ProShares, the beginning company in the United States to launch a Bitcoin (BTC) exchange-traded fund (ETF), is diving into the metaverse every bit it now plans to launch a new metaverse-focused ETF.

ProShares on Tuesday filed with the U.S. Securities and Exchange Committee for an ETF focused on the metaverse, chosen the ProShares Metaverse Theme ETF.

Subject to approval by the SEC, the proposed ETF will track the functioning of the Solactive Metaverse Theme Index (SOMETAV), consisting of firms providing or using metaverse-related technologies, including data processing and metaverse devices, the ETF prospectus reads.

The alphabetize includes U.S. companies that are listed on the New York Stock Exchange or The Nasdaq Stock Marketplace and meets certain market capitalization and liquidity requirements, ProShares said. Electronics giants such as Apple tree and Nvidia besides as social media such as ​​Meta, formerly Facebook, are reportedly among the alphabetize's top components.

ProShares' metaverse ETF filing comes amid global companies increasingly venturing into the metaverse and nonfungible tokens (NFT) manufacture.

On Nov. 29, two Canadian companies, Evolve Funds Group and Horizons ETFs Management, started trading their metaverse ETFs on the Toronto Stock Exchange. Like to the ProShares Metaverse Theme ETF, the Horizons Global Metaverse Index ETF is tracking SOMETAV.

Related: Virtual country in the metaverse dominated NFT sales over past week

Metaverses have been increasingly emerging as ane of the biggest technology trends in 2022 among Facebook officially announcing its metaverse strategy by rebranding its production to Meta in Oct. The concept of the metaverse is based on an online virtual environment featuring a broad range of functions, such as communicating, gaming, trading digital collectibles and NFTs, attention events and others, facilitated via common devices or virtual and augmented reality headsets.

According to a study by Reports and Data, the global metaverse market was worth $48 billion in 2022 and is expected to have reached $872 billion in 2028, posting a revenue at the chemical compound annual growth rate of 44%.