FNCL vs IYF: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

iShares U.S. Financials ETF

IYFBNYSE Arca

Overlap

72.2%by weight

Expense ratio

FNCL −0.29pt a year

FNCL0.08%IYF0.37%

Avg volume · 30D

IYF 3.0×the volume

FNCL123KIYF372K

10Y return · a year

IYF +0.2pt

FNCL+12.9%IYF+13.1%

FNCL vs IYF Performance

Oct 29, 2021 – Oct 30, 2026

+52.4%FNCL+59.0%IYF

Expense ratio: FNCL 0.08%, better; IYF 0.37%
Fund size: FNCL $2.24B; IYF $3.74B
1Y total return: FNCL +9.6%, better; IYF +8.5%
Yield (12M): FNCL 1.61%, better; IYF 1.49%
Holdings: FNCL 386; IYF 146
Avg volume (30D): FNCL 123K sh; IYF 372K sh, better
NAV per share: FNCL $79.91; IYF $130.91
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, IYF, with each pillar’s weight
Pillar	FNCL	IYF
Cost30% weight	A97Higher	C53
Mission25% weight	A81	A84Higher
Risk15% weight	C53	B57Higher
Tradability15% weight	A71	A76Higher
Holdings10% weight	C54	B55Higher
Durability5% weight	B56	A76Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and IYF 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 IYF 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 5BIXGiShares Global Financials ETFScore 66
Rank 5BIYFiShares U.S. Financials ETFScore 66
Rank 7BKBWPInvesco KBW Property & Casualty Insurance ETFScore 61

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

IYFBiShares U.S. 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.

IYF Trading since May 2000, IYF runs the US financials trade off the Russell 1000's financials slice, so mid-cap banks, insurers and brokers ride along with the megabanks. About 140 names at 0.37%, near the category median fee.

Stated mandate

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

IYF The fund seeks to track an index composed of U.S. equities in the financials sector.

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.

IYF The index is the financials cut of the Russell 1000 and includes large- and mid-cap companies, not just the giants: about 140 holdings spanning banks, insurers and card networks.sec.gov ishares.com
Built-in guardrails: no single issuer above 15%, and all names over 4.5% capped at 22.5% combined, monitored daily between quarterly rebalances.sec.gov
A multi-billion-dollar fund with a quarter-century track record, quarterly distributions, and enough daily turnover for ordinary-size orders.
Sits in the upper half of the broad US financials group, a crowded shelf of 18 funds.

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.

IYF 0.37% is near the median for broad financials, but the index cheapskates undercut it badly: XLF at 0.08%, FNCL at 0.084%, VFH at 0.09%.
Capped is not spread thin. A few mega-cap financials can fill most of that 22.5% bucket, so the top of the book drives most of the movement.sec.gov
One sector, one country. Rates, credit losses and regulation hit banks, insurers and card networks at the same time, with no other sector to cushion it.

Full FNCL profile⁠

Full IYF profile⁠

FNCL vs IYF Holdings

How FNCL and IYF differ

Overlap by weight

72.2%

Shared holdings make up 95.1% of IYF and 72.3% of FNCL.

Level by level

Sector10 Sectors47.9%
Holdings129 in both72.2%
Countryby domicile98.4%
Asset classEquity100%

Sector

Sector weights in FNCL and IYF, widest gap first
Sector	More in FNCLMore in IYF	FNCL	IYF
Financials	FNCL +49.2 points	97.1%	47.9%
Banks	IYF +31.9 points	0.0%	31.9%
Insurance	IYF +19.4 points	0.0%	19.4%
Technology	FNCL +1.9 points	1.9%	0.0%
Real Estate	FNCL +0.6 points	0.6%	0.0%
Software & Services	IYF +0.5 points	0.0%	0.5%
Commercial & Professional Services	IYF +0.3 points	0.0%	0.3%
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 IYF, widest gap first
Country	More in FNCLMore in IYF	FNCL	IYF
United States	FNCL +1.6 points	98.6%	97.0%
Brazil	IYF +0.7 points	0.0%	0.7%
Switzerland	IYF +0.6 points	1.4%	2.0%
Canada	IYF +0.3 points	0.0%	0.3%

