Asset management company ProShares has filed with the Securities And Exchange Commission (SEC) to launch an exchange-traded fund (ETF) with a focus on the metaverse, Bloomberg reports.
If approved, the ProShares Metaverse Theme ETF will follow the dynamics of the Solactive Metaverse Theme Index. It consists of companies that offer products and services around the metaverse, like data processing and metaverse devices. Apple Inc., Meta Platforms Inc., and Nvidia Corp. are the index’s top weightings.
According to Bloomberg, the volume of Global metaverse ETFs reached $2.2 billion by December 28. Most of them were launched in the fourth quarter of 2021. The AUM of the largest of these, ‘The Roundhill Ball Metaverse’ under the ticker META, was worth $916 million.
Director of mutual fund and ETF research at CFRA, Todd Rosenbluth told Blommberg
“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 offers a unique twist on this long-term theme,”
As a reminder, the first US Bitcoin futures ETF from ProShares started trading in October. Followed by the second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) that started trading On Nasdaq in the same month. Third Bitcoin Futures ETF Of VanEck Started Trading On Chicago Board Options Exchange (CBOE) in November.
Grayscale predicted the growth of the annual revenue of the Web 3.0, metaverse sector can hit $1 trillion.