Fidelity eyes launch of ETF that tracks metaverse-related companies

#OhNoCrypto

Popular asset management firm Fidelity Investments has filed an application to launch its new product tied to metaverse-related companies. The company is looking to launch the ‘Fidelity Metaverse ETF’ that aims to track public companies listed under the Fidelity Metaverse Index.

According to the documents submitted on January 27, “The Fidelity Metaverse IndexSM is designed to reflect 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 ETF will invest at least 80% of its assets into companies listed on the index.

A growing interest in the metaverse space has resulted in the emergence of several ETFs. In December 2021, asset management firm ProShares submitted an application for a metaverse ETF with the SEC.

Meanwhile, South Korea saw the listing of four metaverse-related ETFs last year, KB Asset Management’s KBSTAR iSelect Metaverse, NH Amundi Asset Management’s Hanaro Fn K-Metaverse MZ, Mirae Asset Global Investments’ Tiger Fn Metaverse, and Samsung Asset Management’s KODEX K-Metaverse Active.

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