Metaverse heats up as ProShares launches the latest ETF
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ProShares has unveiled a new exchange traded fund aimed at the metaverse, joining an increasingly crowded space that already includes offerings from firms like Subversive Capital and Roundhill Investments.
The ProShares Metaverse ETF (VERS) is intended to provide individuals access to pivotal businesses that are shaping the next frontier of digital interactions. 
The fund will track the Solactive Metaverse Theme Index, which uses an algorithmic approach meant to capture the metaverse investment opportunity as it evolves. The index tracks stocks that span a broad range of market segments from device makers to data processers and social media, gaming, and other platforms that facilitate digital interaction. 
The new fund has an expense ratio of 0.58% and has 40 holdings, led by mega-cap names. The top five holdings for VERS are APPLE (AAPL) weighted at 8.34%, Alphabet (GOOG) at 6.46%, Microsoft (MSFT) at 6.38%, Nvidia (NVDA) at 6.35%, and Meta Platforms (FB) weighted at 6.35%.
âThe 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,â said Michael L. Sapir, ProShares Founder and CEO. âVERS provides investors with a diversified basket of innovative companies that are positioned to potentially benefit from the metaverseâs rapid rise.â
Scott Helfstein, executive director of thematic investing at ProShares, stated: âThe metaverse has the potential to revolutionize a range of industries,â Helfstein continued with: âIn 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.â
VERS is entering a rapidly growing space and will have to compete for market share with other funds that offer similar access to the Metaverse. Two examples are the Roundhill Ball Metaverse ETF (NYSEARCA:METV) and the Subversive Metaverse ETF (BATS:PUNK). See below the year-to-date chart of both METV and PUNK: