ProShares, the first company in the US to launch a Bitcoin Futures Exchange Traded Fund (ETF), is participating in the Metaverse through a new ETF.
ProShares on Tuesday Submit Filings of a Metaverse-focused ETF with the United States Securities and Exchange Commission (SEC), called the ProShares Metaverse Theme ETF.
The proposed ETF will track the performance of the Solactive Metaverse Theme Index (SOMETAV), which includes companies that provide or use Metaverse-related technologies such as computing and Metaverse devices.
The index includes US companies that are listed on the New York Stock Exchange or Nasdaq Stock Exchange and that meet certain market capitalization and liquidity requirements, ProShares said. Giants like Apple and Nvidia as well as social media giants like Meta Platforms (formerly Facebook) are said to be among the top components of the index.
The proposal comes as global corporations increasingly move into the Metaverse and NFT industries.
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.
Metaverse is rapidly emerging as one of the biggest technology trends of 2021 as Facebook officially announced its Metaverse strategy in October by renaming its products to Meta. The concept of Metaverse is based on Metaverse on an online virtual environment in which multiple functions such as communication, games, selling digital and NFT collectibles, attending events, etc. are enabled through conventional devices or headsets Virtual Reality.
According to a study by Reports and Data, the global Metaverse market is worth $ 48 billion in 2020 and is projected to reach $ 872 billion by 2028, achieving sales with an average annual growth rate of 44%.