ProShares to Launch New Metaverse ETF Tracking Industry Heavyweights Meta, Apple, and Nvidia

Tanvir Zafar
Updated: Dec 30, 2021, 10:35 GMT+00:00

ProShares is diving into metaverse as it now plans to launch a new metaverse-focused ETF.

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ProShares, an investment firm renowned for launching the Bitcoin Futures ETF in the U.S., has now set its sights on the fast-evolving Metaverse universe.

In a December 28 filing with the U.S. Securities and Exchange Commission (SEC), ProShares declared its intention to launch a new metaverse-focused ETF. Dubbed the ‘ProShares Metaverse Theme ETF,’ the product will focus on tracking the Solactive Metaverse Theme Index (SOMETAV).

The index reflects the performance of multiple public companies offering metaverse-related products and services. It features some top-weighted stocks such as Apple, Meta, and Nvidia.

SOMETAV also tracks the performance of companies operating in online gaming, the creative economy, and the manufacture of metaverse-related devices such as V.R. headsets.

The ETF prospectus from ProShares highlights the growing popularity of the metaverse, an online virtual world that has become a key buzzword in recent months.

Big Companies Are Jumping on the Metaverse Train

The rapidly evolving metaverse trend has attracted some big names over the past few months. In October, social media giant Facebook rebranded to Meta, citing its ambition to create a virtual environment offering gaming and NFT trading features.

More recently, several prominent asset managers have decided to capitalize on the booming metaverse sector, which analysts from Reports and Data estimate could hit $872 billion in 2028.  Last month, metaverse appetite hit new heights as two Canadian firms launched two ETF products based on the emerging virtual world on the same day.

Meanwhile, the Roundhill Ball Metaverse has enjoyed tremendous success with the launch of its ETF, drawing in a staggering $916M from investors since June. Proshares now looks set to become the latest entity to join the metaverse sector, assuming financial regulators green light their ETF filing.

Metaverse: The Next Big Tech Platform

Per a recent Bloomberg report, the metaverse industry has reached $2.2 billion in a few months and is estimated to become an $800B industry. Some analysts view the metaverse as the next big tech platform that could propel the crypto industry to new heights.

The metaverse creates an online 3-D virtual environment that merges virtual, augmented, and physical realities into one immersive platform. The emerging world promises to transform virtual social experiences, e-commerce, gaming, NFT trading, and much more.

One expert points to recent developments in the metaverse universe as a sign that the sector is well primed to evolve and grow. Todd Rosenbluth, the director of ETF research at CFRA, told Bloomberg:

“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.”

About the Author

Tanvir Zafarcontributor

Tanveer Zafar is a independent crypto journalist. He is passionate in covering topics about Blockchain, Cryptocurrency and Markets. He has five years of writing experience in these areas of interest. You can find his pieces featured on FXStreet, Benzinga, Investing and many more finance magazines. Tanveer has done his BS in Software Engineering at GC University. Previously, he has worked as a banker.

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