Fidelity Investments, one of the largest financial services companies with over $11 trillion under administration, is launching exchange-traded funds (ETFs) focused on the crypto ecosystem and the metaverse. “We continue to see demand, especially from younger investors, to access fast-growing industries,” Fidelity said.
Fidelity sees demand for crypto and metaverse investments
Fidelity Investments this week announced the launch of a few exchange-traded funds (ETFs) to provide investors with 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, including those involved in crypto mining and 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)”. It invests in companies that “develop, manufacture, distribute or sell products or services related to the establishment and activation of the Metaverse.” These include companies focused on “computer hardware and components, digital infrastructure, design and engineering software, gaming technology and software, web development and content services, as well as than technologies for smartphones and wearables”.
The new ETFs will be available on or about April 21 for retail investors and financial advisors to purchase commission-free through Fidelity’s online brokerage platforms, the announcement said. The company noted that with the new products added, Fidelity will offer a total of 51 ETFs.
Fidelity is a major financial services company with assets under administration of $11.1 trillion as of February. Based 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, for access to fast-growing industries in the digital ecosystem, and these two thematic ETFs offer investors exposure in a familiar investment vehicle.
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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Fidelity Investments Launches Crypto And Metaverse ETFs – Says “We Continue To See Demand”
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