After Bitcoin Futures ETF Launch, ProfessionalShares Plans Metaverse Fund
Key Takeaways
ProfessionalShares has filed an utility for a Metaverse-themed ETF with the SEC.
If authorized, ProfessionalShares’ ETF will monitor the efficiency of the Solactive Metaverse Theme Index.
ProfessionalShares not too long ago launched the primary Bitcoin futures ETF.
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Following its Bitcoin futures ETF launch, ProfessionalShares is now planning a Metaverse-themed fund.
ProfessionalShares Requests Metaverse ETF
ProfessionalShares, the funding administration agency that not too long ago launched the primary Bitcoin futures ETF, has filed an utility for a Metaverse-themed ETF.
The new product is titled “Metaverse Theme ETF.” If the agency’s utility is authorized by the SEC, the product will let American traders get publicity to public firms working within the Metaverse house.
“The Metaverse” refers to a future iteration of the Internet, the place customers will have the ability to join with others, play video games, earn tokens, and extra inside immersive digital worlds. It’s usually used interchangeably with “Web3” as crypto fans imagine that blockchain know-how will underpin the Internet of the longer term. The Metaverse grew to become a dominant theme in crypto after Facebook introduced its rebrand to Meta again in October.
ProfessionalShares is hoping to experience on the success of the Metaverse narrative with its proposed fund by monitoring the efficiency of a basket of property chosen by the German Index supplier Solactive. The index contains publicly listed companies that present a wide range of providers for the Metaverse sector, together with information processing, digital infrastructure, gaming, funds, and digital actuality units. Apple, Meta, and Nvidia are the top-weighted firms. The utility follows Proshares’ broadly publicized Bitcoin futures’ ETF launch, which went reside on the New York Stock Exchange on Oct. 19.
ProfessionalShares is just not the primary agency to supply an ETF concentrating on the Metaverse. In June, Roundhill Ball Metaverse ETF launched the same exchange-traded fund that holds roughly $903 million in property beneath administration. Mirae’s Tiger Metaverse and Samsung’s Kodex Metaverse each launched in South Korea, whereas two ETFs monitoring the Solactive index are reside on the Toronto Stock Exchange in Canada.
The Solactive index doesn’t function any blockchain-native tasks, however that could be as a result of essentially the most outstanding Metaverse tasks in crypto are neither managed by publicly listed companies nor supervised by monetary regulators just like the SEC. However, that hasn’t stopped the sector from booming: GameFi tasks like Decentraland and The Sandbox have seen their native tokens soar since Facebook’s Meta announcement, whereas main crypto firms like Enjin, KuCoin, and Solana Ventures have introduced nine-figure funds devoted to constructing out the Metaverse.
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