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ProShares files with the SEC to launch Metaverse ETF 

Updated: Aug 23, 2024
Published: Dec 29, 2021
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ETF issuer ProShares plans to launch an exchange-traded fund that tracks the Solactive Metaverse Theme Index.

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The Metaverse ETF

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the exchange-traded fund will be called The ProShares Metaverse Theme ETF. The index includes blue chips such as Apple Inc, Meta, and Nvidia. In addition to the larger companies, investors gain exposure to smaller companies that offer or use technologies that are in some way related to the Metaverse concept, including data processing and devices.

ProShares is the latest company to jump into the burgeoning Metaverse space. The metaverse ETF industry has ballooned to $2.2 billion in less than a couple of months. Most of the exchange-traded products associated with the Metaverse concept were just launched in the last quarter of the year. Not long ago, the world's largest digital asset management firm Grayscale Investments, predicted the industry would soon be worth more than $1 trillion.

A different kind of Metaverse Index 

While ProShares's metaverse index is focused on stocks, there have also been index funds in the crypto industry that go by names such as Index Coop, Indexed Finance, PieDAO, and BasketDAO. Index Coop also offers its Metaverse index called Index Coop's Metaverse Index (MVI), an index that tracks crypto assets and protocols building out the virtual world, which is up on the day. Some of the underlying tokens of the index are Axie Infinity, Yield Guild Games, The Sandbox, Decentraland, and Enjin.

The metaverse has increasingly emerged as one of the biggest technology trends in 2021, after Facebook officially announced its Metaverse strategy in October by renaming its product, Meta. The Metaverse concept is based on an online virtual environment with a wide range of features such as communication, gaming, trading of digital collectibles and NFTs, participation in events and others enabled through popular devices or virtual and augmented reality headsets.

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