FNCL vs IAI: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

iShares U.S. Broker-Dealers & Securities Exchanges ETF

IAICNYSE Arca

Overlap

16.3%by weight

Expense ratio

FNCL −0.29pt a year

FNCL0.08%IAI0.37%

Avg volume · 30D

FNCL 1.6×the volume

FNCL127KIAI80.9K

10Y return · a year

IAI +4.4pt

FNCL+12.6%IAI+17.0%

FNCL vs IAI Performance

Nov 9, 2021 – Nov 9, 2026

+55.8%FNCL+74.4%IAI

Expense ratio: FNCL 0.08%, better; IAI 0.37%
Fund size: FNCL $2.31B; IAI $1.27B
1Y total return: FNCL +11.4%, better; IAI +5.5%
Yield (12M): FNCL 1.58%, better; IAI 1.17%
Holdings: FNCL 387; IAI 38
Avg volume (30D): FNCL 127K sh, better; IAI 80.9K sh
NAV per share: FNCL $81.87; IAI $177.83
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, IAI, with each pillar’s weight
Pillar	FNCL	IAI
Cost30% weight	A97Higher	C53
Mission25% weight	A81	Not scored
Risk15% weight	C53Higher	F23
Tradability15% weight	C52	B58Higher
Holdings10% weight	B55Higher	F8
Durability5% weight	B56	B65Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and IAI 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 IAI 14th 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 13CEUFNiShares MSCI Europe Financials ETFScore 46
Rank 14CIAIiShares U.S. Broker-Dealers & Securities Exchanges ETFScore 42
Rank 15DTFNST. Rowe Price Financials ETFScore 37

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

IAICiShares U.S. Broker-Dealers & Securities Exchanges ETF

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.

IAI Most financials ETFs are mostly banks and insurers. IAI skips that and buys the toll booths: exchanges, brokerages and investment banks, about 40 names on the fee-and-commission side of Wall Street.

Stated mandate

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

IAI The fund seeks to track an index of U.S. equities in the investment services sector. It is designed to provide targeted exposure to U.S. investment banks, brokerages, and exchanges.

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.

IAI At 0.37%, it costs less than the typical broad financials fund (median 0.44%) and less than its own iShares broad-sector sibling IYF at 0.38%.
Targeted by design: U.S. investment banks, brokerages and exchanges, the slice that broad sector funds bury under lenders and insurers.ishares.com
Live since 2006, so it has traded through the financial crisis and everything since. A multi-billion-dollar iShares fund that pays quarterly.

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.

IAI About 40 holdings. A handful of big exchanges and brokers drive most of the ride, and concentration cuts both ways.
Capital-markets revenue tracks trading volumes, IPOs and deal flow, and the fund sits at the more volatile end of its financials peer group.
Whole-sector coverage is cheaper: XLF and VFH run under 0.10%. The narrow slice carries a higher fee.

Full FNCL profile⁠

Full IAI profile⁠

FNCL vs IAI Holdings

How FNCL and IAI differ

Overlap by weight

16.3%

Shared holdings make up 99.9% of IAI and 16.3% of FNCL.

Level by level

Sector9 Sectors0.0%
Holdings34 in both16.3%
Countryby domicile98.6%
Asset classStocks100%

Sector

Sector weights in FNCL and IAI, widest gap first
Sector	Gap	FNCL	IAI
Financials	FNCL +97.0 points	97.0%	0.0%
Investment Banking & Brokerage	IAI +59.8 points	0.0%	59.8%
Financial Exchanges & Data	IAI +40.2 points	0.0%	40.2%
Technology	FNCL +2.1 points	2.1%	0.0%
Real Estate	FNCL +0.5 points	0.5%	0.0%
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 IAI, widest gap first
Country	More in FNCLMore in IAI	Gap	FNCL	IAI
United States		IAI +1.4 points	98.6%	100.0%
Switzerland		FNCL +1.4 points	1.4%	0.0%

Concentration

Weight in the 10 largest Holdings

FNCL48.6%
IAI74.7%

Securities held

FNCL384
IAI35

Asset class

FNCL: Stocks
IAI: Stocks

Holdings

Only in FNCL350
In both34
Only in IAI1

Only in FNCL

350 securities, 85.0% of FNCL by weight

JPMorgan Chase & Co9.95%
Berkshire Hathaway Inc Class B9.01%
Visa Inc Class A7.85%
Mastercard Inc Class A5.92%
Bank of America Corporation3.59%
Wells Fargo & Co2.84%
Citigroup Inc2.27%
BlackRock Inc1.94%
American Express Co1.90%
Progressive Corp Ohio1.49%
Chubb Ltd1.42%
Securities Lending Cf1.40%
Capital One Financial Corp1.32%
Bank of New York Mellon Corp1.12%
Marsh & Mclennan Cos Inc1.10%
Us Bancorp Del1.04%
Pnc Financial Services Grp Inc1.01%
Blackstone Inc0.99%
Travelers Companies Inc0.92%
Arthur J Gallaghar and Co0.81%
Aon PLC0.76%
Allstate Corporation0.74%
Kkr & Co Inc0.68%
Truist Finl Corp0.67%
Aflac Inc0.64%
Metlife Inc0.60%
PayPal Hldgs Inc0.55%
Apollo Global Management Inc0.55%
Fifth Third Bancorp0.54%
State Street Corp0.51%
Ameriprise Financial Inc0.50%
Block Inc Class A0.49%
Prudential Financial Inc0.46%
American International Group0.46%
Hartford Insurance Grp Inc/The0.41%
Arch Capital Group Ltd0.41%
Fiserv Inc0.37%
M&T Bank Corp0.35%
Huntington Bancshares Inc0.35%
Willis Towers Watson PLC0.35%
Northern Trust Corp0.34%
Cincinnati Financial Corp0.32%
Corpay Inc0.32%
Ares Management Corp Class A0.32%
Citizens Financial Group Inc0.30%
Synchrony Financial0.28%
Regions Financial Corp0.27%
Markel Group Inc0.27%
Principal Finl Group Inc0.27%
Price (T Rowe)group Inc0.26%

