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ProShares Files for a Metaverse ETF with the SEC

ProShares, a financial powerhouse, has filed for a Metaverse ETF with the Securities and Exchange Commission (SEC) on Tuesday. So, ProShares appears to want to be first to market, as the Metaverse theme has been gaining traction quickly following Facebook’s successful rebranding to Meta.

ProShares ETF will monitor the performance of the Solactive Metaverse Theme Index after approval. The index comprises primarily of enterprises that provide and utilise metaverse-related technologies, products, and services. Companies interested in metaverse devices and data processing fall within this category. Apple Inc, Nvidia Corp, and Meta Platform Inc are among the index’s top weighted companies.

According to Bloomberg, the worldwide Metaverse ETFs market capitalization reached $2.2 billion on December 28. The majority of the ETFs have only been available for a few months. In a single day last month, two Metaverse ETFs debuted in Canada. The Roundhill Ball Metaverse (META) has now managed close to $1 billion in assets since its introduction on June 30. CFRA’s director of mutual fund and ETF research, Todd Rosenbluth, said:

“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 offer a unique twist on this long-term theme”.

ProShares, a financial behemoth, has been fast to pick up on all of the latest developments in the blockchain, technology, and FinTech worlds. It was the first company to receive SEC approval to establish a Bitcoin Futures ETF in September.

The ProShares Metaverse ETF currently exclusively tracks publicly traded companies, not decentralized crypto metaverse projects. However, if metaverse projects like The Sandbox, Decentraland, and others acquire traction and maturity, we may see a crypto metaverse ETF emerge in the near future.

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