Skip to content
etf.net

FMET vs KNCT

Fidelity Metaverse ETF

FMETBNasdaq

Invesco Next Gen Connectivity ETF

KNCTBNYSE Arca

Overlap

8.8%by weight

Expense ratio

FMET −0.01pt a year

FMET0.39%KNCT0.40%

Avg volume · 30D

FMET 1.3×the volume

FMET4.07KKNCT3.12K

3Y return · a year

KNCT +18.4pt

FMET+16.7%KNCT+35.1%

FMET vs KNCT Performance

Oct 31, 2025 – Oct 30, 2026

−3.7%FMET+33.2%KNCT

Oct 31, 2025 to Oct 30, 2026. FMET −3.7%. KNCT +33.2%. Use the arrow keys to read each point.−20%20%60%Oct 2025Apr 2026Oct 2026
Expense ratio
FMET 0.39%, better
KNCT 0.40%
Fund size
FMET $43M
KNCT $145M
1Y total return
FMET −3.7%
KNCT +33.2%, better
Yield (12M)
FMET 0.74%
KNCT 0.91%, better
Holdings
FMET 62
KNCT 108
Avg volume (30D)
FMET 4.07K sh, better
KNCT 3.12K sh
NAV per share
FMET $36.72
KNCT $183.32
52W range

ETF.net Grade

FMET: Cost 81, Risk 38, Mission 80, Tradability 45, Holdings 64, Durability 48. KNCT: Cost 81, Risk 55, Mission not scored, Tradability 60, Holdings 40, Durability 65.
Pillar letters and Scores for FMET, KNCT, with each pillar’s weight
PillarFMETKNCT
Cost30% weightA81A81
Mission25% weightA80Not scored
Risk15% weightD38B55Higher
Tradability15% weightC45B60Higher
Holdings10% weightB64HigherC40
Durability5% weightC48B65Higher

Rank among Metaverse & Connectivity funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FMET and KNCT are both graded against the same 6 Metaverse & Connectivity funds, so their Grades compare head to head.

Metaverse & Connectivity⁠

Category · 6 funds
See all 6 ›

KNCT ranks 1st and FMET 2nd of 6 funds in the Metaverse & Connectivity Category.

  1. Rank 1BKNCTInvesco Next Gen Connectivity ETFScore 65
  2. Rank 2BFMETFidelity Metaverse ETFScore 60
  3. Rank 3CNXTGFirst Trust Indxx NextG ETFScore 54

Our read on each fund

ETF.net Research

FMETBFidelity Metaverse ETF

KNCTBInvesco Next Gen Connectivity ETF

In short

FMET Fidelity's in-house take on the metaverse trade: a passive, global basket of roughly 60 companies building the plumbing, priced well under the typical thematic fund. A big-brand ETF in a corner usually run by boutiques.

KNCT A next-gen connectivity theme sitting on an unusually old ticker: KNCT dates to 2005. Today it tracks a global index of roughly 100 connectivity names for 0.40% a year.

Stated mandate

FMET The fund seeks investment returns that generally track the Fidelity Metaverse Index before fees and expenses.

KNCT The fund is designed to follow the STOXX World AC NexGen Connectivity Index and normally invests at least 90% of its total assets in common stocks included in that Index.

Why people hold it

  • FMET Charges 0.39% a year, comfortably under the 0.56% median for its global thematic peer group.
  • Rules first, hunches never: it tracks the Fidelity Metaverse Index, holding roughly 60 companies worldwide rather than a manager's shifting shortlist.
  • Sits in the stronger half of a crowded global thematic field of about 50 funds, with a 2022 launch and quarterly distributions behind it.
  • KNCT 0.40% a year undercuts what global thematic funds typically charge, so less of the theme's upside leaks out as fees.
  • Rules, not hunches: normally at least 90% of assets sit in common stocks from the STOXX World AC NexGen Connectivity Index.invesco.com
  • Global mandate rather than a US-only tech sleeve, spread across roughly 100 holdings, with distributions paid quarterly.
  • An operating history running back to 2005, a long resume in a category where most theme funds are only a few years old.

