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Fidelity to Offer Exposure to Metaverse, Digital Payments With New ETFs

Michael Bellusci - CoinDesk
2022-04-12 14:13
Fidelity Investments, the world’s fourth-largest asset management company, said it plans to offer two exchange-traded funds for investors to gain exposure to the broader crypto, blockchain and digital payment ecosystems.
The Fidelity Metaverse ETF (FMET) will normally invest at least 80% of assets in securities included in the Fidelity Metaverse Index, along with depositary receipts representing securities included in the index, the firm said in a statement Tuesday. The Fidelity Crypto Industry and Digital Payments ETF (DIG) will have a similar exposure to companies related to crypto, blockchain technology and digital payments processing.
“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,” Greg Friedman, Fidelity’s head of ETF management and strategy, said in the statement.
Trading in the funds is likely to start around April 21, Fidelity said. Both will be passively managed.
The firm, which has about $4.2 trillion in assets under management, filed an application for a metaverse ETF late in January. The same month, the U.S. Securities and Exchange Commission refused to approve a Fidelity spot bitcoin exchange-traded fund in the U.S., though the firm's Canadian arm has one listed in Canada.
The firm’s digital division, Fidelity Digital Assets, launched in 2018 and features custody and trade execution for institutional investors.
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