FNCL vs IXG: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

iShares Global Financials ETF

IXGBNYSE Arca

Overlap

49.9%by weight

Expense ratio

FNCL −0.30pt a year

FNCL0.08%IXG0.38%

Avg volume · 30D

FNCL 2.3×the volume

FNCL123KIXG54K

10Y return · a year

FNCL +0.6pt

FNCL+12.9%IXG+12.3%

FNCL vs IXG Performance

Oct 29, 2021 – Oct 30, 2026

+52.4%FNCL+79.2%IXG

Expense ratio: FNCL 0.08%, better; IXG 0.38%
Fund size: FNCL $2.24B; IXG $698M
1Y total return: FNCL +9.6%; IXG +15.6%, better
Yield (12M): FNCL 1.61%; IXG 2.19%, better
Holdings: FNCL 386; IXG 244
Avg volume (30D): FNCL 123K sh, better; IXG 54K sh
NAV per share: FNCL $79.91; IXG $129.29
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, IXG, with each pillar’s weight
Pillar	FNCL	IXG
Cost30% weight	A97Higher	C53
Mission25% weight	A81	A85Higher
Risk15% weight	C53	A86Higher
Tradability15% weight	A71Higher	D35
Holdings10% weight	C54	A79Higher
Durability5% weight	B56	B59Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and IXG 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 IXG 5th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 76
Rank 3AKIEState Street SPDR S&P Insurance ETFScore 72
Rank 4BVFHVanguard Financials ETFScore 69
Rank 5BIXGiShares Global Financials ETFScore 66
Rank 5BIYFiShares U.S. Financials ETFScore 66

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

IXGBiShares Global Financials 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.

IXG Most financials ETFs stop at the US border. This one, running since 2001, owns the sector worldwide: roughly 220 banks, insurers and exchanges, priced below the typical financials fund.

Stated mandate

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

IXG The fund seeks to track an index of global equities in the financials sector, providing diversified exposure to financial companies worldwide.

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.

IXG Global by design. It tracks the S&P Global 1200 Financials Capped Index, so overseas banks and insurers sit next to the American giants instead of being left out.ishares.com
0.38% a year, below the 0.44% median for financials funds. Rare to get worldwide reach for less than the category norm.
Roughly 220 holdings under a capped index, which limits how far any one megabank can dominate the basket.
Live since 2001 and among the stronger index-tracking records in its peer group, with more than two decades of history behind the method.

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.

IXG US-only rivals such as XLF, FNCL and VFH charge closer to 0.08%. The passport costs roughly four times more than staying home.
Trades thinner than the big US-focused financials funds, so spreads can widen and limit orders do real work.
Income lands once or twice a year, not quarterly. Something to know if you like a steadier payout rhythm.

Full FNCL profile⁠

Full IXG profile⁠

FNCL vs IXG Holdings

How FNCL and IXG differ

Overlap by weight

49.9%

Shared holdings make up 83.9% of FNCL and 49.9% of IXG.

Level by level

Sector8 Sectors37.4%
Holdings70 in both49.9%
Countryby domicile55.8%
Asset classEquity100%

Sector

Sector weights in FNCL and IXG, widest gap first
Sector	More in FNCLMore in IXG	FNCL	IXG
Financials	FNCL +59.7 points	97.1%	37.4%
Banks	IXG +45.0 points	0.0%	45.0%
Insurance	IXG +17.6 points	0.0%	17.6%
Technology	FNCL +1.9 points	1.9%	0.0%
Real Estate	FNCL +0.6 points	0.6%	0.0%
Industrials	FNCL +0.2 points	0.2%	0.0%
Health Care	FNCL +0.1 points	0.1%	0.0%
Consumer Discretionary	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FNCL and IXG, widest gap first
Country	More in FNCLMore in IXG	FNCL	IXG
United States	FNCL +44.2 points	98.6%	54.4%
Canada	IXG +8.4 points	0.0%	8.4%
Japan	IXG +6.8 points	0.0%	6.8%
United Kingdom	IXG +5.4 points	0.0%	5.4%
Australia	IXG +4.1 points	0.0%	4.1%
Germany	IXG +3.0 points	0.0%	3.0%
Italy	IXG +2.7 points	0.0%	2.7%
Spain	IXG +2.6 points	0.0%	2.6%
Other countries (7)	IXG +11.2 points	1.4%	12.6%

Outside the US: IXG 92% developed, 8% emerging.

