Popular asset manager Fidelity Investments announced on Tuesday the launch of two ETFs related to the cryptocurrency and metaverse industry.
The two thematic ETFs – Fidelity Crypto Industry and Digital Payments ETF (FDIG) and Fidelity Metaverse ETF (FMET) – will list on Nasdaq on April 21. The former ETF will invest at least 80% of its assets portfolio in companies involved in the broader crypto ecosystem, including trading, mining, payment processing, and more.
Similarly, the Fidelity Metaverse ETF will use at least 80% of the funds in Metaverse-related development, manufacturing, distribution, product sales, and related activities based on the “Fidelity Metaverse Index.” Meanwhile, neither ETF will invest directly or indirectly in cryptocurrencies.
“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 a statement.
With the latest addition, Fidelity now manages 51 kinds of ETFs, several of which invest in the cryptocurrency market. The $4.2 trillion asset manager also filed for a spot Bitcoin ETF proposal but was declined by the US Securities and Exchange Commission in January 2022.