Industry Updates

HANetf to overhaul metaverse ETF

Constituents will switch to companies involved in ‘next evolution of the worldwide web’

Lauren Gibbons

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HANetf is proposing to overhaul its metaverse ETF into a “Web 3.0” strategy, with a new name and index alongside broadening its sector exposure.

The new sectors include tokenisation, blockchain, big data and AI companies.

The $13.8m ETC Group Global Metaverse UCITS ETF (METR) was launched in March 2022 and tracks the Solactive ETC Group Global Metaverse index of 50 constituents.

To be included in the index companies must operate in metaverse technologies.

METR will be renamed to the ETC Group Web 3 UCITS ETF and will track the Solactive ETC Group Web 3 index that offers exposure to 20 companies involved in tokenisation, blockchain, metaverse and big data and AI sectors.

The changes – subject to shareholder approval – will take place on or around 10 May.

Constituents must have a market capitalisation of at least $100m.

“The index will be broadened to provide exposure to companies that are expected to grow and support the functioning of the next evolution of the world wide web (Web 3.0),” the firm said in a shareholder notice.

The new benchmark's highest weighting is Coinbase (15.8%) followed by Nvidia (12.1%) and Meta (10.1%).

Nvidia has driven returns for relevant thematic ETFs over the past year.

METR currently has a 1.9% weighting to the chipmaker.

Last month, HANetf merged its global airline and travel industry ETFs in March as it continued to reshuffle its range amid low demand.

In January 2023, HANetf overhauled its travel ETF with a new name, underlying index and broadened its exposure to include online booking companies.

HANetf also merged three thematic ETFs into two of its existing products in January, bringing its total ETF consolidations for 2024 to nine.

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