After the successful start of his Bitcoin Strategy ETF (NYSE 🙂 ProShares now has the metaverse in its sights.
The central theses
- ProShares has filed with the SEC for a Metaverse-themed ETF.
- If approved, the ETF will be the performance of the Solactive Metaverse Theme from ProShares index to recreate.
- ProShares recently launched the first Bitcoin futures ETF.
ProShares requests Metaverse ETF
ProShares, the investment firm that recently launched the first Bitcoin futures ETF, has filed an application for a Metaverse-themed ETF.
The new product is called “Metaverse Theme ETF”. If the company’s filing is approved by the SEC, the product will allow American investors to gain exposure to publicly traded companies operating in the Metaverse space.
“The Metaverse” refers to a future iteration of the internet where immersive virtual worlds will allow users to connect with others, play games, earn tokens, and more. It is often used interchangeably with “Web3” as crypto enthusiasts believe that the BlockchainTechnology will underpin the Internet of the future. The metaverse became a dominant topic in Cryptocurrenciesafter Facebook (NASDAQ 🙂 announced its renaming to Meta in October.
ProShares hopes to build on the success of the Metaverse narrative with its proposed fund by tracking the performance of a basket of assets selected by German index provider Solactive.
The index comprises publicly traded companies that provide a variety of services for the Metaverse sector, including computing, digital infrastructure, games, payments and virtual reality devices. Apple (NASDAQ :), Meta, and NVIDIA (NASDAQ 🙂 are the most heavily weighted companies. The application follows the ETF launch of Proshares’ well-known Bitcoin futures, which went live on the New York Stock Exchange on October 19.
ProShares isn’t the first company to offer an ETF that targets the Metaverse. In June, the Roundhill Ball Metaverse ETF (NYSE 🙂 launched a similar exchange-traded fund that has approximately $ 903 million in assets under management. Miraes MiraeAsset TIGER Fn Metaverse ETF (KS 🙂 and Samsung’s KODEX K-Metaverse Active ETF (KS 🙂 were both launched in South Korea, while two ETFs that track the Solactive Index went live on the Toronto Stock Exchange in Canada are.
The Solactive index does not include any blockchain-native projects, but that could be because the most famous Metaverse projects in cryptocurrencies are neither managed by publicly traded companies nor regulated by financial regulators like the SEC.
That hasn’t stopped the sector from booming though: GameFi projects like and have soared their native tokens since Facebook’s meta announcement, while leading crypto companies like Enjin, KuCoin and Ventures have announced nine-digit funds to build the Metaverse.
Source: Crypto News Deutsch