Worth knowing

  • FMET A small fund that trades thinly, which can mean wider bid-ask spreads. Limit orders are standard practice in names like this.
  • One theme, roughly 60 stocks: moves can be sharper in both directions than a broad global index.
  • "Metaverse" has no standard industry definition. Fidelity's own index draws the boundaries, so the lineup can look different from similarly named funds.
  • KNCT Thinly traded. Spreads can widen and quotes get jumpy, especially away from the market's busiest hours.
  • One theme, roughly 100 stocks. The ride can look nothing like a broad global index in either direction.
  • Asset base is modest by ETF standards, which is worth knowing for anyone sizing a large position.

Full FMET profile⁠

Full KNCT profile⁠

FMET vs KNCT Holdings

How FMET and KNCT differ

Overlap by weight

8.8%

Shared holdings make up 20.2% of FMET and 12.7% of KNCT.

Level by level

  • Holdings5 in both8.8%
  • Sector5 Sectors66.8%
  • Countryby domicile79.7%
  • Asset classEquity100%

Sector

Sector weights in FMET and KNCT, widest gap first
SectorMore in FMETMore in KNCT
TechnologyKNCT +32.7 points
CommunicationFMET +28.1 points
Real EstateFMET +5.1 points
IndustrialsKNCT +0.5 points
FinancialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in FMET and KNCT, widest gap first
CountryMore in FMETMore in KNCT
United StatesFMET +10.2 points
TaiwanKNCT +8.8 points
ChinaFMET +8.2 points
South KoreaKNCT +7.2 points
PolandFMET +1.4 points
GermanyKNCT +0.7 points
IndiaKNCT +0.7 points
FinlandKNCT +0.6 points
Other countries (12)KNCT +1.9 points

Outside the US: KNCT 20% developed, 80% emerging.

Concentration

Weight in the 10 largest Holdings

  • FMET45.5%
  • KNCT57.6%

Securities held

  • FMET53
  • KNCT103

Asset class

FMET
Equity
KNCT
Equity

Holdings

  • Only in FMET48
  • In both5
  • Only in KNCT98

Only in FMET

48 securities, 81.6% of FMET by weight

  • Advanced Micro Devices Inc5.55%
  • Microsoft Corp4.78%
  • Meta Platforms Inc Class A4.72%

Only in KNCT

98 securities, 87.1% of KNCT by weight

  • Taiwan Semiconductor Manufacturing Co Ltd7.88%
  • Broadcom Inc7.85%
  • Micron Technology Inc7.84%

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in FMET and KNCT, widest gap first
HoldingMore in FMETMore in KNCT
Apple IncAAPLKNCT +3.96 points
Equinix IncEQIXFMET +3.46 points
Digital Realty Trust IncDLRFMET +3.40 points
Qualcomm IncQCOMFMET +2.99 points
Coreweave IncCRWVFMET +1.59 points

All 61 FMET holdings⁠All 101 KNCT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FMET vs KNCT Cost

Overpaying KNCT vs FMET

$192

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FMET 0.39%

    $7,898

  • KNCT 0.40%

    $8,090

$10,000
30 years

Cost over time

  • FMET 0.39%
  • KNCT 0.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530KNCT $8,090FMET $7,898

Year by year

YearFMETKNCTOverpaying
10$705$723$18
20$2,725$2,793$68
30$7,898$8,090$192

Expense ratio

  • 0.39%FMET, cheaper
  • 0.40%KNCT
  • Middle half of Metaverse & Connectivity funds
  • Median 0.64%

