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State Street® SPDR® MSCI Europe Financials UCITS ETF

SPDR · IE00BKWQ0G16

State Street® SPDR® MSCI Europe Financials UCITS ETF is an exchange-traded fund (ETF) from SPDR, traded under the ticker FNCL (ISIN IE00BKWQ0G16). It lets you buy a basket of holdings in a single trade, spreading your money across them rather than one company. In plain terms it is about owning small slices of companies, so you share in their growth…

· Tracks the MSCI Europe Financials 35/20 Capped Index index ?
Equity ?Accumulating ?Physical ?Ireland ?
Low yearly feeReinvests dividendsOwns the shares directlyEuropeConcentrated in a few names
Fund size (AUM) ?
€711.7M
Risk level (SRI) ?
4 / 7 · Medium
1-year return ?
+32.7%
Price Return · to 2026-08-27
Yearly fee (TER) ?
0.18%
All-in cost ≈ 0.23%

About this fund

What you own

The MSCI Europe Financials 35/20 Capped Index index is the benchmark this fund aims to copy. By holding it, this fund gives you a stake in around 84 companies across Europe in a single purchase.

Dividends

The fund automatically reinvests dividends back into itself, so your holding grows without cash payouts.

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Rolling the dividends straight back in means your money compounds automatically, with nothing for you to reinvest by hand. The flip side is there is no cash income; the growth simply shows up as a higher fund value. Note that reinvested dividends can still be taxable in some countries even though you never receive the cash — the rules depend on where you live.

How it works

The fund actually buys every share in the index it tracks (full replication).

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Owning every holding keeps things transparent — what is in the index is what the fund actually owns. It can be a touch costlier to run for indexes with thousands of tiny positions, since the fund has to buy and maintain them all. There is no swap bank involved, so there is no extra “what if the partner fails” question to weigh.

Cost

0.18%Yearly fee (TER)
0.23%All-in cost

The yearly running cost of the fund, shown as a % of your money. Lower is cheaper.

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For example, a 0.20% fee works out at €0.20 a year for every €100 invested — that’s a generic illustration of the mechanic, not this fund’s own fee. It is skimmed quietly from inside the fund a little each day, so you never get a bill — but it drags on your return every year you hold. On a broad index ETF it is usually a small fraction of a percent; the gap between a cheap and a pricey fund looks tiny on day one but compounds over decades, which is why it is worth a glance.

Fund facts

Index tracked ?
MSCI Europe Financials 35/20 Capped Index
Replication ?
Physical
Full — buys every share
Regulation ?
UCITS
Yes
Launched
Aug 2001
25-year track record
Recommended holding period
5 years

Performance

96.598.199.7101103202520252025

Growth of $100 invested — both lines start at $100.

State Street® SPDR® MSCI Europe Financials UCITS ETF Average MSCI Europe Financials 35/20 Capped Index ETF (funds we track) ?

Compared with the average fund tracking the same index — our own data, not the licensed index itself.

YTD+18.6%
1 year+32.7%
3 years+32.9%

Return, year by year

-7.1
+14.2
+26.8
+47.0
'22'23'24'25
3 of 4 up yearsBest: 2025 +47.0%Worst: 2022 -7.1%Calendar-year total returns, in USD

How bumpy has it been?

17.9%
Volatility (1y) ?
How much the price swings year to year — lower is calmer.
-18.6%
Worst drop (3y) ?
The biggest fall from a peak over the last three years.
1.80
Return for the risk (3y) ?
Reward earned per unit of bumpiness.

The bigger picture

+138.9%
Since inception
Total growth since launch — about +19.1% a year.
+52.4%
Best 12 months
The strongest one-year stretch on record.
-23.0%
Worst 12 months
The weakest one-year stretch on record.
-30.8%
Worst fall on record ?
It clawed back in about 17 months.

What's inside

The 10 biggest holdings make up 45.1% of the fund — the rest is spread across roughly 74 more companies.

Top 10 holdings

#CompanyWeight
1HSBC Holdings Plc9.5%
2Banco Santander S.A.5.7%
3Allianz SE5.2%
4UBS Group AG4.6%
5Banco Bilbao Vizcaya Argentaria S.A.4.3%
6UniCredit S.p.A.3.6%
7BNP Paribas S.A. Class A3.5%
8Intesa Sanpaolo S.p.A.3.0%
9Zurich Insurance Group Ltd2.9%
10ING Groep N.V.2.8%

Where to buy this fund

Set from your language & location — change it if it's wrong.

Where it trades

ExchangeTickerCurrency
LSEFNCLUSD★ Primary
CHF listings
SIXSTZXCHF
EUR listings
Borsa ItalianaSTZXEUR
Euronext ParisSTZEUR
FrankfurtSPYZEUR
USD listings
B2STZUSD
B3FNCLLUSD
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For serious comparison — full data holdings, percentiles, advanced risk, tilt, flows

Full holdings

As of 2026-08-27 · the fund's own published holdings.

