ProShares files for Metaverse ETF; Apple, Meta among companies in the index

Namrata Shukla
ProShares Metaverse ETF
Source: Pixabay

ProShares wants to become the first issuer of exchange-traded funds to launch an ETF focused on the metaverse. As per its filing recorded on Tuesday with the Securities and Exchange Commission [SEC], if approved the Metaverse-themed ETF will track the performance of the Solactive Metaverse Theme Index.

As per reports, the index is comprised of companies that provide or use technologies that offer products and services around the metaverse. These included data processing and metaverse devices. Currently, the index included giants like Apple Inc., Meta Platforms Inc., Nvidia Corp., per reports.

The timing of the filing could suggest ProShares’ enthusiasm in capitalizing on the ongoing metaverse and non-fungible tokens [NFTs] wave.

It was not just ProShares that was looking to enter the Metaverse with its offerings. Two other Canadian companies, Evolve Funds Group and Horizons ETFs Management have begun trading their metaverse ETFs on the Toronto Stock Exchange. Reports suggested that the global metaverse ETF assets have surged to $2.2 billion as of 28th December. Interestingly, most ETFs were launched only in the last quarter.

As per Todd Rosenbluth, director of mutual fund and ETF research at CFRA,

“I don’t know if the metaverse theme has legs, but investors believe in it. Given the success of the ETF META, we are likely to see more products come to market that offer a unique twist on this long-term theme.”

Proshares has an edge in the ETF space as it was the first firm to receive a green light from the US SEC to launch a Bitcoin futures ETF. With the Metaverse expanding exponentially it is expected to reach a market worth of $872 billion in 2028. The firms will be once again be seen racing to reach the new stop in the Crypto world.