While exchange traded funds, or ETF’s, are all the rage in the crypto space right now, it appears that the love is not exactly evenly distributed. Evolve ETF’s last night announced that despite the market being on the cusp of launching several bitcoin-focused ETF’s, pending approval from the SEC, it will be moving forward with the termination of the Evolve Metaverse ETF (TSX: MESH).

Apparently the demand for crypto-related funds is not as big as social media likes to make you think.

The Evolve Metaverse ETF is slated to terminate on or around March 26, 2024, with no further subscriptions for units accepted as of February 22.

Before the termination date, Evolve will convert the assets of the ETF to cash where possible, with the net assets to be distributed to unitholders of record on the termination date.

Billing itself as Canada’s first metaverse-focused ETF, MESH launched in November 2021, with a focus on providing investors exposure to names focused on the development of the metaverse, whether through virtual or augmented reality. In practice, it’s largest investment was in Coinbase Global, which made up 5.89% of the fund, followed by Snap and Roblox Corp, and exposure to various chip makers and blue-chip tech names.

The ETF since inception to date has provided returns of -14.22%, however the one year return sits at 46.80%, thanks to positive momentum among tech names in general.

Assets under management as of this writing amounted to just $6.5 million, a sign of the lack of interest in anything metaverse among investors.

Information for this briefing was found via Evolve and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.