Concentration

Weight in the 10 largest Holdings

FNCL48.7%
IXG31.1%

Securities held

FNCL383
IXG223

Asset class

FNCL: Equity
IXG: Equity

Holdings

Only in FNCL313
In both70
Only in IXG153

Only in FNCL

313 securities, 17.1% of FNCL by weight

Chubb Ltd1.42%
Securities Lending Cf1.11%
Block Inc Class A0.44%
Willis Towers Watson PLC0.34%
Fiserv Inc0.29%
Markel Group Inc0.26%
Sofi Technologies Inc A0.25%
Lpl Financial Holdings Inc0.25%
Affirm Holdings Inc0.23%
East West Bancorp Inc0.20%
First Citizens Bancshares Inc0.20%
Reinsurance Group of America0.19%
Everest Group Ltd0.18%
Toast Inc0.17%
Pinnacle Financial Partners In0.17%
Equitable Holdings Inc0.17%
Renaissancere Hldgs Ltd0.16%
Tradeweb Markets Inc A0.15%
Annaly Capital Mgmt Inc Reit0.15%
Unum Group0.15%
State Street 60 Day Money Mark0.14%
First Horizon Corp0.13%
Evercore Inc A0.12%
Ally Financial Inc0.12%
Rocket Cos Inc0.12%
Carlyle Group Inc (The)0.12%
Wintrust Financial Corp0.12%
Sei Inv Corp0.12%
Southstate Bank Corp0.12%
Invesco Ltd0.12%
Agnc Investment Corp0.12%
Stifel Financial Corp0.11%
American Finl Group Inc Ohio0.11%
Popular Inc0.11%
Fidelity National Finl Inc0.11%
Affiliated Managers Grp Inc0.11%
Zions Bancorp0.11%
Umb Financial Corp0.11%
Cullen Frost Bankers Inc0.11%
Corebridge Financial Inc0.10%
Columbia Banking Systems Inc0.10%
Voya Financial Inc0.10%
Primerica Inc0.10%
Old Republic Intl Corp0.10%
Old National Bancorp (Ind)0.10%
Jackson Financial Inc0.09%
Hanover Insurance Group Inc0.09%
Prosperity Bancshares Inc0.09%
Western Alliance Bancorp0.09%
Kinsale Capital Group Inc0.09%

Only in IXG

153 securities, 49.6% of IXG by weight

Hsbc Holdings PLC1.91%
Royal Bank of Canada1.83%
Mitsubishi Ufj Financial Group1.68%
Toronto Dominion1.33%
Commonwealth Bank of Australia1.27%
Allianz1.20%
Banco Santander1.10%
Sumitomo Mitsui Financial Group1.01%
Ubs Group AG0.94%
Banco Bilbao Vizcaya Argentaria0.85%
China Construction Bank Corp H0.83%
Chubb0.83%
Unicredit0.80%
Mizuho Financial Group0.78%
Bank of Montreal0.78%
Dbs Group Holdings Ltd0.76%
Zurich Insurance Group AG0.74%
Bank of Nova Scotia0.74%
Tokio Marine Holdings0.69%
Canadian Imperial Bank of Commerce0.69%
Intesa Sanpaolo0.65%
Aia Group0.65%
Bnp Paribas SA0.62%
National Australia Bank0.59%
Ing Groep0.59%
Westpac Banking Corporation0.57%
Oversea-Chinese Banking0.57%
Anz Group Holdings Ltd0.56%
Brookfield Class A0.55%
Muenchener Rueckversicherungs-Gese0.52%
Industrial and Commercial Bank of0.52%
Investor Class B0.52%
Axa SA0.49%
Barclays PLC0.49%
Manulife Financial0.48%
Lloyds Banking Group PLC0.47%
Deutsche Boerse AG0.43%
Bank of China Ltd H0.42%
Deutsche Bank AG0.42%
Natwest Group PLC0.40%
Macquarie Group Ltd Def0.39%
Nordea Bank0.39%
National Bank of Canada0.38%
Swiss Re AG0.36%
London Stock Exchange Group PLC0.36%
Assicurazioni Generali0.32%
Standard Chartered PLC0.31%
Caixabank SA0.31%
United Overseas Bank0.30%
Ctbc Financial Holding0.30%

Weight gaps

All 70 Holdings in both funds, largest gap first.

