According to media reports Friday (Jan. 28), the investment giant’s aim here is to track public companies who have exposure to the metaverse, the virtual, three-dimensional, blockchain-based network.
The ETF will track Fidnelity’s Metaverse Index, which itself keeps track of the “performance of a global universe of companies that develop, manufacture, distribute or sell products or services related to establishing and enabling the metaverse,” the company said in its filing.
Learn more: ProShares Launching Metaverse ETF
This application is the latest in a series of requests from companies looking to capitalize on the booming interest in the metaverse. As PYMNTS reported in December, ProShares has asked the SEC to approve its own ETF application.
This ETF would track the Solactive Metaverse Theme Index, which includes tech giants such as Apple, Microsoft, Intel, Meta Platforms and Nvidia.
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Read more: SEC Nixes Fidelity’s Bitcoin ETF
The news came one day after the SEC declined to approve a Fidelity spot bitcoin ETF, part of a spate of similar rejections this month.
Last week, the commission said no to an ETF application filed by First Trust and hedge fund SkyBridge Capital. The SEC has said it would rather back ETFs that track bitcoin futures.
“While we are disappointed by the outcome of the SEC’s deliberations resulting in today’s disapproval order, we reaffirm our belief in market readiness for a physical bitcoin exchange-traded product and look forward to continued constructive dialogue with the SEC,” said a Fidelity spokesperson at the time.
