FTEC vs IYW: Grades, Fees and Holdings Compared

Fidelity MSCI Information Technology Index ETF

FTECANYSE Arca

iShares U.S. Technology ETF

IYWBNYSE Arca

Overlap

84.0%by weight

Expense ratio

FTEC −0.29pt a year

FTEC0.08%IYW0.37%

Avg volume · 30D

IYW 2.2×the volume

FTEC275KIYW609K

10Y return · a year

IYW +0.4pt

FTEC+23.7%IYW+24.1%

FTEC vs IYW Performance

Oct 29, 2021 – Oct 30, 2026

+124.8%FTEC+123.2%IYW

Expense ratio: FTEC 0.08%, better; IYW 0.37%
Fund size: FTEC $22.2B; IYW $23.8B
1Y total return: FTEC +18.5%, better; IYW +16.8%
Yield (12M): FTEC 0.40%, better; IYW 0.10%
Holdings: FTEC 291; IYW 150
Avg volume (30D): FTEC 275K sh; IYW 609K sh, better
NAV per share: FTEC $279.07; IYW $242.61
52W range

ETF.net Grade

Pillar letters and Scores for FTEC, IYW, with each pillar’s weight
Pillar	FTEC	IYW
Cost30% weight	A98Higher	B65
Mission25% weight	Not scored	A83
Risk15% weight	B60	B67Higher
Tradability15% weight	A88	A89Higher
Holdings10% weight	D38Higher	F14
Durability5% weight	A73	A83Higher

Rank among Technology (Broad) funds

How we build Categories ›

Same Category. FTEC and IYW are both graded against the same 23 Technology (Broad) funds, so their Grades compare head to head.

Technology (Broad)⁠

Category · 23 funds

See all 23 ›

FTEC ranks 2nd and IYW 5th of 23 funds in the Technology (Broad) Category.

Rank 1AXLKState Street Technology Select Sector SPDR ETFScore 82
Rank 2AFTECFidelity MSCI Information Technology Index ETFScore 78
Rank 3AVGTVanguard Information Technology ETFScore 71
Rank 5BIGMiShares Expanded Tech Sector ETFScore 64
Rank 5BIYWiShares U.S. Technology ETFScore 64
Rank 5BXNTKState Street SPDR NYSE Technology ETFScore 64

Our read on each fund

ETF.net Research

FTECAFidelity MSCI Information Technology Index ETF

IYWBiShares U.S. Technology ETF

In short

FTEC Fidelity's tech sleeve runs 0.08% a year and holds about 300 names, tracking an MSCI index that reaches from mega-cap chipmakers down into small-cap software. Cheap beta on the whole US tech stack, not just the giants.

IYW Most tech ETFs follow GICS and leave the big ad platforms out of the sector. IYW tracks a Russell index built on ICB rules, where there is no communication services bucket, so internet-ad giants count as tech. Listed in 2000, 0.37%, below the category median.

Stated mandate

FTEC Seeks to track, before fees and expenses, the performance of the MSCI USA IMI Information Technology Index.

IYW Under ordinary conditions, the Fund commits a minimum of 80% of its assets to equity securities issued by U.S. technology or technology-enabled companies.

Why people hold it

FTEC At 0.08%, it ties the cheapest fund in its broad-tech group and undercuts VGT's 0.09%, against a cohort median of 0.40%. On a sector sleeve, that gap compounds quietly.
The MSCI USA IMI benchmark covers large, mid and small cap US tech, so the roughly 300 holdings stretch past the mega-cap tier alone.msci.com
Trading since 2013 and now a multi-billion-dollar fund, it sits in the top quartile of its broad technology peer group.

IYW Russell's sector runs on ICB rules with no communication services bucket, so ad-driven platforms like Alphabet and Meta count as tech here, unlike in GICS-built XLK, VGT or FTEC.ishares.com lseg.com
The benchmark is capped by design: 22.5% ceiling on any single issuer, 45% combined for all names above 4.5%, trimmed at each quarterly rebalance.ishares.com
Listed in 2000 and now a multi-billion-dollar fund that trades actively, so getting in and out is rarely the expensive part.

