ProShares has unveiled a new exchange traded fund aimed at the metaverse, joining an increasingly crowded space that already includes offerings from firms like Subversive Capital and Roundhill Investments.
ProShares provide access to pivotal businesses that are shaping the next frontier of digital interactions
The ProShares Metaverse ETF (VERS) is designed to give investors exposure to key companies that are defining the future of digital interactions.
The fund will follow the Solactive Metaverse Theme Index, which employs an analytic technique to track the metaverse investing potential as it develops. The index monitors equities across a wide range of industries, from gadget producers to data processors, as well as social networking, gaming, and other digital interaction platforms.
The new fund has a 0.58 percent cost ratio and 40 holdings, with mega-cap companies leading the way. VERS’ top five holdings are APPLE (AAPL) with an 8.34 percent weighting, Alphabet (GOOG) with a 6.46 percent weighting, Microsoft (MSFT) with a 6.38 percent weighting, Nvidia (NVDA) with a 6.35 percent weighting, and Meta Platforms (FB) with a 6.35 percent weighting.
“The metaverse might have as much of an influence on society as the internet or the mobile phone, and the investment opportunity could be just as appealing,” stated Michael L. Sapir, Founder and CEO of ProShares.
“VERS offers investors a diverse portfolio of creative firms that are well-positioned to profit from the metaverse’s rapid growth.”
The metaverse has the potential to revolutionize a range of industries
“The metaverse has the potential to revolutionize a range of industries,” said Scott Helfstein, executive director of thematic investing at ProShares.
“In the not-too-distant future, anything from a work meeting to time with family could take place in the metaverse, and VERS provides investors with an easy way to access the potential growth.”
VERS is joining a quickly expanding industry, and it will have to compete for market share with other funds that provide similar Metaverse access. The Roundhill Ball Metaverse ETF and the Subversive Metaverse ETF are two examples.