This would be the second metaverse-themed ETF after the Roundhill Ball Metaverse ETF.

The metaverse is catching on fast with stories of plots of virtual land selling for millions of dollars and digital artworks getting snapped up for tens of millions of dollars. The metaverse is, as simply defined by Facebook: “A set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.” (Bloomberg)

First Trust, which has about $150 billion in ETFs under management, is hopping onto the new trend and filed for the Indxx Metaverse ETF.

The passively managed ETF will track an equity index called Indxx Global Metaverse Index.

This index comprises common stocks and depositary receipts issued by U.S. and non-U.S. companies that are involved in the “Metaverse” – companies that are developing virtual-reality spaces integrated with Artificial Intelligence (AI) and 3D technologies where users can interconnect within a computer simulated environment.

According to a statistic quoted by Bloomberg, the metaverse could reach nearly $800 billion by 2024 at an annual growth of approximately 13%.

In June, Roundhill Investments launched the Roundhill Ball Metaverse ETF (NYSEARCA: META) to provide investors exposure to the market of the Metaverse, which the fund defined as “a successor-state to today’s mobile Internet, but which will involve countless interoperable and persistent virtual worlds, be richly integrated into the physical world as well, thereby creating a new medium and economy for work, leisure, and innovation.”

The Roundhill ETF has an expense ratio of 0.75%. As on date, the fund has returned 1.84% over 1 month, and 4.09% over 3 months.

Related Story: Roundhill Launches A Virtual Worlds’-Focused “Metaverse” ETF