- The two ETFs are Fidelity Metaverse ETF and Fidelity Crypto Industry and Digital Payments ETF.
- The ETFs will be tracked by Fidelity’s Metaverse and Digital Payments indices, respectively.
- This news comes after the SEC rejected Fidelity’s spot market BTC ETF yesterday.
Leading asset management firm Fidelity Investments has filed two more applications for exchange-traded funds (ETFs) with the US Securities Exchange Commission (SEC). A report unveiled this news earlier today, noting that the two funds are dubbed Fidelity Metaverse ETF and Fidelity Crypto Industry and Digital Payments ETF.
According to the report, the Fidelity metaverse ETF seeks to provide investment returns that correspond to companies that develop and sell products related to the metaverse. The fund will be tracked by the Fidelity Metaverse Index.
On the other hand, Crypto Industry and Digital Payments ETF will track the performance of companies involved in the crypto industry. The Fidelity Crypto Industry and Digital Payments Index will track this ETF.
The SEC continues rejecting spot market BTC ETFs
This news comes after the SEC rejected Fidelity’s application for a Bitcoin (BTC) ETF yesterday. The regulator claimed Fidelity’s application did not offer ample evidence on how it would prevent fraud. Notably, this is a common reason that the agency has had for rejecting a slew of BTC ETF applications from other companies.
Before this, the agency rejected other BTC ETFs from First Trust Advisors and SkyBridge in the past week. Since November last year, the watchdog has rejected six BTC ETF applications.
While spot market BTC ETFs are yet to be approved, the regulator approved the ProShares BTC futures ETF in the US last year, becoming the first-ever crypto ETF to be approved by the agency.
Fidelity gets more success in Canada than in the US
While the SEC just rejected Fidelity’s ETF, it is worth noting that the asset management company’s branch in Canada is making notable progress. Apart from becoming the first institutional BTC custodian in the country, Fidelity launched two applications for spot market BTC ETFs in Canada.
Dubbed Fidelity Advantage Bitcoin ETF and Fidelity Advantage Bitcoin ETF Fund, these funds will leverage Fidelity Clearing Canada ULC’s to offer a secure crypto trading and custody solution for institutional investors, including investment funds.
At the time, Kelly Creelman, Senior Vice President of Products and Marketing at Fidelity Investments Canada ULC, said
As bitcoin and digital currencies are gaining recognition among investors, we are pleased to offer a professionally managed bitcoin ETF and ETF Fund supported by the strength and scale of Fidelity.
