FNCL vs IYG: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

iShares U.S. Financial Services ETF

IYGCNYSE Arca

Overlap

77.1%by weight

Expense ratio

FNCL −0.29pt a year

FNCL0.08%IYG0.37%

Avg volume · 30D

FNCL 1.05×the volume

FNCL123KIYG117K

10Y return · a year

IYG +1.0pt

FNCL+12.9%IYG+13.9%

FNCL vs IYG Performance

Oct 29, 2021 – Oct 30, 2026

+52.4%FNCL+52.9%IYG

Expense ratio: FNCL 0.08%, better; IYG 0.37%
Fund size: FNCL $2.24B; IYG $2.24B
1Y total return: FNCL +9.6%, better; IYG +8.2%
Yield (12M): FNCL 1.61%, better; IYG 1.09%
Holdings: FNCL 386; IYG 99
Avg volume (30D): FNCL 123K sh, better; IYG 117K sh
NAV per share: FNCL $79.91; IYG $94.23
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, IYG, with each pillar’s weight
Pillar	FNCL	IYG
Cost30% weight	A97Higher	C53
Mission25% weight	A81	Not scored
Risk15% weight	C53Higher	C45
Tradability15% weight	A71Higher	B57
Holdings10% weight	C54Higher	D35
Durability5% weight	B56	A71Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and IYG 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 IYG 12th 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 11CRSPFInvesco S&P 500 Equal Weight Financials ETFScore 53
Rank 12CIYGiShares U.S. Financial Services ETFScore 50
Rank 13CEUFNiShares MSCI Europe Financials ETFScore 45

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

IYGCiShares U.S. Financial Services 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.

IYG Financials, minus the insurers. IYG tracks a Dow Jones index built only from banks, brokers, asset managers and consumer finance names, and it has done so since 2000. The fee is 0.37%, near the category norm.

Stated mandate

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

IYG The fund seeks to track an index of U.S. equities in the financial services sector, providing diversified access to investment banks, asset managers, 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.

IYG The index leaves insurance out by design: eligible subsectors are banks, asset managers, consumer finance, specialty finance, investment services and mortgage finance.spglobal.com
Listed in June 2000, it is one of the original US sector ETFs and today a multi-billion-dollar fund with iShares running the plumbing.
About 100 stocks, quarterly distributions, and a full holdings list published on the issuer's fund page.ishares.com

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.

IYG At 0.37% it is a pricier route into US financials: XLF charges 0.08% and VFH 0.09%. Both carry insurers, so the gap buys a different mix, not the same basket cheaper.
Broad sibling IYF costs the same 0.37% and adds the insurers back, so picking between them comes down to exposure rather than price.
Market-cap weighted, so the biggest lenders and payment names sit at the top of the book. This is a narrow slice of one sector, not a diversifier.spglobal.com

Full FNCL profile⁠

Full IYG profile⁠

FNCL vs IYG Holdings

How FNCL and IYG differ

Overlap by weight

77.1%

Shared holdings make up 99.7% of IYG and 77.1% of FNCL.

Level by level

Sector7 Sectors67.4%
Holdings95 in both77.1%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in FNCL and IYG, widest gap first
Sector	More in FNCLMore in IYG	FNCL	IYG
Banks	IYG +32.6 points	0.0%	32.6%
Financials	FNCL +29.7 points	97.1%	67.4%
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 IYG, widest gap first
Country	More in FNCLMore in IYG	FNCL	IYG
United States	IYG +1.4 points	98.6%	100.0%
Switzerland	FNCL +1.4 points	1.4%	0.0%

Concentration

Weight in the 10 largest Holdings

FNCL48.7%
IYG64.1%

Securities held

FNCL383
IYG97

Asset class

FNCL: Equity
IYG: Equity

Holdings

Only in FNCL288
In both95
Only in IYG2

Only in FNCL

288 securities, 23.8% of FNCL by weight

Progressive Corp Ohio1.51%
Chubb Ltd1.42%
Securities Lending Cf1.11%
Marsh & Mclennan Cos Inc1.06%
Travelers Companies Inc0.93%
Arthur J Gallaghar and Co0.77%
Allstate Corporation0.75%
Aon PLC0.73%
Aflac Inc0.63%
Metlife Inc0.62%
PayPal Hldgs Inc0.53%
American International Group0.48%
Prudential Financial Inc0.45%
Block Inc Class A0.44%
Hartford Insurance Grp Inc/The0.41%
Arch Capital Group Ltd0.40%
Willis Towers Watson PLC0.34%
Cincinnati Financial Corp0.31%
Fiserv Inc0.29%
Corpay Inc0.28%
Principal Finl Group Inc0.28%
Markel Group Inc0.26%
Affirm Holdings Inc0.23%
Global Payments Inc0.22%
Brown & Brown Inc0.22%
Fidelity Natl Inform Svcs Inc0.22%
Loews Corp0.21%
Reinsurance Group of America0.19%
Everest Group Ltd0.18%
Berkley (Wr) Corp0.18%
Toast Inc0.17%
Assurant Inc0.16%
Renaissancere Hldgs Ltd0.16%
Annaly Capital Mgmt Inc Reit0.15%
Unum Group0.15%
State Street 60 Day Money Mark0.14%
Globe Life Inc0.14%
Henry (Jack) & Associates Inc0.13%
Invesco Ltd0.12%
Agnc Investment Corp0.12%
American Finl Group Inc Ohio0.11%
Fidelity National Finl Inc0.11%
Columbia Banking Systems 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%
Kinsale Capital Group Inc0.09%
Axis Capital Holdings Ltd0.09%

Only in IYG

2 securities, 0.2% of IYG by weight

Invesco Ltd0.17%
Pershing Square Inc<0.01%

Weight gaps

All 95 Holdings in both funds, largest gap first.