FMET cheapest of 6 funds

KNCT 2nd cheapest of 6 funds

FMET vs KNCT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FMET 0.74%
KNCT 0.91%, better
Payout (12M)
FMET $0.27
KNCT $1.64
Last payment
FMET $0.11
KNCT $0.72
Ex-dividend
FMET Sep 18, 2026
KNCT Sep 21, 2026
Paid on
FMET Sep 22, 2026
KNCT Sep 25, 2026
Frequency
FMET Quarterly
KNCT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FMETQuarterly · 17 paymentsAll FMET payments⁠
One bar per payment. 17 payments from 2017 to 2026 YTD. Sep 16, 2022 $0.02; Dec 16, 2022 $0.02; Mar 17, 2023 $0.07; Jun 16, 2023 $0.009; Sep 15, 2023 $0.01; Dec 15, 2023 $0.02; Mar 15, 2024 $0.02; Jun 21, 2024 $0.05; Sep 20, 2024 $0.01; Dec 20, 2024 $0.06; Mar 21, 2025 $0.15; Jun 20, 2025 $0.08; Sep 19, 2025 $0.03; Dec 19, 2025 $0.04; Mar 20, 2026 $0.06; Jun 18, 2026 $0.07; Sep 18, 2026 $0.11. Use the arrow keys to read each point.$0$0.502017202020232026YTD
KNCTQuarterly · 31 paymentsAll KNCT payments⁠
One bar per payment. 31 payments from 2017 to 2026 YTD. Jun 16, 2017 $0.24; Sep 18, 2017 $0.06; Jun 18, 2018 $0.12; Sep 24, 2018 $0.12; Dec 24, 2018 $0.35; Mar 18, 2019 $0.12; Jun 24, 2019 $0.12; Sep 23, 2019 $0.02; Mar 23, 2020 $0.02; Jun 22, 2020 $0.03; Sep 21, 2020 $0.10; Dec 21, 2020 $0.0039; Sep 20, 2021 $0.25; Dec 20, 2021 $0.31; Mar 21, 2022 $0.47; Jun 21, 2022 $0.52; Sep 19, 2022 $0.19; Dec 19, 2022 $0.40; Sep 18, 2023 $0.12; Dec 18, 2023 $0.41; Mar 18, 2024 $0.30; Jun 24, 2024 $0.43; Sep 23, 2024 $0.33; Dec 23, 2024 $0.39; Mar 24, 2025 $0.22; Jun 23, 2025 $0.36; Sep 22, 2025 $0.36; Dec 22, 2025 $0.22; Mar 23, 2026 $0.32; Jun 22, 2026 $0.39; Sep 21, 2026 $0.72. Use the arrow keys to read each point.$0$0.502017202020232026YTD

FMET vs KNCT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FMET 20.0%, betterKNCT 24.3%
Return per unit of riskSharpe ratio, 3 years
FMET 0.65KNCT 1.18, better
Worst fallMax drawdown, 5 years
FMET −29.2%since Apr 2022KNCT −34.6%
Market sensitivityBeta, 5 years
FMET 1.46KNCT 1.37

FMET and KNCT in the news

All news⁠

Popular comparisons

  • FMETBvsNXTGC

    Fidelity Metaverse ETF · First Trust Indxx NextG ETF

    Expense ratio
    0.39% · 0.70%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • KNCTBvsNXTGC

    Invesco Next Gen Connectivity ETF · First Trust Indxx NextG ETF

    Expense ratio
    0.40% · 0.70%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FMETBvsMETVC

    Fidelity Metaverse ETF · Roundhill Metaverse ETF

    Expense ratio
    0.39% · 0.59%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • KNCTBvsMETVC

    Invesco Next Gen Connectivity ETF · Roundhill Metaverse ETF

    Expense ratio
    0.40% · 0.59%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FMETBvsSNSRC

    Fidelity Metaverse ETF · Global X Internet of Things ETF

    Expense ratio
    0.39% · 0.68%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • KNCTBvsSNSRC

    Invesco Next Gen Connectivity ETF · Global X Internet of Things ETF

    Expense ratio
    0.40% · 0.68%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.