Metaverse cryptocurrency ETFs launched by Fidelity
To provide investors with
exposure to the cryptocurrency and metaverse industries, Fidelity is launching
two new thematic exchange-traded funds, as well as five fixed-income
sustainable funds and ETFs.
As one of the largest financial institutions with more than $11 trillion under management, Fidelity Investments will target the cryptocurrency ecosystem and metaverse.
“We continue to see demand, particularly from young investors, for access to the rapidly growing industries,” said Fidelity.
In late 2021, Facebook rebranded to Meta and announced they'd be creating a 'virtual universe' world for business and leisure, kicking off the emergence of the metaverse sector. By investing in the Fidelity Metaverse ETF, investors will gain broad exposure to the emerging metaverse.
Investors can invest in the future of the internet through FMET's access to companies that produce, manufacture, distribute, or sell products or services that facilitate establishing and enabling the metaverse, including hardware and components for computers, digital infrastructure, design, and engineering software, gaming technology, web content and products, and smartphones and wearable technology.
Fidelity's online brokerage platforms will offer commission-free purchases of the new funds to investors and financial advisors on or around April 21.
The head of Fidelity's ETF management and strategy, Greg Friedman 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."
At least 80% of the assets of the Fidelity Crypto Industry and Digital Payments ETF will be invested in equity securities and depositary receipts that represent securities included in the index.
It is anticipated that Fidelity's market recognition and experience in the metaverse investment arena in 2022 will contribute to the growth and expansion of the emerging asset class, giving institutional investors and retail investors more options to get into the market.
CBW - External Analyst