IAI vs VFH: Grades, Fees and Holdings Compared

iShares U.S. Broker-Dealers & Securities Exchanges ETF

IAICNYSE Arca

Vanguard Financials ETF

VFHBNYSE Arca

Overlap

16.8%by weight

Expense ratio

VFH −0.28pt a year

IAI0.37%VFH0.09%

Avg volume · 30D

VFH 7.3×the volume

IAI80.9KVFH592K

10Y return · a year

IAI +4.4pt

IAI+17.0%VFH+12.6%

IAI vs VFH Performance

Nov 9, 2021 – Nov 9, 2026

+74.4%IAI+55.7%VFH

Expense ratio: IAI 0.37%; VFH 0.09%, better
Fund size: IAI $1.27B; VFH $12.7B
1Y total return: IAI +5.5%; VFH +11.4%, better
Yield (12M): IAI 1.17%; VFH 1.67%, better
Holdings: IAI 38; VFH 432
Avg volume (30D): IAI 80.9K sh; VFH 592K sh, better
NAV per share: IAI $177.83; VFH $138.57
52W range

ETF.net Grade

Pillar letters and Scores for IAI, VFH, with each pillar’s weight
Pillar	IAI	VFH
Cost30% weight	C53	A88Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	F23	C53Higher
Tradability15% weight	B58Higher	B55
Holdings10% weight	F8	C54Higher
Durability5% weight	B65	A80Higher

Rank among Financials (Broad) funds

How we build Categories ›

Same Category. IAI and VFH 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 ›

VFH ranks 4th and IAI 14th of 18 funds in the Financials (Broad) Category.

Rank 1AXLFState Street Financial Select Sector SPDR ETFScore 82
Rank 2AFNCLFidelity MSCI Financials Index ETFScore 73
Rank 2AKIEState Street SPDR S&P Insurance ETFScore 73
Rank 4BVFHVanguard Financials ETFScore 69
Rank 5BIYFiShares U.S. Financials ETFScore 66
Rank 13CEUFNiShares MSCI Europe Financials ETFScore 46
Rank 14CIAIiShares U.S. Broker-Dealers & Securities Exchanges ETFScore 42
Rank 15DTFNST. Rowe Price Financials ETFScore 37

Our read on each fund

ETF.net Research

IAICiShares U.S. Broker-Dealers & Securities Exchanges ETF

VFHBVanguard Financials ETF

In short

IAI Most financials ETFs are mostly banks and insurers. IAI skips that and buys the toll booths: exchanges, brokerages and investment banks, about 40 names on the fee-and-commission side of Wall Street.

VFH Financials without the size filter. VFH holds roughly 400 US financial stocks, from the megabanks down to small regional lenders and insurers, for 0.09% a year.

Stated mandate

IAI The fund seeks to track an index of U.S. equities in the investment services sector. It is designed to provide targeted exposure to U.S. investment banks, brokerages, and exchanges.

VFH VFH seeks to track the MSCI US Investable Market Index (IMI)/Financials 25/50, providing passively managed, multicapitalization exposure to U.S. financial-sector equities.

Why people hold it

IAI At 0.37%, it costs less than the typical broad financials fund (median 0.44%) and less than its own iShares broad-sector sibling IYF at 0.38%.
Targeted by design: U.S. investment banks, brokerages and exchanges, the slice that broad sector funds bury under lenders and insurers.ishares.com
Live since 2006, so it has traded through the financial crisis and everything since. A multi-billion-dollar iShares fund that pays quarterly.

VFH Owns the whole sector, not just the giants: roughly 400 US financial names through MSCI's US IMI Financials 25/50 index, megabanks through small regional lenders and insurers.vanguard.com
Costs 0.09% a year, a fraction of what the typical broad financials fund charges.vanguard.com
Running since 2004, now a multi-billion-dollar fund that trades actively, and it has stayed close to its index. One of the strongest implementations in the financials group.
Pays out quarterly, passively managed, no manager stock-picking inside the sector.

Worth knowing

IAI About 40 holdings. A handful of big exchanges and brokers drive most of the ride, and concentration cuts both ways.
Capital-markets revenue tracks trading volumes, IPOs and deal flow, and the fund sits at the more volatile end of its financials peer group.
Whole-sector coverage is cheaper: XLF and VFH run under 0.10%. The narrow slice carries a higher fee.