Worth knowing

FTEC Membership follows GICS Information Technology, so several household-name tech businesses classified into other sectors never show up here.msci.com
One sector, one story: tech moves harder than the broad market in both directions, and roughly 300 names does not soften that.
Distributions arrive quarterly, and a growth-heavy sector index is not built around payouts.

IYW At 0.37% it sits below the category median, but the index giants undercut it hard: XLK at 0.08%, FTEC at 0.084%, VGT at 0.09%.
Top-heavy by construction: about 150 holdings, with caps reset only quarterly, so a few mega caps can drift above their reset weight between rebalances.
Distributions come quarterly, but income is not the job here; the mandate is a US technology sector view.

Full FTEC profile⁠

Full IYW profile⁠

FTEC vs IYW Holdings

How FTEC and IYW differ

Overlap by weight

84.0%

Shared holdings make up 91.3% of IYW and 88.9% of FTEC.

Level by level

Sector11 Sectors0.1%
Holdings121 in both84.0%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in FTEC and IYW, widest gap first
Sector	More in FTECMore in IYW	FTEC	IYW
Technology	FTEC +99.4 points	99.4%	0.0%
Semiconductors & Semiconductor Equipment	IYW +38.5 points	0.0%	38.5%
Software & Services	IYW +30.3 points	0.0%	30.3%
Tech Hardware & Equip	IYW +22.5 points	0.0%	22.5%
Media & Entertainment	IYW +7.8 points	0.0%	7.8%
Commercial & Professional Services	IYW +0.4 points	0.0%	0.4%
Consumer Services	IYW +0.3 points	0.0%	0.3%
Industrials	FTEC +0.3 points	0.3%	0.0%
Financials	FTEC +0.2 points	0.3%	0.1%
Consumer Discretionary	FTEC +0.1 points	0.1%	0.0%
Consumer Staples Distribution & Retail	IYW +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in FTEC and IYW, widest gap first
Country	More in FTECMore in IYW	FTEC	IYW
United States	IYW +0.3 points	99.5%	99.8%
China	FTEC +0.3 points	0.3%	0.0%
Mexico	Same weight	0.2%	0.2%
Australia	IYW +0.1 points	0.0%	0.1%
Taiwan	Same weight	0.0%	0.0%
Singapore	Same weight	0.0%	0.0%
Hong Kong	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FTEC63.9%
IYW65.7%

Securities held

FTEC291
IYW148

Asset class

FTEC: Equity
IYW: Equity

Holdings

Only in FTEC170
In both121
Only in IYW27

Only in FTEC

170 securities, 12.0% of FTEC by weight

Cisco Systems Inc1.67%
Securities Lending Cf0.85%
Arista Networks Inc0.79%
Seagate Techn Holdings PLC0.62%
Accenture PLC Class A0.62%
Motorola Solutions Inc0.35%
Nxp Semiconductors NV0.30%
Lumentum Holdings Inc0.30%
Te Connectivity PLC0.29%
Keysight Technologies Inc0.26%
Ciena Corp0.22%
Teledyne Technologies Inc0.16%
State Street 60 Day Money Mark0.13%
Zebra Technologies Corp Class A0.11%
First Solar Inc0.10%
Trimble Inc0.10%
Mks Inc0.09%
Fair Isaac Corp0.09%
Jfrog Ltd0.09%
Tenable Holdings Inc0.08%
Qualys Inc0.08%
Littelfuse Inc0.08%
Commvault Systems Inc0.08%
Cognex Corp0.08%
Box Inc Class A0.08%
Viasat Inc0.08%
Interdigital Inc0.07%
Ralliant Corp0.07%
Zeta Global Holdings Corp0.07%
Insight Enterprises Inc0.07%
Silicon Laboratories Inc0.07%
Varonis Systems Inc0.07%
Impinj Inc0.07%
Aci Worldwide Inc0.07%
Novanta Inc0.07%
Vontier Corp0.07%
Synaptics Inc0.06%
Badger Meter Inc0.06%
Viavi Solutions Inc0.06%
Plexus Corp0.06%
Maxlinear Inc0.06%
Workiva Inc0.06%
Mirion Technologies Inc-A0.06%
Q2 Holdings Inc0.06%
Bill Holdings Inc0.06%
Itron Inc0.06%
Ccc Intelligent Solutions Hold0.06%
Kulicke & Soffa Industries Inc0.05%
Diodes Inc0.05%
Hut 8 Corp0.05%

