Fidelity Investments, one of the largest financial services companies with more than $11 trillion under management, is launching exchange-traded funds (ETFs) targeting the crypto ecosystem and the metaverse. “We continue to see demand, especially from younger investors, to access high-growth industries,” Fidelity said.
Fidelity sees demand for crypto and metaverse investments
Fidelity Investments announced this week the launch of several 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 ecosystem of digital assets, including those involved in crypto mining and trading, blockchain technology and digital payment processing,” the company described. However, this crypto ETF does not provide direct cryptocurrency exposure.
The second is called “Fidelity Metaverse ETF (FMET)”. It invests in companies that “develop, manufacture, distribute or sell products or services related to the creation 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 technologies for smartphones and wearables”.
The new ETFs will be available on or about April 21 for retail investors and financial advisors to buy 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 $11.1 trillion in assets under management as of February. Based in Boston, the company 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 high-growth industries in the digital ecosystem, and these two thematic ETFs provide investors with exposure to a trusted investment vehicle.
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