finbold.com
Investment management behemoth Fidelity has submitted an application for an exchange-traded fund (ETF) that would monitor the performance of public firms that are developing and marketing products for the metaverse.
According to the filing submitted on January 27, 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.”
Fidelity’s application is the latest in a long line of corporations attempting to capitalize on the growing interest in the metaverse. Notably, ProShares submitted an application with the Securities and Exchange Commission (SEC) for a metaverse ETF in December.
Likewise, Roundhill Investments introduced a metaverse ETF in June, which is now trading on the New York Stock Exchange (NYSE). Four prominent South Korean asset management companies have also begun to offer metaverse-related ETFs, marking the first time such funds have been listed in the nation.
Spot Bitcoin ETF rejection
Elsewhere, the SEC denied the approval of a Fidelity spot Bitcoin ETF on January 27, adding to the growing number of applications that have been rejected recently.
Recently Finbold reported Bloomberg’s senior ETF analyst Eric Balchunas sees the ‘first ray of light’ on potential spot Bitcoin ETF approval.
According to the analyst, a spot Bitcoin ETF might be on the horizon, but only if Gary Gensler can overcome a key impediment that lies in the way of approving a spot ETF, which is “un-wild west the crypto exchanges.”
Nonetheless, the SEC’s latest rejection of a spot Bitcoin ETF is consistent with previous decisions and underscores the SEC’s preference for ETFs that mirror the Bitcoin futures market.