Global X Latest ETF Issuer to Test Out the Metaverse
- The proposed fund would primarily invest in securities within a Global X-developed index
- Planned ETF joins similar products recently filed by First Trust, ProShares and Fidelity Investments
Exchange traded fund-specialist Global X filed to launch a metaverse fund Friday, becoming the latest fund issuer dabbling in the digital space.
The New York-based firm’s Metaverse ETF will primarily invest in the securities of its own metaverse index, which consists of companies positioned to benefit from the development and commercialization of the metaverse, according to the regulatory filing.
Global X defines the metaverse as “a set of virtual, three dimensional, real-time rendered spaces and simulations that can be experienced simultaneously by users regardless of the users’ physical location.”
The document did not indicate a ticker or expense ratio.
A Global X spokesperson did not immediately return a request for comment.
Global X has about 90 ETFs trading in the US, with combined assets of roughly $40 billion. It launched its Blockchain ETF (BKCH) in July, which has grown to about $85 million in assets.
The firm also brought to market its Blockchain & Bitcoin Strategy (BITS) in November. Unlike other bitcoin futures-based products launched in October by ProShares and Valkyrie Investments, BITS invests in both bitcoin futures contracts and stocks of blockchain companies.
Global X’s proposed fund joins others recently filed by First Trust, ProShares and Fidelity Investments.
Metaverse ETFs available in the US include Roundhill Investments’ Roundhill Ball Metaverse ETF (META), which leads the segment with $820 million in assets, and Subversive Capital’s Metaverse ETF (PUNK), which launched last week.
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Ben StrackBen Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence, and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism.
