ProShares Files for New Metaverse ETF With U.S. SEC

The metaverse is likely going to see an exchange-traded fund from ProShares, according to a Tuesday filing with the U.S. Securities and Exchange Commission (SEC), Bloomberg reported.

The ProShares Metaverse Theme ETF will be tracking the performance of the Solactive Metaverse Theme Index after approval from the U.S. SEC.

The proposed ETF include Apple Inc, Meta Platforms Inc, and Nvidia Corp. weighting the majority of the index percentage as it focuses on companies that provide or use technologies that offer products and services around the metaverse. 

As of Dec 28 global metaverse ETF assets have surged to $2.2 billion and ProShares is among other firms that are seeking to capitalize on the emerging metaverse trend, Bloomberg reported.

“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,” said Todd Rosenbluth, director of mutual fund and ETF research at CFRA.

According to a Bloomberg report, since its June 30 launch, the Roundhill Ball Metaverse (ticker META) has swelled to $916 million assets under management and in November, Canada saw two metaverse ETFs launched in one day.

ProShares became the first firm to win approval from the U.S. SEC to launch a Bitcoin futures ETF in October and the fund debuted as the second-most heavily traded ETF on record.