ProShares, the first U.S. company to launch an exchange-traded fund (ETF, for its acronym in English) of Bitcoin (BTC), dives into the metaverse, as it now plans to launch a new ETF focused on the metaverse.
ProShares filed a metaverse-focused ETF with the U.S. Securities and Exchange Commission on Tuesday, dubbed the ProShares Metaverse Theme ETF..
Subject to SEC approval, The proposed ETF will track the performance of the Solactive Metaverse Theme Index (SOMETAV), comprised of companies that provide or use metaverse-related technologies, including data processing and metaverse devices, says the ETF brochure.
The index includes US companies that are listed on the New York Stock Exchange or the Nasdaq stock market and that meet certain market capitalization and liquidity requirements.ProShares said. Electronics giants like Apple and Nvidia, as well as social media like Meta, formerly Facebook, are reportedly among the top members of the index.
ProShares metaverse ETF introduction comes as global companies are increasingly venturing into the metaverse and non-fungible token sector (NFT).
On November 29, two Canadian companies, Evolve Funds Group and Horizons ETFs Management, began trading their metaverse ETFs on the Toronto Stock Exchange.. Like the ProShares Metaverse Theme ETF, the Horizons Global Metaverse Index ETF follows SOMETAV.
Metaverses have increasingly emerged as one of the biggest tech trends in 2021, amid the official announcement by Facebook of its strategy for the metaverse by renaming its product to Meta in October. The metaverse concept is based on a virtual online environment that offers a wide range of functions, such as communicating, gaming, trading digital and NFT collectibles, attending events and other features., facilitated through common devices or virtual and augmented reality headsets.
According to a study by Reports and Data, the global metaverse market was worth $ 48 billion in 2020 Y expected to reach $ 872 billion in 2028, registering revenue with a compound annual growth rate of 44%.
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