Fidelity Investments has introduced exchange-traded funds (ETFs) with a focus on the expanding crypto ecosystem and the metaverse. The financial service firm, which has over $11 trillion under administration, is offering investors exposure to the crypto industry and the metaverse.
The “Fidelity Crypto Industry and Digital Payments ETF” (FDIG) funds companies that support the expanding digital assets ecosystem. It includes those involved in crypto mining and trading, blockchain technology, and digital payments processing. The new offering, crypto ETF, will not offer direct exposure to cryptocurrency.
Fidelity Investments through “Fidelity Metaverse ETF” (FMET) invests in companies that develop, manufacture, distribute and sell products or services in an effort to establish and enable the metaverse. It includes firms providing computing hardware and components, digital infrastructure, design and engineering software, gaming technology and software, content services, and web development, as well as wearable technology.
Greg Friedman, head of ETF management and strategy at Fidelity, said the firm continues to see demand, particularly from young investors, for access to the rapidly growing industries in the digital ecosystem. Friedman highlighted that the two thematic ETFs offer investors exposure in a familiar investment vehicle.
He said 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. With the introduction of the two new products, Fidelity offers 51 ETFs.