Concentration

Weight in the 10 largest Holdings

FNCL48.7%
IYF48.1%

Securities held

FNCL383
IYF143

Asset class

FNCL: Equity
IYF: Equity

Holdings

Only in FNCL254
In both129
Only in IYF14

Only in FNCL

254 securities, 28.7% of FNCL by weight

Visa Inc Class A7.63%
Mastercard Inc Class A5.77%
American Express Co1.92%
Chubb Ltd1.42%
Capital One Financial Corp1.37%
Securities Lending Cf1.11%
PayPal Hldgs Inc0.53%
Block Inc Class A0.44%
Willis Towers Watson PLC0.34%
Synchrony Financial0.29%
Fiserv Inc0.29%
Corpay Inc0.28%
Affirm Holdings Inc0.23%
Global Payments Inc0.22%
Fidelity Natl Inform Svcs Inc0.22%
Everest Group Ltd0.18%
Toast Inc0.17%
State Street 60 Day Money Mark0.14%
Henry (Jack) & Associates Inc0.13%
Invesco Ltd0.12%
Umb Financial Corp0.11%
Old National Bancorp (Ind)0.10%
Jackson Financial Inc0.09%
Firstcash Holdings Inc0.08%
Oscar Health Inc - Class A0.08%
United Bankshares Inc. W Va.0.08%
Valley Natl Bancorp0.08%
Erie Indemnity Co Class A0.07%
Glacier Bancorp Inc0.07%
Selective Insurance Group Inc0.07%
Wex Inc0.07%
Hancock Whitney Corp0.07%
Stonex Group Inc0.07%
Essent Group Ltd0.07%
Home Bancshares Inc0.07%
Atlantic Un Bankshares Corp0.06%
Ameris Bancorp0.06%
Cno Financial Group Inc0.06%
Associated Banc Corp0.06%
Ha Sustainable Infrastructure0.05%
Piper Sandler Cos0.05%
Victory Capital Hldgs Inc Class A0.05%
Axos Financial Inc0.05%
Eastern Bankshares Inc0.05%
Radian Group Inc0.05%
Texas Capital Bancshares Inc0.05%
United Community Banks Ga0.05%
Moelis & Co Class A0.05%
Fulton Financial Corp0.05%
Remitly Global Inc0.05%

Only in IYF

14 securities, 4.7% of IYF by weight

Chubb2.01%
Nu Holdings Class A0.63%
Willis Towers Watson0.47%
Broadridge Financial Solutions Inc0.32%
Brookfield Asset Management Voting0.28%
Everest Group0.25%
Fair Isaac0.24%
Circle Internet Group Inc Class A0.20%
Invesco Ltd0.16%
Xp Class A Inc0.09%
Central Bancompany Class A0.02%
Cna Financial Corp0.02%
Bullish<0.01%
Uwm Holdings Rights When Issued Ex0.00%

Weight gaps

The 100 widest of 129 Holdings in both funds.

