Fidelity Investments Launched a Pair of Crypto-Exchange Traded Funds

Fidelity Investments is introducing two crypto-focused exchange-traded funds to capture market share from competitors that have jumped into the young field. The Fidelity Metaverse ETF (ticker FMET) and the Fidelity Crypto Industry and Digital Payments ETF (FDIG) began trading on Thursday. FMET will focus on firms working to build out the “future state of the Internet.” FDIG Fidelity joins an increasingly crowded industry with more than a dozen crypto-themed stock ETFs already trading. The company had wanted to launch a spot Bitcoin ETF this year, but the Securities and Exchange Commission rejected its application and has not authorised comparable plans from other companies. Roundhill Ball Metaverse ETF (METV) Front-Runner Among Other Metaverse The Roundhill Ball Metaverse ETF (METV) is a front-runner among another metaverse ETFs, with $705 million in assets under management less than a year after its introduction. FMET now has the lowest expense ratio of the four ETFs that follow the metaverse: 39 basis points. FDIG also levies a 39-basis-point fee. Fidelity’s venture into the metaverse isn’t limited to FMET. On Thursday, the firm introduced “The Fidelity Stack,” a metaverse experience intended to teach retail traders the basics of investing. It will be constructed in Decentraland, the Digital Currency Group’s browser-based metaverse. It will also be available to anyone with a computer, including individuals who do not have a ...