FNCL
Fidelity MSCI Financials Index ETF
The Fidelity MSCI Financials Index ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Financials Index.
US
EQUITY
Passive
MANAGEMENT STYLE
8 bp
EXPENSES
$1.7 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | FMR LLC |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 21, 2013 |
| Assets (mns) | $1,678 |
| Expense ratio | 8 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| JPMORGAN CHASE & CO | 8.5 % |
| BERKSHIRE HATHAWAY INC-CL B | 8.1 % |
| VISA INC. CLASS A | 6.5 % |
| MASTERCARD INCORPORATED CLASS A | 5.7 % |
| BANK OF AMERICA CORP | 4.3 % |
| WELLS FARGO & CO | 3.1 % |
| GOLDMAN SACHS GROUP INC | 2.2 % |
| S&P GLOBAL, INC. | 2.1 % |
| AMERICAN EXPRESS CO | 2.0 % |
| PROGRESSIVE CORP | 1.8 % |
Constituent Breakdown
| Number of holdings | 405 |
| Herfindahl-Hirschman Index | 298 |
| Wgt avg mkt cap (mns) | $250,957 |
| Large cap (>$10bn) | 89.2% |
| Mid cap ($2-10bn) | 8.4% |
| Small cap (<$2bn) | 2.4% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 93.8 % |
 |
SWITZERLAND | 1.6 % |
 |
BERMUDA | 1.3 % |
 |
IRELAND | 0.9 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 9.1% | 26.0% | 16.7% | 5.8% | 10.2% | 10.2% | 10.7% | Volatility | 11.8% | 13.1% | 18.9% | 19.7% | 26.6% | 21.9% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.94 | 68% |
| MSCI EAFE | 0.96 | 66% |
| MSCI Emg Mkts | 0.69 | 34% |
Liquidity Measures
| Avg. volume (000) | 94 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $67,480 |
Technical Indicators
| Recent close | $60.79 |
| 30d moving avg. | $59.19 |
| Annualized volatility | 20.6% |
| Relative strength (RSI) | 49 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 1.7% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FNCL |
Expenses vs. FNCL |
ALTAR Score™ vs. FNCL |
|---|---|---|---|---|
| VFH | Vanguard Financials ETF | 95.3% | +2 bp | +0.0% |
| XLF | Financial Select Sector SPDR Fund | 82.9% | +1 bp | -0.4% |
| IYF | iShares U.S. Financials ETF | 73.1% | +32 bp | -0.3% |
| IYG | iShares US Financial Services ETF | 72.0% | +32 bp | -0.6% |
| IXG | iShares Global Financials ETF | 57.1% | +34 bp | +0.4% |
| RSPF | Invesco S&P 500 Equal Weight Financials ETF | 50.4% | +32 bp | +0.6% |
| FXO | First Trust Financials AlphaDEX Fund | 30.6% | +54 bp | +1.9% |
| DFNL | Davis Select Financial ETF | 30.1% | +55 bp | +0.9% |
| SPVU | Invesco S&P 500 Enhanced Value ETF | 28.7% | +5 bp | +3.1% |
| KBWB | Invesco KBW Bank ETF | 27.7% | +27 bp | +2.2% |
Risk and Returns: FNCL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
FNCL
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
FNCL
6.3%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.3% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. FNCL's ALTAR Score™ is approximately
0.2 standard deviations
above
the category average. This places FNCL in the 58th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
FNCL
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 192 |
| Avg. Expense Ratio | 31.0 bp |
| Std. Deviation | 25.7 bp |
| FNCL (8 bp) Percentile rank | 19 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FNCL | 8.4 | 4.4 | 12.8 |
| Peer Avg. | 29.8 | 6.8 | 36.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .