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Fidelity MSCI Financials Index (FNCL)Overvalued or undervalued?
Look-through valuation · Sector · Expense ratio 0.07 % · ISIN US3160925018
Price history (since 2013)
Monthly close since 2013. Price shows performance, the valuation verdict is in the look-through above.
Top holdings
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| JPMorgan Chase & Co JPM | 10.7 % | −43.6 % | 64 |
| Berkshire Hathaway Inc BRK-B | 8.4 % | −26.8 % | 57 |
| Visa Inc. Class A V | 7.5 % | −45.8 % | 81 |
| Mastercard Inc MA | 5.6 % | −42.6 % | 83 |
| Bank of America Corp BAC | 3.8 % | −16.6 % | 60 |
| Goldman Sachs Group Inc GS | 2.9 % | −12.4 % | 53 |
| Wells Fargo & Company WFC | 2.8 % | −19.2 % | 55 |
| Citigroup Inc. C | 2.5 % | −11.3 % | 51 |
| Morgan Stanley MS | 2.4 % | +75.0 % | 66 |
| BlackRock Inc BLK | 2.0 % | −55.9 % | 59 |
| American Express Company AXP | 1.9 % | −33.4 % | 70 |
| Charles Schwab Corp SCHW | 1.6 % | +29.8 % | 71 |
| S&P Global Inc SPGI | 1.6 % | −52.1 % | 80 |
| Progressive Corp PGR | 1.4 % | −29.5 % | 66 |
| Chubb Ltd CB | 1.4 % | −33.5 % | 65 |
| Capital One Financial Corporation COF | 1.3 % | −46.9 % | 39 |
| CME Group Inc CME | 1.2 % | −34.6 % | 62 |
| The Bank of New York Mellon Corporation BK | 1.1 % | n/a | n/a |
| Marsh & McLennan Companies Inc MMC | 1.1 % | n/a | n/a |
| PNC Financial Services Group Inc PNC | 1.1 % | −28.8 % | 56 |
| Intercontinental Exchange Inc ICE | 1.0 % | −14.8 % | 68 |
| U.S. Bancorp USB | 1.0 % | −11.0 % | 60 |
| Blackstone Group Inc BX | 0.9 % | −55.7 % | 60 |
| The Travelers Companies Inc TRV | 0.9 % | −29.8 % | 60 |
| Robinhood Markets Inc HOOD | 0.8 % | −49.8 % | 67 |
Fair value and quality per position come from the same valuation as our stock pages. Showing the 25 largest of 381 disclosed positions. "n/a" means the position is not (yet) in our stock universe and does not enter the average.
The 10 most cheaply valued ETFs
Measured against the look-through fair value of the holdings (sufficiently covered funds only). Green means below fair value, red above. Not financial advice.
- 1 KWEB KraneShares CSI China Internet ETF 49.7 % below FV
- 2 CHIQ Global X MSCI China Consumer Disc ETF 49.3 % below FV
- 3 CHIU Global X MSCI China Utilities ETF 45.9 % below FV
- 4 MCHI iShares MSCI China ETF 36.3 % below FV
- 5 FLCH Franklin FTSE China ETF 35.9 % below FV
- 6 FDNI First Trust Dow Jones International Internet ETF 28.4 % below FV
- 7 FCFY First Trust S&P 500 Diversified Free Cash Flow ETF 26.1 % below FV
- 8 ITB iShares U.S. Home Construction ETF 23.0 % below FV
- 9 FDEM Fidelity® Emerging Markets Multifactor ETF 17.0 % below FV
- 10 XLC Communication Services Select Sector SPDR® Fund 16.2 % below FV
Frequently asked about FNCL
Is FNCL overvalued?
What is the fair value of FNCL?
How do you calculate the fair value of an ETF?
Which stocks drive the valuation of FNCL?
What is the expense ratio of FNCL?
How we value this ETF
An ETF has no fair value of its own like a single stock. We build it bottom up: every holding has a fair value and a quality score on our pages. Weighted by portfolio share, that gives Fidelity® MSCI Financials Index ETF an average of how cheap or expensive its companies currently sit versus fair value, and how high their average quality is.
As of: Oct 26, 2026
The look-through is a computed summary of public fundamentals and is no substitute for your own research.