#CompanyWeight
1HSBC Holdings Plc9.5%
2Banco Santander S.A.5.7%
3Allianz SE5.2%
4UBS Group AG4.6%
5Banco Bilbao Vizcaya Argentaria S.A.4.3%
6UniCredit S.p.A.3.6%
7BNP Paribas S.A. Class A3.5%
8Intesa Sanpaolo S.p.A.3.0%
9Zurich Insurance Group Ltd2.9%
10ING Groep N.V.2.8%
11Barclays PLC2.6%
12Lloyds Banking Group plc2.5%
13AXA SA2.2%
14Munchener Ruckversicherungs-Gesellschaft AG2.1%
15NatWest Group Plc2.0%
16Investor AB Class B2.0%
17Deutsche Bank Aktiengesellschaft1.9%
18Societe Generale SA Class A1.6%
19Nordea Bank Abp1.6%
20Deutsche Boerse AG1.5%
21Standard Chartered PLC1.4%
22CaixaBank SA1.4%
23London Stock Exchange Group plc1.4%
24Swiss Re AG1.4%
25Erste Group Bank AG1.2%
26Assicurazioni Generali S.p.A.1.1%
273i Group plc1.0%
28Danske Bank A/S1.0%
29KBC Group N.V.0.9%
30Prudential plc0.9%
31Skandinaviska Enskilda Banken AB Class A0.9%
32Adyen NV0.9%
33Swedbank AB Class A0.9%
34Swiss Life Holding AG0.9%
35Commerzbank AG0.8%
36ABN AMRO Bank N.V. Depositary receipts0.8%
37Aviva plc0.8%
38DNB Bank ASA0.7%
39Sampo Oyj0.7%
40AIB Group plc0.7%
41BPER Banca S.p.A.0.7%
42Banca Monte dei Paschi di Siena S.p.A.0.7%
43NN Group N.V.0.6%
44Banco BPM SpA0.6%
45Legal & General Group Plc0.6%
46Credit Agricole SA0.6%
47Svenska Handelsbanken AB Class A0.6%
48Bank of Ireland Group Plc0.6%
49Helvetia Baloise Holding AG0.5%
50Banco de Sabadell SA0.5%
51Julius Baer Gruppe AG0.5%
52Partners Group Holding AG0.5%
53Hannover Rueck SE0.5%
54FinecoBank SpA0.5%
55EQT AB0.4%
56BAWAG Group AG0.4%
57Poste Italiane SpA0.4%
58Euronext NV0.4%
59Admiral Group plc0.4%
60ASR Nederland N.V.0.3%
61ageas SA/NV0.3%
62Bankinter SA0.3%
63UNIPOL ASSICURAZIONI SPA0.3%
64Aegon Ltd.0.3%
65M&G Plc0.3%
66Banco Comercial Portugues S.A.0.3%
67Raiffeisen Bank International AG0.3%
68Wise Group plc Class A0.2%
69Standard Life plc0.2%
70Industrivarden AB Class C0.2%
71Talanx AG0.2%
72Tryg A/S0.2%
73EXOR N.V.0.2%
74Amundi SA0.2%
75Schroders PLC0.2%
76Groupe Bruxelles Lambert SA0.2%
77Banca Mediolanum SpA0.2%
78Gjensidige Forsikring ASA0.2%
79Industrivarden AB Class A0.2%
80Sofina SA0.1%
81Banque Cantonale Vaudoise0.1%
82Mapfre SA0.1%
83L E Lundbergforetagen AB Class B0.1%
84CVC Capital Partners plc0.1%

⭳ Download full holdings (CSV)

How it ranks vs peers

🪙 Cheaper than 54% of similar ETFs💰 All-in cost cheaper than 53%📈 Higher 1-yr return than 92%📈 Higher 3-yr return than 100%📊 Beat its category by 13.3% (1-yr) (category average +19.4%)📊 Beat its category by 23.1% (3-yr) (category average +9.8%)

Versus the Equity (stocks) · Europe · CHF ETFs we track.

Advanced risk

2.50
Sortino (3y) ?
1.77
Calmar (3y) ?
12.1%
Downside deviation ?
67%
Up months (hit rate) ?
$153.64
52-week high ?
$111.80
52-week low ?

Concentration depth

~33 ?
Effective number of holdings

Roughly 84 companies are held, but the largest names carry most of the weight — so it behaves like ~33 equal-sized positions.

Similar funds

We found 6 funds that do much the same job as this one. To pick them we matched this fund's asset class and region, then show how close each match is below.

Matched on🌍 Europe stocks
Compare side by side
6 similar funds
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Why it's similarThis is the fund on this page.
StocksAccumulatingCheaper fee
Tracks a different index in the same category.
StocksAccumulatingCheaper fee
Tracks a different index in the same category.
StocksCheaper fee
Tracks a different index in the same category.
StocksAccumulatingPhysicalCheaper fee
Tracks a different index in the same category.
StocksAccumulatingPhysicalCheaper fee
Tracks a different index in the same category.
StocksPhysicalCheaper fee
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Index trackedMSCI Europe Financials 35/20 Capped IndexS&P 500 Daily Hedged Euro Net Total Return IndexS&P 500 Daily Hedged Euro Index Net TRS&P 500 Daily Hedged Euro Index Net TRSTOXX Europe 600 (Net Return) EURSTOXX Europe 600 (Net Return) EURSTOXX Europe 600 (Net Return) EUR
Yearly fee (TER)0.18%0.05%0.07%0.07%0.07%0.09%0.15%
All-in cost0.23%0.45%0.00%0.07%0.07%0.09%0.15%
Fund size€711.7M€50.5B€28.7B€28.4B€21.7B€21.6B€21.4B
DomicileIrelandIrelandLULULULULU
ReplicationPhysical (full)Synthetic (swap)Synthetic (swap)Synthetic (swap)Physical (full)Physical (full)Physical (full)
3-yr return p.a.+32.9%+19.2%+18.4%
5-yr return p.a.+10.0%+9.0%
# holdings842951010613613613

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Data as of 2026-08-27 · Source: issuer data, compiled by Finance Hamster

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