Fidelity launches ETFs on Crypto, Metaverse, and ESG

Rick Steves

With this launch, Fidelity will offer 51 ETFs with more than $33 billion in assets under management.

Fidelity Investments has launched seven new funds available on or about April 21, 2022, for individual investors and financial advisors to purchase commission-free through Fidelity’s online brokerage platforms. With this launch, Fidelity will offer 51 ETFs with more than $33 billion in assets under management.

The seven funds include two new thematic exchange-traded funds (ETFs) — Fidelity Crypto Industry and Digital Payments ETF (FDIG) and Fidelity Metaverse ETF (FMET) – and five new fixed income sustainable funds and ETFs – Fidelity Sustainable Core Plus Bond Fund (FIAEX), Fidelity Sustainable Core Plus Bond ETF (FSBD), Fidelity Sustainable Low Duration Bond Fund (FAPGX), Fidelity Sustainable Low Duration Bond ETF (FSLD), and Fidelity Sustainable Intermediate Municipal Income Fund (FSIKX).

More than $33 billion in assets under management

The Fidelity Crypto Industry and Digital Payments ETF will not offer direct exposure to cryptocurrency but represents companies that support the broader digital assets ecosystem, including those involved in crypto mining and trading, blockchain technology, and digital payments processing.

The Fidelity Metaverse ETF provides access to companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the metaverse.

These two new passively managed ETFs will have expense ratios of 0.39%, the lowest available for ETFs of their kind. These are self-indexed ETFs, utilizing Fidelity’s proprietary indices, constructed by Fidelity’s quantitative investing team, to identify equity securities that offer exposure to these rapidly growing industries.

Greg Friedman, Head of ETF Management and Strategy at Fidelity, commented: “Leveraging Fidelity’s decades of investment expertise, we are focused on growing our broad product lineup with innovative strategies that offer choice, value and new opportunities to investors. 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 five new sustainable fixed income mutual funds and ETFs will use Fidelity’s proprietary ESG ratings frameworks in addition to third-party ESG ratings to evaluate an issuer’s sustainable business practices. The mutual funds will have retail and advisor share classes.

Pam Holding, Co-Head of Equity and Head of Sustainable Investing at Fidelity Investments, said: “Fidelity continues to grow its sustainable investing lineup, with a range of equity, fixed income, and asset allocation strategies, as investors continue to seek opportunities to invest alongside their values and influence positive change in the world. With the addition of these new sustainable fixed income strategies, our clients now have access to building blocks across multiple asset classes to help address their investment goals and priorities.”

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