Snap's Plunge Threatens Recovery of $506 Million Metaverse ETF
- METV tumbled more than 5% a day after Snap’s earnings miss
- Snap shares fell to lowest in two years on advertising slump
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An exchange-traded fund recovering from an all-time low in June is now in the red thanks to Snap Inc.’s lackluster earnings report.
The $506 million Roundhill Ball Metaverse ETF (ticker METV) is falling in lockstep with Snap. METV has the largest portfolio allocation of Snap out of any ETF in the US, according to Bloomberg data. The social media company makes up 5.6% of METV’s total holdings. On Friday, the ETF tumbled more than 6%, after rising 12% from its low on June 16.