Fidelity Investments is launching exchange-traded funds (ETFs) and the financial service firm is focusing on the crypto ecosystem and the metaverse. This will offer investors exposure to the crypto industry and the metaverse.
According to the firm, the first is called “Fidelity Crypto Industry and Digital Payments ETF (FDIG).” It invests in companies that “support the broader digital assets ecosystem, including those involved in crypto mining and trading, blockchain technology, and digital payments processing,”
The other is “Fidelity Metaverse ETF (FMET).” which invests in companies that “develop, manufacture, distribute, or sell products or services related to establishing and enabling the metaverse.” These include firms focusing 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 new ETFs will be available from April 21 for individual investors and financial advisors to purchase commission-free through Fidelity’s online brokerage platforms.
Fidelity which has it’s headquarters in Boston is a major financial services firm with assets under administration of $11.1 trillion as of February 2022.
According to Fidelity’s head of ETF management and strategy, Greg Friedman:
“We continue to see demand, particularly from young investors, for access to the rapidly growing industries in the digital ecosystem, and these two thematic ETFs offer investors exposure in a familiar investment vehicle.”