Fidelity Seeks SEC Approval for Metaverse ETF

Fidelity Investments has filed an application for a metaverse exchange-traded fund (ETF), aiming to track public companies with exposure to the blockchain-based network of three-dimensional, virtual realities.

• The Fidelity Metaverse ETF will track the Fidelity Metaverse Index, which tracks “the performance of a global universe of companies that develop, manufacture, distribute or sell products or services related to establishing and enabling the metaverse,” according to the filing.
• Fidelity’s application is the latest among companies looking to address skyrocketing interest in the metaverse. In December, ProShares filed a metaverse ETF application with the U.S. Securities and Exchange Commission.
• In June, Roundhill Investments launched a metaverse ETF that trades on the New York Stock Exchange. Four major South Korean asset management funds are also now listing metaverse-related exchange-traded funds, the first in the country.
• Geode Capital Management will be a sub-adviser for the Fidelity fund.
• On Thursday, the SEC refused to approve a Fidelity spot bitcoin ETF adding to the recent list of rejected applications.

Read more: ProShares Files Application With SEC for a Metaverse ETF