Fidelity's New ETF Proposals After SEC Rejection

Shaking Off SEC Rejections

Fidelity Investments is showing resilience after the U.S. Securities and Exchange Commission (SEC) turned down its Wise Origin Bitcoin Trust spot ETF. Rather than sulking in a corner, they’ve decided to double down on their efforts in the cryptocurrency space. Yes, you heard it right! They have filed two new prospectuses aiming for crypto and metaverse ETFs. Who says rejection is the end? For Fidelity, it’s just the beginning!

What’s Cooking in Fidelity’s ETF Kitchen?

The new proposals include the Fidelity Crypto Industry and Digital Payments ETF and the Fidelity Metaverse ETF. Here’s the twist – these ETFs aim to invest in the companies involved in cryptocurrencies and the metaverse, but not in the digital assets themselves. Talk about an indirect approach! Fancy a little less risk? These ETFs focus on stocks of firms generating significant revenue in these cutting-edge sectors.

What’s in the Fidelity Metaverse ETF?

So, what exactly can we expect from the Fidelity Metaverse ETF? This fund is eyeing some exciting sectors, including:

Computing hardware and components
Digital infrastructure
Design and engineering software
Gaming technology
Web/content developers
Smartphone and wearable tech

With such a diverse range of industries, this ETF might attract those looking to dip their toes into the virtual universe without losing real-world dollars.

Digging Deeper into Crypto and Digital Payments

On the flip side, the Crypto Industry and Digital Payments ETF is targeting companies that are heavyweights in the cryptocurrency arena. The ETF will invest in:

Cryptocurrency mining firms
Trading companies
Crypto exchanges
Blockchain technology enterprises
Digital payments processors

It’s like a buffet for those hungry for exposure to the booming digital currency market while avoiding the chaos of directly holding cryptocurrencies.

Global Perspectives and Ongoing Developments

As Fidelity’s ETF proposals swirl in the regulatory winds, they aren’t alone. Right now, there are over 40 digital currency ETFs from various financial players waiting for a thumbs up from the SEC. It’s a digital money rollercoaster out there, and Fidelity is in the front row. Interestingly, they recently snagged regulatory approval in Canada for a Bitcoin ETF and a Bitcoin Mutual Fund. How’s that for a plot twist?