New ProShares Metaverse ETF to track Apple, Meta, Nvidia

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ProShares, the first company in the United States to launch a Bitcoin (BTC) exchange-traded fund (ETF), is entering the metaverse as it now plans to launch a new ETF focused on the metaverse.

ProShares filed a metaverse-focused ETF called ProShares Metaverse Theme ETF with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

Subject to SEC approval, the proposed ETF will track the performance of the Solactive Metaverse Thematic Index (SOMETAV), comprised of companies providing or using metaverse-related technologies, including data processing and devices. metaverse, says the ETF prospectus.

The index includes U.S. companies listed on the New York Stock Exchange or the Nasdaq Stock Market and meeting certain market capitalization and liquidity requirements, ProShares said. Electronics giants like Apple and Nvidia as well as social media like Meta Platforms, or the old Facebook, are said to be among the main constituents of the index.

ProShares’ ETF metaverse repository comes as global companies increasingly venture into the metaverse and non-fungible token (NFT) industry.

On November 29, two Canadian companies, Evolve Funds Group and Horizons ETFs Management, began trading their Metaverse ETFs on the Toronto Stock Exchange. Similar to the ProShares Metaverse Theme ETF, the Horizons Global Metaverse Index ETF tracks SOMETAV.

Related: Virtual lands in the Metaverse have dominated NFT sales over the past week

Metaverse is increasingly becoming one of the biggest tech trends in 2021 as Facebook officially announced its metaverse strategy by renaming its product to Meta in October. The concept of the Metaverse is based on an online virtual environment offering a wide range of functions such as communication, gaming, trading digital collectibles and NFT, attending events and more, facilitated via devices. common or virtual and augmented reality headsets.

According to a study by Reports and Data, the global metaverse market was worth $ 48 billion in 2020 and is expected to grow to $ 872 billion in 2028, posting revenue at the compound annual growth rate of 44%.