The world’s first Exchange Traded Fund (ETF) focused on the metaverse has began trading on the Toronto Stock Exchange.
The CI Galaxy Metaverse ETF (CMVX) invests in companies that are “engaged in the interactions, enablement and connectivity to the metaverse.”
That includes augmented reality and virtual reality enablement, companies that provide the hardware and software to connect to the metaverse, or those that facilitate payments, as well as more widely metaverse focused social media platforms or games and entertainment.
The ETF is already being bought and sold by banks and investment firms, with it starting off at a price of $20 in CAD.
“Blockchain and the metaverse are two extraordinarily powerful trends that are set to dramatically change our society and how we do business,” said Roy Ratnavel, Executive Vice-President at CI Global Asset Management, before adding:
“Our ETFs provide investors with low-cost, convenient and diversified exposure to the growth potential of these rapidly developing, leading-edge sectors.”
They launched a blockchain ETF as well and charge a management fee of 0.50% with these two ETFs opening the stock trading in Toronto on Tuesday.
The ETF has just $1 million however, showing just how early this branch is currently, but some consider it as a new platform that may do to digital access what smartphones did to desktops.