VFH One sector, one storyline: banks, insurers and brokers tend to move together with interest rates and the credit cycle.
The multicap reach cuts both ways. Small regional banks and niche insurers ride along with the megacaps, and they can swing harder.
Cost isn't the edge here: XLF and FNCL sit at essentially the same fee. Breadth of coverage is the real differentiator.

Full IAI profile⁠

Full VFH profile⁠

IAI vs VFH Holdings

How IAI and VFH differ

Overlap by weight

16.8%

Shared holdings make up 99.9% of IAI and 16.8% of VFH.

Level by level

Sector9 Sectors0.0%
Holdings34 in both16.8%
Asset classStocks100%
Countryby domicile100%

Sector

Sector weights in IAI and VFH, widest gap first
Sector	Gap	IAI	VFH
Financials	VFH +97.1 points	0.0%	97.1%
Investment Banking & Brokerage	IAI +59.8 points	59.8%	0.0%
Financial Exchanges & Data	IAI +40.2 points	40.2%	0.0%
Technology	VFH +1.9 points	0.0%	1.9%
Real Estate	VFH +0.6 points	0.0%	0.6%
Industrials	VFH +0.3 points	0.0%	0.3%
Health Care	VFH +0.1 points	0.0%	0.1%
Consumer Discretionary	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IAI and VFH, widest gap first
Country	More in IAIMore in VFH	Gap	IAI	VFH
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

IAI74.7%
VFH48.3%

Securities held

IAI35
VFH430

Asset class

IAI: Stocks
VFH: Stocks

Holdings

Only in IAI1
In both34
Only in VFH396

Only in IAI

1 security, 0.0% of IAI by weight

Bitgo Holdings Inc Class A0.04%

Only in VFH

396 securities, 82.7% of VFH by weight

JPMorgan Chase & Co10.42%
Berkshire Hathaway Inc8.32%
Visa Inc7.07%
Mastercard Inc5.30%
Bank of America Corp4.19%
Wells Fargo & Co2.87%
Citigroup Inc2.60%
American Express Co1.91%
Blackrock Inc1.85%
Progressive Corp/The1.44%
Chubb Ltd1.35%
Capital One Financial Corp1.34%
Bank of New York Mellon Corp/The1.16%
US Bancorp1.07%
PNC Financial Services Group Inc/The1.05%
Blackstone Inc0.99%
Marsh & McLennan Cos Inc0.97%
Travelers Cos Inc/The0.88%
Arthur J Gallagher & Co0.69%
KKR & Co Inc0.68%
Allstate Corp/The0.68%
Truist Financial Corp0.67%
Aon PLC0.67%
MetLife Inc0.61%
Aflac Inc0.61%
Apollo Global Management Inc0.57%
State Street Corp0.57%
Fifth Third Bancorp0.54%
Ameriprise Financial Inc0.52%
American International Group Inc0.47%
Prudential Financial Inc0.47%
Block Inc0.45%
Hartford Insurance Group Inc/The0.40%
M&T Bank Corp0.37%
Arch Capital Group Ltd0.37%
Huntington Bancshares Inc/OH0.37%
Northern Trust Corp0.35%
PayPal Holdings Inc0.33%
Willis Towers Watson PLC0.32%
Citizens Financial Group Inc0.32%
Cincinnati Financial Corp0.29%
Ares Management Corp0.29%
Principal Financial Group Inc0.29%
Corpay Inc0.29%
Fiserv Inc0.29%
Synchrony Financial0.28%
Regions Financial Corp0.27%
T Rowe Price Group Inc0.26%
Markel Group Inc0.25%
SoFi Technologies Inc0.24%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in IAI and VFH, widest gap first
Holding	Gap	IAI	VFH
Goldman Sachs GroupGS	IAI +14.33 points	17.27%	2.94%
Morgan StanleyMS	IAI +12.21 points	14.84%	2.63%
Charles SchwabSCHW	IAI +6.87 points	8.78%	1.91%
Moodys CorpMCO	IAI +4.35 points	5.15%	0.80%
Intercontinental Exchange IncICE	IAI +4.30 points	5.32%	1.02%
Cme Group Class ACME	IAI +4.27 points	5.39%	1.12%
Nasdaq IncNDAQ	IAI +4.05 points	4.54%	0.49%
MsciMSCI	IAI +4.02 points	4.47%	0.45%
S&P GlobalSPGI	IAI +3.99 points	5.41%	1.42%
Cboe Global MarketsCBOE	IAI +3.23 points	3.57%	0.34%
Interactive Brokers Group Inc ClasIBKR	IAI +2.87 points	3.30%	0.43%
Coinbase Global Class ACOIN	IAI +2.41 points	2.88%	0.47%
Robinhood Markets Class AHOOD	IAI +2.39 points	3.39%	1.00%
Raymond JamesRJF	IAI +2.39 points	2.70%	0.31%
Lpl Financial HoldingsLPLA	IAI +1.94 points	2.23%	0.29%
Tradeweb Markets Inc Class ATW	IAI +1.26 points	1.40%	0.14%
Factset Research SystemsFDS	IAI +1.01 points	1.12%	0.11%
Evercore Class AEVR	IAI +0.96 points	1.07%	0.11%
Stifel FinancialSF	IAI +0.91 points	1.03%	0.12%
Houlihan Lokey Class AHLI	IAI +0.68 points	0.76%	0.08%
Jefferies Financial Group IncJEF	IAI +0.62 points	0.70%	0.08%
Marketaxess HoldingsMKTX	IAI +0.50 points	0.57%	0.07%
Stonex Group IncSNEX	IAI +0.49 points	0.57%	0.08%
MorningstarMORN	IAI +0.41 points	0.45%	0.04%
Virtu Financial Inc Class AVIRT	IAI +0.38 points	0.43%	0.05%
Piper Sandler CompaniesPIPR	IAI +0.38 points	0.43%	0.05%
Moelis Class AMC	IAI +0.35 points	0.40%	0.05%
Pjt Partners Class APJT	IAI +0.32 points	0.36%	0.04%
LazardLAZ	IAI +0.32 points	0.36%	0.04%
Bgc Group Inc Class ABGC	IAI +0.32 points	0.37%	0.05%
Miami International HoldingsMIAX	IAI +0.27 points	0.30%	0.03%
Donnelley Financial SolutionsDFIN	IAI +0.15 points	0.16%	0.01%
Perella Weinberg Partners Class APWP	IAI +0.09 points	0.10%	0.01%
Oppenheimer Holdings Non Voting ClassOPY	IAI +0.04 points	0.05%	<0.01%