Holding weights in FNCL and IXG, widest gap first
Holding	More in FNCLMore in IXG	FNCL	IXG
JPMorgan Chase & CoJPM	FNCL +4.42 points	10.22%	5.80%
Visa Inc Class AV	FNCL +3.07 points	7.63%	4.56%
Mastercard Inc Class AMA	FNCL +2.43 points	5.77%	3.34%
Berkshire Hathaway Inc Class BBRK.B	FNCL +2.02 points	8.56%	6.54%
Bank of America CorporationBAC	FNCL +1.61 points	3.72%	2.11%
Goldman Sachs Group IncGS	FNCL +1.37 points	3.06%	1.69%
Wells Fargo & CoWFC	FNCL +1.25 points	2.88%	1.63%
Morgan StanleyMS	FNCL +1.08 points	2.51%	1.43%
Citigroup IncC	FNCL +1.07 points	2.40%	1.33%
BlackRock IncBLK	FNCL +0.87 points	1.94%	1.07%
American Express CoAXP	FNCL +0.84 points	1.92%	1.08%
Schwab Charles CorpSCHW	FNCL +0.72 points	1.65%	0.93%
S&P Global IncSPGI	FNCL +0.65 points	1.56%	0.91%
Progressive Corp OhioPGR	FNCL +0.64 points	1.51%	0.87%
Capital One Financial CorpCOF	FNCL +0.56 points	1.37%	0.81%
Cme Group Inc Class ACME	FNCL +0.49 points	1.20%	0.71%
Bank of New York Mellon CorpBNY	FNCL +0.48 points	1.13%	0.65%
Us Bancorp DelUSB	FNCL +0.46 points	1.06%	0.60%
Pnc Financial Services Grp IncPNC	FNCL +0.45 points	1.04%	0.59%
Marsh & Mclennan Cos IncMRSH	FNCL +0.44 points	1.06%	0.62%
Blackstone IncBX	FNCL +0.42 points	1.00%	0.58%
Intercontinental Exchange IncICE	FNCL +0.41 points	1.03%	0.62%
Travelers Companies IncTRV	FNCL +0.39 points	0.93%	0.54%
Robinhood Markets IncHOOD	FNCL +0.34 points	0.77%	0.43%
Moodys CorpMCO	FNCL +0.33 points	0.81%	0.48%
Allstate CorporationALL	FNCL +0.32 points	0.75%	0.43%
Arthur J Gallaghar and CoAJG	FNCL +0.31 points	0.77%	0.46%
Truist Finl CorpTFC	FNCL +0.28 points	0.67%	0.39%
Aon PLCAON	FNCL +0.29 points	0.73%	0.44%
Aflac IncAFL	FNCL +0.27 points	0.63%	0.36%
Metlife IncMET	FNCL +0.27 points	0.62%	0.35%
Kkr & Co IncKKR	FNCL +0.25 points	0.67%	0.42%
State Street CorpSTT	FNCL +0.24 points	0.54%	0.30%
Fifth Third BancorpFITB	FNCL +0.23 points	0.55%	0.32%
Nasdaq IncNDAQ	FNCL +0.22 points	0.53%	0.31%
PayPal Hldgs IncPYPL	FNCL +0.22 points	0.53%	0.31%
Ameriprise Financial IncAMP	FNCL +0.22 points	0.50%	0.28%
American International GroupAIG	FNCL +0.20 points	0.48%	0.28%
Apollo Global Management IncAPO	FNCL +0.20 points	0.55%	0.35%
Msci IncMSCI	FNCL +0.19 points	0.49%	0.30%
Prudential Financial IncPRU	FNCL +0.19 points	0.45%	0.26%
Coinbase Global IncCOIN	FNCL +0.17 points	0.38%	0.21%
Hartford Insurance Grp Inc/TheHIG	FNCL +0.18 points	0.41%	0.23%
Arch Capital Group LtdACGL	FNCL +0.17 points	0.40%	0.23%
Interactive Brokers Group IncIBKR	FNCL +0.16 points	0.39%	0.23%
Huntington Bancshares IncHBAN	FNCL +0.15 points	0.36%	0.21%
M&T Bank CorpMTB	FNCL +0.15 points	0.36%	0.21%
Cboe Global Markets IncCBOE	FNCL +0.14 points	0.37%	0.23%
Raymond James Financial Inc.RJF	FNCL +0.14 points	0.32%	0.18%
Northern Trust CorpNTRS	FNCL +0.14 points	0.34%	0.20%
Citizens Financial Group IncCFG	FNCL +0.14 points	0.31%	0.17%
Cincinnati Financial CorpCINF	FNCL +0.13 points	0.31%	0.18%
Principal Finl Group IncPFG	FNCL +0.14 points	0.28%	0.14%
Synchrony FinancialSYF	FNCL +0.13 points	0.29%	0.16%
Regions Financial CorpRF	FNCL +0.12 points	0.28%	0.16%
Ares Management Corp Class AARES	FNCL +0.11 points	0.30%	0.19%
Price (T Rowe)group IncTROW	FNCL +0.11 points	0.26%	0.15%
Corpay IncCPAY	FNCL +0.11 points	0.28%	0.17%
KeycorpKEY	FNCL +0.09 points	0.22%	0.13%
Loews CorpL	FNCL +0.09 points	0.21%	0.12%
Brown & Brown IncBRO	FNCL +0.09 points	0.22%	0.13%
Fidelity Natl Inform Svcs IncFIS	FNCL +0.09 points	0.22%	0.13%
Global Payments IncGPN	FNCL +0.08 points	0.22%	0.14%
Assurant IncAIZ	FNCL +0.07 points	0.16%	0.09%
Berkley (Wr) CorpWRB	FNCL +0.07 points	0.18%	0.11%
Globe Life IncGL	FNCL +0.06 points	0.14%	0.08%
Henry (Jack) & Associates IncJKHY	FNCL +0.06 points	0.13%	0.07%
Factset Research Systems IncFDS	FNCL +0.05 points	0.13%	0.08%
Franklin Templeton IncBEN	FNCL +0.04 points	0.10%	0.06%
Erie Indemnity Co Class AERIE	FNCL +0.03 points	0.07%	0.04%

