After being the first company to launch a Bitcoin ETF in the US, Proshares is looking to launch a metaverse-based ETF that will track the indexes of companies such as Apple and Meta which use metaverse related technologies.
U.S. investment company ProShares filed for an ETF called the ProShares Metaverse Theme ETF on Tuesday. It will be focused on the metaverse, and it will be called an ETF.
If the SEC gives the go-ahead, the Solactive Metaverse Theme Index (SOMETAV), which is made up of companies that make or use metaverse-related technologies, like data processing and metaverse devices, will be the ETF’s benchmark.
US companies that are on the New York Stock Exchange or the Nasdaq Stock Market and meet certain capitalization and liquidity requirements make up this index, ProShares said in an email.
Electronics companies like Apple and Nvidia, as well as social media companies like Meta, which was once called Facebook, are said to be some of the index’s most important parts.
ProShares has filed for an ETF that tracks the metaverse and nonfungible tokens (NFT) industry. This comes as more and more companies around the world are getting into this field.
Metaverse ETFs
Nov. 29 was the first day that two Canadian companies started trading metaverse ETFs on the Toronto Stock Exchange. Evolve funds group and Horizons ETFs Management were the first to do this. In the same way that the ProShares Metaverse Theme ETF tracks SOMETAV, the Horizons Global Metaverse Index ETF tracks SOMETAV.
Metaverses are becoming more and more popular as one of the biggest technology trends in 2021, after Facebook announced its plan to build a virtual world by renaming its product Meta in October.
The metaverse is a virtual world that can be used to communicate, play games, trade digital collectibles and NFTs, go to events, and more. It can be used with common devices or virtual and augmented reality headsets.
Analysis by Reports and Data, the global metaverse market was worth $48 billion in 2020. By 2028, it’s expected to be worth $872 billion, with a compound annual growth rate of 44 percent.
