Proshares had earlier filed for a metaverse based ETF last year now Fidelity seeks SEC approval for its own Metaverse ETF which it says will track companies developing and selling products for the metaverse.
Fidelity Investments has applied for a Metaverse ETF, which will track public businesses with exposure to the blockchain-based network of three-dimensional virtual realities.
According to the filing, the Fidelity Metaverse ETF will follow the Fidelity Metaverse Index, which follows “the performance of a global universe of companies that create, manufacture, distribute, or sell products or services linked to establishing and enabling the Metaverse.”
Fidelity’s application is the most recent among businesses attempting to capitalize on the metaverse’s growing popularity. ProShares submitted a metaverse ETF application with the Securities and Exchange Commission in December.
Roundhill Investments debuted a metaverse ETF on the New York Stock Exchange in June. Four prominent South Korean asset management funds have become the first in the country to list metaverse-related exchange-traded funds (ETFs).
The Fidelity fund will have Geode Capital Management as a sub-adviser. The SEC denied a Fidelity spot bitcoin ETF application on Thursday, adding to a growing series of denials.
