ProShares is requesting permission from the Securities and Exchange Commission to activate a metaverse exchange-traded fund (ETF) that would try to “track the performance of” businesses engaged in the metaverse. ProShares disclosed the details in an SEC filing that was made public yesterday.
ProShares wants ProShares Metaverse Theme ETF to be the name of its metaverse ETF. ProShares stated in its SEC filing that the fund would try to replicate the performance of the Solactive Metaverse Theme Index.
The metaverse is a blend of physical and computer-based settings that includes “virtual reality, augmented reality, and the internet.” The metaverse is also supposed to have a financial system and allow people to travel to different places.
Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Nvidia (NASDAQ: NVDA), Intel (NASDAQ: INTC), and Meta Platforms (NASDAQ: FB), which was previously known as Facebook, are among the prominent tech companies represented in the index.
Since 2006, ProShares has been launching and managing exchange-traded funds (ETFs). It currently manages several different ETFs. Following the SEC’s approval, ProShares launched a Bitcoin Strategy ETF (NYSEARCA: BITO) in October, claiming to be “the first bitcoin futures ETF to go live in the United States.” The ETF had $1.4 billion in net assets at the end of last month.
The Bitcoin Strategy ETF from ProShares is the “first U.S. ETF designed to provide investors with an easy way to add bitcoin exposure to their portfolios,” according to the company.
The metaverse is attracting a large number of businesses
Roblox (NYSE: RBLX), Niantic, Epic Games, and Decentraland (CCC: MANA-USD) are among the companies attempting to develop the metaverse, in addition to the huge IT corporations mentioned above.
In October, Epic Games CEO Tim Sweeney predicted that the metaverse might become a “multi-trillion-dollar” effort. Meta Platforms, for one, plans to invest a minimum of $10 billion in its metaverse projects by 2021.
Disclaimer: The author has no explicit or implicit holdings in the securities referenced in this article as of the publication date. The writer’s views are expressed in this article, which is subject to the Zumm.org Publishing Guidelines.