FNCL vs FXO: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

First Trust Financials AlphaDEX Fund

FXOBNYSE Arca

Overlap

24.3%by weight

Expense ratio

FNCL −0.52pt a year

FNCL0.08%FXO0.60%

Avg volume · 30D

FNCL 2.2×the volume

FNCL127KFXO58.7K

10Y return · a year

FXO +0.3pt

FNCL+12.6%FXO+12.9%

FNCL vs FXO Performance

Nov 9, 2021 – Nov 9, 2026

+55.8%FNCL+55.1%FXO

Expense ratio: FNCL 0.08%, better; FXO 0.60%
Fund size: FNCL $2.31B; FXO $1.07B
1Y total return: FNCL +11.4%; FXO +16.0%, better
Yield (12M): FNCL 1.58%; FXO 2.13%, better
Holdings: FNCL 387; FXO 106
Avg volume (30D): FNCL 127K sh, better; FXO 58.7K sh
NAV per share: FNCL $81.87; FXO $64.72
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, FXO, with each pillar’s weight
Pillar	FNCL	FXO
Cost30% weight	A97Higher	F15
Mission25% weight	A81	A99Higher
Risk15% weight	C53	B63Higher
Tradability15% weight	C52	C53Higher
Holdings10% weight	B55	A85Higher
Durability5% weight	B56Higher	C49

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and FXO 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 FXO 10th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 73
Rank 2AKIEState Street SPDR S&P Insurance ETFScore 73
Rank 9BIAKiShares U.S. Insurance ETFScore 58
Rank 10BFXOFirst Trust Financials AlphaDEX FundScore 57
Rank 11CRSPFInvesco S&P 500 Equal Weight Financials ETFScore 54

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

FXOBFirst Trust Financials AlphaDEX Fund

In short

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.

FXO No data

Stated mandate

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

FXO No data

Why people hold it

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.

FXO No data

Worth knowing

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.

FXO No data

Full FNCL profile⁠

Full FXO profile⁠

FNCL vs FXO Holdings

How FNCL and FXO differ

Overlap by weight

24.3%

Shared holdings make up 93.1% of FXO and 43.4% of FNCL.

Level by level

Holdings97 in both24.3%
Sector7 Sectors96.1%
Asset classStocks100%
Countryby domicile99.6%

Sector

Sector weights in FNCL and FXO, widest gap first
Sector	Gap	FNCL	FXO
Financials	FNCL +3.5 points	97.0%	93.5%
Real Estate	FXO +3.5 points	0.5%	4.0%
Technology	FXO +0.5 points	2.1%	2.5%
Industrials	FNCL +0.3 points	0.3%	0.0%
Health Care	FNCL +0.1 points	0.1%	0.0%
Consumer Discretionary	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FNCL and FXO, widest gap first
Country	Gap	FNCL	FXO
United States	FXO +0.2 points	98.6%	98.8%
Switzerland	FNCL +0.4 points	1.4%	1.0%
Brazil	FXO +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

