Fidelity Investments Launches Crypto, Metaverse ETFs

Fidelity Investments Launches Crypto, Metaverse ETFs

 

Fidelity Investments is one of the largest financial services firms with more than $11 trillion under administration. It is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access to the rapidly growing industries," said Fidelity.

Fidelity Sees Demand for Crypto, Metaverse Investments

Fidelity Investments announced the launch of two exchange-traded funds (ETFs) this week. This is to offer investors exposure to the crypto industry and the metaverse.

The first is called "Fidelity Crypto Industry and Digital Payments ETF (FDIG)." It invests in companies that "support the broader digital asset ecosystem." It includes those involved in crypto mining, trading, blockchain technology, and digital payment processing, "the firm described. However, this crypto ETF will not offer direct exposure to cryptocurrency.

The second is called "Fidelity Metaverse ETF (FMET)." This invests largely in companies that "develop, manufacture, distribute, and sell products or services for the purpose of establishing and enabling the metaverse."

This includes firms focusing on "computer hardware and components, digital infrastructure, design and engineering software, gaming technology and software, web development and content services, smartphone and wearable technology."

The new ETFs will be available on or about April 21 for individual investors and financial advisors to purchase commission-free through Fidelity’s online brokerage platforms, the announcement details. The company has revealed that with the addition of the new products, Fidelity now offers a choice of 51 ETFs for its investors.

Fidelity is a major financial services firm with assets under administration of $11.1 trillion as of February. Headquartered in Boston, the company serves more than 40 million individual investors worldwide.

Greg Friedman, Fidelity’s head of ETF management and strategy, elaborated:

"We continue to see demand for access to the rapidly growing industries in the digital ecosystem, particularly from young investors, and these two thematic ETFs provide investors with exposure in a familiar investment vehicle."