Fidelity to offer exposure to Metaverse, digital payments with new ETFs

Fidelity Investments, the world’s fourth-largest asset management company, stated that it intends to offer two exchange traded funds to investors for exposure to the wider cryptocurrency, blockchain, and electronic payment ecosystems.

Fidelity Metaverse ETF will invest at least 80% in securities that are included in Fidelity Metaverse Index. This includes depositary receipts for securities included within the index. said in a statement Tuesday. Companies related to cryptocurrency, blockchain technology and payment processing will be exposed to the Fidelity Crypto Industry and Digital Payments ETF(DIG).

“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.

Fidelity stated that trading in the funds will likely begin around April 21. Both funds will remain 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.

Get latest news from African Startup ecosystem

Latest stories

You might also like...