FNCL48.6%
FXO17.8%

Securities held

FNCL384
FXO105

Asset class

FNCL: Stocks
FXO: Stocks

Holdings

Only in FNCL287
In both97
Only in FXO8

Only in FNCL

287 securities, 57.9% of FNCL by weight

JPMorgan Chase & Co9.95%
Visa Inc Class A7.85%
Mastercard Inc Class A5.92%
Goldman Sachs Group Inc2.85%
Morgan Stanley2.39%
BlackRock Inc1.94%
American Express Co1.90%
Chubb Ltd1.42%
Securities Lending Cf1.40%
Capital One Financial Corp1.32%
Cme Group Inc Class A1.24%
Marsh & Mclennan Cos Inc1.10%
Intercontinental Exchange Inc1.09%
Blackstone Inc0.99%
Moodys Corp0.84%
Arthur J Gallaghar and Co0.81%
Kkr & Co Inc0.68%
Metlife Inc0.60%
PayPal Hldgs Inc0.55%
Apollo Global Management Inc0.55%
Nasdaq Inc0.54%
Fifth Third Bancorp0.54%
Msci Inc0.51%
Block Inc Class A0.49%
Fiserv Inc0.37%
Willis Towers Watson PLC0.35%
Coinbase Global Inc0.32%
Corpay Inc0.32%
Synchrony Financial0.28%
Principal Finl Group Inc0.27%
Global Payments Inc0.25%
Sofi Technologies Inc A0.23%
Affirm Holdings Inc0.21%
Toast Inc0.19%
Everest Group Ltd0.18%
Fidelity Natl Inform Svcs Inc0.17%
Equitable Holdings Inc0.16%
Rocket Cos Inc0.15%
Henry (Jack) & Associates Inc0.14%
Circle Internet Group Inc A0.13%
Carlyle Group Inc (The)0.12%
Umb Financial Corp0.11%
Invesco Ltd0.11%
Cullen Frost Bankers Inc0.10%
Voya Financial Inc0.10%
Old National Bancorp (Ind)0.09%
Jackson Financial Inc0.09%
Firstcash Holdings Inc0.08%
Oscar Health Inc - Class A0.08%
Erie Indemnity Co Class A0.08%

Only in FXO

8 securities, 6.7% of FXO by weight

Everest Group, Ltd.1.76%
Central Bancompany, Inc.1.44%
CNA Financial Corporation1.26%
Chubb Limited1.00%
Broadridge Financial Solutions, Inc.0.70%
Willis Towers Watson Plc0.34%
XP Inc. (Class A)0.21%
Uwm Holdings Corp-Rt W/I<0.01%

Weight gaps

All 97 Holdings in both funds, largest gap first.

