Launch of Crypto and Metaverse ETFs by Fidelity Investments
With more than $11 trillion in assets under management, one of the biggest financial services companies, Fidelity Investments, is introducing exchange-traded funds (ETFs) that will concentrate on the crypto ecosystem and the metaverse. According to Fidelity, there is still demand for access to quickly expanding industries, especially from young investors.
To give investors exposure to the cryptocurrency market and the metaverse, Fidelity Investments this week announced the introduction of a few exchange-traded funds (ETFs).
The initial one is known as “Fidelity Crypto Industry and Digital Payments ETF (FDIG). According to the firm, it makes investments in businesses that “serve the broader digital assets ecosystem, including those involved in cryptocurrency mining and trading, blockchain technology, and digital payments processing.” This crypto ETF won’t provide direct exposure to cryptocurrencies, though.
The second one is known as “Fidelity Metaverse ETF (FMET)”. It funds businesses that “create, manufacture, distribute, or market items or services related to developing and supporting the metaverse.” They include companies that specialize in “computer hardware and components, digital infrastructure, design, and engineering software, gaming technology and software, online development and content services, and smartphone and wearable technologies.”
According to the statement, the new ETFs will be available for commission-free purchase through Fidelity’s online brokerage platforms on or around April 21 for individual investors and financial advisors. The business highlighted that Fidelity would now offer 51 ETFs overall after the new products are implemented.
With $11.1 trillion in assets under management as of February, Fidelity is a significant financial services company. The company has its headquarters in Boston and provides services to more than 40 million individual investors globally.
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