ProShares, the company that launched the first Bitcoin Exchange Traded Fund (BTC) in the U.S., is jumping into the Metaverse with plans to launch a new ETF focused on it.
ProShares filed with the U.S. Securities and Exchange Commission for a Metaverse-focused ETF called the ProShares Metaverse Theme ETF. Subject to SEC approval, the proposed ETF tracks the performance of the Solar Metaverse (SOMETAV) Subject Index, made up of companies providing or using technologies related to Metaverse, including data processing units and Metaverse, per the ETF prospectus.
The index includes U.S. companies listed on the New York Stock Exchange or NASDAQ and meets certain market capitalization and liquidity requirements, ProShares reported. In addition, electronic giants such as Apple and Nvidia and social media giants such as Meta, formerly Facebook, are reported as significant index components.
The ProShares Metaverse ETF is being applied as global companies increasingly participate in the Metaverse and non-financial token (NFT) industries.
On November 29, two Canadian companies, Evolve Funds Group and Horizons ETFs Management, started trading the Meta Universe ETF on the Toronto Stock Exchange. Similar to the ProShares Metaverse-themed ETF, the Horizons Global Metaverse Index ETF tracks SOMETAV.
The Metaverse is becoming one of the biggest tech trends in 2021 as Facebook officially announced its metaverse strategy and renamed the product to Meta in October. The Metaverse concept is based on a virtual online environment with multiple functions, including communication, gaming, digital collectibles, and NFT trading, and attending events, simplified using existing devices or virtual and augmented reality headsets.
According to a study by Reports and Data, the global metaverse market is expected to grow from $48 billion in 2020 to $872 billion in 2028, at a CAGR of 44%.
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