Fidelity Seeks SEC Approval for Metaverse ETF
The financial services giant filed an application for an ETF that will track companies developing and selling products for the metaverse.
Jan 28, 2022 at 1:51 a.m. UTCUpdated May 11, 2023 at 7:17 p.m. UTC
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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.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.