ProShares Expands Innovation Fund Portfolio with Metaverse-Themed ETF

US exchange-traded funds issuer ProShares has launched a metaverse ETF, expanding its fund lineup in the rapidly evolving technology sector.
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Quick take:

  • ProShares has launched a metaverse ETF (VERS).
  • The US exchange-traded funds issuer said the fund is intended to give investors access to leading companies in the frontier space. 
  • ProShares is expanding its innovative fund lineup in the rapidly evolving technology sector.

ProShares is expanding its investment in innovation-themed products with a new ETF. The US exchange-traded funds issuer has launched a metaverse ETF (VERS) to give investors access to leading companies in the next frontier of digital interactions.

Commenting on the launch, Michael L. Sapir, ProShares Founder and CEO said “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.”

“VERS provides investors with a diversified basket of innovative companies that are positioned to potentially benefit from the metaverse’s rapid rise,” he added.

The ProShares VERS ETF will track the Solactive Metaverse Theme Index, which uses an intuitive algorithm, strategically tracking companies that invest in the rapidly evolving Web3 industry. 

The index tracks 40 companies spread across several segments of the industry including device makers and data processers, as well as social media, gaming, and other platforms that facilitate digital interaction.

The companies represent leading players in the various segments they are involved in, playing a key part in shaping the next iteration of the internet. 

Scott Helfstein, executive director, thematic investing at ProShares thinks the metaverse has the potential to bring change to several industries. 

“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,” he said.

ProShares opened the floodgates for more crypto/Web3 linked ETFs last year when it launched the world’s first-ever Bitcoin Futures ETF (BITO). Since, companies like Defiance have launched NFT-focused ETF, dubbed (NFTZ), while last week, ETC Group announced the EU’s first metaverse ETF, which debuted this Tuesday.

Exchange-tarded funds provide investors with a balanced option to invest in fragile markets, helping them to reduce the risk of exposure. Unlike stock indexes, ETFs pay dividends allowing investors to earn income from their investments without cashing out.

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