FMAT is one of ten Fidelity ETFs that track MSCI sector indexes. The fund targets the US basic materials sector as defined by the GICS sector classification scheme. To meet diversification requirements, the funds underlying index employs a capping methodology, such that no group entity exceeds 25% of index weight and the aggregate weight of issuers with over 5% weight in the index are capped at 50% weight of the portfolio. The fund is both broad and representative, carrying only a few minor definitional differences from our benchmark. Prior to December 1, 2020, FMAT tracked the unconstrained MSCI USA IMI Materials index.
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