FNCL vs PSCF: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

Invesco S&P SmallCap Financials ETF

PSCFBNasdaq

Overlap

3.6%by weight

Expense ratio

FNCL −0.21pt a year

FNCL0.08%PSCF0.29%

Avg volume · 30D

FNCL 30.4×the volume

FNCL123KPSCF4.04K

10Y return · a year

FNCL +6.1pt

FNCL+12.9%PSCF+6.8%

FNCL vs PSCF Performance

Oct 29, 2021 – Oct 30, 2026

+52.4%FNCL+18.0%PSCF

Expense ratio: FNCL 0.08%, better; PSCF 0.29%
Fund size: FNCL $2.24B; PSCF $29M
1Y total return: FNCL +9.6%; PSCF +17.3%, better
Yield (12M): FNCL 1.61%; PSCF 2.22%, better
Holdings: FNCL 386; PSCF 161
Avg volume (30D): FNCL 123K sh, better; PSCF 4.04K sh
NAV per share: FNCL $79.91; PSCF $62.75
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, PSCF, with each pillar’s weight
Pillar	FNCL	PSCF
Cost30% weight	A97Higher	A82
Mission25% weight	A81	Not scored
Risk15% weight	C53Higher	C48
Tradability15% weight	A71Higher	D25
Holdings10% weight	C54	A89Higher
Durability5% weight	B56Higher	D28

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and PSCF 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 PSCF 7th 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 7BKBWPInvesco KBW Property & Casualty Insurance ETFScore 61
Rank 7BPSCFInvesco S&P SmallCap Financials ETFScore 61
Rank 9BIAKiShares U.S. Insurance ETFScore 57

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

PSCFBInvesco S&P SmallCap 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.

PSCF Most financials ETFs buy Wall Street. This one buys Main Street: about 160 small-cap banks, insurers and eligible REITs from the S&P SmallCap 600, held in index weight since 2010.

Stated mandate

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

PSCF The Fund seeks exposure to small-capitalization U.S. financial service companies by normally investing at least 90% of its total assets in securities comprising its underlying index, including eligible REITs.

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.

PSCF A pure slice of small-cap finance: community lenders, insurers and eligible REITs pulled from the S&P SmallCap 600, roughly 160 names deep.invesco.com
Rules-based wrapper: normally at least 90% of assets sit in index constituents, so weights come from the benchmark rather than a manager's call.invesco.com
The benchmark is a capped index, which limits how big any single lender or REIT can get inside the portfolio.invesco.com
Running since 2010, a long record in a corner of the market most sector funds skip entirely. Pays quarterly.

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.

PSCF At 0.29%, it costs more than the broad S&P 600 trackers it sits beside, like SPSM (0.03%) and IJR (0.06%). That is the toll for the sector cut.
One sector, one size band. Small lenders move together with rates and credit conditions, with no large-cap ballast to soften the ride.
A small fund that trades lightly next to the broad small-cap funds in its group, so bid-ask spreads can run wider.

Full FNCL profile⁠

Full PSCF profile⁠

FNCL vs PSCF Holdings

How FNCL and PSCF differ

Overlap by weight

3.6%

Shared holdings make up 73.3% of PSCF and 3.6% of FNCL.

Level by level

Holdings117 in both3.6%
Sector6 Sectors69.9%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in FNCL and PSCF, widest gap first
Sector	More in FNCLMore in PSCF	FNCL	PSCF
Financials	FNCL +29.9 points	97.1%	67.2%
Real Estate	PSCF +28.2 points	0.6%	28.8%
Technology	PSCF +1.8 points	1.9%	3.7%
Health Care	FNCL +0.1 points	0.1%	0.0%
Industrials	PSCF +0.1 points	0.2%	0.3%
Consumer Discretionary	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FNCL and PSCF, widest gap first
Country	More in FNCLMore in PSCF	FNCL	PSCF
United States	PSCF +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%
PSCF15.3%

Securities held

FNCL383
PSCF160

Asset class

FNCL: Equity
PSCF: Equity

Holdings

Only in FNCL266
In both117
Only in PSCF43

Only in FNCL

266 securities, 97.4% 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%
Prudential Financial Inc0.45%
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%

