The ProShares company has submitted its application to the Securities and Exchange Commission (SEC) for a new metaverse ETF.
ProShares is the first business in the United States to provide a bitcoin exchange-traded fund (ETF) based on futures contracts. Apparently, the company also plans to explore the metaverse to its fullest potential. ProShares has applied to the Securities and Exchange Commission (SIC) to establish a metaverse exchange-traded fund (ETF). This product will keep track of the Solactive Metaverse Theme Index findings if authorised by the Securities and Exchange Commission.
ProShares makes its foray into the metaverse.
The Securities and Exchange Commission (SEC) filing states that this fund will be known as “ProShares Metaverse Theme ETF”. If the US financial authority approves, this product will be based on the SOMETAVindex. It comprises businesses that offer services in the metaverse or utilise this technology.
Examples of such firms include the technological behemoth Apple, the manufacturer of graphics processing units (GPUs) Nvidia, and the primary social networking site Facebook.
ProShares is the most recent company to join the young metaverse industry. Grayscale Investments, the world’s biggest digital asset management business, estimated not long ago that the sector will eventually be valued at more than $1 trillion.
Additionally, Haim Israel, a Bank of America analyst, believes the metaverse can push the bitcoin sector forward. According to him, this new subsector has the potential to accelerate the use of digital assets in financial transactions.