FNCL vs TFNS: Grades, Fees and Holdings Compared

Fidelity MSCI Financials Index ETF

FNCLANYSE Arca

T. Rowe Price Financials ETF

TFNSDNasdaq

Overlap

38.3%by weight

Expense ratio

FNCL −0.36pt a year

FNCL0.08%TFNS0.44%

Avg volume · 30D

FNCL 22.3×the volume

FNCL123KTFNS5.5K

FNCL vs TFNS Performance

Oct 31, 2025 – Oct 30, 2026

+9.6%FNCL+11.8%TFNS

Expense ratio: FNCL 0.08%, better; TFNS 0.44%
Fund size: FNCL $2.24B; TFNS $18M
1Y total return: FNCL +9.6%; TFNS +11.8%, better
Yield (12M): FNCL 1.61%; TFNS No data
Holdings: FNCL 386; TFNS 83
Avg volume (30D): FNCL 123K sh, better; TFNS 5.5K sh
NAV per share: FNCL $79.91; TFNS $28.82
52W range

ETF.net Grade

Pillar letters and Scores for FNCL, TFNS, with each pillar’s weight
Pillar	FNCL	TFNS
Cost30% weight	A97Higher	D29
Mission25% weight	A81	Not scored
Risk15% weight	C53	B58Higher
Tradability15% weight	A71Higher	D25
Holdings10% weight	C54Higher	C46
Durability5% weight	B56Higher	F20

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. FNCL and TFNS 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 TFNS 15th 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 13CIAIiShares U.S. Broker-Dealers & Securities Exchanges ETFScore 45
Rank 15DTFNST. Rowe Price Financials ETFScore 35
Rank 16DPFIInvesco Dorsey Wright Financial Momentum ETFScore 34

Our read on each fund

ETF.net Research

FNCLAFidelity MSCI Financials Index ETF

TFNSDT. Rowe Price 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.

TFNS T. Rowe Price's June 2025 entry in financials: a roughly 60-stock slice of banks and insurers at 0.44%, in a category where the incumbents are giant, near-free index trackers. A stock-picker's cut of the sector.

Stated mandate

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

TFNS The fund pursues long-term capital appreciation and commits at least 80% of net assets to securities issued by financial companies, including banks and insurers.

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.

TFNS Focused by design. Roughly 60 names rather than the full sector roster, so each bank or insurer position carries real weight.
The mandate is written down: at least 80% of net assets in financial companies, with the S&P 500 Financial Index as the reference point. No drift into other sectors.
At 0.44%, the fee lands exactly on the category median, so the non-index approach is priced at the middle of the market, not above it.

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.

TFNS Cheap beta is the competition: XLF and FNCL cover financials at 0.08%, VFH at 0.09%. This runs 0.44%, so stock selection carries the whole case.
A 2025 launch, so the track record is short and risk measures rest on limited history.
Small and lightly traded next to the sector's household-name funds, which can mean wider bid-ask spreads than the giants show.

Full FNCL profile⁠

Full TFNS profile⁠

FNCL vs TFNS Holdings

How FNCL and TFNS differ

Overlap by weight

38.3%

Shared holdings make up 59.5% of TFNS and 43.7% of FNCL.

Level by level

Holdings58 in both38.3%
Countryby domicile97.3%
Sector6 Sectors99.1%
Asset classEquity100%

Sector

Sector weights in FNCL and TFNS, widest gap first
Sector	More in FNCLMore in TFNS	FNCL	TFNS
Industrials	TFNS +0.7 points	0.2%	0.9%
Real Estate	FNCL +0.6 points	0.6%	0.0%
Financials	TFNS +0.2 points	97.1%	97.3%
Technology	FNCL +0.1 points	1.9%	1.8%
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 TFNS, widest gap first
Country	More in FNCLMore in TFNS	FNCL	TFNS
United States	FNCL +2.7 points	98.6%	95.9%
Switzerland	TFNS +1.5 points	1.4%	2.9%
United Kingdom	TFNS +0.7 points	0.0%	0.7%
Other countries (3)	TFNS +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

