Fidelity Investments announced the launch of a couple of exchange-traded funds (ETFs) this week 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 assets ecosystem, including those involved in crypto mining and trading, blockchain technology, and digital payments 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 establishing and enabling the metaverse.” They 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 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 noted that with the new products added, Fidelity will offer 51 ETFs altogether.
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, commented:
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.