ProShares, the U.S.-based ETF fund, plans to launch a new theme ETF based on the metaverse as per the firm filing on Tuesday with the U.S. Securities and Exchange Commission.
If the regulators approve this fund, the ProShares Theme ETF will track the performance of the ETF index focused on the Solactive Metaverse Theme.
The companies that comprise the index use or provide technologies, and these companies offer services and products centered on the metaverse like metaverse devices and data processing. The index top weightage includes companies like Meta Platforms, Apple Inc, and Nvidia Corp.
Proshares is among the many firms and the latest entry to capitalize on the new and upcoming metaverse trend. The global assets of metaverse ETFs have surged past $2.2. Billion on December 28, with maximum ETFs, only launched in the last quarter.
The “META” ETF, the ticker for Roundhill Ball Metaverse, assets under management (AUM) grew to $916 million since its launch on June 30 this year. In Canada, November alone saw two metaverse-based ETFs launching in a single day.
According to Todd Rosenbluth, the director of ETF and mutual fund research at CFRA, he is unsure if the metaverse themes will go far, but it seems that more metaverse products for these long-term themes are likely to come to the market.
ProShares had monumental 2021 after its Bitcoin futures ETF, BITO, became the first U.S.-designed ETF allowing investors to add Bitcoin to the portfolio. The BITO fund was the second most traded fund on debut.
