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ETFs

Fidelity Covington Trust Fidelity Metaverse ETF

FMET
$--
Today’s Change
-- (--)

Snapshot
*

Inception Date
Apr 19 2022
Expense Ratio
0.39%
Type
Global Equities
Fund Owner
Fidelity
Volume (1m avg. daily)
$63,945
AUM
$16,682,287
Associated Index
Fidelity Metaverse Index
Inverse/Leveraged
No
Passive/Active
Passive
Fractionable on Composer
No
Prospectus
View

Top 10 Holdings

005930
Samsung Electronics
5.17%
700
Tencent Holdings Ltd.
4.85%
META
Meta Platforms Inc - Ordinary Shares - Class A
4.80%
ADBE
Adobe Inc
4.73%
MSFT
Microsoft Corporation
4.57%
GOOGL
Alphabet Inc - Ordinary Shares - Class A
4.54%
AAPL
Apple Inc
4.41%
NVDA
NVIDIA Corp
4.00%
QCOM
Qualcomm, Inc.
3.81%
EQIX
Equinix Inc
3.10%
Invest with FMET

What is FMET?

The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Metaverse Index. Normally investing at least 80% of assets in securities included in the Fidelity Metaverse Index and in depositary receipts representing securities included in the index. "Metaverse" is a term used to describe a future state of the internet characterized by a network of both augmented reality and virtual worlds that can be experienced persistently and in a shared environment by large numbers of users. The Fidelity Metaverse Index is designed to reflect the performance of a global universe of companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the Metaverse.

ETFs related toFMET

ETFs correlated to FMET include METV, IRBO, AIQ

FMET
Fidelity Covington Trust - Fidelity Metaverse ETF
METV
Listed Funds Trust - Roundhill Ball Metaverse ETF
IRBO
BlackRock Institutional Trust Company N.A. - iShares Robotics and Artificial Intelligence Multisector ETF
AIQ
Global X Funds - Global X Artificial Intelligence & Technology ETF
XNTK
SPDR Series Trust - SPDR NYSE Technology ETF
CHAT
Tidal Trust II - Roundhill Generative AI & Technology ETF
PNQI
Invesco Capital Management LLC - Invesco NASDAQ Internet ETF
WTAI
WisdomTree Trust - WisdomTree Artificial Intelligence and Innovation Fund
XT
BlackRock Institutional Trust Company N.A. - iShares Exponential Technologies ETF
QTUM
ETF Series Solutions Trust - Defiance Quantum ETF
IGM
BlackRock Institutional Trust Company N.A. - iShares Expanded Tech Sector ETF

What is ETF correlation?

Correlation is a measure of the strength of the relationship between two ETFs. It quantifies the degree to which prices of the two ETFs typically move together.

Here, correlation is measured over the past year with the Pearson correlation coefficient (Pearon’s r), which ranges from -1 to 1.

Using ETF correlations in portfolio and strategy construction

ETF correlations can help you create investing strategies and portfolios. Use them to:

  • •Build a diversified portfolio from uncorrelated or inversely correlated ETFs with the aim of minimizing portfolio risk.
  • •Compare correlated or related ETFs to find one with a lower expense ratio or higher trading volume.
  • •Create an investing strategy that hedges an ETF with an uncorrelated or inversely correlated ETF.

Automated Strategies
Related toFMET

#RB

Rotating Bonds

Category

Getting Defensive, Diversification

Risk Rating

Moderate

Create your own algorithmic trading strategy with FMET using Composer

FAQ

FMET is a Global Equities ETF. The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Metaverse Index. Normally investing at least 80% of assets in securities included in the Fidelity Metaverse Index and in depositary receipts representing securities included in the index. "Metaverse" is a term used to describe a future state of the internet characterized by a network of both augmented reality and virtual worlds that can be experienced persistently and in a shared environment by large numbers of users. The Fidelity Metaverse Index is designed to reflect the performance of a global universe of companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the Metaverse.

FMET tracks the Fidelity Metaverse Index.

No, FMET is not actively managed. It is passively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

Yes, FMET is passively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on FMET is -0.0288%. This is the percent change in the value of FMET over the most recent 1-month period. The 3-month return on FMET is -0.0525%. This is the percent change in the value of FMET over the most recent 3-month period.

The standard deviation of FMET for the past year is 0.257%. Standard deviation is the typical amount that the daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

ETFs similar to FMET include PBW, IGF, and ARKK.

ETFs correlated to FMET include METV, IRBO, and AIQ.

ETFs that are inversely correlated to FMET include HIBS, BERZ, and QID.

Disclaimers

*

We show information directly obtained from our data provider, Xignite. Data shown here is provided by Xignite, an unaffiliated third party. Composer believes the information shown here is reliable, but has not been verified and there is no guarantee that the information is accurate.

**

We show information based on calculations performed by Composer using data from our provider. Information provided here is based on calculations performed by Composer using data sourced from Xignite, an unaffiliated third party. Composer believes this information is reliable, but has not verified the data and there is no guarantee that the calculations are accurate.