The Moment of Truth: Crypto ETFs Give Way to Fanfares of First Metaverse ETF

ProShares Metaverse is creating a new ETF to track Apple, Meta, Nvidia and other metaverse creation candidates. Let's talk about this in more detail.

ProShares is the first company in the U.S. to create its own Bitcoin exchange-traded fund and looks ready to dive into the metaverse now, as their first priority now is to launch a new ETF that focuses on this new technological phenomenon.

Yesterday, December 28, ProShares filed an S-1 memorandum with the US Securities and Exchange Commission (SEC) to apply for a corresponding ETF. If the SEC grants permission, this proposed ETF will track the subject index Solactive Metaverse (SOMETAV), which consists of the member firms that are associated with metauniverses, which will include devices that process data and work with metauniverses.

The index included several U.S. companies that are listed on the New York Stock Exchange and meet a range of market capitalization and liquidity standards. High tech giants such as Apple and Nvidia, as well as Meta Platforms networks, are the main components of the index.

ProShares metaverse ETFs have become highly acclaimed as large companies are increasingly interested in partnering with metauniverses and NFTs.

This week two large Canadian companies, Evolve Funds Group and Horizons ETFs Management, respectively, have started trading metauniverse ETFs on the Toronto Stock Exchange. Just like the ProShares Metaverse ETF, the Horizons Global Metaverse Index ETF tracks SOMETAV.

Metaverse is the biggest tech trend and buzzword of this year with Facebook (FB) having announced the creation of the metaverse while profoundly changing its brand name to Meta. The whole concept of the metaverse is based on an online virtual environment with a fairly wide range of functions: games, trading in digital collectibles and non-fungible tokens, and many other activities.

Experts from the Reports and Data companies estimated the metaverse market at $48 billion, and this solid number will further increase to $872 billion by 2028, according to some projections, at the annual growth rate, CAGR, of around 44%.