Fidelity Investments Targets Investors with Web3 ETFs

Last month, Citi jumped on the web3 bandwagon, projecting a $13 trillion Metaverse by 2030. Citi’s projection followed a more conservative JPMorgan projection in February.

JPMorgan projected the Metaverse to deliver over $1 trillion in Metaverse-related yearly revenues. In February, JPMorgan put its money where its mouth is, buying land in Decentraland (MANA).

It, therefore, comes as little surprise that leading investment shops are starting to offer web3 investment products.

Fidelity Investment Launches Web3 ETFs to Widen the Client Base

This week, Fidelity Investments launched the Fidelity Crypto Industry and Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMET).

Fidelity launched FMET on April 19, 2022. According to the Fund objective,

“The fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Metaverse Index.

The Fidelity Metaverse Index is designed to reflect the performance of a global universe of companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the Metaverse.”

Fidelity launched FDIG on April 21, 2022. According to the Fund objective,

“The Fund seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the Fidelity Crypto Industry and Digital Payments Index.

The Fidelity Crypto Industry and Digital Payments Index is designed to reflect the performance of a global universe of companies engaged in the activities related to cryptocurrency, related to blockchain technology, and digital payments processing.”

For investors looking for low fee investment opportunities, the two ETFs have a net expense ratio of 0.39.

As of June 2021, Fidelity Investments had US$4.2tn in assets under management.