Launched on 10/21/2013, the Fidelity MSCI Financials Index ETF (FNCL) is a passively managed exchange traded fund designed to provide a broad exposure to the Financials - Broad segment of the equity market.Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 1, placing it in top 6%.Index DetailsThe fund is sponsored by Fidelity. It has amassed assets over $1.61 billion, making it one of the larger ETFs attempting to match the performance of the Financials - Broad segment of the equity market. FNCL seeks to match the performance of the MSCI USA IMI Financials Index before fees and expenses.The MSCI USA IMI Financials Index represents the performance of the financial sector in the U.S. equity market.CostsCost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.Annual operating expenses for this ETF are 0.08%, making it one of the least expensive products in the space.It has a 12-month trailing dividend yield of 2.17%.Sector Exposure and Top HoldingsWhile ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.Looking at individual holdings, Berkshire Hathaway Inc Cl B Common Stock Usd.0033 (BRK.B) accounts for about 8.18% of total assets, followed by Jpmorgan Chase + Co Common Stock Usd1.0 (JPM) and Bank Of America Corp Common Stock Usd.01 (BAC).The top 10 holdings account for about 37.15% of total assets under management.Performance and RiskYear-to-date, the Fidelity MSCI Financials Index ETF has lost about -9.21% so far, and is down about -9.67% over the last 12 months (as of 11/23/2022). FNCL has traded between $43.08 and $58.97 in this past 52-week period.The ETF has a beta of 1.10 and standard deviation of 31.89% for the trailing three-year period, making it a medium risk choice in the space. With about 390 holdings, it effectively diversifies company-specific risk.AlternativesFidelity MSCI Financials Index ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FNCL is a great option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.Vanguard Financials ETF (VFH) tracks MSCI US Investable Market Financials 25/50 Index and the Financial Select Sector SPDR ETF (XLF) tracks Financial Select Sector Index. Vanguard Financials ETF has $9.24 billion in assets, Financial Select Sector SPDR ETF has $33.38 billion. VFH has an expense ratio of 0.10% and XLF charges 0.10%.Bottom LineTo learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fidelity MSCI Financials Index ETF (FNCL): ETF Research Reports Bank of America Corporation (BAC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Berkshire Hathaway Inc. (BRK.B): Free Stock Analysis Report Financial Select Sector SPDR ETF (XLF): ETF Research Reports Vanguard Financials ETF (VFH): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research