Holding weights in FNCL and IYF, widest gap first
Holding	More in FNCLMore in IYF	FNCL	IYF
Berkshire Hathaway Inc Class BBRK.B	IYF +3.82 points	8.56%	12.38%
Wells Fargo & CoWFC	IYF +0.84 points	2.88%	3.72%
Citigroup IncC	IYF +0.82 points	2.40%	3.22%
JPMorgan Chase & CoJPM	IYF +0.82 points	10.22%	11.04%
BlackRock IncBLK	IYF +0.81 points	1.94%	2.75%
Morgan StanleyMS	IYF +0.73 points	2.51%	3.24%
Progressive Corp OhioPGR	IYF +0.61 points	1.51%	2.12%
Schwab Charles CorpSCHW	IYF +0.61 points	1.65%	2.26%
S&P Global IncSPGI	IYF +0.60 points	1.56%	2.16%
Goldman Sachs Group IncGS	IYF +0.53 points	3.06%	3.59%
Cme Group Inc Class ACME	IYF +0.52 points	1.20%	1.72%
Intercontinental Exchange IncICE	IYF +0.46 points	1.03%	1.49%
Marsh & Mclennan Cos IncMRSH	IYF +0.46 points	1.06%	1.52%
Bank of New York Mellon CorpBNY	IYF +0.43 points	1.13%	1.56%
Pnc Financial Services Grp IncPNC	IYF +0.40 points	1.04%	1.44%
Us Bancorp DelUSB	IYF +0.39 points	1.06%	1.45%
Blackstone IncBX	IYF +0.38 points	1.00%	1.38%
Travelers Companies IncTRV	IYF +0.36 points	0.93%	1.29%
Moodys CorpMCO	IYF +0.35 points	0.81%	1.16%
Kkr & Co IncKKR	IYF +0.35 points	0.67%	1.02%
Arthur J Gallaghar and CoAJG	IYF +0.33 points	0.77%	1.10%
Aon PLCAON	IYF +0.32 points	0.73%	1.05%
Allstate CorporationALL	IYF +0.30 points	0.75%	1.05%
Truist Finl CorpTFC	IYF +0.27 points	0.67%	0.94%
Robinhood Markets IncHOOD	IYF +0.25 points	0.77%	1.02%
Aflac IncAFL	IYF +0.26 points	0.63%	0.89%
Metlife IncMET	IYF +0.23 points	0.62%	0.85%
Fifth Third BancorpFITB	IYF +0.21 points	0.55%	0.76%
Apollo Global Management IncAPO	IYF +0.21 points	0.55%	0.76%
Nasdaq IncNDAQ	IYF +0.21 points	0.53%	0.74%
American International GroupAIG	IYF +0.20 points	0.48%	0.68%
Msci IncMSCI	IYF +0.20 points	0.49%	0.69%
Prudential Financial IncPRU	IYF +0.18 points	0.45%	0.63%
Cboe Global Markets IncCBOE	IYF +0.18 points	0.37%	0.55%
Ameriprise Financial IncAMP	IYF +0.18 points	0.50%	0.68%
State Street CorpSTT	IYF +0.17 points	0.54%	0.71%
Hartford Insurance Grp Inc/TheHIG	IYF +0.15 points	0.41%	0.56%
Arch Capital Group LtdACGL	IYF +0.15 points	0.40%	0.55%
Northern Trust CorpNTRS	IYF +0.14 points	0.34%	0.48%
Interactive Brokers Group IncIBKR	IYF +0.14 points	0.39%	0.53%
M&T Bank CorpMTB	IYF +0.14 points	0.36%	0.50%
Huntington Bancshares IncHBAN	IYF +0.14 points	0.36%	0.50%
Cincinnati Financial CorpCINF	IYF +0.12 points	0.31%	0.43%
Coinbase Global IncCOIN	IYF +0.11 points	0.38%	0.49%
Citizens Financial Group IncCFG	IYF +0.11 points	0.31%	0.42%
Raymond James Financial Inc.RJF	IYF +0.11 points	0.32%	0.43%
Lpl Financial Holdings IncLPLA	IYF +0.11 points	0.25%	0.36%
Regions Financial CorpRF	IYF +0.10 points	0.28%	0.38%
Markel Group IncMKL	IYF +0.10 points	0.26%	0.36%
Principal Finl Group IncPFG	IYF +0.10 points	0.28%	0.38%
Brown & Brown IncBRO	IYF +0.10 points	0.22%	0.32%
First Citizens Bancshares IncFCNCA	IYF +0.10 points	0.20%	0.30%
Ares Management Corp Class AARES	IYF +0.10 points	0.30%	0.40%
Price (T Rowe)group IncTROW	IYF +0.08 points	0.26%	0.34%
KeycorpKEY	IYF +0.08 points	0.22%	0.30%
Loews CorpL	IYF +0.08 points	0.21%	0.29%
Reinsurance Group of AmericaRGA	IYF +0.08 points	0.19%	0.27%
Unum GroupUNM	IYF +0.08 points	0.15%	0.23%
Sofi Technologies Inc ASOFI	IYF +0.08 points	0.25%	0.33%
East West Bancorp IncEWBC	IYF +0.08 points	0.20%	0.28%
Berkley (Wr) CorpWRB	IYF +0.07 points	0.18%	0.25%
Rocket Cos IncRKT	IYF +0.08 points	0.12%	0.20%
Chime Financial IncCHYM	IYF +0.07 points	0.04%	0.11%
Equitable Holdings IncEQH	IYF +0.06 points	0.17%	0.23%
