Fidelity Investments Has Submitted Application For Metaverse ETF

Fidelity Investments has submitted an application for a new Metaverse ETF (Exchange Traded Fund) which will track publicly traded firms with exposure to the blockchain-oriented network of three-dimensional digital worlds.

As per the filing, the Fidelity Metaverse ETF shall hence follow the Fidelity Metaverse Index, which measures &39the performance of a worldwide universe of firms that create, produce, distribute, or otherwise sell various services or products linked to building and enabling the Metaverse&39.

Fidelity&39s application is the most recent among corporations attempting to capitalise on the growing interest regarding the metaverse concept. ProShares submitted a similar ETF application with the SEC in December 2021 whereas Roundhill Investments debuted a metaverse ETF on the New York Stock Exchange in June of last year.

Nevertheless, the SEC often remains reluctant to approve ETFs however, as was highlighted when it declined the approval of a Fidelity Spot BTC ETF earlier this week, adding to the ever-growing list of rejected applications.