All 35 IAI holdings⁠All 423 VFH 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.

IAI vs VFH Cost

Overpaying IAI vs VFH

$5,615

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

IAI 0.37%
$7,513
VFH 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

IAI 0.37%
VFH 0.09%
Overpaying

Year by year

Year	IAI	VFH	Overpaying
10	$670	$165	$505
20	$2,590	$646	$1,944
30	$7,513	$1,898	$5,615

Expense ratio

0.37%IAI
0.09%VFH, cheaper

VFH0.09%IAI0.37%

0.08%5.39%

Middle half of Financials (Broad) funds
Median 0.37%

VFH 3rd cheapest of 18 funds

IAI 7th cheapest of 18 funds

IAI vs VFH Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IAI 1.17%; VFH 1.67%, better
Payout (12M): IAI $2.13; VFH $2.35
Last payment: IAI $0.51; VFH $0.45
Ex-dividend: IAI Sep 15, 2026; VFH Sep 23, 2026
Paid on: IAI Sep 18, 2026; VFH Sep 25, 2026
Frequency: IAI Quarterly; VFH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IAIQuarterly · 39 paymentsAll IAI payments⁠

VFHQuarterly · 39 paymentsAll VFH payments⁠

IAI vs VFH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IAI 20.1%VFH 15.9%, better
Return per unit of riskSharpe ratio, 3 years: IAI 1.13, betterVFH 1.11
Worst fallMax drawdown, 5 years: IAI −28.2%VFH −25.7%, better
Market sensitivityBeta, 5 years: IAI 1.09VFH 0.88; Market = 1

IAI and VFH in the news

All news⁠

Deep Dive
Bank earnings week will miss most of what a financials fund owns
Oct 12, 2026VFH
Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sep 19, 2026IAI

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IAI vs VFH

In short

Stated mandate

Why people hold it

Worth knowing

How IAI and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IAI

Only in VFH

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

Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning

How IAI and VFH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IAI

Only in VFH

Weight gaps