Fidelity Investments, one of the largest financial services companies with over $11 trillion under management, is launching an exchange-traded fund (ETF) focused on the crypto ecosystem and Metaverse. “We continue to see demand, especially from younger investors, to enter a fast-growing industry,” Fidelity said.
Fidelity sees demand for crypto, Metaverse investments
Fidelity Investments this week announced the launch of several exchange-traded funds (ETFs) that provide investors with exposure to the crypto industry and Metaverse.
The first is called the “Fidelity Crypto Industry and Digital Payments ETF (FDIG).” The company said it invests in “companies that support the broader digital asset ecosystem, including those involved in crypto mining and trading, blockchain technology and digital payment processing.” However, this crypto ETF does not have direct exposure to cryptocurrencies.
The second is called the “Fidelity Metaverse ETF (FMET)”. It invests in companies that “develop, manufacture, distribute or sell products or services related to building and enabling virtual worlds.” These include companies focused on “computing hardware and components, digital infrastructure, design and engineering software, gaming technology and software, web development and content services, and smartphone and wearable technology.”
The announcement details that the new ETF will be available on or around April 21 for individual investors and financial advisors to purchase commission-free through Fidelity’s online brokerage platform. With the addition of new products, Fidelity will offer a total of 51 ETFs, the company noted.
Fidelity is a large financial services company with $11.1 trillion in assets under management as of February. Headquartered in Boston, the firm serves more than 40 million individual investors worldwide.
Greg Friedman, head of ETF management and strategy at Fidelity, commented:
We continue to see demand, especially from younger investors, to enter fast-growing industries in the digital ecosystem, and these two thematic ETFs provide investors with familiar investment vehicles.
What do you think of Fidelity’s launch of crypto and Metaverse ETFs? Let us know in the comments section below.
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