ProShares Metaverse ETF Begins Trading

The fund group’s follow-up to its bitcoin futures ETF joins three other products in the segment

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • The fund’s largest competitor is Roundhill Investments’ Metaverse ETF (METV), which launched last June and has more than $700 million in assets
  • Fund groups First Trust, Fidelity Investments and Global X have filed for similar offerings

ProShares, the asset manager that launched the first bitcoin futures ETF in the US, now has a metaverse ETF as more issuers seek to enter the market segment.

The company, which debuted its Bitcoin Strategy ETF (BITO) in October, had first revealed plans for its metaverse-focused offering in December. 

The ProShares Metaverse ETF (VERS) has begun trading on the NYSE Arca, the company announced Thursday. The fund carries an expense ratio of 58 basis points.

“The metaverse may be as impactful on society as the arrival of the internet or the mobile phone, and the investment opportunity has the potential to be just as compelling,” ProShares CEO Michael Sapir said in a statement.

The ETF tracks the Solactive Metaverse Theme Index, which comprises 40 companies. It includes device makers and data processors, as well as social media and gaming platforms.

Apple is the ETF’s top holding, at about 8%, followed by Alphabet, Microsoft, Meta Platforms (formerly Facebook) and NVIDIA.

“In the not-too-distant future, anything from a work meeting to time with family could take place in the metaverse, and VERS provides investors an easy way to access the potential growth,” said Scott Helfstein, ProShares’ executive director of thematic investing.

VERS joins Roundhill Investments’ Metaverse ETF (METV); Exchange Traded Concepts’ Fount Metaverse ETF (MTVR); and Subversive Capital’s Metaverse ETF (PUNK). The latter offering, unlike its competitors, includes a short position to Facebook parent company Meta Platforms.

METV launched last June and has grown to $726 million in assets, according to Roundhill’s website. MTVR and PUNK, which launched in October and January, respectively, have roughly $10 million in combined assets.

Lara Crigger, managing editor of ETF Trends and ETF Database, said in January the metaverse is “a little thin on the ground when it comes to investability.”

The Roundhill fund has returned -30% year to date, as of March 15, according to FactSet data.

More metaverse ETFs are on the way. Fund groups First Trust, Fidelity Investments and Global X have all filed with the Securities and Exchange Commission to launch funds focused on the space.

ProShares manages roughly $60 billion in assets across about 140 ETFs in the US, according to ETF.com data.

Since BITO’s October launch, during which it gathered about $1 billion in its first day of trading, the fund’s inflows have stalled.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

The Department of Justice and Commodity Futures Trading Commission announced back-to-back lawsuits against KuCoin Tuesday

article-image

Judge Failla found that Coinbase didn’t operate as an unregistered broker in offering its wallet service

article-image

A fund by Laser Digital offers investors exposure to the Polygon network, while a new 21Shares ETP focuses on staking rewards from Toncoin

article-image

Sponsored

The TRON network’s integration into Dune brings a wealth of data and insights to the fingertips of users

article-image

A BTC futures fund offered by Hashdex and Tidal Investments has gotten regulatory clearance to hold bitcoin directly

article-image

At launch, Chain Signatures will be compatible with Bitcoin, Ethereum and Cosmos network chains, as well as DogeCoin and XRP Ledger