Fidelity Covington Trust has taken a significant step by announcing the liquidation of its Fidelity Metaverse ETF. This decision, made during a board meeting on October 14, 2026, is set to impact shareholders and the broader investment community.

Background

Fidelity Covington Trust is an investment entity based in Boston, Massachusetts. The trust is known for its various funds, including the Fidelity Metaverse ETF, which is designed to invest in companies involved in the metaverse and related technologies. The recent filing, dated October 30, 2026, follows a series of filings that indicate ongoing adjustments within the trust's offerings.

What the Filing Says

The recent filing states, "On October 14, 2026, the Board of Trustees of Fidelity Covington Trust approved a plan of liquidation for Fidelity Metaverse ETF." It further details that the fund will not be invested according to its original objectives as it prepares for liquidation, which is expected to occur on or about November 19, 2026.

Impact

This liquidation plan will affect existing shareholders of the Fidelity Metaverse ETF. After the close of business on November 12, 2026, the fund will halt trading on Nasdaq and will not accept new creation orders. Shareholders will have the opportunity to sell their shares until that date, but after that, they will be unable to trade their shares on the market.

What's Next

The filing does not say what happens next beyond the liquidation process. However, it is clear that shareholders should prepare for potential tax implications related to the liquidation of their investments.