Betashares, one of the largest local providers of exchange-traded funds, is shutting down nine of its products, including one that invests in a metaverse theme, despite returns of almost 40 per cent this year.

The Betashares Metaverse ETF, which trades on the ASX under the ticker code MTAV, was launched in August 2022 to capitalise on investor interest in new interactive virtual worlds where users could work, shop and socialise.