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One of the world’s largest financial services firms, with more than $11 trillion under administration, Fidelity Investments, is introducing a couple of exchange-traded funds (ETFs) focused on the crypto ecosystem and metaverse.
Providing its investors with more options, Greg Friedman, head of ETF management and strategy at Fidelity said:
“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.”
The first investment vehicle is called “Fidelity Crypto Industry and Digital Payments ETF (FDIG).” As the firm describes, it invests in businesses that “support the broader digital assets ecosystem, including those involved in crypto mining and trading, blockchain technology, and digital payments processing.”
The second product is the “Fidelity Metaverse ETF (FMET).” This ETF tracks companies that “develop, manufacture, distribute, or sell products or services related to establishing and enabling the metaverse.” According to the announcement this includes business that are focused 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.”
It is estimated that the new line of ETFs will launch within this week on or about April 21. Individual investors and financial advisors can purchase commission-free through Fidelity’s online brokerage platforms.
Earlier this year, the U.S. Securities and Exchange Commission (SEC) rejected Fidelity’s application for Bitcoin Spot ETF, adding to the growing list of snubbed applications.