Only in PSCF

43 securities, 26.6% of PSCF by weight

Ryman Hospitality Properties Inc2.07%
Terreno Realty Corp1.61%
Macerich Co/The1.55%
Essential Properties Realty Trust Inc1.31%
Outfront Media Inc1.29%
Phillips Edison & Co Inc1.12%
Tanger Inc0.96%
Apple Hospitality REIT Inc0.93%
Millrose Properties Inc0.91%
SL Green Realty Corp0.81%
LXP Industrial Trust0.81%
Highwoods Properties Inc0.76%
Broadstone Net Lease Inc0.75%
National Health Investors Inc0.74%
Cushman & Wakefield Ltd0.69%
Curbline Properties Corp0.69%
DiamondRock Hospitality Co0.67%
St Joe Co/The0.62%
Acadia Realty Trust0.59%
Urban Edge Properties0.56%
Pebblebrook Hotel Trust0.55%
Four Corners Property Trust Inc0.55%
InvenTrust Properties Corp0.54%
Sunstone Hotel Investors Inc0.54%
LTC Properties Inc0.54%
Howard Hughes Holdings Inc0.52%
Xenia Hotels & Resorts Inc0.43%
NETSTREIT Corp0.40%
Douglas Emmett Inc0.39%
Getty Realty Corp0.37%
Global Net Lease Inc0.33%
Innovative Industrial Properties Inc0.33%
Medical Properties Trust Inc0.27%
American Assets Trust Inc0.24%
Easterly Government Properties Inc0.23%
Centerspace0.22%
JBG SMITH Properties0.16%
Marcus & Millichap Inc0.14%
Adamas Trust Inc0.13%
Safehold Inc0.12%
AGNT Inc0.09%
Saul Centers Inc0.08%
Securities Lending - Bnym0.00%

Weight gaps

The 100 widest of 117 Holdings in both funds.

