Financial services behemoth Fidelity is venturing into the world of digital assets by announcing new crypto and metaverse exchange-traded funds (ETFs).
In response to investor demand, Fidelity is launching two brand-new crypto-themed funds, the Fidelity Crypto Industry and Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMEX), according to a company press release.
As Fidelity head of ETF management and strategy Greg Friedman says,
“Leveraging Fidelity’s decades of investment expertise, we are focused on growing our broad product lineup with innovative strategies that offer choice, value and new opportunities to investors.
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.”
Though FDIG wouldn’t expose clients to crypto assets directly, it would allow them to invest in companies that partake in crypto trading and mining, the development of blockchain technologies and payments processing, according to the press release.
Fidelity says FMEX is a way for traders to invest in the next iteration of the internet by giving them access to companies that create and develop metaverse-related products, such as digital infrastructure, computer components and wearable augmented reality gear.
Last month, a top executive at the $4.2 trillion personal investment firm’s European branch said that the crypto industry is mirroring the pattern of the commodities boom of the 1990s, which saw institutional investors pour hundreds of billions of dollars into the then-emerging sector.
Fidelity also launched five new fixed income sustainable funds, bringing its total of offered ETFs to 51.
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