ProShares is seeking approval from the SEC to launch the Metaverse ETF

ProShares, the first U.S.-based company to launch Bitcoin ETF, is now exploring the Metaverse area planning to launch an exclusive Metaverse ETF.

ProShares on Tuesday filed with the U.S. Securities and Exchange Commission (SEC) to seek approval to launch the ProShares Metaverse Theme ETF, an ETF that will track the Solactive Metaverse Theme Index which includes companies associated with metaverse technology.

ProShares Metaverse ETF

The request further contained details related to the Solactive Metaverse Theme Index (SOMETAV) that ProShares intends to monitor once it receives approval from the SEC. The SOMETAV index consists of companies and companies that use or apply Metaverse technology in the form of data processing or metaverse devices.

The index includes U.S. companies listed on the New York Stock Exchange or Nasdaq that meet specific market capitalization and liquidity requirements, ProShares adds. The index also includes prominent companies such as Apple, Meta, Microsoft, Intel and Nvidia

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

Great popularity of Metaverse

ProShare’s decision to launch Metaverse ETF comes amid growing concept popularity attracting huge influx funds these past few months. Recently two Canadian companies, Evolve Funds and Horizons ETF management began trading their Metaverse ETFs on the Toronto Stock Exchange, proving that the concept is gaining steady momentum.

Concept of Metaverse, in general, involves a world of virtual interactions. It can best be described as an ecosystem that hosts a variety of digital functionalities such as impressive gaming experiences, trading NFTs and digital collectibles, and allows users to conduct or attend special events and activities in their digital avatars using virtual and augmented reality devices. .

According to a report Crypto Diva Grayscale, the metaverse is a potential market of $ 1 trillion and is called a “huge opportunity” for crypto companies looking forward to consolidating their niche in this particular sector.

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