Only in IYW

27 securities, 8.7% of IYW by weight

Meta Platforms Class A3.17%
Alphabet Class A2.19%
Alphabet Class C1.78%
Doordash Class A0.35%
Applovin Class A0.29%
Leidos Holdings0.09%
Ss and C Technologies Holdings0.09%
Toast Class A0.08%
Caci International Inc Class A0.08%
Reddit Class A0.07%
Bitmine Immersion Technologies0.06%
Paycom Software0.06%
Match Group Inc0.05%
Pinterest Class A0.05%
Maplebear0.05%
Amdocs0.04%
Science Applications International0.03%
Mobility Global Inc0.03%
Globalfoundries0.03%
Kbr Inc0.03%
Ccc Intelligent Solutions Holdings0.02%
Figure Technology Solutions Class0.02%
Parsons Corp0.01%
People0.01%
Sailpoint<0.01%
Niq Global Intelligence PLC<0.01%
Quantinuum Inc Class A<0.01%

Weight gaps

The 100 widest of 121 Holdings in both funds.

Holding weights in FTEC and IYW, widest gap first
Holding	More in FTECMore in IYW	FTEC	IYW
Microsoft CorpMSFT	IYW +1.68 points	11.88%	13.56%
Micron Technology IncMU	FTEC +1.29 points	4.03%	2.74%
Broadcom IncAVGO	FTEC +1.00 points	4.16%	3.16%
Advanced Micro Devices IncAMD	FTEC +0.63 points	3.52%	2.89%
Palantir Technologies IncPLTR	IYW +0.45 points	1.68%	2.13%
Intl Bus Mach CorpIBM	IYW +0.33 points	0.94%	1.27%
Lam Research CorpLRCX	IYW +0.32 points	1.24%	1.56%
Palo Alto Networks IncPANW	IYW +0.32 points	1.22%	1.54%
Applied Materials IncAMAT	IYW +0.30 points	1.31%	1.61%
Texas Instruments IncTXN	IYW +0.30 points	1.13%	1.43%
Crowdstrike Holdings IncCRWD	IYW +0.27 points	1.04%	1.31%
Oracle CorpORCL	IYW +0.27 points	0.90%	1.17%
NVIDIA CorpNVDA	FTEC +0.25 points	16.93%	16.68%
Apple IncAAPL	IYW +0.24 points	17.17%	17.41%
Analog Devices IncADI	IYW +0.21 points	0.85%	1.06%
Kla CorpKLAC	IYW +0.21 points	0.87%	1.08%
Amphenol Corporation Class AAPH	IYW +0.21 points	0.81%	1.02%
Salesforce IncCRM	IYW +0.20 points	0.75%	0.95%
Marvell Technology IncMRVL	IYW +0.14 points	0.75%	0.89%
Qnity Electronics IncQ	IYW +0.13 points	<0.01%	0.13%
Qualcomm IncQCOM	IYW +0.12 points	0.79%	0.91%
Servicenow IncNOW	IYW +0.11 points	0.45%	0.56%
Intuit IncINTU	IYW +0.11 points	0.37%	0.48%
Adobe IncADBE	IYW +0.11 points	0.41%	0.52%
Sandisk CorporationSNDK	IYW +0.10 points	0.77%	0.87%
Western Digital CorpWDC	IYW +0.11 points	0.55%	0.66%
Coreweave IncCRWV	IYW +0.09 points	<0.01%	0.09%
Corning IncGLW	IYW +0.09 points	0.42%	0.51%
Strategy Inc Class AMSTR	IYW +0.08 points	0.16%	0.24%
Snowflake IncSNOW	IYW +0.08 points	0.46%	0.54%
Dell Technologies Inc Class CDELL	IYW +0.08 points	0.59%	0.67%
Cadence Design Systems IncCDNS	IYW +0.07 points	0.40%	0.47%
Synopsys IncSNPS	IYW +0.08 points	0.38%	0.46%
Skyworks Solutions IncSWKS	FTEC +0.07 points	0.17%	0.10%
Fortinet IncFTNT	IYW +0.06 points	0.37%	0.43%
Cloudflare IncNET	IYW +0.05 points	0.42%	0.47%
Monolithic Power Sys IncMPWR	IYW +0.05 points	0.25%	0.30%
Ringcentral Inc Class ARNG	FTEC +0.05 points	0.08%	0.03%
Iren LtdIREN	IYW +0.04 points	<0.01%	0.04%
Gitlab Inc Class AGTLB	FTEC +0.05 points	0.09%	0.04%
Datadog Inc Class ADDOG	IYW +0.04 points	0.36%	0.40%
Sentinelone IncS	FTEC +0.04 points	0.08%	0.04%
