Financial services firm Fidelity Investments is looking to launch exchange-traded funds tracking firms involved in the metaverse and cryptocurrencies, according to a filing with the corporate regulator.
Dubbed as the Fidelity Metaverse ETF, the offering aims to generate returns reflecting the Fidelity Metaverse Index, which tracks firms that raise at least half of their revenue from computing hardware and components and digital infrastructure.
Stocks of firms with less than 50% of their total revenue from such business activities can be included in the index, should there be a lack of firms that meet the threshold.
Fidelity is also looking to launch the Fidelity Crypto industry and Digital Payments ETF, which aims to replicate an index made up of firms involved in cryptocurrency mining, support services, blockchain technology, and digital payments processing.
The firm has tapped Geode Capital Management as sub-advisor and will run the ETFs, including Deane Gyllenhaal, Louis Bottari, and Peter Matthew. The company has yet to disclose the fees they charge.
Fidelity earlier rolled out Fidelity Advantage Bitcoin ETF in Canada, with US regulators still yet to give a go signal for such funds. FBTC.TO closed down 3.45%.