ProShares seeks to launch a Metaverse ETF tracking Apple, Meta, Nvidia

ProShares, the first US-based company to launch a Bitcoin ETF, is now planning to launch an exclusive Metaverse ETF. ProShares Metaverse ETF will track the performance of the Solactive Metaverse Theme Index, which includes prominent tech firms such as Apple and Nvidia.

On Tuesday, ProShares filed with the US Securities and Exchange Commission (SEC) to seek approval to launch a ProShares Metaverse Theme ETF, an ETF that will track the Solactive Metaverse Theme Index, which includes firms that are associated with the metaverse technology.

The filing further comprised details related to the Solactive Metaverse Theme Index (SOMETAV) that ProShares intends to track once it receives approval from the SEC. The SOMETAV index consists of firms and companies using or deploying Metaverse technology in the form of data processing or metaverse devices.

The index comprises US companies listed on New York Stock Exchange or Nasdaq that meet specific market capitalization and liquidity requirements, ProShares further added. According to Bloomberg, the index also includes prominent firms, such as Apple, Meta, Microsoft, Intel, and Nvidia.

Once approved, it will allow ProShares to gauge and track the performance of the Solactive Metaverse Theme Index, which consists of companies actively involved in the adoption and usage of metaverse-related technology.

Metaverses have been increasingly emerging as one of the biggest technology trends in 2021 amid Facebook officially announcing its metaverse strategy by rebranding its product to Meta  in October. The concept of the metaverse is based on an online virtual environment featuring a broad range of functions, such as communicating, gaming, trading digital collectibles and NFTs, attending events, and others, facilitated via common devices 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 have reached $872 billion in 2028, posting a revenue at the compound annual growth rate of 44%.