FNCL vs KBWD: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

Invesco KBW High Dividend Yield Financial ETF

KBWDFNasdaq

Overlap

1.2%by weight

Expense ratio

FNCL −5.31pt a year

FNCL0.08%KBWD5.39%

Avg volume · 30D

KBWD 4.7×the volume

FNCL123KKBWD574K

10Y return · a year

FNCL +9.6pt

FNCL+12.9%KBWD+3.3%

FNCL vs KBWD Performance

Oct 29, 2021 – Oct 30, 2026

+52.4%FNCL−9.7%KBWD

Expense ratio: FNCL 0.08%, better; KBWD 5.39%
Fund size: FNCL $2.24B; KBWD $332M
1Y total return: FNCL +9.6%, better; KBWD −10.2%
Yield (12M): FNCL 1.61%; KBWD 16.12%, better
Holdings: FNCL 386; KBWD 38
Avg volume (30D): FNCL 123K sh; KBWD 574K sh, better
NAV per share: FNCL $79.91; KBWD $10.56
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, KBWD, with each pillar’s weight
Pillar	FNCL	KBWD
Cost30% weight	A97Higher	F0
Mission25% weight	A81	Not scored
Risk15% weight	C53Higher	F13
Tradability15% weight	A71Higher	D34
Holdings10% weight	C54	A70Higher
Durability5% weight	B56Higher	C50

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and KBWD 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 KBWD 17th 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 16DPFIInvesco Dorsey Wright Financial Momentum ETFScore 34
Rank 17FKBWDInvesco KBW High Dividend Yield Financial ETFScore 22
Rank 18FBCFNBaron Financials ETFScore 14

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

KBWDFInvesco KBW High Dividend Yield Financial 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.

KBWD Most financials ETFs are a bet on big banks. KBWD flips the screen and picks financial companies on dividend yield instead, packing about 40 of them into a monthly-paying portfolio. It has run that playbook since 2010.

Stated mandate

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

KBWD The Fund generally invests at least 90% of its assets in publicly listed financial companies selected for competitive dividend yields.

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.

KBWD Yield is the entire selection rule: the KBW Nasdaq Financial Sector Dividend Yield Index screens listed financial companies for competitive dividend yields, not size.invesco.com
Distributions land monthly, not quarterly.
About 40 holdings, so the income-heavy corners of finance actually drive the fund instead of getting buried under mega-cap banks.
Live since 2010 and moderately traded, with assets in the hundreds of millions. This is a long-running strategy, not a launch-week experiment.

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.

KBWD Cost is the headline trade-off: a 5.39% total expense ratio against a 0.44% median for broad financials funds. That is a wide gap for the yield to cover.
Plain financials exposure is far cheaper. XLF runs 0.08% and VFH 0.09%, but both lean toward the big banks rather than the highest payers.
Screening for the fattest yields in finance concentrates you in roughly 40 rate-sensitive names inside one sector.

Full FNCL profile⁠

Full KBWD profile⁠

FNCL vs KBWD Holdings

How FNCL and KBWD differ

Overlap by weight

1.2%

Shared holdings make up 50.1% of KBWD and 1.2% of FNCL.

Level by level

Holdings20 in both1.2%
Sector6 Sectors58.3%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in FNCL and KBWD, widest gap first
Sector	More in FNCLMore in KBWD	FNCL	KBWD
Real Estate	KBWD +41.7 points	0.6%	42.3%
Financials	FNCL +39.4 points	97.1%	57.7%
Technology	FNCL +1.9 points	1.9%	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 KBWD, widest gap first
Country	More in FNCLMore in KBWD	FNCL	KBWD
United States	KBWD +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%
KBWD37.4%

Securities held

FNCL383
KBWD37

Asset class

FNCL: Equity
KBWD: Equity

Holdings

Only in FNCL363
In both20
Only in KBWD17

Only in FNCL

363 securities, 99.8% of FNCL by weight

JPMorgan Chase & Co10.22%
Berkshire Hathaway Inc Class B8.56%
Visa Inc Class A7.63%
Mastercard Inc Class A5.77%
Bank of America Corporation3.72%
Goldman Sachs Group Inc3.06%
Wells Fargo & Co2.88%
Morgan Stanley2.51%
Citigroup Inc2.40%
BlackRock Inc1.94%
American Express Co1.92%
Schwab Charles Corp1.65%
S&P Global Inc1.56%
Progressive Corp Ohio1.51%
Chubb Ltd1.42%
Capital One Financial Corp1.37%
Cme Group Inc Class A1.20%
Bank of New York Mellon Corp1.13%
Securities Lending Cf1.11%
Marsh & Mclennan Cos Inc1.06%
Us Bancorp Del1.06%
Pnc Financial Services Grp Inc1.04%
Intercontinental Exchange Inc1.03%
Blackstone Inc1.00%
Travelers Companies Inc0.93%
Moodys Corp0.81%
Arthur J Gallaghar and Co0.77%
Robinhood Markets Inc0.77%
Allstate Corporation0.75%
Aon PLC0.73%
Truist Finl Corp0.67%
Kkr & Co Inc0.67%
Aflac Inc0.63%
Metlife Inc0.62%
Apollo Global Management Inc0.55%
Fifth Third Bancorp0.55%
State Street Corp0.54%
Nasdaq Inc0.53%
PayPal Hldgs Inc0.53%
Ameriprise Financial Inc0.50%
Msci Inc0.49%
American International Group0.48%
Block Inc Class A0.44%
Hartford Insurance Grp Inc/The0.41%
Arch Capital Group Ltd0.40%
Interactive Brokers Group Inc0.39%
Coinbase Global Inc0.38%
Cboe Global Markets Inc0.37%
M&T Bank Corp0.36%
Huntington Bancshares Inc0.36%

