Roundhill Investments is ready to exit the European ETF market after asserting the closure of its metaverse ETF simply 18 months after launching, ETF Stream can reveal.
The Spherical Ball Metaverse UCITS ETF (METV) will delist from the Deutsche Boerse on 30 November after gathering simply €1.7m property beneath administration (AUM) since inception.
It’s the US-based agency’s solely ETF listed in Europe regardless of additionally having a sports activities betting and gaming ETF registered with the Central Financial institution of Eire.
Tim Maloney, CIO of Roundhill Investments, advised ETF Stream: “After cautious consideration, we determined to refocus our distribution efforts again to our house market within the US, the place we consider there are presently quite a few alternatives for innovation.
“This fund closure is under no circumstances a sign of a wavering perception within the metaverse, a theme we stay deeply dedicated to and the place our US-listed Fund stays the biggest on the planet.
“Establishing a enterprise presence in a brand new market is at all times a difficult proposition, and on this case we had been unable to determine a mannequin for development that was sustainable regardless of the sturdy assist from all of our companions on the initiative.”
The agency launched the world’s first metaverse ETF within the US, monitoring the identical index as METV, which at one level housed $710m AUM.
Belongings have since fallen to $413m, regardless of returning 34.5% this 12 months, as at 18 October.
METV was the second metaverse ETF to checklist in Europe following the launch of the €7.5m ETC Group International Metaverse UCITS ETF (METR) simply 5 days earlier.
The metaverse theme has struggled to take off since a flurry of launches final 12 months which noticed Franklin Templeton, Constancy, Authorized and Common Funding Administration (LGIM) and BlackRock all enter the market.
The iShares Metaverse UCITS ETF (MTAV) is presently the biggest ETF monitoring the megatrend having launched in December, nevertheless, it has solely amassed $19.1m in property.