Holding weights in FNCL and FXO, widest gap first
Holding	Gap	FNCL	FXO
Berkshire Hathaway Inc Class BBRK.B	FNCL +7.22 points	9.01%	1.79%
Bank of America CorporationBAC	FNCL +3.05 points	3.59%	0.54%
Wells Fargo & CoWFC	FNCL +2.22 points	2.84%	0.62%
Chime Financial IncCHYM	FXO +1.79 points	0.05%	1.84%
White Mountains Ins Group LtdWTM	FXO +1.69 points	0.06%	1.75%
Axis Capital Holdings LtdAXS	FXO +1.67 points	0.09%	1.76%
Bank OzkOZK	FXO +1.66 points	0.06%	1.72%
Mgic Investment CorpMTG	FXO +1.66 points	0.07%	1.73%
Assured Guaranty LtdAGO	FXO +1.67 points	0.03%	1.70%
First American Financial CorpFAF	FXO +1.66 points	0.07%	1.73%
Old Republic Intl CorpORI	FXO +1.56 points	0.10%	1.66%
Renaissancere Hldgs LtdRNR	FXO +1.54 points	0.17%	1.71%
Markel Group IncMKL	FXO +1.50 points	0.27%	1.77%
Cincinnati Financial CorpCINF	FXO +1.50 points	0.32%	1.82%
Citigroup IncC	FNCL +1.45 points	2.27%	0.82%
Schwab Charles CorpSCHW	FNCL +1.41 points	1.69%	0.28%
Arch Capital Group LtdACGL	FXO +1.41 points	0.41%	1.82%
Agnc Investment CorpAGNC	FXO +1.40 points	0.11%	1.51%
Annaly Capital Mgmt Inc ReitNLY	FXO +1.40 points	0.15%	1.55%
Price (T Rowe)group IncTROW	FXO +1.37 points	0.26%	1.63%
Hartford Insurance Grp Inc/TheHIG	FXO +1.30 points	0.41%	1.71%
Hanover Insurance Group IncTHG	FXO +1.25 points	0.10%	1.35%
S&P Global IncSPGI	FNCL +1.24 points	1.58%	0.35%
American International GroupAIG	FXO +1.17 points	0.46%	1.63%
Columbia Banking Systems IncCOLB	FXO +1.17 points	0.10%	1.27%
Fnb Corp PaFNB	FXO +1.16 points	0.07%	1.23%
Jefferies Financial Group IncJEF	FXO +1.15 points	0.08%	1.23%
Southstate Bank CorpSSB	FXO +1.14 points	0.11%	1.25%
Onemain Holdings IncOMF	FXO +1.13 points	0.07%	1.20%
Zions BancorpZION	FXO +1.12 points	0.11%	1.23%
Lincoln National CorpLNC	FXO +1.12 points	0.07%	1.19%
Western Alliance BancorpWAL	FXO +1.10 points	0.09%	1.19%
Ally Financial IncALLY	FXO +1.08 points	0.12%	1.20%
Affiliated Managers Grp IncAMG	FXO +1.08 points	0.10%	1.18%
Allstate CorporationALL	FXO +1.06 points	0.74%	1.80%
Loews CorpL	FXO +1.04 points	0.21%	1.25%
Rli CorpRLI	FXO +1.03 points	0.07%	1.10%
Kinsale Capital Group IncKNSL	FXO +0.97 points	0.09%	1.06%
Factset Research Systems IncFDS	FXO +0.95 points	0.13%	1.08%
Lpl Financial Holdings IncLPLA	FXO +0.88 points	0.27%	1.15%
Fidelity National Finl IncFNF	FXO +0.89 points	0.12%	1.01%
Bok Financial Common NewBOKF	FXO +0.88 points	0.03%	0.91%
Hamilton Lane Inc - AHLNE	FXO +0.88 points	0.04%	0.92%
Prosperity Bancshares IncPB	FXO +0.88 points	0.09%	0.97%
First Hawaiian IncFHB	FXO +0.87 points	0.03%	0.90%
Evercore Inc AEVR	FXO +0.86 points	0.12%	0.98%
Rithm Capital CorpRITM	FXO +0.86 points	0.06%	0.92%
Slm CorpSLM	FXO +0.86 points	0.03%	0.89%
M&T Bank CorpMTB	FXO +0.84 points	0.35%	1.19%
Sei Inv CorpSEIC	FXO +0.79 points	0.12%	0.91%
First Citizens Bancshares IncFCNCA	FXO +0.79 points	0.19%	0.98%
Pinnacle Financial Partners InPNFP	FXO +0.79 points	0.17%	0.96%
First Horizon CorpFHN	FXO +0.77 points	0.12%	0.89%
Globe Life IncGL	FXO +0.70 points	0.14%	0.84%
Morningstar IncMORN	FXO +0.71 points	0.05%	0.76%
Ryan Specialty Holdings IncRYAN	FXO +0.71 points	0.06%	0.77%
Interactive Brokers Group IncIBKR	FXO +0.70 points	0.36%	1.06%
Regions Financial CorpRF	FXO +0.67 points	0.27%	0.94%
Freedom Holding Corp/NvFRHC	FXO +0.59 points	0.04%	0.63%
Truist Finl CorpTFC	FXO +0.60 points	0.67%	1.27%
Northern Trust CorpNTRS	FXO +0.57 points	0.34%	0.91%
Credit Acceptance CorpCACC	FXO +0.56 points	0.03%	0.59%
Primerica IncPRI	FXO +0.53 points	0.10%	0.63%
Virtu Financial Inc Class AVIRT	FXO +0.53 points	0.05%	0.58%
Assurant IncAIZ	FXO +0.52 points	0.17%	0.69%
Wintrust Financial CorpWTFC	FXO +0.51 points	0.12%	0.63%
Bank of New York Mellon CorpBNY	FNCL +0.51 points	1.12%	0.61%
Corebridge Financial IncCRBG	FXO +0.51 points	0.10%	0.61%
Stifel Financial CorpSF	FXO +0.48 points	0.12%	0.60%
Popular IncBPOP	FXO +0.49 points	0.11%	0.60%
Reinsurance Group of AmericaRGA	FXO +0.44 points	0.19%	0.63%
Us Bancorp DelUSB	FNCL +0.43 points	1.04%	0.61%
Pnc Financial Services Grp IncPNC	FNCL +0.41 points	1.01%	0.60%
Ameriprise Financial IncAMP	FXO +0.41 points	0.50%	0.91%
KeycorpKEY	FXO +0.41 points	0.21%	0.62%
Aon PLCAON	FNCL +0.40 points	0.76%	0.36%
Travelers Companies IncTRV	FXO +0.40 points	0.92%	1.32%
Aflac IncAFL	FXO +0.35 points	0.64%	0.99%
Lazard IncLAZ	FXO +0.27 points	0.04%	0.31%
Houlihan LokeyHLI	FXO +0.25 points	0.09%	0.34%
Robinhood Markets IncHOOD	FNCL +0.25 points	0.68%	0.43%
State Street CorpSTT	FNCL +0.23 points	0.51%	0.28%
American Finl Group Inc OhioAFG	FXO +0.22 points	0.12%	0.34%
Commerce Bancshares IncCBSH	FXO +0.22 points	0.08%	0.30%
Tradeweb Markets Inc ATW	FXO +0.21 points	0.17%	0.38%
Franklin Templeton IncBEN	FXO +0.20 points	0.11%	0.31%
Progressive Corp OhioPGR	FNCL +0.18 points	1.49%	1.31%
Prudential Financial IncPRU	FXO +0.16 points	0.46%	0.62%
Berkley (Wr) CorpWRB	FXO +0.15 points	0.18%	0.33%
Unum GroupUNM	FXO +0.14 points	0.12%	0.26%
Brown & Brown IncBRO	FXO +0.12 points	0.23%	0.35%
East West Bancorp IncEWBC	FXO +0.11 points	0.20%	0.31%
Huntington Bancshares IncHBAN	FNCL +0.05 points	0.35%	0.30%
Cboe Global Markets IncCBOE	FNCL +0.04 points	0.42%	0.38%
Ares Management Corp Class AARES	FXO +0.02 points	0.32%	0.34%
Raymond James Financial Inc.RJF	FNCL +0.01 points	0.32%	0.31%
Citizens Financial Group IncCFG	FNCL +0.01 points	0.30%	0.29%

