Navi MF plans to launch Metaverse ETF FoF, files offer document with Sebi

6 Apr 2022 , 02:22 PM

Sachin Bansal-led Navi Mutual Fund (MF) on 6 April 2022 filed an offer document with the Securities and Exchange Board of India (Sebi) for a Metaverse ETF Fund of Fund.

NAVI Metaverse ETF Fund of Fund aims to provide long-term capital appreciation by investing in units of overseas ETFs and/or index fund that invest in the companies engaged in developing and companies that stands to benefit from the advancement of metaverse.

A Metaverse is a network of 3D virtual worlds focused on social connection. It may be defined as a successor to the current internet that will be interoperable, persistent, synchronous, open to unlimited participants with a fully functioning economy, and an experience that spans the virtual and ‘real’ world.

The scheme will be pegged to the Solactive Metaverse Theme Index, a gauge designed to track a diverse range of companies that provide products and services related to the metaverse industry.

The corpus of the scheme will be invested in units of overseas ETFs, which will include Roundhill Ball Metaverse ETF and Proshares Metaverse ETF, or similar overseas ETF.

ProShares Metaverse ETF was launched on 15 March 2022. It tracks the performance of the Solactive Metaverse Theme Index. Its expense ratio is 0.58%.

The Roundhill Ball Metaverse ETF was launched on 30 June 2021. It replicates the Ball Metaverse index. The ETF has an expense ratio of 0.59%.

Powered by Capital Market – Live News