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Fidelity Files with the Securities and Exchange Commission to Launch Metaverse ETFs
Feb, 04 2022
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Fidelity Investments has
submitted an application to register a Metaverse exchange-traded fund (ETF)
that tracks public companies that offer products for the Metaverse.
The SEC filing reports that
the organization's exchange-traded funds will follow “the performance of global
universe companies that develop, manufacture, distribute, or sell products or
services related to establishing and enabling the Metaverse.”
Specifically, the firms
that generate at least 50% of their revenues from sectors such as digital
infrastructure, computing hardware, and components, gaming technology, wearable
technology, etc. as per the filing.
As part of growing interest
in the Metaverse, Fidelity has filed a preliminary application with the U.S.
Securities and Exchange Commission. The asset management company has been at
the forefront of blockchain and crypto development.
ProShares also filed an ETF
application in December. This Maryland-based company filed with the SEC for a
product that tracks Solactive Metaverse Theme Index (SOMETAV).
Most significantly,
ProShares was the first in the United States to launch an ETF based on Bitcoin
Strategy futures, called BITO. The ETF began trading in October last year on
the New York Stock Exchange (NYSO) and generated $500 million in trading volume
within its first hour.
Several South Korean asset
management companies have also recently listed Metaverse-related
exchange-traded funds, the first such offering in that country. Roundhill
Investments also launched a Metaverse ETF on the New York Stock Exchange in
June.
Fidelity launched a Bitcoin
exchange-traded fund in Canada on December 2021, where the local watchdog was
more supportive. Now it is turning its attention to USA-based ETFs based on the
Metaverse.
A spot Bitcoin ETF
application submitted by the SEC in March 2021 to list and trade shares of the
Wise Origin Bitcoin Trust has been rejected by the Securities and Exchange
Commission (SEC). The SEC has expressed concerns about fraud, manipulation, and
investor protection related to the proposal to allow investors access to these
funds via a traditional brokerage account.
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Pavan A
CBW - External Analyst
INDIA
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