What are financial services ETFs?
Financial services companies earn their living from money: lending it, moving it, investing it and insuring against its loss. That takes in big banks, card networks, insurers, brokers and fintech (financial technology) firms. Four US-listed ETFs make up this group. No stock appears in all four. The most widely held names are each in two of the four funds: Block, Berkshire Hathaway, Robinhood, Coinbase, Circle Internet Group, Fiserv, Mastercard, Wells Fargo and Capital One.
The funds split into two camps that barely overlap. IYG, from iShares, tracks an index of US financial services stocks. It holds 99 of them but puts 63.27% in its top 10, led by JPMorgan Chase (13.03%), Berkshire Hathaway (12.96%), Visa, Mastercard and Bank of America. FINX, from Global X, tracks the Indxx Global Fintech Thematic Index. Its largest holdings are Robinhood, Block, PayPal, Coinbase and Fiserv. ARK Invest's ARKF and Gabelli's GABF name no index in their objectives, so their managers choose the stocks. ARKF leans toward fintech, led by Shopify and Block, and holds 6.24% in the ARK 21Shares Bitcoin ETF. GABF sits closer to IYG. It mixes Berkshire, S&P Global and Capital One with names such as SuRo Capital and Cohen & Steers. None of the four uses leverage, inverse bets or options.
Costs vary widely. The median expense ratio (the yearly fee, taken as a share of the money invested) is 0.68%. IYG is the cheapest at 0.37%, and GABF the most expensive at 1.08%. The money is concentrated too. The four funds hold about $3.12 billion in total, and IYG alone has $2.17 billion, more than the other three combined.
Financial services ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 4 biggest financial services ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Block Inc | 2 of 4 | 6.57% |
| Berkshire Hathaway Inc. | 2 of 4 | 5.71% |
| Robinhood Markets Inc | 2 of 4 | 5.36% |
| Coinbase Global Inc | 2 of 4 | 5.25% |
| Circle Internet Group Inc | 2 of 4 | 4.34% |
| Fiserv, Inc. | 2 of 4 | 4.01% |
| Mastercard Incorporated | 2 of 4 | 3.96% |
| Wells Fargo & Company | 2 of 4 | 3.66% |
| Sofi Technologies Inc | 2 of 4 | 2.65% |
| Capital One Financial Corporation | 2 of 4 | 1.8% |
| S&p Global Inc. | 2 of 4 | 1.73% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest financial services ETFs, side by side
Swipe the table to see all 4 funds.
| IYG | ARKF | FINX | GABF | |
|---|---|---|---|---|
| Net assets | $2.17B | $700.8M | $195.6M | $49.8M |
| Expense ratio | 0.37% | 0.75% | 0.68% | 1.08% |
| Holdings | 99 | 40 | 75 | 43 |
| In the 10 largest | 63.27% | 54.71% | 50.34% | 45.88% |
| Biggest holding | Jpmorgan Chase & Co. (13.03%) | Shopify Inc (9.24%) | Robinhood Markets, Inc. (6.85%) | Berkshire Hathaway Inc (5.71%) |
| Yield | 1.1% | 0.09% | 0.87% | 2.13% |
| 1-year return | +6.1% | -23.9% | -30.8% | -8.5% |
| 3 years, a year | +26.1% | +36.8% | +10.5% | +20.2% |
| 5 years, a year | +8.9% | -3.2% | -12.5% | — |
| Worst drop, past year | -15.9% | -38.1% | -36.5% | -16.2% |
| Launched | 2000 | 2019 | 2016 | 2022 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
IYG vs ARKF
Only 1.7% of IYG's and ARKF's assets overlap. IYG tracks an index and holds 99 US financial stocks, with 63.27% in its top 10 and JPMorgan Chase largest at 13.03%. ARKF holds 40 stocks, led by Shopify at 9.24%, with 54.71% in its top 10. IYG charges 0.37% a year, ARKF 0.75%. In the year to October 27, 2026, IYG returned 6.1% with a worst drop of 15.9%. ARKF lost 23.9% and fell as far as 38.1%. ARKF's three-year return was higher: 36.8% against 26.1%. IYG may suit those wanting established financial firms; ARKF, those accepting sharp swings.