FNCL48.7%
TFNS52.7%

Securities held

FNCL383
TFNS82

Asset class

FNCL: Equity
TFNS: Equity

Holdings

Only in FNCL325
In both58
Only in TFNS24

Only in FNCL

325 securities, 57.3% of FNCL by weight

JPMorgan Chase & Co10.22%
Visa Inc Class A7.63%
Mastercard Inc Class A5.77%
Goldman Sachs Group Inc3.06%
Morgan Stanley2.51%
BlackRock Inc1.94%
American Express Co1.92%
Chubb Ltd1.42%
Securities Lending Cf1.11%
Arthur J Gallaghar and Co0.77%
Allstate Corporation0.75%
Truist Finl Corp0.67%
Aflac Inc0.63%
Nasdaq Inc0.53%
PayPal Hldgs Inc0.53%
Prudential Financial Inc0.45%
Block Inc Class A0.44%
Arch Capital Group Ltd0.40%
Interactive Brokers Group Inc0.39%
Coinbase Global Inc0.38%
Cboe Global Markets Inc0.37%
M&T Bank Corp0.36%
Willis Towers Watson PLC0.34%
Raymond James Financial Inc.0.32%
Cincinnati Financial Corp0.31%
Citizens Financial Group Inc0.31%
Fiserv Inc0.29%
Regions Financial Corp0.28%
Principal Finl Group Inc0.28%
Markel Group Inc0.26%
Price (T Rowe)group Inc0.26%
Sofi Technologies Inc A0.25%
Fidelity Natl Inform Svcs Inc0.22%
Loews Corp0.21%
East West Bancorp Inc0.20%
First Citizens Bancshares Inc0.20%
Reinsurance Group of America0.19%
Everest Group Ltd0.18%
Berkley (Wr) Corp0.18%
Toast Inc0.17%
Assurant Inc0.16%
Annaly Capital Mgmt Inc Reit0.15%
Unum Group0.15%
State Street 60 Day Money Mark0.14%
Globe Life Inc0.14%
Factset Research Systems Inc0.13%
Henry (Jack) & Associates Inc0.13%
First Horizon Corp0.13%
Evercore Inc A0.12%
Ally Financial Inc0.12%

Only in TFNS

24 securities, 39.9% of TFNS by weight

Visa Inc Class A Shares Common Stock USD.00017.60%
Mastercard Inc A Common Stock USD.00017.00%
JPMorgan Chase & Co Common Stock USD1.04.99%
Goldman Sachs Group Inc Common Stock USD.013.79%
Chubb Ltd Common Stock2.67%
Morgan Stanley Common Stock USD.012.51%
BlackRock Inc Common Stock USD.012.47%
Allstate Corp Common Stock USD.011.56%
American Express Co Common Stock USD.21.12%
Block Inc Common Stock USD.00000010.86%
PayPal Holdings Inc Common Stock0.84%
Willis Towers Watson PLC Common Stock USD.0003046350.84%
Barclays PLC Spons Adr Adr0.70%
Fiserv Inc Common Stock USD.010.50%
Invesco Ltd Common Stock USD.20.45%
Marex Group Ltd Common Stock0.37%
Lincoln International Inc Common Stock0.27%
Happen Inc Common Stock USD.010.24%
Newtekone Inc Common Stock USD.020.23%
Etoro Group Ltd A Common Stock Npv0.20%
Nu Holdings Ltd/Cayman Isl A Common Stock USD.0000066670.19%
Ubs Group AG Reg Common Stock USD.10.17%
Equifax Inc Common Stock USD1.250.15%
Kb Financial Group Inc Adr Adr0.14%

Weight gaps

All 58 Holdings in both funds, largest gap first.

