ProShares Files With the SEC for a Metaverse ETF Amid Growing Craze

ProShares Files With the SEC for a Metaverse ETF Amid Growing Craze

As per the Tuesday filing with the U.S. Securities and Exchange Commission (SEC), financial giant ProShares has filed for a Metaverse ETF. It looks like ProShares wants to take the first-mover advantage as the Metaverse theme has been picking up really fast after Facebook’s successful rebranding to Meta.

Upon approval, the ProShares ETF will track the performance of the Solactive Metaverse Theme Index. The index basically consists of companies that provide and use technologies offering products and services relating to metaverse. This includes companies involved with metaverse devices and data processing. Some of the top weightages of the index include giants like Apple Inc, Nvidia Corp, and Meta Platform Inc.

As per Bloomberg, the global Metaverse ETFs have surged to $2.2 billion as of Dec. 28. A majority of the ETFs have been launched just over the last quarter. Last month, two Metaverse ETFs launched in Canada in a single day. Since the launch earlier on June 30, the Roundhill Ball Metaverse (META) has now close to $1 billion in assets under management. Todd Rosenbluth, director of mutual fund and ETF research at CFRA 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 Had A Strong 2021

Financial giant ProShares has been very quick enough to capture all the latest trends taking place in the blockchain, technology, and FinTech space. In September, it became the first company to win approval from the U.S. SEC to launch a Bitcoin Futures ETF.

Currently, the ProShares Metaverse ETF is only tracking public listed corporations and not any decentralized crypto metaverse projects. However, as metaverse projects like The Sandbox, Decentraland, and others get stronger and gain maturity, we might see a crypto metaverse ETF coming soon.

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