Holding weights in FNCL and IYG, widest gap first
Holding	More in FNCLMore in IYG	FNCL	IYG
Berkshire Hathaway Inc Class BBRK.B	IYG +5.64 points	8.56%	14.20%
JPMorgan Chase & CoJPM	IYG +2.38 points	10.22%	12.60%
Visa Inc Class AV	IYG +2.28 points	7.63%	9.91%
Mastercard Inc Class AMA	IYG +1.48 points	5.77%	7.25%
Bank of America CorporationBAC	IYG +0.85 points	3.72%	4.57%
Wells Fargo & CoWFC	IYG +0.67 points	2.88%	3.55%
Goldman Sachs Group IncGS	IYG +0.60 points	3.06%	3.66%
Morgan StanleyMS	IYG +0.58 points	2.51%	3.09%
Citigroup IncC	IYG +0.49 points	2.40%	2.89%
American Express CoAXP	IYG +0.44 points	1.92%	2.36%
S&P Global IncSPGI	IYG +0.42 points	1.56%	1.98%
Capital One Financial CorpCOF	IYG +0.40 points	1.37%	1.77%
BlackRock IncBLK	IYG +0.38 points	1.94%	2.32%
Schwab Charles CorpSCHW	IYG +0.36 points	1.65%	2.01%
Cme Group Inc Class ACME	IYG +0.33 points	1.20%	1.53%
Intercontinental Exchange IncICE	IYG +0.30 points	1.03%	1.33%
Bank of New York Mellon CorpBNY	IYG +0.27 points	1.13%	1.40%
Blackstone IncBX	IYG +0.25 points	1.00%	1.25%
Us Bancorp DelUSB	IYG +0.24 points	1.06%	1.30%
Kkr & Co IncKKR	IYG +0.25 points	0.67%	0.92%
Pnc Financial Services Grp IncPNC	IYG +0.24 points	1.04%	1.28%
Moodys CorpMCO	IYG +0.22 points	0.81%	1.03%
Apollo Global Management IncAPO	IYG +0.22 points	0.55%	0.77%
Robinhood Markets IncHOOD	IYG +0.17 points	0.77%	0.94%
Truist Finl CorpTFC	IYG +0.17 points	0.67%	0.84%
Msci IncMSCI	IYG +0.15 points	0.49%	0.64%
Fifth Third BancorpFITB	IYG +0.14 points	0.55%	0.69%
Nasdaq IncNDAQ	IYG +0.13 points	0.53%	0.66%
Cboe Global Markets IncCBOE	IYG +0.13 points	0.37%	0.50%
State Street CorpSTT	IYG +0.12 points	0.54%	0.66%
Ameriprise Financial IncAMP	IYG +0.11 points	0.50%	0.61%
Ares Management Corp Class AARES	IYG +0.10 points	0.30%	0.40%
Interactive Brokers Group IncIBKR	IYG +0.10 points	0.39%	0.49%
Northern Trust CorpNTRS	IYG +0.10 points	0.34%	0.44%
First Citizens Bancshares IncFCNCA	IYG +0.09 points	0.20%	0.29%
Huntington Bancshares IncHBAN	IYG +0.09 points	0.36%	0.45%
M&T Bank CorpMTB	IYG +0.09 points	0.36%	0.45%
Coinbase Global IncCOIN	IYG +0.07 points	0.38%	0.45%
Citizens Financial Group IncCFG	IYG +0.07 points	0.31%	0.38%
Regions Financial CorpRF	IYG +0.06 points	0.28%	0.34%
Raymond James Financial Inc.RJF	IYG +0.06 points	0.32%	0.38%
Lpl Financial Holdings IncLPLA	IYG +0.06 points	0.25%	0.31%
Price (T Rowe)group IncTROW	IYG +0.05 points	0.26%	0.31%
Synchrony FinancialSYF	IYG +0.06 points	0.29%	0.35%
Rocket Cos IncRKT	IYG +0.06 points	0.12%	0.18%
Sofi Technologies Inc ASOFI	IYG +0.05 points	0.25%	0.30%
KeycorpKEY	IYG +0.05 points	0.22%	0.27%
East West Bancorp IncEWBC	IYG +0.05 points	0.20%	0.25%
Pinnacle Financial Partners InPNFP	IYG +0.05 points	0.17%	0.22%
Tradeweb Markets Inc ATW	IYG +0.05 points	0.15%	0.20%
Factset Research Systems IncFDS	IYG +0.04 points	0.13%	0.17%
Sei Inv CorpSEIC	IYG +0.03 points	0.12%	0.15%
Cullen Frost Bankers IncCFR	IYG +0.03 points	0.11%	0.14%
Carlyle Group Inc (The)CG	IYG +0.03 points	0.12%	0.15%
First Horizon CorpFHN	IYG +0.03 points	0.13%	0.16%
Prosperity Bancshares IncPB	IYG +0.03 points	0.09%	0.12%
Corebridge Financial IncCRBG	IYG +0.03 points	0.10%	0.13%
Southstate Bank CorpSSB	IYG +0.02 points	0.12%	0.14%
Franklin Templeton IncBEN	IYG +0.03 points	0.10%	0.13%
Evercore Inc AEVR	IYG +0.03 points	0.12%	0.15%
Stifel Financial CorpSF	IYG +0.03 points	0.11%	0.14%