Pinnacle Financial Partners InPNFP	IYF +0.07 points	0.17%	0.24%
Tradeweb Markets Inc ATW	IYF +0.07 points	0.15%	0.22%
Annaly Capital Mgmt Inc ReitNLY	IYF +0.07 points	0.15%	0.22%
Assurant IncAIZ	IYF +0.07 points	0.16%	0.23%
Factset Research Systems IncFDS	IYF +0.05 points	0.13%	0.18%
Renaissancere Hldgs LtdRNR	IYF +0.06 points	0.16%	0.22%
Globe Life IncGL	IYF +0.05 points	0.14%	0.19%
Carlyle Group Inc (The)CG	IYF +0.05 points	0.12%	0.17%
Sei Inv CorpSEIC	IYF +0.04 points	0.12%	0.16%
Evercore Inc AEVR	IYF +0.05 points	0.12%	0.17%
First Horizon CorpFHN	IYF +0.04 points	0.13%	0.17%
American Finl Group Inc OhioAFG	IYF +0.05 points	0.11%	0.16%
Fidelity National Finl IncFNF	IYF +0.05 points	0.11%	0.16%
Ally Financial IncALLY	IYF +0.05 points	0.12%	0.17%
Agnc Investment CorpAGNC	IYF +0.04 points	0.12%	0.16%
Southstate Bank CorpSSB	IYF +0.04 points	0.12%	0.16%
Wintrust Financial CorpWTFC	IYF +0.04 points	0.12%	0.16%
Zions BancorpZION	IYF +0.04 points	0.11%	0.15%
Affiliated Managers Grp IncAMG	IYF +0.04 points	0.11%	0.15%
Axis Capital Holdings LtdAXS	IYF +0.04 points	0.09%	0.13%
Corebridge Financial IncCRBG	IYF +0.04 points	0.10%	0.14%
Voya Financial IncVOYA	IYF +0.04 points	0.10%	0.14%
Old Republic Intl CorpORI	IYF +0.04 points	0.10%	0.14%
Hanover Insurance Group IncTHG	IYF +0.04 points	0.09%	0.13%
Stifel Financial CorpSF	IYF +0.04 points	0.11%	0.15%
Popular IncBPOP	IYF +0.04 points	0.11%	0.15%
Cullen Frost Bankers IncCFR	IYF +0.04 points	0.11%	0.15%
Primerica IncPRI	IYF +0.04 points	0.10%	0.14%
Prosperity Bancshares IncPB	IYF +0.04 points	0.09%	0.13%
Western Alliance BancorpWAL	IYF +0.04 points	0.09%	0.13%
Columbia Banking Systems IncCOLB	IYF +0.04 points	0.10%	0.14%
Kinsale Capital Group IncKNSL	IYF +0.03 points	0.09%	0.12%
Blue Owl Capital Inc AOWL	IYF +0.04 points	0.07%	0.11%
Houlihan LokeyHLI	IYF +0.03 points	0.09%	0.12%
Tpg IncTPG	IYF +0.03 points	0.08%	0.11%
Commerce Bancshares IncCBSH	IYF +0.04 points	0.08%	0.12%

All 404 FNCL holdings⁠All 143 IYF 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 IYF Cost

Overpaying IYF vs FNCL

$5,740

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

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

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
IYF 0.37%
Overpaying

Year by year

Year	FNCL	IYF	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%IYF

FNCL0.08%IYF0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

IYF 7th cheapest of 18 funds

FNCL vs IYF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNCL 1.61%, better; IYF 1.49%
Payout (12M): FNCL $1.29; IYF $1.95
Last payment: FNCL $0.31; IYF $0.42
Ex-dividend: FNCL Sep 18, 2026; IYF Sep 15, 2026
Paid on: FNCL Sep 22, 2026; IYF Sep 18, 2026
Frequency: FNCL Quarterly; IYF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

IYFQuarterly · 39 paymentsAll IYF payments⁠

FNCL vs IYF Risk

Fall from peak · 5 years

FNCL
IYF

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%IYF 15.8%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11IYF 1.15, better
Worst fallMax drawdown, 5 years: FNCL −25.7%IYF −25.1%, better
Market sensitivityBeta, 5 years: FNCL 0.92IYF 0.82; Market = 1

FNCL and IYF in the news

All news⁠

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

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FNCL vs IYF

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and IYF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IYF

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 IYF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IYF

Weight gaps