Fidelity MSCI Materials Index ETF (FMAT) is a industrials and materials ETF. As of October 9, 2026, ETF Copilot scores FMAT 4.4 out of 10 — highest on Growth (5.7), lowest on Return (3.1). It trades at 21.1 times earnings, against its own median of 19.8. Its ten largest holdings are 58% of the fund.
What stands out in FMAT's data
U.S. materials stocks, tracked through a cap-weighted index.
Capital efficiency trails most materials peers — its returns have to come from elsewhere.
Return on invested capital of 11.4% trails the 14.6% peer median, behind most peers. The fund holds 105 stocks and trades at a 21.1x P/E multiple.
A broad sector position for a portfolio that already holds materials exposure.
Why did FMAT move this week? It rose 0.8% in the week to October 9, 2026 — Newmont and Freeport-McMoRan drove it
FMAT rose 0.8% in the week to October 9, 2026. The holdings that moved it most were Newmont (+2.0%), Freeport-McMoRan (+2.3%) and Nucor (+4.1%); Mosaic (−11.1%) pushed the other way.
How is FMAT rated? ETF Copilot scores Fidelity MSCI Materials Index ETF (FMAT) 4.4 out of 10
As of October 9, 2026, ETF Copilot scores Fidelity MSCI Materials Index ETF (FMAT) 4.4 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 4.4 / 10
- Growth: 5.7 / 10
- Value: 5.0 / 10
- Risk: 4.6 / 10
- Quality: 3.6 / 10
- Return: 3.1 / 10
Is FMAT expensive right now? It trades at 21.1 times earnings, against its own median of 19.8
As of October 9, 2026, FMAT is more expensive than 57% of its own last 9 years.
Trailing 12 months, built from FMAT's holdings. How we calculate this →
What's inside FMAT?
What's inside FMAT: Size (Large 59%, Mid 35%, Small 7%); Geography (International 25%, US 75%); Tech 0.1%.
What are FMAT's top holdings? The ten largest are 58% of the fund
Linde, Newmont, Freeport-McMoRan, Sherwin Williams, Ecolab, AIR Products & Chemicals, Nucor, CRH Plc(us), Steel Dynamics and Vulcan Materials are FMAT's largest holdings, in that order.
More concentrated than 70% of Industrials & Materials ETFs.
Half of FMAT's weight sits in its 8 largest positions, and once those weights are taken into account it behaves like 20 equally weighted holdings.
What is FMAT's expense ratio? 0.08% a year
As of October 9, 2026, FMAT charges 0.08% a year, yields 1.44% and holds $574M in assets across 105 positions.
| Measure | FMAT |
|---|---|
| Expense ratio | 0.08% |
| Dividend yield | 1.44% |
| Assets under management | $574M |
| Holdings | 105 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “Fidelity MSCI Materials Index ETF (FMAT) scores and holdings analysis”, as of October 9, 2026.
https://etf-copilot.com/etf/fmat
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