FNCL vs IAK: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

iShares U.S. Insurance ETF

IAKBNYSE Arca

Overlap

9.6%by weight

Expense ratio

FNCL −0.29pt a year

FNCL0.08%IAK0.37%

Avg volume · 30D

FNCL 1.04×the volume

FNCL127KIAK122K

10Y return · a year

IAK +0.2pt

FNCL+12.6%IAK+12.8%

FNCL vs IAK Performance

Nov 9, 2021 – Nov 9, 2026

+55.8%FNCL+97.1%IAK

Expense ratio: FNCL 0.08%, better; IAK 0.37%
Fund size: FNCL $2.31B; IAK $483M
1Y total return: FNCL +11.4%; IAK +17.8%, better
Yield (12M): FNCL 1.58%; IAK 2.38%, better
Holdings: FNCL 387; IAK 63
Avg volume (30D): FNCL 127K sh, better; IAK 122K sh
NAV per share: FNCL $81.87; IAK $148.58
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, IAK, with each pillar’s weight
Pillar	FNCL	IAK
Cost30% weight	A97Higher	C53
Mission25% weight	A81Higher	A78
Risk15% weight	C53	B67Higher
Tradability15% weight	C52	B56Higher
Holdings10% weight	B55Higher	F11
Durability5% weight	B56	B64Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and IAK 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 IAK 9th 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 8BKBWPInvesco KBW Property & Casualty Insurance ETFScore 61
Rank 9BIAKiShares U.S. Insurance ETFScore 58
Rank 10BFXOFirst Trust Financials AlphaDEX FundScore 57

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

IAKBiShares U.S. Insurance 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.

IAK Financials, minus the banks. IAK tracks a market-cap index of U.S. insurers (life, property-casualty, brokers) in roughly 60 names, and it has run that same pure-play mandate since 2006.

Stated mandate

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

IAK The fund pursues the results of an index of U.S. insurance-sector equities. It uses representative-sampling indexing rather than active management and generally places at least 80% of assets in index components.

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.

IAK Insurance only. The index covers U.S. insurance-sector equities, so banks and capital-markets names do not ride along the way they do in a broad financials fund.ishares.com
Costs 0.37% a year, below the 0.44% median for its financials peer group.
A 2006 launch, run as a plain index sampler with no manager stock-picking, and it tracks its benchmark closely. One of the better implementations in its cohort.
Pays out on a quarterly schedule.

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.

IAK About 60 stocks in one industry. Results hinge on the insurance cycle (underwriting losses, rates) rather than on the broad market.
Whole-sector trackers like XLF and VFH charge under a tenth of a percent, so the insurance carve-out is the pricier way to own financials.
Moderately traded and mid-size in assets, not a category heavyweight. Limit orders earn their keep here, especially in larger clips.

Full FNCL profile⁠

Full IAK profile⁠

FNCL vs IAK Holdings

How FNCL and IAK differ

Overlap by weight

9.6%

Shared holdings make up 85.8% of IAK and 9.6% of FNCL.

Level by level

Sector10 Sectors0.0%
Holdings57 in both9.6%
Countryby domicile88.3%
Asset classStocks100%

Sector

Sector weights in FNCL and IAK, widest gap first
Sector	Gap	FNCL	IAK
Financials	FNCL +97.0 points	97.0%	0.0%
Property & Casualty Insurance	IAK +77.9 points	0.0%	77.9%
Life & Health Insurance	IAK +21.9 points	0.0%	21.9%
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%
MULTI-LINE INSURANCE	IAK +0.2 points	0.0%	0.2%
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 IAK, widest gap first
Country	More in FNCLMore in IAK	Gap	FNCL	IAK
United States		FNCL +11.7 points	98.6%	86.9%
Switzerland		IAK +11.7 points	1.4%	13.1%

