ProShares has filed an application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) focused on the metaverse.
- In a filing Wednesday, ProShares said the “Metaverse Theme ETF” would track the performance of the Solactive Metaverse Theme Index, which includes companies exposed to the metaverse industry.
- The index will give the ETF exposure to U.S. companies listed on the New York Stock Exchange (NYSE) or the Nasdaq that meet certain market capitalization and liquidity requirements, ProShares said.
- The Solactive Metaverse Theme Index includes tech giants including Apple, Microsoft, Intel, Meta Platforms (formerly Facebook) and Nvidia.
- The metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. The concept has fueled a rush of investment in recent months.
- Growth of interest in the metaverse has sparked a flurry of focused ETFs. ProShares’, if approved, will join four in South Korea, two in Canada and the Roundhill Ball ETF that launched in June and trades on the NYSE.
- In October, Subversive Capital Acquisition, a special purpose acquisition company (SPAC), filed an application with the SEC for a metaverse ETF investing in the stocks of companies that provide services and products that support the infrastructure and applications of the metaverse.
- Also in October, ProShares became the first firm to win SEC approval for a bitcoin futures ETF, which trades under the ticker “BITO” on the NYSE.
Read more: ProShares Bitcoin Futures ETF to Start NYSE Trading on Tuesday