Holding weights in FNCL and TFNS, widest gap first
Holding	More in FNCLMore in TFNS	FNCL	TFNS
Berkshire Hathaway Inc Class BBRK.B	TFNS +3.74 points	8.56%	12.30%
Schwab Charles CorpSCHW	TFNS +1.26 points	1.65%	2.91%
Capital One Financial CorpCOF	TFNS +1.14 points	1.37%	2.51%
Wells Fargo & CoWFC	TFNS +0.95 points	2.88%	3.83%
Marsh & Mclennan Cos IncMRSH	TFNS +0.85 points	1.06%	1.91%
Western Alliance BancorpWAL	TFNS +0.85 points	0.09%	0.94%
Bank of America CorporationBAC	TFNS +0.74 points	3.72%	4.46%
Citigroup IncC	TFNS +0.73 points	2.40%	3.13%
Blackstone IncBX	FNCL +0.72 points	1.00%	0.28%
Global Payments IncGPN	TFNS +0.70 points	0.22%	0.92%
Metlife IncMET	TFNS +0.64 points	0.62%	1.26%
State Street CorpSTT	TFNS +0.62 points	0.54%	1.16%
S&P Global IncSPGI	FNCL +0.60 points	1.56%	0.96%
Huntington Bancshares IncHBAN	TFNS +0.59 points	0.36%	0.95%
Axis Capital Holdings LtdAXS	TFNS +0.58 points	0.09%	0.67%
Moodys CorpMCO	FNCL +0.54 points	0.81%	0.27%
Slm CorpSLM	TFNS +0.52 points	0.04%	0.56%
Equitable Holdings IncEQH	TFNS +0.52 points	0.17%	0.69%
Pnc Financial Services Grp IncPNC	FNCL +0.52 points	1.04%	0.52%
Pinnacle Financial Partners InPNFP	TFNS +0.50 points	0.17%	0.67%
Progressive Corp OhioPGR	FNCL +0.49 points	1.51%	1.02%
Us Bancorp DelUSB	TFNS +0.48 points	1.06%	1.54%
Travelers Companies IncTRV	FNCL +0.48 points	0.93%	0.45%
Columbia Banking Systems IncCOLB	TFNS +0.46 points	0.10%	0.56%
Aon PLCAON	TFNS +0.44 points	0.73%	1.17%
Stepstone Group Inc Class ASTEP	TFNS +0.43 points	0.04%	0.47%
Fulton Financial CorpFULT	TFNS +0.43 points	0.05%	0.48%
Apollo Global Management IncAPO	TFNS +0.40 points	0.55%	0.95%
Kkr & Co IncKKR	TFNS +0.40 points	0.67%	1.07%
Umb Financial CorpUMBF	TFNS +0.38 points	0.11%	0.49%
Ameriprise Financial IncAMP	FNCL +0.32 points	0.50%	0.18%
Msci IncMSCI	FNCL +0.30 points	0.49%	0.19%
Fifth Third BancorpFITB	FNCL +0.29 points	0.55%	0.26%
Firstsun Capital BancorpFSUN	TFNS +0.29 points	0.01%	0.30%
KeycorpKEY	TFNS +0.28 points	0.22%	0.50%
Bank of New York Mellon CorpBNY	FNCL +0.28 points	1.13%	0.85%
Virtu Financial Inc Class AVIRT	TFNS +0.28 points	0.05%	0.33%
Horizon Bancorp Inc IndianaHBNC	TFNS +0.26 points	0.01%	0.27%
Ares Management Corp Class AARES	TFNS +0.24 points	0.30%	0.54%
Northern Trust CorpNTRS	FNCL +0.24 points	0.34%	0.10%
Tradeweb Markets Inc ATW	TFNS +0.22 points	0.15%	0.37%
Hartford Insurance Grp Inc/TheHIG	FNCL +0.21 points	0.41%	0.20%
Brown & Brown IncBRO	TFNS +0.18 points	0.22%	0.40%
Affirm Holdings IncAFRM	FNCL +0.18 points	0.23%	0.06%
Synchrony FinancialSYF	TFNS +0.13 points	0.29%	0.42%
Lincoln National CorpLNC	TFNS +0.13 points	0.07%	0.20%
Tpg IncTPG	TFNS +0.12 points	0.08%	0.20%
Cme Group Inc Class ACME	FNCL +0.12 points	1.20%	1.08%
American International GroupAIG	TFNS +0.13 points	0.48%	0.61%
Popular IncBPOP	TFNS +0.13 points	0.11%	0.24%
Associated Banc CorpASB	TFNS +0.11 points	0.06%	0.17%
Corpay IncCPAY	TFNS +0.11 points	0.28%	0.39%
Intercontinental Exchange IncICE	TFNS +0.08 points	1.03%	1.11%
Robinhood Markets IncHOOD	FNCL +0.06 points	0.77%	0.71%
Lpl Financial Holdings IncLPLA	TFNS +0.04 points	0.25%	0.29%
Renaissancere Hldgs LtdRNR	TFNS +0.04 points	0.16%	0.20%
Corebridge Financial IncCRBG	TFNS +0.03 points	0.10%	0.13%
Wsfs Financial CorpWSFS	TFNS +0.03 points	0.05%	0.08%

All 404 FNCL holdings⁠All 64 TFNS 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 TFNS Cost

Overpaying TFNS vs FNCL

$7,079

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

FNCL 0.084%
$1,773
TFNS 0.44%
$8,852

Amount$10,000

Years30 years

Cost over time

FNCL 0.084%
TFNS 0.44%
Overpaying

Year by year

Year	FNCL	TFNS	Overpaying
10	$154	$794	$640
20	$603	$3,061	$2,458
30	$1,773	$8,852	$7,079

Expense ratio

0.08%FNCL, cheaper
0.44%TFNS

FNCL0.08%TFNS0.44%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

FNCL 2nd cheapest of 18 funds

TFNS 13th cheapest of 18 funds

FNCL vs TFNS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNCL 1.61%; TFNS No data
Payout (12M): FNCL $1.29; TFNS No data
Last payment: FNCL $0.31; TFNS $0.14
Ex-dividend: FNCL Sep 18, 2026; TFNS Dec 23, 2025
Paid on: FNCL Sep 22, 2026; TFNS Dec 26, 2025
Frequency: FNCL Quarterly; TFNS Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

FNCLQuarterly · 39 paymentsAll FNCL payments⁠

TFNSIrregular · 1 paymentAll TFNS payments⁠

FNCL vs TFNS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FNCL 15.8%TFNS 14.0%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: FNCL 1.11TFNS 0.44since Jul 2025
Worst fallMax drawdown, 5 years: FNCL −25.7%TFNS −14.0%since Jun 2025
Market sensitivityBeta, 5 years: FNCL 0.92TFNS 0.31; Market = 1

FNCL and TFNS 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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