Concentration

Weight in the 10 largest Holdings

FNCL48.6%
IAK67.2%

Securities held

FNCL384
IAK59

Asset class

FNCL: Stocks
IAK: Stocks

Holdings

Only in FNCL327
In both57
Only in IAK2

Only in FNCL

327 securities, 91.7% 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%
Goldman Sachs Group Inc2.85%
Wells Fargo & Co2.84%
Morgan Stanley2.39%
Citigroup Inc2.27%
BlackRock Inc1.94%
American Express Co1.90%
Schwab Charles Corp1.69%
S&P Global Inc1.58%
Chubb Ltd1.42%
Securities Lending Cf1.40%
Capital One Financial Corp1.32%
Cme Group Inc Class A1.24%
Bank of New York Mellon Corp1.12%
Marsh & Mclennan Cos Inc1.10%
Intercontinental Exchange Inc1.09%
Us Bancorp Del1.04%
Pnc Financial Services Grp Inc1.01%
Blackstone Inc0.99%
Moodys Corp0.84%
Arthur J Gallaghar and Co0.81%
Aon PLC0.76%
Robinhood Markets Inc0.68%
Kkr & Co Inc0.68%
Truist Finl Corp0.67%
PayPal Hldgs Inc0.55%
Apollo Global Management Inc0.55%
Nasdaq Inc0.54%
Fifth Third Bancorp0.54%
State Street Corp0.51%
Msci Inc0.51%
Ameriprise Financial Inc0.50%
Block Inc Class A0.49%
Cboe Global Markets Inc0.42%
Fiserv Inc0.37%
Interactive Brokers Group Inc0.36%
M&T Bank Corp0.35%
Huntington Bancshares Inc0.35%
Willis Towers Watson PLC0.35%
Northern Trust Corp0.34%
Raymond James Financial Inc.0.32%
Coinbase Global Inc0.32%
Corpay Inc0.32%
Ares Management Corp Class A0.32%
Citizens Financial Group Inc0.30%
Synchrony Financial0.28%

Only in IAK

2 securities, 13.2% of IAK by weight

Chubb13.13%
Cna Financial Corp0.11%

Weight gaps

All 57 Holdings in both funds, largest gap first.

