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Should You Invest in the Fidelity MSCI Materials Index ETF (FMAT)?Zacks Investment Research · Aug 13, 2026The fund invests at least 80% of assets in securities included in the fund's underlying index. The fund's underlying index is the MSCI USA IMI Materials 25/50 Index, which represents the performance of the materials sector in the U.S. equity market. It may or may not hold all of the securities in the MSCI USA IMI Materials 25/50 Index.