Wintrust Financial CorpWTFC	IYG +0.02 points	0.12%	0.14%
Affiliated Managers Grp IncAMG	IYG +0.03 points	0.11%	0.14%
Popular IncBPOP	IYG +0.03 points	0.11%	0.14%
Umb Financial CorpUMBF	IYG +0.03 points	0.11%	0.14%
Equitable Holdings IncEQH	IYG +0.02 points	0.17%	0.19%
Voya Financial IncVOYA	IYG +0.03 points	0.10%	0.13%
Ally Financial IncALLY	IYG +0.03 points	0.12%	0.15%
Blue Owl Capital Inc AOWL	IYG +0.02 points	0.07%	0.09%
Commerce Bancshares IncCBSH	IYG +0.02 points	0.08%	0.10%
Houlihan LokeyHLI	IYG +0.02 points	0.09%	0.11%
Jefferies Financial Group IncJEF	IYG +0.02 points	0.08%	0.10%
Western Alliance BancorpWAL	IYG +0.02 points	0.09%	0.11%
Zions BancorpZION	IYG +0.02 points	0.11%	0.13%
Valley Natl BancorpVLY	IYG +0.01 points	0.08%	0.09%
Firstcash Holdings IncFCFS	IYG +0.02 points	0.08%	0.10%
Tpg IncTPG	IYG +0.01 points	0.08%	0.09%
Essent Group LtdESNT	IYG +0.01 points	0.07%	0.08%
Glacier Bancorp IncGBCI	IYG +0.02 points	0.07%	0.09%
Fnb Corp PaFNB	IYG +0.02 points	0.07%	0.09%
Onemain Holdings IncOMF	IYG +0.01 points	0.08%	0.09%
Home Bancshares IncHOMB	IYG +0.01 points	0.07%	0.08%
Radian Group IncRDN	IYG +0.02 points	0.05%	0.07%
Mgic Investment CorpMTG	IYG +0.01 points	0.07%	0.08%
Virtu Financial Inc Class AVIRT	IYG +0.01 points	0.05%	0.06%
Morningstar IncMORN	IYG +0.01 points	0.05%	0.06%
First Finl Bankshares IncFFIN	IYG +0.01 points	0.05%	0.06%
Marketaxess Hldgs IncMKTX	IYG +0.02 points	0.06%	0.08%
United Bankshares Inc. W Va.UBSI	IYG +0.01 points	0.08%	0.09%
Slm CorpSLM	Same weight	0.04%	0.04%
Hamilton Lane Inc - AHLNE	IYG +0.01 points	0.04%	0.05%
Bok Financial Common NewBOKF	IYG +0.01 points	0.03%	0.04%
Bank OzkOZK	IYG +0.01 points	0.06%	0.07%
Galaxy Digital Inc AGLXY	Same weight	0.04%	0.04%
Credit Acceptance CorpCACC	Same weight	0.03%	0.03%

All 404 FNCL holdings⁠All 97 IYG 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 IYG Cost

Overpaying IYG vs FNCL

$5,740

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

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

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
IYG 0.37%
Overpaying

Year by year

Year	FNCL	IYG	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%IYG

FNCL0.08%IYG0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

IYG 7th cheapest of 18 funds

FNCL vs IYG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNCL 1.61%, better; IYG 1.09%
Payout (12M): FNCL $1.29; IYG $1.03
Last payment: FNCL $0.31; IYG $0.27
Ex-dividend: FNCL Sep 18, 2026; IYG Sep 15, 2026
Paid on: FNCL Sep 22, 2026; IYG Sep 18, 2026
Frequency: FNCL Quarterly; IYG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

IYGQuarterly · 41 paymentsAll IYG payments⁠

FNCL vs IYG Risk

Fall from peak · 5 years

FNCL
IYG

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%, betterIYG 16.0%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11IYG 1.23, better
Worst fallMax drawdown, 5 years: FNCL −25.7%, betterIYG −29.6%
Market sensitivityBeta, 5 years: FNCL 0.92IYG 0.99; Market = 1

FNCL and IYG 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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FNCL vs IYG

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and IYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IYG

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 IYG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in IYG

Weight gaps