Pro Shares enters the Metaverse

When the U.S. first Bitcoin futures ETF ProShares was launched In October 2021, Proshares saw within the first 20 minutes, investors traded $280 million’s worth of shares. By Tuesday evening the same day, nearly $1 billion worth of shares had changed hands.

Earlier this month the US SEC had approved the ProShares ETF. Yesterday onwards it started trading on the  New York Stock Exchange Arca under the ticker BITO.

In a bid to give investors exposure to Bitcoin, shares tied to its future price rose to $42.15 at one point, representing a 5.4% increase from the initial net asset value of $40. The shares closed at $41.94, representing a 4.85% increase.
ProShares’ VERS ETF tracks the Solactive Metaverse Theme Index, which relies on state-of-the-art algorithms designed to capture the metaverse investment opportunity as it evolves. The index tracks 40 companies spanning a broad range of industries – from device makers to data processers, as well as social media, gaming, and other platforms that facilitate digital interaction. These companies are placing significant stakes in this virtual ground with the hope that its development represents the next phase of the internet.

“The metaverse has the potential to revolutionize a range of industries,” said Scott Helfstein, executive director, thematic investing at ProShares. “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.”

ProShares launched the first bitcoin-linked ETF (BITO) in 2021, building on the firm’s long history of product innovation. VERS is the latest addition to ProShares' growing lineup of thematic funds, which make it easy to invest in long-term, transformational trends such as the increasing influence of e-commerce, on-demand services, big data, and nanotechnology.

ProShares, the asset manager that launched the first bitcoin futures ETF in the US, now has a metaverse ETF as more issuers seek to enter the market segment.

The company, which debuted its Bitcoin Strategy ETF (BITO) in October, had first revealed plans for its metaverse-focused offering in December.

The ProShares Metaverse ETF (VERS) has begun trading on the NYSE Arca, the company announced Thursday. The fund carries an expense ratio of 58 basis points.

“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,” ProShares CEO Michael Sapir said in a statement.

The ETF tracks the Solactive Metaverse Theme Index, which comprises 40 companies. It includes device makers and data processors, as well as social media and gaming platforms.


Apple is the ETF’s top holding, at about 8%, followed by Alphabet, Microsoft, Meta Platforms (formerly Facebook) and NVIDIA.

“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,” said Scott Helfstein, ProShares’ executive director of thematic investing.

VERS joins Roundhill Investments’ Metaverse ETF (METV); Exchange Traded Concepts’ Fount Metaverse ETF (MTVR); and Subversive Capital’s Metaverse ETF (PUNK). The latter offering, unlike its competitors, includes a short position to Facebook parent company Meta Platforms.

METV launched last June and has grown to $726 million in assets, according to Roundhill’s website. MTVR and PUNK, which launched in October and January, respectively, have roughly $10 million in combined assets.

Lara Crigger, managing editor of ETF Trends and ETF Database, said in January the metaverse is “a little thin on the ground when it comes to investability.”

The Roundhill fund has returned -30% year to date, as of March 15, according to FactSet data.