Finance behemoth Fidelity Investments is expanding its offering of cryptocurrency-themed exchange traded funds to capitalize on the enthusiasm in the sector.
What Happened: The firm launched the Fidelity Metaverse ETF (NASDAQ: FMET) and the Fidelity Crypto Industry and Digital Payments ETF (NASDAQ: FDIG), according to a recent announcement.
Jennica Ross, managing director at WallachBeth Capital, told Bloomberg in a Friday report that while there is much competition, Fidelity is likely to have significant advantages thanks to its scale.
See Also: How to get free crypto
Ross said that "people are increasingly becoming familiar with what the metaverse is" and what it could become, so "investors are looking for ways to play this." She said the key to success is often first-mover advantage combined "with access to distribution, which Fidelity and other larger issuers have.”
WallachBeth Capital's managing director mentioned Roundhill Ball Metaverse ETF (NYSE: METV), which owes a large portion of its success to being launched so early — accumulating $705 million of assets under management in under a year.
The Fidelity Metaverse ETF will have the lowest fee of all metaverse ETFs at just 39 basis points. The Fidelity Crypto Industry and Digital Payments ETF charges the same fee.
More Metaverse News: According to a separate Thursday announcement, Fidelity will launch its metaverse experience called “The Fidelity Stack” — a metaverse experience aiming to teach retail traders the basics of investing built on Decentraland (CRYPTO: MANA).
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.