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Highlights
- ProShares has filed with the US SEC to launch a metaverse-focused ETF.
- If approved, the proposed metaverse ETF will track the performance of the Solactive Metaverse Theme Index (SOMETAV).
- The top components of SOMETAV are Apple, Nvidia, and Meta Platforms.
ProShares, the first US firm to launch a Bitcoin (BTC) exchange-traded fund (ETF), is now planning to launch a metaverse-focused ETF. It filed an application with the US Securities and Exchange Commission on Tuesday to jumpstart its new exchange-traded fund (ETF).
The proposed metaverse-focused ETF, ProShares Metaverse Theme ETF, will track the performance of the Solactive Metaverse Theme Index (SOMETAV).
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SOMETAV comprises top metaverse technology companies such as Apple Inc. (AAPL), Nvidia Corporation (NVDA), and Meta Platforms Inc. (FB), which are listed on the NYSE or NASDAQ Composite and meet its market valuation and liquidity criteria.
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ProShares' metaverse ETF reflects the increasing global shift of companies towards metaverse and nonfungible tokens (NFT). It is the latest company looking to capitalize on the trend.
As of Dec 28, the total global assets of metaverse ETFs rose to US$2.2 billion. Most of the ETFs were launched in the last quarter of 2021. For instance, the Roundhill Ball Metaverse’s (META) assets under management (AUM) grew to US$916 million since its launch on June 30, 2021.
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Canada’s Evolve Funds Group and Horizons ETFs Management began trading their metaverse-focused ETFs on the Toronto Stock Exchange (TSX) on Nov 29. They also track the SOMETAV.
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Bottomline
The Metaverse-themed ETFs have grown in popularity in 2021. ProShares hopes to capitalize on the emerging trend of metaverse-themed ETFs after its successful Bitcoin futures ETF.
