The first American company that launched a futures-backed Bitcoin Exchange-Traded Fund in the United States has turned its sight towards the Metaverse space. If approved by the SEC, the ETF will track the performance of the Solactive Metaverse Theme Index (SOMETAV).
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- According to a recent filing with the US Securities and Exchange Commission (SEC), the Exchange-Traded Fund comes by the name The ProShares Metaverse Theme ETF.
- Assuming the American financial regulator greenlights the product, it will be based on the SOMETAV index. It consists of companies providing services around the Metaverse or employ this type of technology.
- Prominent examples of such firms are the tech giant – Apple, the GPUs manufacturer – Nvidia, and the leading social platform – Meta (formerly known as Facebook).
- ProShares is the latest entity seeking to jump on the emerging Metaverse space. Not long ago, the world’s largest digital asset management firm – Grayscale Investments – predicted that the industry would soon be valued at over $1 trillion.
- In addition, Haim Israel – a strategist at Bank of America – believes the Metaverse could boost the cryptocurrency industry to another level. He added that it could cause digital assets to start being employed widely for financial transactions.
- Todd Rosenbluth – Director of ETF and Mutual Fund Research at CFRA – also expects the Metaverse universe to keep evolving:
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“I don’t 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.”
- ProShares’ most significant success this year is the launch of the first futures Bitcoin Strategy ETF in the USA. The financial product, under the ticker BITO, started trading on the New York Stock Exchange at the end of October.
