Fidelity wants to track exposure to the Metaverse

Fidelity Investments has filed an application with the Securities and Exchange Commission (SEC) for a metaverse exchange-traded fund (ETF).

According to media reports Friday, Jan. 28, the investment giant’s goal here is to track public companies that are exposed to the Metaverse, the blockchain-based three-dimensional virtual network.

The ETF will track Fidnelity’s Metaverse Index, which itself 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,” the company said in its filing.

Read more: ProShares launches Metaverse ETF

This app is the latest in a series of requests from companies looking to capitalize on the growing 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.

Read more: SEC Nixes Fidelity’s Bitcoin ETF

The news came a day after the SEC refused to approve a Fidelity spot bitcoin ETF, in a series 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 said it would prefer to back ETFs that track bitcoin futures.

“While we are disappointed with the outcome of the SEC’s deliberations that culminated in today’s disapproval order, we reaffirm our belief that the market is ready for a physical product traded in bitcoin and we look forward to continuing a constructive dialogue with the SEC,” a Fidelity spokesperson told the Times.

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