ProShares, the first U.S. company to launch a Bitcoin (BTC) exchange-traded fund (ETF), is diving into the metaverse as it now plans to launch a new metaverse-focused ETF.
On Tuesday, ProShares filed with the US Securities and Exchange Commission for a metaverse-themed ETF called the ProShares Metaverse Theme ETF.
Subject to approval by the Securities and Exchange Commission (SEC), the proposed ETF will track the performance of the Solactive Metaverse Thematic Index (SOMETAV), which consists of companies that provide or use metaverse-related technologies, including computing devices and metaverses. is a potential ETF.
ProShares says the index includes US companies listed on the New York Stock Exchange or Nasdaq and meets certain market capitalization and liquidity requirements. Electronics giants such as Apple and Nvidia, as well as social networks such as Meta, formerly known as Facebook, are considered to be among the major components of the index.
The ProShares ETF metaverse file comes as global companies are increasingly entering the non-fungible (NFT) token industry.
On November 29, two Canadian companies, Evolve Funds Group and Horizons ETFs Management, began trading their metaverse ETFs on the Toronto Stock Exchange. Like the ProShares Metaverse Theme ETF, the Horizon Global Metaverse Index ETF tracks SOMETAV.
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The Metaverse is increasingly becoming one of the biggest tech trends in 2021, and Facebook officially announced its Metaverse strategy with the rebranding of the Meta product in October. The concept of the metaverse is based on a virtual online environment with a wide range of functions such as communication, gaming, trading in digital collectibles, NFTs, attendance at events, and more facilitated with standard equipment or virtual and augmented reality headsets.
According to a study by Reports and Data, the global metaverse market was valued at $48 billion in 2020 and is expected to reach $872 billion by 2028 at a compound annual growth rate of 44%.
