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Fidelity entering the Metaverse

Fidelity filed an application with the Securities and Exchange Commission on Friday for an exchange-traded fund called the Fidelity Metaverse Index ETF. From their SEC filing, the actively managed fund, will be focused on companies that “develop, manufacture, distribute or sell products and services relating to enabling the metaverse.”

ETF Newz Says: It’s a growing and crowded space with firms looking to take advantage of all the hype and conversation over the metaverse, especially with FB changing their name to Meta. Fidelity’s new proposal comes on the heels of their latest application for a spot-based Bitcoin ETF, which was rejected by the SEC.