All 404 FNCL holdings⁠All 105 FXO 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.

FNCL vs FXO Cost

Overpaying FXO vs FNCL

$10,044

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

FNCL 0.084%
$1,773
FXO 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
FXO 0.60%
Overpaying

Year by year

Year	FNCL	FXO	Overpaying
10	$154	$1,076	$922
20	$603	$4,116	$3,513
30	$1,773	$11,817	$10,044

Expense ratio

0.08%FNCL, cheaper
0.60%FXO

FNCL0.08%FXO0.60%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

FXO 15th cheapest of 18 funds

FNCL vs FXO Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FNCL 1.58%; FXO 2.13%, better
Payout (12M): FNCL $1.29; FXO $1.40
Last payment: FNCL $0.31; FXO $0.33
Ex-dividend: FNCL Sep 18, 2026; FXO Sep 24, 2026
Paid on: FNCL Sep 22, 2026; FXO Sep 30, 2026
Frequency: FNCL Quarterly; FXO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

FXOQuarterly · 39 paymentsAll FXO payments⁠

FNCL vs FXO Risk

Fall from peak · 5 years

FNCL
FXO

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%, betterFXO 17.3%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11, betterFXO 1.07
Worst fallMax drawdown, 5 years: FNCL −25.7%, betterFXO −28.8%
Market sensitivityBeta, 5 years: FNCL 0.90FXO 0.95; Market = 1

FNCL and FXO in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026FNCLFXO

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FNCL vs FXO

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and FXO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in FXO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Bank earnings week will miss most of what a financials fund owns

How FNCL and FXO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in FXO

Weight gaps