IAI offers targeted exposure to a sub-sector of the U.S. financial sector, focusing on companies that include securities brokers and dealers, online brokers, and securities or commodities exchanges. As is often the case with niche funds offering such targeted exposure, IAI is relatively concentrated with fewer than 30 individual holdings. That level of concentration is often required to deliver such fine tuned exposure, but may result in a few big names driving total returns. This ETF does a nice job spreading exposure across the components. Investors seeking broader exposure to the U.S. financial sector may prefer a fund such as XLF or RYF that include a more diverse lineup of component companies. IAI offers exposure to a very specific type of financial firms, though it is noted that many components are involved in a wide variety of financial activities, and as such may not serve efficiently as pure plays on the investment thesis behind this fund. For example, Goldman Sachs and Morgan Stanley, two of the largest components, generate substantial revenues from other financial activities. IAI isn't the only ETF available for investors seeking targeted broker-dealer exposure-- there is KCE as well-- but investors should be aware of the potential limitations to this fund.