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ProShares to launch metaverse-focused ETF


The management company ProShares has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) with a focus on metaverses. Bloomberg writes about this.

If approved, the ProShares “Metaverse Theme ETF” will repeat the dynamics of the Solactive Metaverse Theme Index (SOMETAV). It consists of companies that provide or use the technologies underlying metaverse-related products and services. Meta Platforms (formerly Facebook), Apple and Nvidia have the largest weight in the index.

According to the publication, the volume of assets under management (AUM) of such thematic ETFs reached $2.2 billion by December 28. Most of them were launched in the fourth quarter of 2021. Thus, the AUM of the largest of them, The Roundhill Ball Metaverse under the “META” ticker, was $916 million.

The first Bitcoin ETF futures

Photo of Bitcoin coin with ETF text Put on wooden floor, Concept Entering the Digital Money Fund.

Recall that in October, the first Bitcoin (BTC) ETF futures from ProShares started trading in the United States.

SEC Chair Gary Gensler stated that ProShares futures are based on a “highly speculative asset class” with all aspects of volatility. He also confirmed the position of the regulator regarding the possible approval of spot ETFs based on the first cryptocurrency.

Applications for the launch of such ETFs have been submitted to the regulator since about 2017. But none of the potential issuers convinced the Commission of the stability of the Bitcoin spot market to manipulation. By the end of November, the instrument occupied 95.5% of the market.

Increasingly pushing into NFT and metaverse

In addition, the filing of ProShares’ metaverse ETF comes at a time when worldwide corporations are increasingly pushing into the metaverse and non-fungible tokens (NFT) sectors.

Metaverses have emerged as one of the most important technology trends for 2021. Amid news that Facebook officially revealed its metaverse plan by rebranding the product to Meta in October.

In an interview with The Verge, Zuckerberg said that Facebook was “the most promising major technology company” in terms of developing blockchain projects.

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