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 is based on “the performance of a global universe of firms that create, manufacture, distribute, or sell products or services related to creating and enabling the Metaverse.”
Fidelity’s application is the most recent among businesses attempting to capitalise on the metaverse’s growing popularity. In December, ProShares filed an application with the Securities and Exchange Commission for a metaverse ETF.
The Securities and Exchange Commission (SEC) has rejected a spot Bitcoin ETF application that was submitted in March of last year.
The Wise Origin Bitcoin (BTC) Trust was intended to be listed and traded in the Fidelity Bitcoin ETF application. The proposed regulatory change aims to allow investors to access this money through a standard brokerage account while reducing the risks associated with using Bitcoin directly.
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