Autodesk IncADSK	IYW +0.03 points	0.23%	0.27%
Epam Systems IncEPAM	FTEC +0.04 points	0.08%	0.04%
Dropbox Inc Class ADBX	FTEC +0.04 points	0.07%	0.03%
Hewlett Packard Enterprise CoHPE	IYW +0.04 points	0.34%	0.38%
Dolby Laboratories Inc Class ADLB	FTEC +0.04 points	0.06%	0.02%
Elastic NVESTC	FTEC +0.03 points	0.08%	0.05%
Semtech CorpSMTC	FTEC +0.04 points	0.10%	0.06%
Rubrik IncRBRK	FTEC +0.04 points	0.14%	0.10%
Avnet IncAVT	FTEC +0.03 points	0.07%	0.04%
Arrow Electronics IncARW	FTEC +0.03 points	0.09%	0.06%
Appfolio Inc - AAPPF	FTEC +0.03 points	0.06%	0.03%
Bentley Sys Inc Class BBSY	FTEC +0.03 points	0.07%	0.04%
Docusign IncDOCU	FTEC +0.04 points	0.12%	0.08%
Allegro Microsystems IncALGM	FTEC +0.03 points	0.05%	0.02%
Universal Display CorpOLED	FTEC +0.03 points	0.05%	0.02%
Uipath Inc APATH	FTEC +0.03 points	0.06%	0.03%
Manhattan Associates IncMANH	FTEC +0.03 points	0.10%	0.07%
Formfactor IncFORM	FTEC +0.03 points	0.07%	0.04%
Ptc IncPTC	FTEC +0.03 points	0.14%	0.11%
Procore Technologies IncPCOR	FTEC +0.03 points	0.07%	0.04%
Cdw CorporationCDW	FTEC +0.03 points	0.13%	0.10%
Pegasystems IncPEGA	FTEC +0.02 points	0.04%	0.02%
Gartner IncIT	FTEC +0.03 points	0.11%	0.08%
Cirrus Logic IncCRUS	FTEC +0.03 points	0.06%	0.03%
Digitalocean Holdings IncDOCN	FTEC +0.02 points	0.07%	0.05%
Coherent CorpCOHR	IYW +0.03 points	0.18%	0.21%
Dynatrace IncDT	FTEC +0.02 points	0.11%	0.09%
Sanmina CorpSANM	FTEC +0.03 points	0.07%	0.04%
Okta Inc Class AOKTA	FTEC +0.03 points	0.21%	0.18%
Advanced Energy Industries IncAEIS	FTEC +0.03 points	0.07%	0.04%
Samsara IncIOT	FTEC +0.02 points	0.10%	0.08%
Rambus IncRMBS	FTEC +0.02 points	0.07%	0.05%
Terawulf IncWULF	FTEC +0.03 points	0.05%	0.02%
Amkor Technology IncAMKR	FTEC +0.02 points	0.05%	0.03%
Kyndryl Holdings IncKD	FTEC +0.02 points	0.04%	0.02%
Nutanix Inc Class ANTNX	FTEC +0.03 points	0.12%	0.09%
Figma Inc-Cl AFIG	IYW +0.02 points	<0.01%	0.02%
Lattice Semiconductor CorpLSCC	FTEC +0.02 points	0.09%	0.07%
Sitime CorpSITM	FTEC +0.02 points	0.07%	0.05%
Twilio Inc Class ATWLO	FTEC +0.02 points	0.18%	0.16%
Onto Innovation IncONTO	FTEC +0.02 points	0.07%	0.05%
Godaddy Inc Class AGDDY	FTEC +0.02 points	0.10%	0.08%
Roper Technologies IncROP	IYW +0.02 points	0.22%	0.24%
Akamai Technologies IncAKAM	FTEC +0.02 points	0.09%	0.07%
Applied Digital CorpAPLD	FTEC +0.02 points	0.04%	0.02%
Gen Digital IncGEN	FTEC +0.02 points	0.10%	0.08%
Hp IncHPQ	FTEC +0.02 points	0.16%	0.14%
F5 IncFFIV	FTEC +0.02 points	0.12%	0.10%
Td Synnex CorpSNX	FTEC +0.02 points	0.11%	0.09%
Super Micro Computer IncSMCI	FTEC +0.01 points	0.11%	0.10%
Ipg Photonics CorpIPGP	FTEC +0.02 points	0.03%	<0.01%
Entegris IncENTG	FTEC +0.02 points	0.14%	0.12%
Guidewire Software IncGWRE	FTEC +0.02 points	0.09%	0.07%
Klaviyo IncKVYO	FTEC +0.02 points	0.03%	0.01%
Macom Technology Soln Hlds IncMTSI	FTEC +0.02 points	0.10%	0.08%
Ionq IncIONQ	FTEC +0.02 points	0.08%	0.06%
Ttm Technologies IncTTMI	FTEC +0.02 points	0.06%	0.04%
Hubspot IncHUBS	FTEC +0.02 points	0.08%	0.06%