Only in KBWD

17 securities, 49.3% of KBWD by weight

Invesco Mortgage Capital Inc4.08%
MidCap Financial Investment Corp3.83%
FS KKR Capital Corp3.61%
PennantPark Floating Rate Capital Ltd3.52%
New Mountain Finance Corp3.44%
Goldman Sachs BDC Inc3.17%
Carlyle Secured Lending Inc3.03%
Nuveen Churchill Direct Lending Corp2.93%
Trinity Capital Inc2.93%
Blue Owl Capital Corp2.83%
BlackRock TCP Capital Corp2.77%
CION Investment Corp2.69%
Adamas Trust Inc2.60%
Crescent Capital BDC Inc2.55%
AllianceBernstein Holding LP2.51%
PennantPark Investment Corp1.52%
Kearny Financial Corp/MD1.33%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in FNCL and KBWD, widest gap first
Holding	More in FNCLMore in KBWD	FNCL	KBWD
Armour Residential Reit IncARR	KBWD +3.89 points	0.02%	3.91%
Orchid Island Capital IncORC	KBWD +3.87 points	0.01%	3.88%
Pennymac Mortgage Inv TrustPMT	KBWD +3.79 points	<0.01%	3.80%
Dynex Cap IncDX	KBWD +3.73 points	0.03%	3.76%
Mfa Financial IncMFA	KBWD +3.52 points	<0.01%	3.53%
Western Union CoWU	KBWD +3.21 points	0.02%	3.23%
Redwood Trust Inc ReitRWT	KBWD +3.10 points	<0.01%	3.10%
Agnc Investment CorpAGNC	KBWD +3.06 points	0.12%	3.18%
Annaly Capital Mgmt Inc ReitNLY	KBWD +2.85 points	0.15%	3.00%
Arbor Realty Trust IncABR	KBWD +2.31 points	<0.01%	2.32%
Franklin Bsp Realty Trust IncFBRT	KBWD +2.05 points	<0.01%	2.06%
Artisan Partners Asset Mgt AAPAM	KBWD +1.91 points	0.03%	1.94%
Blue Owl Capital Inc AOWL	KBWD +1.87 points	0.07%	1.94%
Washington Tr Bancorp IncWASH	KBWD +1.75 points	<0.01%	1.76%
First Intst Bancsyst Inc Class AFIBK	KBWD +1.61 points	0.03%	1.64%
Northwest Bancshares IncNWBI	KBWD +1.61 points	0.02%	1.63%
Peoples Bancorp IncPEBO	KBWD +1.33 points	0.02%	1.35%
Lincoln National CorpLNC	KBWD +1.25 points	0.07%	1.32%
Franklin Templeton IncBEN	KBWD +1.11 points	0.10%	1.21%
Prudential Financial IncPRU	KBWD +1.04 points	0.45%	1.49%

All 404 FNCL holdings⁠All 37 KBWD 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 KBWD Cost

Overpaying KBWD vs FNCL

$58,202

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

FNCL 0.084%
$1,773
KBWD 5.39%
$59,975

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
KBWD 5.39%
Overpaying

Year by year

Year	FNCL	KBWD	Overpaying
10	$154	$7,940	$7,786
20	$603	$24,933	$24,330
30	$1,773	$59,975	$58,202

Expense ratio

0.08%FNCL, cheaper
5.39%KBWD

FNCL0.08%KBWD5.39%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

KBWD 18th cheapest of 18 funds

FNCL vs KBWD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNCL 1.61%; KBWD 16.12%, better
Payout (12M): FNCL $1.29; KBWD $1.70
Last payment: FNCL $0.31; KBWD $0.13
Ex-dividend: FNCL Sep 18, 2026; KBWD Oct 19, 2026
Paid on: FNCL Sep 22, 2026; KBWD Oct 23, 2026
Frequency: FNCL Quarterly; KBWD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FNCLQuarterly · 15 paymentsAll FNCL payments⁠

KBWDMonthly · 46 paymentsAll KBWD payments⁠

FNCL vs KBWD Risk

Fall from peak · 5 years

FNCL
KBWD

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%, betterKBWD 16.2%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11, betterKBWD 0.08
Worst fallMax drawdown, 5 years: FNCL −25.7%, betterKBWD −30.7%
Market sensitivityBeta, 5 years: FNCL 0.92KBWD 0.80; Market = 1

FNCL and KBWD 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 KBWD

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and KBWD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in KBWD

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 KBWD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in KBWD

Weight gaps