Holding weights in FNCL and PSCF, widest gap first
Holding	More in FNCLMore in PSCF	FNCL	PSCF
Jackson Financial IncJXN	PSCF +1.82 points	0.09%	1.91%
Lincoln National CorpLNC	PSCF +1.53 points	0.07%	1.60%
Stonex Group IncSNEX	PSCF +1.27 points	0.07%	1.34%
Marketaxess Hldgs IncMKTX	PSCF +1.25 points	0.06%	1.31%
Atlantic Un Bankshares CorpAUB	PSCF +1.22 points	0.06%	1.28%
Victory Capital Hldgs Inc Class AVCTR	PSCF +1.21 points	0.05%	1.26%
Axos Financial IncAX	PSCF +1.13 points	0.05%	1.18%
Rithm Capital CorpRITM	PSCF +1.13 points	0.06%	1.19%
Ameris BancorpABCB	PSCF +1.11 points	0.06%	1.17%
Remitly Global IncRELY	PSCF +1.07 points	0.05%	1.12%
Ha Sustainable InfrastructureHASI	PSCF +1.03 points	0.05%	1.08%
Eastern Bankshares IncEBC	PSCF +1.02 points	0.05%	1.07%
Radian Group IncRDN	PSCF +1.01 points	0.05%	1.06%
Piper Sandler CosPIPR	PSCF +0.99 points	0.05%	1.04%
Virtu Financial Inc Class AVIRT	PSCF +0.97 points	0.05%	1.02%
Fulton Financial CorpFULT	PSCF +0.97 points	0.05%	1.02%
Enova Intl IncENVA	PSCF +0.96 points	0.05%	1.01%
United Community Banks GaUCB	PSCF +0.96 points	0.05%	1.01%
Moelis & Co Class AMC	PSCF +0.95 points	0.05%	1.00%
Cathay General BancorpCATY	PSCF +0.93 points	0.05%	0.98%
Bread Financial Holdings IncBFH	PSCF +0.91 points	0.01%	0.92%
Bgc Group Inc ABGC	PSCF +0.89 points	0.05%	0.94%
Servisfirst Bancshares IncSFBS	PSCF +0.88 points	0.05%	0.93%
Wsfs Financial CorpWSFS	PSCF +0.86 points	0.05%	0.91%
First Bancorp Puerto RicoFBP	PSCF +0.86 points	0.05%	0.91%
Independent Bank Corp MassINDB	PSCF +0.84 points	0.05%	0.89%
Pjt Partners IncPJT	PSCF +0.83 points	0.04%	0.87%
Lazard IncLAZ	PSCF +0.83 points	0.04%	0.87%
Cvb Financial CorpCVBF	PSCF +0.81 points	0.04%	0.85%
Wesbanco IncWSBC	PSCF +0.80 points	0.04%	0.84%
Stepstone Group Inc Class ASTEP	PSCF +0.79 points	0.04%	0.83%
Renasant CorpRNST	PSCF +0.79 points	0.04%	0.83%
Palomar Hldgs IncPLMR	PSCF +0.77 points	0.04%	0.81%
Nicolet Bankshares IncNIC	PSCF +0.74 points	0.04%	0.78%
First Financial BancorpFFBC	PSCF +0.73 points	0.04%	0.77%
Genworth Financial IncGNW	PSCF +0.73 points	0.04%	0.77%
Ncr Atleos CorpNATL	PSCF +0.72 points	0.04%	0.76%
Simmons 1ST Natl Corp Class ASFNC	PSCF +0.72 points	0.04%	0.76%
Dave IncDAVE	PSCF +0.72 points	0.04%	0.76%
Community Financial System IncCBU	PSCF +0.71 points	0.04%	0.75%
Nmi Holdings IncNMIH	PSCF +0.69 points	0.04%	0.73%
Seacoast Banking Corp FloridaSBCF	PSCF +0.67 points	0.04%	0.71%
First Hawaiian IncFHB	PSCF +0.66 points	0.04%	0.70%
First Intst Bancsyst Inc Class AFIBK	PSCF +0.67 points	0.03%	0.70%
Bankunited IncBKU	PSCF +0.65 points	0.04%	0.69%
Credit Acceptance CorpCACC	PSCF +0.66 points	0.03%	0.69%
Provident Financial Svcs IncPFS	PSCF +0.65 points	0.03%	0.68%
Banc of California IncBANC	PSCF +0.63 points	0.03%	0.66%
Park National CorpPRK	PSCF +0.63 points	0.03%	0.66%
Assured Guaranty LtdAGO	PSCF +0.63 points	0.03%	0.66%
Wisdomtree IncWT	PSCF +0.62 points	0.03%	0.65%
Bank Hawaii CorpBOH	PSCF +0.60 points	0.03%	0.63%
Customers Bancorp IncCUBI	PSCF +0.60 points	0.03%	0.63%
Nbt Bancorp IncNBTB	PSCF +0.59 points	0.03%	0.62%
Mercury General CorpMCY	PSCF +0.58 points	0.03%	0.61%
Fb Financial CorpFBK	PSCF +0.58 points	0.03%	0.60%
Acadian Asset Management IncAAMI	PSCF +0.58 points	0.03%	0.61%
Siriuspoint LtdSPNT	PSCF +0.58 points	0.02%	0.60%
First Bancorp NcFBNC	PSCF +0.57 points	0.03%	0.60%
Trustmark CorpTRMK	PSCF +0.56 points	0.03%	0.59%
Artisan Partners Asset Mgt AAPAM	PSCF +0.55 points	0.03%	0.58%
Beacon Financial CorpBBT	PSCF +0.55 points	0.03%	0.58%
Bancfirst CorpBANF	PSCF +0.50 points	0.03%	0.53%
Banner CorpBANR	PSCF +0.50 points	0.03%	0.53%
Sezzle IncSEZL	PSCF +0.49 points	0.03%	0.52%
Northwest Bancshares IncNWBI	PSCF +0.49 points	0.02%	0.51%
Wafd IncWAFD	PSCF +0.46 points	0.03%	0.49%
Encore Cap Group IncECPG	PSCF +0.47 points	0.02%	0.49%
Ofg BancorpOFG	PSCF +0.45 points	0.03%	0.48%
First Commonwealth Finl CorpFCF	PSCF +0.46 points	0.02%	0.48%
Hci Group IncHCI	PSCF +0.44 points	0.03%	0.47%
Cohen & Steers IncCNS	PSCF +0.45 points	0.02%	0.47%
City Holding CoCHCO	PSCF +0.44 points	0.02%	0.46%
Western Union CoWU	PSCF +0.42 points	0.02%	0.44%
Bancorp Inc DelTBBK	PSCF +0.42 points	0.02%	0.44%
Payoneer Global IncPAYO	PSCF +0.41 points	0.02%	0.43%
Kemper CorpKMPR	PSCF +0.41 points	0.02%	0.43%
Horace Mann Educators CorpHMN	PSCF +0.40 points	0.02%	0.42%
Evertec IncEVTC	PSCF +0.40 points	0.02%	0.42%
Armour Residential Reit IncARR	PSCF +0.39 points	0.02%	0.41%
S & T BancorpSTBA	PSCF +0.38 points	0.02%	0.40%
Dime Commercial Bancshares IncDCOM	PSCF +0.37 points	0.02%	0.39%
Hope Bancorp IncHOPE	PSCF +0.37 points	0.02%	0.39%
Ezcorp Inc Class A Non VtgEZPW	PSCF +0.36 points	0.02%	0.38%
Blackstone Mortgage Tr Class ABXMT	PSCF +0.36 points	0.02%	0.38%
National Bk Hldgs CorpNBHC	PSCF +0.36 points	0.02%	0.38%
Pathward Financial IncCASH	PSCF +0.34 points	0.02%	0.36%
Ellington Financial IncEFC	PSCF +0.32 points	0.02%	0.34%
Donnelley Financial SolutionsDFIN	PSCF +0.32 points	0.02%	0.34%
Lakeland Financial CorpLKFN	PSCF +0.32 points	0.02%	0.34%
Safety Insurance Group IncSAFT	PSCF +0.32 points	0.02%	0.34%
Triumph Financial IncTBK	PSCF +0.30 points	0.02%	0.32%
Hilltop Hldgs IHTH	PSCF +0.30 points	0.02%	0.32%
Stewart Information ServicesSTC	PSCF +0.29 points	0.02%	0.31%
Enact Holdings IncACT	PSCF +0.29 points	0.01%	0.30%
Prog Holdings IncPRG	PSCF +0.28 points	0.02%	0.30%
Westamerica BancorporationWABC	PSCF +0.28 points	0.02%	0.30%
Merchants BancorpMBIN	PSCF +0.29 points	0.01%	0.30%
Tompkins Financial CorpTMP	PSCF +0.28 points	0.01%	0.29%
Preferred Bank Los AngelesPFBC	PSCF +0.26 points	<0.01%	0.27%

