ProShares has revealed a new exchange-traded fund aimed at the metaverse, joining a progressively crowded space that already involves contributions from companies like Subversive Capital and Roundhill Investments.
The ProShares Metaverse ETF (VERS) is aimed to deliver investors exposure to key companies describing the future of digital communications. The fund will follow the Solactive Metaverse Theme Index, which utilizes an analytic technique to track the metaverse investing potential as it grows. The index monitors equities across various industries, from gadget producers to data processors and social networking, gaming, and other digital collaboration platforms.
The new fund has a 0.58% cost ratio and 40 holdings, with mega-cap businesses heading the way. VERS’ top five holdings are APPLE (AAPL) with an 8.34% weighting, Microsoft (MSFT) with a 6.38% weighting, Alphabet (GOOG) with a 6.46% weighting, Meta Platforms (FB) with a 6.35% weighting, and Nvidia (NVDA) with a 6.35% weighting.
“The metaverse might impact society as the internet or the mobile phone, and the investment prospect could be just as alluring. VERS offers investors a different portfolio of innovative companies well-placed to profit from the rapid metaverse growth,” stated Michael L. Sapir, Founder and CEO of ProShares.
“The metaverse has the potential to transform a variety of industries,” said Scott Helfstein, executive director of thematic investing at ProShares. “In the future, anything from a work to time with family could happen in the metaverse, and VERS offers investors with a comfortable way to access the potential growth.”
ProShares introduced the first bitcoin-linked ETF (BITO) in 2021, developing on the company’s long history of product innovation. VERS is the newest addition to ProShares’ increasing lineup of thematic funds. It is straightforward to invest in long-standing, transformational trends such as the growing influence of e-commerce, on-demand services, big data, and nanotechnology. VERS is joining a rapidly growing industry, and it will have to compete for market share with other funds that offer similar Metaverse access.
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