Fidelity Investments has announced plans to launch cryptocurrency exchange-traded funds by April 21 for metaverse and digital payments via its online brokerage platforms.
Fidelity Crypto Industry and Digital Payments ETF and Fidelity Metaverse ETF will reportedly not offer direct exposure to cryptocurrencies.
FMET will instead enable investors to bet on the advancement and the future of the internet by providing access to the firms that develop and sell products or services in the metaverse.
The Metaverse fund will regularly invest more than 80% of its assets in securities including in the Fidelity Metaverse Index.
Fidelity’s head of ETF Management and Strategy, Greg Friedman, says that there is a growing demand for services in the digital ecosystem by the firm’s clients. He adds that the investment company will continue growing its product portfolio.
Fidelity filed for a metaverse ETF in January, the same month the SEC declined a similar filing for a spot bitcoin ETF by the firm.