All 404 FNCL holdings⁠All 159 PSCF 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 PSCF Cost

Overpaying PSCF vs FNCL

$4,179

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

FNCL 0.084%
$1,773
PSCF 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
PSCF 0.29%
Overpaying

Year by year

Year	FNCL	PSCF	Overpaying
10	$154	$527	$373
20	$603	$2,044	$1,441
30	$1,773	$5,952	$4,179

Expense ratio

0.08%FNCL, cheaper
0.29%PSCF

FNCL0.08%PSCF0.29%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

PSCF 4th cheapest of 18 funds

FNCL vs PSCF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNCL 1.61%; PSCF 2.22%, better
Payout (12M): FNCL $1.29; PSCF $1.39
Last payment: FNCL $0.31; PSCF $0.39
Ex-dividend: FNCL Sep 18, 2026; PSCF Sep 21, 2026
Paid on: FNCL Sep 22, 2026; PSCF Sep 25, 2026
Frequency: FNCL Quarterly; PSCF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

PSCFQuarterly · 36 paymentsAll PSCF payments⁠

FNCL vs PSCF Risk

Fall from peak · 5 years

FNCL
PSCF

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%, betterPSCF 19.7%
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11, betterPSCF 0.79
Worst fallMax drawdown, 5 years: FNCL −25.7%, betterPSCF −36.8%
Market sensitivityBeta, 5 years: FNCL 0.92PSCF 0.97; Market = 1

FNCL and PSCF in the news

All news⁠

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

Popular comparisons

FNCLAvsXLFA
Fidelity MSCI Financials Index ETF · State Street Financial Select Sector SPDR ETF
Expense ratio
0.08% · 0.08%
Category
PSCFBvsXLFA
Invesco S&P SmallCap Financials ETF · State Street Financial Select Sector SPDR ETF
Expense ratio
0.29% · 0.08%
Category
FNCLAvsKIEA
Fidelity MSCI Financials Index ETF · State Street SPDR S&P Insurance ETF
Expense ratio
0.08% · 0.35%
Category
PSCFBvsKIEA
Invesco S&P SmallCap Financials ETF · State Street SPDR S&P Insurance ETF
Expense ratio
0.29% · 0.35%
Category
FNCLAvsVFHB
Fidelity MSCI Financials Index ETF · Vanguard Financials ETF
Expense ratio
0.08% · 0.09%
Category
PSCFBvsVFHB
Invesco S&P SmallCap Financials ETF · Vanguard Financials ETF
Expense ratio
0.29% · 0.09%
Category

FNCL vs PSCF

In short

Stated mandate

Why people hold it

Worth knowing

How FNCL and PSCF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in PSCF

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 PSCF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNCL

Only in PSCF

Weight gaps