ProShares submits application for metaverse-focused ETF

ProShares submits application for metaverse-focused ETF

ProShares, the first asset management firm to list Bitcoin futures ETF in the United States, once again plans to list an ETF never offered by others.

According to documents submitted to the US SEC on December 29, the asset manager is seeking to offer a metaverse ETF. Called the ProShares Metaverse Theme ETF, it will track the performance of the Solactive Metaverse Theme index, an index that includes companies that utilize or provide metaverse related technologies.

The companies must be listed on the New York Stock Exchange or the Nasdaq, and are required to meet certain market capitalization and liquidity requirements. Tech giants such as Apple, Microsoft, Meta (formerly Facebook), Amazon, and Intel are included in the index.

“The Fund attempts to achieve its investment objective by investing all, or substantially all, of its assets in the component securities of the Index. The Fund employs various investment techniques that ProShare Advisors believes should, in the aggregate, simulate the movement of the Index,” the company said in the filing.

It’s no surprise that ProShares wants to file for a metaverse ETF. Metaverse-related stocks have recorded tremendous growth in the previous year, including coins of companies like The Sandbox, Gala Games, and Decentraland.

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