The Fidelity MSCI Health Care Index ETF (FHLC) is an exchange-traded fund that focuses on investing in the U.S. health care sector. To achieve this, it allocates at least 80% of its assets to securities that are part of its underlying index, the MSCI USA IMI Health Care 25/50 Index.
This index is designed to track the performance of the health care sector in the U.S. equity market, providing a broad representation of the industry. The fund may not hold all the securities in the index, but it aims to replicate its performance as closely as possible.
It's important to note that the fund is non-diversified, which means it may invest a larger portion of its assets in a smaller number of securities compared to a diversified fund. This approach can result in higher returns, but it also increases the risk of losses if those securities perform poorly.
The fund is managed by Fidelity, a well-established financial institution with a strong presence in the United States. You can find more information about the fund and its manager on Fidelity's institutional website.