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Fidelity Investments Sets up Crypto and Meta ETFs of $11.1T

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Fidelity Investments has launched launched crypto and metaverse
18
Apr
  • Fidelity Investments will launch its crypto and metaverse ETFs.
  • This will help investors to explore the crypto and meta realms.
  • FDIG and FMET are the two focus areas of the company ETFs.

Financial services company Fidelity Investments will roll out Exchange-Traded Funds (ETFs) in the cryptocurrency and metaverse ecosystem. This new initiative will allow investors to focus on crypto and meta developments of the company. Currently, the firm has deployed more than $11 trillion under administration for the ETFs.

Fidelity Investments has two focus areas. The first one is called Fidelity Crypto Industry and Digital Payments ETF (FDIG). This ETF will invest in companies that “support the broader digital assets ecosystem, including firms doing crypto mining and trading, blockchain technology, and digital payments processing”. To note, this crypto ETF will not allow for direct exposure to cryptocurrency.

The second ETF is Fidelity Metaverse ETF or FMET. This invests in companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the metaverse.

Also, this FMET includes companies that focus 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.”

Greg Friedman, Head of ETF management and strategy at Fidelity remarked:

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.

Moreover, the new ETFs will be available for individual investors and financial advisors on or about April 21. By this, they can purchase the ETFs commission-free via the online brokerage platforms of Fidelity Investments. Furthermore, the newly added products will make Fidelity offer a sum of 51 ETFs.

Fidelity Investments is an American multinational financial services firm. It offers financial planning and advice, retirement plans, wealth management services, trading and brokerage services, and many other offerings.

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