Holding weights in FNCL and IAK, widest gap first
Holding	Gap	FNCL	IAK
Progressive Corp OhioPGR	IAK +12.08 points	1.49%	13.57%
Travelers Companies IncTRV	IAK +7.53 points	0.92%	8.45%
Allstate CorporationALL	IAK +5.75 points	0.74%	6.49%
Aflac IncAFL	IAK +4.03 points	0.64%	4.67%
Prudential Financial IncPRU	IAK +3.92 points	0.46%	4.38%
American International GroupAIG	IAK +3.88 points	0.46%	4.34%
Metlife IncMET	IAK +3.83 points	0.60%	4.43%
Arch Capital Group LtdACGL	IAK +3.48 points	0.41%	3.89%
Hartford Insurance Grp Inc/TheHIG	IAK +3.46 points	0.41%	3.87%
Cincinnati Financial CorpCINF	IAK +2.72 points	0.32%	3.04%
Markel Group IncMKL	IAK +2.29 points	0.27%	2.56%
Principal Finl Group IncPFG	IAK +2.03 points	0.27%	2.30%
Loews CorpL	IAK +1.73 points	0.21%	1.94%
Berkley (Wr) CorpWRB	IAK +1.64 points	0.18%	1.82%
Assurant IncAIZ	IAK +1.42 points	0.17%	1.59%
Globe Life IncGL	IAK +1.15 points	0.14%	1.29%
Unum GroupUNM	IAK +1.06 points	0.12%	1.18%
American Finl Group Inc OhioAFG	IAK +1.01 points	0.12%	1.13%
Fidelity National Finl IncFNF	IAK +0.98 points	0.12%	1.10%
Primerica IncPRI	IAK +0.85 points	0.10%	0.95%
Old Republic Intl CorpORI	IAK +0.84 points	0.10%	0.94%
Hanover Insurance Group IncTHG	IAK +0.80 points	0.10%	0.90%
Kinsale Capital Group IncKNSL	IAK +0.80 points	0.09%	0.89%
Oscar Health Inc - Class AOSCR	IAK +0.75 points	0.08%	0.83%
Erie Indemnity Co Class AERIE	IAK +0.67 points	0.08%	0.75%
First American Financial CorpFAF	IAK +0.66 points	0.07%	0.73%
Rli CorpRLI	IAK +0.60 points	0.07%	0.67%
Axis Capital Holdings LtdAXS	IAK +0.59 points	0.09%	0.68%
Selective Insurance Group IncSIGI	IAK +0.56 points	0.07%	0.63%
White Mountains Ins Group LtdWTM	IAK +0.50 points	0.06%	0.56%
Cno Financial Group IncCNO	IAK +0.47 points	0.06%	0.53%
Lincoln National CorpLNC	IAK +0.42 points	0.07%	0.49%
Palomar Hldgs IncPLMR	IAK +0.39 points	0.05%	0.44%
Assured Guaranty LtdAGO	IAK +0.29 points	0.03%	0.32%
Lemonade IncLMND	IAK +0.25 points	0.03%	0.28%
Skyward Specialty Ins Grp IncSKWD	IAK +0.24 points	0.02%	0.26%
Brighthouse Financial IncBHF	IAK +0.23 points	0.03%	0.26%
Mercury General CorpMCY	IAK +0.20 points	0.03%	0.23%
Genworth Financial IncGNW	IAK +0.20 points	0.04%	0.24%
Horace Mann Educators CorpHMN	IAK +0.20 points	0.02%	0.22%
Hci Group IncHCI	IAK +0.19 points	0.02%	0.21%
Kemper CorpKMPR	IAK +0.17 points	0.02%	0.19%
Porch Group IncPRCH	IAK +0.16 points	0.02%	0.18%
Slide Insurance Holdings IncSLDE	IAK +0.15 points	0.02%	0.17%
Safety Insurance Group IncSAFT	IAK +0.14 points	0.02%	0.16%
Stewart Information ServicesSTC	IAK +0.13 points	0.02%	0.15%
Trupanion IncTRUP	IAK +0.14 points	0.01%	0.15%
Universal Insurance Hldgs IncUVE	IAK +0.12 points	0.01%	0.13%
United Fire Group IncUFCS	IAK +0.10 points	0.01%	0.11%
Employers Holdings IncEIG	IAK +0.08 points	<0.01%	0.09%
Heritage Insurance Holdings InHRTG	IAK +0.07 points	<0.01%	0.08%
Hippo Holdings IncHIPO	IAK +0.07 points	<0.01%	0.08%
F&G Annuities & Life IncFG	IAK +0.06 points	0.01%	0.07%
Root IncROOT	IAK +0.05 points	<0.01%	0.06%
Bowhead Specialty Holdings IncBOW	IAK +0.05 points	<0.01%	0.06%
Tiptree IncTIPT	IAK +0.04 points	<0.01%	0.04%
Amerisafe IncAMSF	IAK +0.04 points	<0.01%	0.04%

All 404 FNCL holdings⁠All 65 IAK 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 IAK Cost

Overpaying IAK vs FNCL

$5,740

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

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

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
IAK 0.37%
Overpaying

Year by year

Year	FNCL	IAK	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%IAK

FNCL0.08%IAK0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

IAK 7th cheapest of 18 funds

FNCL vs IAK Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FNCL 1.58%; IAK 2.38%, better
Payout (12M): FNCL $1.29; IAK $3.57
Last payment: FNCL $0.31; IAK $0.51
Ex-dividend: FNCL Sep 18, 2026; IAK Sep 15, 2026
Paid on: FNCL Sep 22, 2026; IAK Sep 18, 2026
Frequency: FNCL Quarterly; IAK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

IAKQuarterly · 40 paymentsAll IAK payments⁠

FNCL vs IAK Risk

Fall from peak · 5 years

FNCL
IAK

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%, betterIAK 16.9%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11, betterIAK 0.85
Worst fallMax drawdown, 5 years: FNCL −25.7%IAK −14.7%, better
Market sensitivityBeta, 5 years: FNCL 0.90IAK 0.35; Market = 1

FNCL and IAK 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, 2026IAK

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FNCL vs IAK

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and IAK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IAK

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 IAK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IAK

Weight gaps