All 404 FNCL holdings⁠All 223 IXG 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 IXG Cost

Overpaying IXG vs FNCL

$5,933

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

FNCL 0.084%
$1,773
IXG 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
IXG 0.38%
Overpaying

Year by year

Year	FNCL	IXG	Overpaying
10	$154	$688	$534
20	$603	$2,658	$2,055
30	$1,773	$7,706	$5,933

Expense ratio

0.08%FNCL, cheaper
0.38%IXG

FNCL0.08%IXG0.38%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

IXG 11th cheapest of 18 funds

FNCL vs IXG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNCL 1.61%; IXG 2.19%, better
Payout (12M): FNCL $1.29; IXG $2.83
Last payment: FNCL $0.31; IXG $1.76
Ex-dividend: FNCL Sep 18, 2026; IXG Jun 15, 2026
Paid on: FNCL Sep 22, 2026; IXG Jun 18, 2026
Frequency: FNCL Quarterly; IXG Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

IXGTwice a year · 20 paymentsAll IXG payments⁠

FNCL vs IXG Risk

Fall from peak · 5 years

FNCL
IXG

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%IXG 12.8%, better
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11IXG 1.58, better
Worst fallMax drawdown, 5 years: FNCL −25.7%, betterIXG −27.2%
Market sensitivityBeta, 5 years: FNCL 0.92IXG 0.81; Market = 1

FNCL and IXG in the news

All news⁠

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

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