CSOP Asset Management has become the latest fund house to launch an exchange traded product targeting the metaverse investment theme. The CSOP Metaverse Concept ETF, Hong Kong’s first metaverse-focused fund, will invest mainly in US-listed companies that are directly or indirectly involved in technology that backs products or services that will aid the development of the augmented reality of the metaverse.

Meta Platforms, the newly rebranded parent company of Facebook and Instagram, was its largest holding, at 6.38 per cent at its launch on Monday. Facebook rebranded as Meta in October 2021 in a bid to reflect a new focus on the building of the metaverse as a digital extension of its social media platform. The move has raised global investor interest in the development of the metaverse. Meta has seen its share price plunge this month after Facebook reported its first fall in 18 years of daily active user numbers.

Nevertheless, CSOP AM, along with many other asset managers in Asia, is confident that the creation of the metaverse translates to a bona fide investment thematic that provides a long-term opportunity for investors. “The metaverse represents the beginning of a brand new era, in which a parallel new world will be created,” said Melody He, deputy chief executive at CSOP AM. “As the latest and one of the most important members of the CSOP thematic ETF series, CSOP Metaverse Concept ETF is our bold attempt at something new and futuristic, providing our investors with state of the art investment opportunities,” said He.

Source: https://www.ft.com/content/d74ef750-d1d6-4f9d-b754-7f8deb80bb32