ProShares solicits SEC approval for Metaverse ETF

After its successful Bitcoin ETF launch in the USA, ProShares now files with the Securities and Exchange Commission (SEC) seeking approval for the launch of Metaverse ETF.

Just a few months ago, back in October, Proshares’s application managed to harvest the approval of the SEC for the Bitcoin (BTC) Exchange-Traded Funds (ETF). That was a benchmark in the Crypto-world as it marked the debut of Bitcoin ETFs in the US.

Now, the first American company to launch a futures-backed Bitcoin ETF in the USA has set sail to the Metaverse arena. Considering, that the SEC did not take too long to officialize the Bitcoin ETF, it will not come as a surprise if the Metaverse ETF bags this approval as well. According to recent filings with the SEC, the Exchange-Traded Fund is called The ProShares Metaverse Theme ETF.

According to sources, Haim Israel, a strategist at the Bank of America, believes that Metaverse could boost the cryptocurrency industry to a higher level and that it could cause digital assets to start being employed widely for financial transactions.

ProShares’s Metaverse ETF to track the who’s-who of tech giants

If approved, the ETF will track companies working on Metaverse-themed initiatives, specifically Solactive Metaverse Theme Index (SOMETAV). The SOMETAV Index will consist of companies providing services around the Metaverse or that employ this type of technology, such as Apple, the GPU manufacturer- Nvidia, Meta (formerly known as Facebook), Alphabet, as well as gaming majors Activision Blizzard, EA, and Take-Two, among others.

The above-said companies are the ones that are rumored to be venturing their future business lines into metaverse like a virtual world, 3-D experience, personal avatars, and so on.

ProShare has not verified that the ETF will have any straight visions on Cryptocurrency or non-fungible tokens (NFT) yet, although some of the indexed companies like Twitter and Meta have already acquainted themselves with the Crypto-world.

ProShares is the most recent firm looking to jump into the fast-evolving Metaverse arena. Not very long ago, Grayscale Investments, the world’s largest digital management firm predicted that the industry would soon be worth over $1 trillion.