Fidelity Metaverse ETF(NASDAQ:FMET)

FMET holds stocks and depositary receipts of globally listed companies that develop, manufacture, distribute, or sell products related to the metaverse. Eligible companies must derive at least 50% of their revenue from (i) computing hardware, (ii) digital infrastructure, (iii) design & engineering software, (iv) gaming technology & software, (v) web development & content services, and (vi) smart phone & wearable technology. The index uses quality screens based on trailing or next 12-month revenues, operating cash flow, sales growth, and analyst coverage to filter out companies that pose significant risks. Then securities are ranked for thematic relevance, which is a composite of total significant revenue, percent of significant revenue, and a natural language processing (NLP) score. Approximately 50 stocks are selected and the portfolio is weighted according to market capitalization, subject to liquidity constraints and a 4.5% single weight capping. The index is rebalanced quarterly.