAY30
In both12
Only in FDFF37

Only in BPAY

30 securities, 65.7% of BPAY by weight

Global Payments Inc5.19%
Block Class A4.36%
Fidelity National Information Serv4.34%
Jsc Kaspi Kz Global Sponsored Ads4.17%
Happen3.56%
Nexi3.02%
SHIFT4 Payments Class A2.91%
Klarna Group PLC2.85%
Pagaya Technologies Class A2.81%
Charles Schwab2.76%
Sea Ads Representing Ltd Class A2.67%
Sezzle Inc2.61%
Zip Co2.52%
Tbc Bank Group PLC2.42%
American Express2.30%
Cab Payments Holdings PLC2.11%
Rakuten Bank Ltd1.99%
Fiserv Inc1.72%
Galaxy Digital Inc Class A1.58%
Adyen1.48%
Wex1.37%
Temenos AG1.17%
Coastal Financial Corp1.06%
ORION180 Insurance Group Class A0.90%
Pagseguro Digital Ltd Class A0.89%
Stoneco Class A0.82%
Inter and Co Inc Class A0.74%
B3 Brasil Bolsa Balcao SA0.69%
Xp Class A Inc0.67%
Eur/Usd<0.01%

Only in FDFF

37 securities, 70.9% of FDFF by weight

BlackRock Inc6.28%
Dbs Group Holdings Ltd4.33%
Bankinter SA4.27%
Toast Inc4.04%
Finecobank Spa4.01%
Block Inc Class A3.95%
Apollo Global Management Inc3.83%
Hiscox Ltd (Ne Hiscox Bermuda)3.16%
London Stock Exchange Grp PLC3.07%
Intercontinental Exchange Inc3.04%
Equifax Inc2.69%
Baldwin Insurance Group Inc/Th2.46%
Securities Lending Cf2.42%
Cboe Global Markets Inc2.34%
Remitly Global Inc1.88%
Corpay Inc1.86%
Virtu Financial Inc Class A1.54%
Tradeweb Markets Inc A1.37%
Ally Financial Inc1.36%
Blue Owl Capital Inc A1.33%
Definity Financial Corp1.14%
Ares Management Corp Class A1.14%
Rocket Cos Inc1.11%
Msci Inc1.09%
Neptune Insurance Holdings Inc1.02%
Stepstone Group Inc Class A0.94%
Bancorp Inc Del0.83%
Bitmine Immersion Technologies0.81%
Mercadolibre Inc0.72%
Strategy Inc Class A0.69%
Pennymac Financial Services In0.62%
Bill Holdings Inc0.59%
Figure Technology Soluti Inc A0.39%
Uwm Holdings Corp Class A0.34%
Bullish0.22%
European Monetary Unit (Euro)0.00%
Uwm Holdings Corp Rt 11/12/260.00%

Weight gaps

All 12 Holdings in both funds, largest gap first.

Holding weights in BPAY and FDFF, widest gap first
Holding	More in BPAYMore in FDFF	BPAY	FDFF
Etoro Group Class AETOR	BPAY +2.13 points	2.60%	0.47%
Visa Class AV	FDFF +1.99 points	3.08%	5.07%
Mastercard Class AMA	FDFF +1.86 points	3.13%	4.99%
WealthfrontWLTH	BPAY +1.69 points	3.18%	1.49%
Dave Class ADAVE	BPAY +1.61 points	2.44%	0.83%
Nu Holdings Class ANU	FDFF +1.35 points	0.88%	2.23%
Capital One Financial CorpCOF	FDFF +1.13 points	4.48%	5.61%
Verisk AnalyticsVRSK	BPAY +0.56 points	1.86%	1.30%
Wise PLC Class AWISE.L	BPAY +0.41 points	1.45%	1.04%
Affirm Holdings Class AAFRM	BPAY +0.34 points	2.03%	1.69%
Chime Financial Class ACHYM	BPAY +0.29 points	4.35%	4.06%
Robinhood Markets Class AHOOD	BPAY +0.05 points	2.31%	2.26%

All 41 BPAY holdings⁠All 48 FDFF 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.

BPAY vs FDFF Cost

Overpaying BPAY vs FDFF

$925

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

BPAY 0.55%
$10,904
FDFF 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BPAY 0.55%
FDFF 0.50%
Overpaying

Year by year

Year	BPAY	FDFF	Overpaying
10	$988	$900	$88
20	$3,790	$3,460	$330
30	$10,904	$9,979	$925

Expense ratio

0.55%BPAY
0.50%FDFF, cheaper

FDFF0.50%BPAY0.55%

0.35%0.75%

Middle half of Fintech & Payments funds
Median 0.55%

FDFF 3rd cheapest of 7 funds

BPAY 4th cheapest of 7 funds

BPAY vs FDFF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BPAY 7.59%, better; FDFF 0.99%
Payout (12M): BPAY $1.83; FDFF $0.35
Last payment: BPAY $0.15; FDFF $0.06
Ex-dividend: BPAY Jun 15, 2026; FDFF Sep 18, 2026
Paid on: BPAY Jun 18, 2026; FDFF Sep 22, 2026
Frequency: BPAY Twice a year; FDFF Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

BPAYTwice a year · 8 paymentsAll BPAY payments⁠

FDFFQuarterly · 13 paymentsAll FDFF payments⁠

BPAY vs FDFF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BPAY 23.2%FDFF 20.3%, better
Return per unit of riskSharpe ratio, 3 years: BPAY 0.42FDFF 0.58, better
Worst fallMax drawdown, 5 years: BPAY −33.7%since Aug 2022FDFF −23.1%since Jun 2023
Market sensitivityBeta, 5 years: BPAY 1.43FDFF 1.15; Market = 1

BPAY and FDFF in the news

All news⁠

News
Chime to buy Stride Bank for $590 million and become a bank holding company
Sep 8, 2026BPAYFDFF

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BPAY vs FDFF

In short

Stated mandate

Why people hold it

Worth knowing

How BPAY and FDFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BPAY

Only in FDFF

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Chime to buy Stride Bank for $590 million and become a bank holding company

How BPAY and FDFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BPAY

Only in FDFF

Weight gaps