(Bloomberg) — Fidelity Investments filed with the U.S. Securities and Exchange Commission to create a pair of exchange-traded funds that will track companies engaged in the metaverse and cryptocurrency industries.
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The Fidelity Metaverse ETF will seek to provide returns comparable to a proprietary index comprised of stocks of companies that generate at least 50% of their total revenue from categories such as computing hardware and components, digital infrastructure, gaming technology and wearable technology, according to one of the filings.
In turn, the Fidelity Crypto Industry and Digital Payments ETF will seek to replicate the performance of an internal index comprised of companies engaged in businesses such as cryptocurrency mining, cryptocurrency support services, blockchain technology and digital payments processing. The ETF won’t invest in actual cryptocurrencies or initial coin offerings.
Both ETFs will be sub-advised by Boston-based Geode Capital Management. Geode managers who will run the ETFs include Deane Gyllenhaal, Louis Bottari and Peter Matthew, according to the filings, which didn’t disclose the fees they will charge.
Geode, founded in 2001 to develop and manage quantitative investment strategies, had more than $1 trillion in assets under management at the end of last year, according to the company’s website.
Fidelity Investments Canada filed in November to start a Canadian ETF that would offer investors exposure to Bitcoin. These type of funds have so far faced reluctance from U.S. regulators.
(Updates with details about Geode in fifth paragraph.)
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