ProShares Filed For A Metaverse ETF Launch With The SEC

ProShares filed for a metaverse ETF launch with the US SEC after launching the first BTC futures-backed ETF as we are reading more in our latest cryptocurrency news today.

The first American company which launched a futures-backed Bitcoin exchange-traded fund in the US pivoted to the metaverse now. If it gets approved by the SEC, the ETF will track the performance of the Solactive Metaverse Theme Index. As per the recent filing with the US SEC, the new fund comes by the name ProShares Metavese Theme ETF.

ProShares filed for a metaverse ETF launch and if approved, it will be based on the SOMETAV index and consists of companies providing services around the metaverse or employing this type of technology. Some prominent examples of these companies include tech giants Apple, Nvidia, and META formerly known as Facebook. Proshares is the latest entity that is looking to jump on the emerging Metaverse space and not so long ago, the world’s biggest asset management company Grayscale Invesemtns predicted that the industry will be soon valued at more than $1 trillion.

Haim Israel who is a strategist at Bank of America believes that the Metaverse can boost the crypto industry to another level and added that it could cause the digital assets to start getting employed widely for financial transactions. Todd Rosenbluth who is the director of ETF and Mutual Fund Research at CFRA expects the Metaverse universe to keep on growing:

“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’ biggest success came with the launch of the first futures Bitcoin strategy ETF in the USA and the financial product under the ticker BITO will trade on the New York Stock Exchange at the end of October.

As recently reported, ProShares’ first Bitcoin ETF wants to get an exemption from the trading restrictions and many believe it is growing too fast for the Chicago Mercantile Exchange. Less than a week after the launch, ProShares’ first bitcoin ETF wants to change the way it runs the new futures ETF. ProShares CEO Michael Sapir said that Barron’s first company filed for an exemption from trading limits at the Chicago Mercantile Exchange where it buys futures contracts for its Bitcoin ETF and that ProShares will request permission to invest in other kinds of derivatives contracts.