Only in IAI

1 security, 0.0% of IAI by weight

Bitgo Holdings Inc Class A0.04%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in FNCL and IAI, widest gap first
Holding	Gap	FNCL	IAI
Goldman Sachs Group IncGS	IAI +14.41 points	2.85%	17.27%
Morgan StanleyMS	IAI +12.45 points	2.39%	14.84%
Schwab Charles CorpSCHW	IAI +7.09 points	1.69%	8.78%
Moodys CorpMCO	IAI +4.31 points	0.84%	5.15%
Intercontinental Exchange IncICE	IAI +4.23 points	1.09%	5.32%
Cme Group Inc Class ACME	IAI +4.15 points	1.24%	5.39%
Nasdaq IncNDAQ	IAI +4.00 points	0.54%	4.54%
Msci IncMSCI	IAI +3.96 points	0.51%	4.47%
S&P Global IncSPGI	IAI +3.82 points	1.58%	5.41%
Cboe Global Markets IncCBOE	IAI +3.15 points	0.42%	3.57%
Interactive Brokers Group IncIBKR	IAI +2.94 points	0.36%	3.30%
Robinhood Markets IncHOOD	IAI +2.71 points	0.68%	3.39%
Coinbase Global IncCOIN	IAI +2.56 points	0.32%	2.88%
Raymond James Financial Inc.RJF	IAI +2.38 points	0.32%	2.70%
Lpl Financial Holdings IncLPLA	IAI +1.96 points	0.27%	2.23%
Tradeweb Markets Inc ATW	IAI +1.23 points	0.17%	1.40%
Factset Research Systems IncFDS	IAI +0.99 points	0.13%	1.12%
Evercore Inc AEVR	IAI +0.95 points	0.12%	1.07%
Stifel Financial CorpSF	IAI +0.91 points	0.12%	1.03%
Houlihan LokeyHLI	IAI +0.67 points	0.09%	0.76%
Jefferies Financial Group IncJEF	IAI +0.62 points	0.08%	0.70%
Marketaxess Hldgs IncMKTX	IAI +0.50 points	0.07%	0.57%
Stonex Group IncSNEX	IAI +0.50 points	0.07%	0.57%
Morningstar IncMORN	IAI +0.40 points	0.05%	0.45%
Virtu Financial Inc Class AVIRT	IAI +0.38 points	0.05%	0.43%
Piper Sandler CosPIPR	IAI +0.38 points	0.05%	0.43%
Moelis & Co Class AMC	IAI +0.35 points	0.05%	0.40%
Pjt Partners IncPJT	IAI +0.32 points	0.04%	0.36%
Bgc Group Inc ABGC	IAI +0.33 points	0.04%	0.37%
Lazard IncLAZ	IAI +0.32 points	0.04%	0.36%
Miami International Holds IncMIAX	IAI +0.27 points	0.03%	0.30%
Donnelley Financial SolutionsDFIN	IAI +0.14 points	0.02%	0.16%
Perella Weinberg PartnersPWP	IAI +0.09 points	0.01%	0.10%
Oppenheimer Hldgs Class A Non-VtgOPY	IAI +0.04 points	<0.01%	0.05%

All 404 FNCL holdings⁠All 35 IAI 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 IAI Cost

Overpaying IAI vs FNCL

$5,740

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

FNCL 0.084%
$1,773
IAI 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
IAI 0.37%
Overpaying

Year by year

Year	FNCL	IAI	Overpaying
10	$154	$670	$516
20	$603	$2,590	$1,987
30	$1,773	$7,513	$5,740

Expense ratio

0.08%FNCL, cheaper
0.37%IAI

FNCL0.08%IAI0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

IAI 7th cheapest of 18 funds

FNCL vs IAI Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FNCL 1.58%, better; IAI 1.17%
Payout (12M): FNCL $1.29; IAI $2.13
Last payment: FNCL $0.31; IAI $0.51
Ex-dividend: FNCL Sep 18, 2026; IAI Sep 15, 2026
Paid on: FNCL Sep 22, 2026; IAI Sep 18, 2026
Frequency: FNCL Quarterly; IAI Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

IAIQuarterly · 39 paymentsAll IAI payments⁠

FNCL vs IAI Risk

Fall from peak · 5 years

FNCL
IAI

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%, betterIAI 20.1%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11IAI 1.13, better
Worst fallMax drawdown, 5 years: FNCL −25.7%, betterIAI −28.2%
Market sensitivityBeta, 5 years: FNCL 0.90IAI 1.09; Market = 1

FNCL and IAI in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026FNCL
Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sep 19, 2026IAI

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FNCL vs IAI

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and IAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IAI

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

Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning

How FNCL and IAI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IAI

Weight gaps