The metaverse has become the hottest concept in exchange-traded fund history, despite constant media coverage suggesting there has been little interest in the “subtopic.”

A total of 35 metaverse-badged ETFs have been launched around the world since the first one rolled off the conveyor belt in June 2021, according to Morningstar data.

This exceeds the number of any other “subtopic,” according to Morningstar rankings, topping 32 internet ETFs, 29 blockchain, 23 cloud computing and 22 cybersecurity.

The rush of releases came despite an embarrassing lack of traction for many early offerings in the metaverse: a…