ARKF vs FINX
ARKF and FINX overlap by 31.1% of assets, across 10 shared holdings. FINX tracks the Indxx Global Fintech Thematic Index, holds 75 stocks and puts 50.34% in its top 10, led by Robinhood at 6.85%. ARKF holds 40 stocks with 54.71% in its top 10, led by Shopify at 9.24%. FINX charges 0.68%, ARKF 0.75%. In the year to October 27, 2026, FINX lost 30.8% and ARKF 23.9%, with worst drops of 36.5% and 38.1%. Over three years, ARKF returned 36.8% and FINX 10.5%. FINX may suit those wanting a global index; ARKF, those comfortable with a manager's picks.
IYG vs GABF
IYG and GABF overlap more than any other pair: 26 shared holdings, 34.6% of assets. IYG tracks an index and holds 99 US financial stocks, with 63.27% in its top 10. GABF holds 43 stocks, with 45.88% in its top 10 and Berkshire Hathaway largest at 5.71%. GABF costs 1.08% a year versus IYG's 0.37%, but yielded 2.13% versus 1.1%. In the year to October 27, 2026, IYG returned 6.1% and GABF lost 8.5%. Their worst drops were similar, at 15.9% and 16.2%. IYG may suit cost-focused index investors; GABF, those wanting a manager's picks and more income.
How much do the largest financial services ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| IYG and GABF | 34.6% | 26 | |
| ARKF and FINX | 31.1% | 10 | |
| FINX and GABF | 4% | 1 | |
| IYG and FINX | 1.8% | 5 | |
| IYG and ARKF | 1.7% | 3 | |
| ARKF and GABF | 0% | 0 |
From each fund’s full holdings in its latest N-PORT report.
How have financial services ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing financial services ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | IYG iShares U.S. Financial Services ETF | $2.17B | 0.37% | +1.0% | +2.2% | +6.1% | +26.1% |
| 2 | GABF Gabelli Financial Services Opportunities ETF | $49.8M | 1.08% | -0.7% | -7.4% | -8.5% | +20.2% |
| 3 | ARKF ARK Fintech Innovation ETF | $700.8M | 0.75% | -5.1% | -6.6% | -23.9% | +36.8% |
| 4 | FINX Global X FinTech ETF | $195.6M | 0.68% | -4.6% | -17.7% | -30.8% | +10.5% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How financial services ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| IYG | -80.9% | -44.3% | -27.2% |
| ARKF | not yet launched | -34.0% | -62.7% |
| FINX | not yet launched | -41.0% | -50.0% |
| GABF | not yet launched | not yet launched | not yet launched |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives financial services ETFs?
Traditional financial firms move with the economy and interest rates. Banks earn the gap between what they charge borrowers and what they pay depositors. Rate changes widen or squeeze that margin, and recessions bring loan losses. Card networks such as Visa and Mastercard collect a small fee on each purchase, so they follow consumer spending. Brokers and asset managers earn more when markets and trading are busy. Fintech stocks swing more. Their prices rest heavily on expected growth, which investors tend to value less when rates rise. Crypto prices also move holdings such as Coinbase and ARKF's stake in a bitcoin ETF. Regulation matters for all of them.
Past downturns show these forces at work. In the 2008 financial crisis, IYG fell 80.9%, far more than the S&P 500's 55.2%, as loan losses battered banks. In the 2020 COVID crash, IYG dropped 44.3%, FINX 41% and ARKF 34%, against 33.7% for the S&P 500. In the 2022 bear market, as rates rose, the fintech funds fared worst: ARKF fell 62.7% and FINX 50%. IYG's 27.2% drop was close to the S&P 500's 24.5%. GABF launched in 2022 and has no full downturn on record.
