ProShares is looking to list an exchange-traded fund (ETF) that tracks the performance of the Solactive Metaverse Theme Index, Blockworks reported.
Dubbed as the Solactive Metaverse Theme Index, the fund will have holdings in stocks such as Apple, Meta, Unity, and Nvidia. It will give a score to each stock, which will reflect its exposure to the Metaverse industry.
ProShares said it will review each company, and firms that do not have relevant business exposure will be excluded from the fund. The remaining companies are then ranked based on their respective scores.
The fund will compete with other metaverse ETFs such as the Evolve Metaverse ETF, and Horizon’s Global Metaverse Index ETF, which also tracks the Solactive Global Metaverse index.
A Bloomberg Intelligence note found that global metaverse revenue could hit as much as $800 billion in 2024. AAPL is down 0.41%, META down 1.24%, U down 1.55%, and NVDA down 2.50%.