First Trust is entering the metaverse ETF space with its own fund, a day before Fidelity is expected to launch its competitor on the increasingly tight theme.

the First Trust Indxx Metaverse ETF (ARVR) debuted on the Nasdaq on Wednesday with an expense ratio of 0.70%, making it as expensive as the Source Metaverse ETF (MTVR).

ARVR tracks a list of Indxx companies that provide the infrastructure behind the metaverse’s promise to create a fully immersive Internet. The index allows up to 50 holdings and requires at least $1 billion in market capitalization for inclusion.

In particular, the index cannot invest directly in Sino-US depository receipts, but instead can invest in “variable interest entities,” a corporate structure that allows Chinese media and telecommunications companies to circumvent the country’s ban on investment. foreign direct in those and similar industries.

ARVR’s price puts it in the high range among metaverse ETFs. index-based ProShares Metaverse ETF (VERS) and the Roundhill Ball Metaverse ETF (METV) they cost 58 and 59 basis points, respectively. At the higher end of that range, the actively managed Subversive Metaverse ETF (PUNK) charges 75 basis points.

Fidelity is expected to launch its metaverse fund on Thursday at a relatively low 39 basis points.

Contact Dan Mika at dan.mika@etf.comand follow him on Twitter

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