ProShares plans to launch a metaverse-focused ETF

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2021-12-30 22:25:10

According to a December 28 filing with the U.S. Securities and Exchange Commission (SEC), investment firm ProShares is planning to launch an ETF into the metaverse.

ProShares plans to launch a metaverse-focused ETF

The ProShares Metaverse Focused ETF will be called the ProShares Metaverse Theme ETF. If approved, the fund will track the price performance of the Solactive Metaverse Theme index.

The index includes companies that provide or use technology to deliver products and services around the metaverse, such as data processing and virtual reality devices. The index’s top weights include the industry’s most prominent players including Apple, Meta (formerly Facebook) and Nvidia Corp.

ProShares is the latest representative looking to capitalize on the very explosive metaverse trend at the moment. From the big traditional companies like Meta, Microsoft, Nike, adidas or the Big4 giant PwC to the pioneering platforms in the industry, for example Coinbase are actively pushing into the field. Even on the other side of the globe, thousands of Chinese companies are flocking to the metaverse despite the ongoing crackdown.

– See more: What is the reason that the metaverse can become a trillion dollar market in the next few years?

As of December 28, the global metaverse ETF assets have grown to $2.2 billion with most ETFs launched only in the last quarter. Since its launch on June 30, the Roundhill Ball Metaverse (META) fund has grown to $916 million in assets under management. Meanwhile, Canada has recorded two metaverse ETFs launched in a single day in mid-November.

However, the Metaverse Theme ETF product will close a successful 2021 and usher in a new chapter for ProShares in 2022. ProShares has become the first company to win SEC approval to launch a Bitcoin-based ETF. on US-based futures, the ProShares Bitcoin Strategy ETF (BITO).

The fund launched as the second most-traded ETF in history, with $1 billion in trading volume on its first day of launch, being the main catalyst driving Bitcoin’s price to an ATH at $69,000. Currently, the record held by BITO has not been beaten, as Valkyrie and VanEck’s Bitcoin ETF followed by The Valkyrie Bitcoin Strategy ETF (BTF) and VanEck’s Bitcoin Strategy ETF (XBTF) have not been particularly impressive. .

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