- ProShares is seeking SEC approval to launch a metaverse-focused ETF.
- If approved by regulators, the proposed fund will track the performance of companies like Apple and Meta.
- Two Canadian firms listed metaverse ETFs on the Toronto Stock Exchange in November.
ProShares, the first investment firm to offer a bitcoin-linked exchange-traded fund in the US. Is looking to launch a metaverse ETF, according to a Securities and Exchange Commission filing published Tuesday.
It will track the performance of the Solactive Metaverse Theme index. In addition includes companies interested in the adoption and use of metaverse-related technology. If regulators allow it, according to the petition.
According to ProShares, the index consists of US companies listed on the New York Stock Exchange or the Nasdaq that meet certain market capitalization and liquidity requirements. Moreover its assets include Apple, Amazon, Meta, Nvidia, and Activision Blizzard.
The term “internet-based interactions, engagements, and transactions made in immersive, persistent, and shared virtual or physical spaces”. In addition according to the company, refers to “internet-based interactions, engagements, and transactions made in immersive, persistent. And shared virtual or physical spaces.”
Excitement has been building around the potential of the metaverse
The metaverse, a futuristic virtual landscape. Which pieces of land have sold for millions of dollars, has been generating a lot of buzz. According to Morgan Stanley, the metaverse holds a $8 trillion opportunity in the United States.
Microsoft and Bumble, for instance, are working on creating digital worlds which use blockchain technology to create settings for cryptocurrencies that will meet their needs. High-profile backers from traditional finance, such as Alan Howard, and tech natives. Such as Masayoshi Son and Justin Sun, are betting heavily on the metaverse as they see younger generations doing so as well..
According to Bloomberg, global metaverse-focused ETF assets have increased to $2.2 billion as of December 28. With the majority of funds launching in the last quarter alone. Evolve Funds and Horizons ETF Management, both based in Canada, were the first to list their metaverse ETFs on the Toronto Stock Exchange late last month.
Like the ProShares ETF, Horizons’ fund tracks the Solactive Metaverse Theme index
ProShares is one of just a few organizations in the United States that has been permitted to trade a bitcoin ETF based on futures. Its Bitcoin Strategy ETF was the first to surpass $1 billion in assets under management, doing so in just two days of trading.
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