Fidelity MSCI Health Care Index ETF(AMEX:FHLC)

FHLC casts a wide net across the entire health care market in the US, capturing over 300 large-, mid- and small-cap companies and spanning more than 10 subsectors. This diversification gives the vanilla fund less exposure to the big pharma companies that dominate the market, and more exposure to sectors like drug retailers and insurance. Prior to December 1, 2020, the fund tracked the MSCI USA IMI Health Care Index, an uncapped version of the present index. To meet diversification requirements, FHLC now uses a 25/50 capping methodology. Notably, instead of replicating the underlying index, the fund uses a representative sampling strategy. The index is rebalanced quarterly.