ProShares Aims to Launch ETF Focused on Metaverse
Main page News, US, Apple, Facebook, Metaverse

ProShares, an issuer of exchange-traded funds, has filed with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) with a focus on the metaverse. According to Bloomberg, the so-called ProShares Metaverse Theme ETF will follow the dynamics of the Solactive Metaverse Theme Index, which includes companies that provide or use the technologies underlying metaverse-related products.

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The largest weight in the index belongs to Apple, Meta Platforms (former Facebook) and NVIDIA. According to reports, the volume of assets under the management of such thematic ETFs reached $ 2.2 billion by December 28. Todd Rosenbluth, Director of Research for mutual funds and ETFs at CFRA, said:

"I do not know if the metaverse theme has legs, but investors believe in it. Given the success of the ETF META, we are likely to see more products come to market that offer a unique twist on this long-term theme."

Coinbase Reveals Approach to Metaverse with ENS

As iHodl earlier reported, Facebook's parent company Meta is aiming for "deep compatibility" with blockchain, crypto and NFTs. The social network giant is particularly planning to target a deep compatibility with the blockchain technology, as per Andrew Bosworth, Meta's upcoming Chief Technology Officer.

Bosworth also added that the company should develop new ways to develop products related to non-fungible tokens (NFTs) and decentralized organizations (DAOs). However, he added Meta's employees not to overcorrect by only relying on decentralization.

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