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With the meteoric rise in metaverse’s popularity, ProShares wants to take the first-mover advantage by launching an exchange traded fund focused on the metaverse. The financial giant apparently filed for a Metaverse index that tracks the performance of the Solactive Metaverse Theme Index.
ProShares Wants to Launch a Metaverse ETF
According to a Tuesday filing with the U.S. Securities and Exchange Commission, ProShares wants to launch a metaverse-themed ETF that tracks Solactive Metaverse Theme Index. The index focuses on companies involved in the production or use of technologies that offer products or services for the metaverse including heavy giants like Apple, Meta Platforms and Nvidia.
ProShares is not the only firm to launch a metaverse-focused ETF. As of Dec. 28, global metaverse ETF assets surged to a total value of $2.2 billion. The Roundhill Ball Metaverse (ticker META), launched in June, now has $916 million in assets under management. Similarly, Canada saw the launch of two metaverse-themed ETFs on the same day last month.
“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,” said Todd Rosenbluth, director of mutual fund and ETF research at CFRA.
While this might be ProShares’ first metaverse theme ETF, this is not the first ETF that it has taken to launch on the crypto market. Earlier this year, ProShares became the first firm to win approval from the US SEC to launch a Bitcoin futures ETF, which debuted as the second-most heavily traded ETF on record.