Alternative Investments/Digital: ProShares Files For A Metaverse ETF

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Two Canadian Metaverse ETFs launched on the Toronto Stock Exchange in November.

ProShares has filed an application to launch the ProShares Metaverse Theme ETF. The fund will invest in businesses involved with metaverse technology producers, platforms, data processing, and other metaverse device firms. (The Block)

ProShares Metaverse Theme ETF

Subject to the approval from the SEC, the ProShares Metaverse Theme ETF will track the Solactive Metaverse Theme Index.

The index consists of companies that provide or use innovative technologies to offer products and services around the Metaverse. “Metaverse” is a term used to refer to internet-based interactions, engagements, and transactions made in immersive, persistent and shared virtual or physical spaces.

The Metaverse is enabled by several connected technologies such as virtual and augmented reality, digital environments, artificial intelligence and advanced computing.

The index consists of U.S. companies that are listed on the New York Stock Exchange or The Nasdaq Stock Market and meet certain market capitalization and liquidity requirements. Companies such as Apple (NASDAQ:AAPL), Meta Platforms (NASDAQ:FB), and Nvidia Corp (NASDAQ:NVDA) have high weighting in the index.

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

Other metaverse ETFs that launched prior to ProShares

In July, Roundhill Investments launched the Roundhill Ball Metaverse ETF (NYSEARCA: META) – a first-of-its-kind ETF to provide investors exposure to the market of the Metaverse.

After Facebook changed its name and business focus to Meta Platforms, the Roundhill Ball Metaverse ETF received over $765 million of new inflows.

Earlier this month, First Trust Advisors filed for the Indxx Metaverse ETF which will track the Indxx Global Metaverse Index.

Late last month, two Canadian firms Evolve Funds and Horizons ETF Management were the first to launch their metaverse ETFs on the Toronto Stock Exchange.

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

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