All 294 FTEC holdings⁠All 148 IYW 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.

FTEC vs IYW Cost

Overpaying IYW vs FTEC

$5,740

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

FTEC 0.084%
$1,773
IYW 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

FTEC 0.084%
IYW 0.37%
Overpaying

Year by year

Year	FTEC	IYW	Overpaying
10	$154	$670	$516
20	$603	$2,590	$1,987
30	$1,773	$7,513	$5,740

Expense ratio

0.08%FTEC, cheaper
0.37%IYW

FTEC0.08%IYW0.37%

0.08%1.00%

Middle half of Technology (Broad) funds
Median 0.45%

FTEC 2nd cheapest of 23 funds

IYW 7th cheapest of 23 funds

FTEC vs IYW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTEC 0.40%, better; IYW 0.10%
Payout (12M): FTEC $1.11; IYW $0.25
Last payment: FTEC $0.33; IYW $0.05
Ex-dividend: FTEC Sep 18, 2026; IYW Sep 15, 2026
Paid on: FTEC Sep 22, 2026; IYW Sep 18, 2026
Frequency: FTEC Quarterly; IYW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FTECQuarterly · 39 paymentsAll FTEC payments⁠

IYWQuarterly · 39 paymentsAll IYW payments⁠

FTEC vs IYW Risk

Fall from peak · 5 years

FTEC
IYW

Risk facts

VolatilityStd dev, 3 years: FTEC 22.3%, betterIYW 22.8%
Return per unit of riskSharpe ratio, 3 years: FTEC 1.19, betterIYW 1.18
Worst fallMax drawdown, 5 years: FTEC −35.0%, betterIYW −39.4%
Market sensitivityBeta, 5 years: FTEC 1.35IYW 1.35; Market = 1

FTEC and IYW in the news

All news⁠

Category Review
Equal-weight technology beat the biggest tech funds this year
Updated Oct 26, 2026FTEC
Deep Dive
An equal-weight technology ETF beat the cap-weighted fund by 9.3 percentage points
Sep 28, 2026FTEC

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FTEC vs IYW

In short

Stated mandate

Why people hold it

Worth knowing

How FTEC and IYW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FTEC

Only in IYW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Equal-weight technology beat the biggest tech funds this year

An equal-weight technology ETF beat the cap-weighted fund by 9.3 percentage points

How FTEC and IYW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FTEC

Only in IYW

Weight gaps