Financial services ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | IYG iShares U.S. Financial Services ETF | 0.37% | $37 a year | $2.17B |
| 2 | FINX Global X FinTech ETF | 0.68% | $68 a year | $195.6M |
| 3 | ARKF ARK Fintech Innovation ETF | 0.75% | $75 a year | $700.8M |
| 4 | GABF Gabelli Financial Services Opportunities ETF | 1.08% | $108 a year | $49.8M |
Ordinary funds with at least $10 million in net assets. The median ordinary financial services ETF charges 0.68% a year; leveraged and inverse funds usually charge more.
Do financial services ETFs pay dividends?
4 of the 4 ordinary financial services ETFs with a page here paid distributions over the last 12 months, with a median yield of 0.87%.
| Highest yields | Yield | Net assets |
|---|---|---|
| GABF Gabelli Financial Services Opportunities ETF | 2.13% | $49.8M |
| IYG iShares U.S. Financial Services ETF | 1.1% | $2.17B |
| FINX Global X FinTech ETF | 0.87% | $195.6M |
| ARKF ARK Fintech Innovation ETF | 0.09% | $700.8M |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a financial services ETF
- Cost ranges from 0.37% to 1.08%. IYG is the cheapest at 0.37% a year, then FINX at 0.68% and ARKF at 0.75%. GABF charges 1.08%. Fees come out every year, so the gap compounds over a long holding period.
- Banks and card networks, or fintech. IYG's largest holdings are JPMorgan Chase, Berkshire Hathaway, Visa, Mastercard and Bank of America. ARKF and FINX hold Robinhood, Block and Coinbase instead. IYG shares only 1.7% of its assets with ARKF and 1.8% with FINX.
- Index rules or manager's judgment. IYG tracks an index of US financial services stocks, and FINX tracks the Indxx Global Fintech Thematic Index. ARKF and GABF name no index. Both aim for growth of capital, so results depend more on their managers' choices.
- How much rides on the top 10. IYG puts 63.27% in its 10 largest holdings, with JPMorgan Chase and Berkshire Hathaway near 13% each. GABF is the most spread out: 45.88% in its top 10 and no holding above 5.71%.
- US-only or global holdings. IYG's index covers only US stocks. FINX follows a global fintech index, so it can own companies based outside the US. That brings currency moves and foreign regulation into the picture.
- Fund size and track record. IYG launched in 2000 and holds $2.17 billion. GABF launched in 2022 and holds $49.8 million. Smaller funds can have wider trading spreads (the gap between the two prices quoted for a share) and a higher chance of closing.
What are the risks of financial services ETFs?
- Two stocks carry much of IYG. JPMorgan Chase (13.03%) and Berkshire Hathaway (12.96%) are IYG's two largest holdings, and its top 10 make up 63.27% of the fund. A setback at either company would weigh heavily on its returns.
- Fintech funds swing far more. In the year to October 27, 2026, ARKF's volatility (a measure of how widely prices swing) was 34.4% and FINX's 31%, about double IYG's 15.6%. ARKF fell as much as 38.1%, FINX 36.5%.
- Crypto prices reach into fintech funds. ARKF holds 6.24% in the ARK 21Shares Bitcoin ETF, and both ARKF and FINX own Coinbase, a crypto exchange. A slump in bitcoin and other crypto prices can pull these funds down even when banks hold up.
- Credit crises hit financial stocks hardest. When borrowers default, bank losses pile up fast. In the 2008 financial crisis, IYG fell 80.9%, against 55.2% for the S&P 500. A loss that deep can take many years to recover.
- Rising rates hurt fintech share prices. Fintech stock prices rest on profits expected years ahead, which are worth less when interest rates are higher. In the 2022 bear market, ARKF fell 62.7% and FINX 50%, against 24.5% for the S&P 500.
List of all financial services ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | IYG iShares U.S. Financial Services ETF | $2.17B | 0.37% | 1.1% | +2.2% | +6.1% | +8.9% |
| 2 | ARKF ARK Fintech Innovation ETF | $700.8M | 0.75% | 0.09% | -6.6% | -23.9% | -3.2% |
| 3 | FINX Global X FinTech ETF | $195.6M | 0.68% | 0.87% | -17.7% | -30.8% | -12.5% |
| 4 | GABF Gabelli Financial Services Opportunities ETF | $49.8M | 1.08% | 2.13% | -7.4% | -8.5% | — |
Questions investors ask about financial services ETFs
What is the largest financial services ETF?
