Fidelity Investments has launched two new thematic exchange-traded funds (ETFs) focused on cryptocurrencies and metaverse-related projects. According to a press release, the new ETFs called Fidelity Crypto Industry and Digital Payments ETF (FDIG) and Fidelity Metaverse ETF (FMET) will be available on April 21, 2022.
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Although FDIG will not offer direct exposure to cryptocurrency, the fund delivers the opportunity to invest in companies that support these assets, including crypto mining and trading. FMET will help investors invest in the "evolution and future of the internet" by providing access to companies that develop metaverse-related products on both: hardware and software levels.
Greg Friedman, Fidelity's Head of ETF Management and Strategy, says the firm is currently focused on growing broad product lineup with "innovative strategies that offer choice, value and new opportunities to investors." He added:
"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."
The two passively managed funds will have expense ratios of 0.39%, which is the lowest available for ETFs of their kind, Fidelity emphasized. The move comes after Deutsche Börse's SIX Swiss Exchange and Xetra added Fidelity International's physically-backed Bitcoin ETP to their platforms in February this year.
The instrument, which is available under the ticker FBTC, tracks the price of bitcoin (EXANTE: Bitcoin) and is available to professional clients of Fidelity International in Europe. Custodial services are provided by Fidelity Digital Assets.
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