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Toronto-based Evolve Funds Group Inc. has filed a preliminary prospectus for what it calls “Canada’s first metaverse ETF,” a Monday release says.

The Evolve Metaverse ETF (ticker “MESH”) would provide exposure to companies involved in the development of the so-called metaverse — a term that the firm said is used to describe a version of the internet that supports “persistent 3D environments” merged with social media, communications and productivity tools that help people digitally connect in an immersive recreation of the real world.

“Compared to the development and adoption of the internet in the 1990s, the metaverse will be a new platform that is poised to transform many aspects of how we work, live and play,” said Raj Lala, president and CEO at Evolve ETFs, in the release.

He noted that, over the next decade, “the metaverse market is predicted to exceed $1 trillion. The metaverse will be built by many and shared by all.”

According to the preliminary fund facts, the new ETF would actively invest in a mix of equities from North America and other developed markets. The document also stated the fund would have a medium risk rating.

The fund would offer both unhedged and hedged units, and would trade on the TSX.