IYG, the iShares U.S. Financial Services ETF, is the largest. It has about $2.17 billion in net assets, more than the other three funds in this group combined. It launched in 2000 and tracks an index of US financial services stocks, led by JPMorgan Chase and Berkshire Hathaway. ARK Invest's ARKF is next at about $701 million, followed by FINX at about $196 million and GABF at about $49.8 million.
What is the cheapest financial services ETF?
IYG is the cheapest, with an expense ratio (the yearly fee, as a share of the money invested) of 0.37%. FINX charges 0.68%, ARKF 0.75% and GABF 1.08%, against a group median of 0.68%. Cost is not the only difference, though. IYG owns banks, Berkshire Hathaway and card networks, while FINX and ARKF focus on fintech, so the cheaper fund is not a like-for-like swap for the others.
IYG vs ARKF: what's the difference?
They own almost entirely different companies: only 1.7% of their assets overlap. IYG tracks an index of US financial stocks, holds 99 of them and charges 0.37% a year. JPMorgan Chase, Berkshire Hathaway and Visa are its largest holdings. ARKF holds 40 stocks led by Shopify, Block and a bitcoin ETF, and charges 0.75%. In the year to October 27, 2026, IYG returned 6.1% while ARKF lost 23.9%. ARKF's three-year return was higher, at 36.8% against 26.1%.
Do financial services ETFs pay dividends?
Yes, all four pay dividends, but yields vary widely. As of October 27, 2026, GABF yielded 2.13%, IYG 1.1%, FINX 0.87% and ARKF 0.09%. The gap reflects what they own. Banks and established financial firms tend to pay out part of their profits, while many fintech companies reinvest their earnings instead. The median yield for the group was 0.87%.
Which financial services ETFs hold Berkshire Hathaway?
Two of the four do. Berkshire Hathaway is IYG's second-largest holding at 12.96%, just behind JPMorgan Chase at 13.03%, and GABF's largest at 5.71%. ARKF and FINX don't own it. Their largest positions include Shopify, Robinhood, Block and Coinbase. IYG and GABF have 26 holdings in common, including Berkshire, and 34.6% of their assets overlap.
Do any financial services ETFs hold bitcoin or Coinbase?
Yes, two of them. ARKF holds 6.24% of its assets in the ARK 21Shares Bitcoin ETF, so part of its return moves with the price of bitcoin. ARKF and FINX both own Coinbase, at 5.25% and 5.37%, along with Robinhood. IYG and GABF don't hold Coinbase. Crypto prices can rise and fall sharply, which adds to the swings in ARKF and FINX.
How many financial services ETFs are there?
Four US-listed ETFs make up this group: IYG from iShares, ARKF from ARK Invest, FINX from Global X and GABF from Gabelli. Together they hold about $3.12 billion, and IYG alone has $2.17 billion of that. IYG and FINX track indexes, while ARKF and GABF name no index in their objectives. None of the four uses leverage, inverse bets or options.
How have financial services ETFs performed?
Results have varied widely. In the year to October 27, 2026, IYG returned 6.1%, GABF lost 8.5%, ARKF lost 23.9% and FINX lost 30.8%. Over three years, ARKF returned 36.8%, IYG 26.1%, GABF 20.2% and FINX 10.5%. A longer history shows the risk. IYG, the only one of the four that existed in 2008, fell 80.9% in the financial crisis, compared with 55.2% for the S&P 500. Past returns don't predict future ones.
Is there a Vanguard, Fidelity or Schwab financial services ETF?
No. None of the three offers a financial services ETF. The largest financial services ETFs come from iShares (IYG), ARK Invest (ARKF) and Global X (FINX), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts. For a broader fund, VFH (Vanguard Financials ETF) and FNCL (Fidelity MSCI Financials Index ETF) are covered in our financials ETF guide.
