Next gen technology has become a very popular theme in the ETF marketplace. We've already got robotics ETFs, artificial intelligence ETFs and blockchain ETFs. Now we can add virtual reality ETFs to the list.The Defiance Future Tech ETF (AUGR) and the Tactile Analytics AR/VR Virtual Technologies Fund (ARVR) will provide exposure to the burgeoning virtual and augmented reality space. AUGR debuted on August 1st and comes with an expense ratio of 0.65%. ARVR was formerly the Wearables Technology ETF (WEAR) before tracking a new index and taking on a new name on July 9th of this year. It comes with an expense ratio of 0.85%.AUGR will track the BlueStar Augmented and Virtual Reality Index, which is a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to the development or commercialization of augmented or virtual reality technologies. Such technologies include artificial intelligence, gaming systems, graphic processing units, image and touch display manufacturing, sensors used for touch, depth, or image perception, and software or applications dependent on augmented and virtual reality.ARVR seeks to track the performance of the EQM Tactile AR/VR Virtual Technology Index. Companies eligible for inclusion in the index include publicly-listed companies around the world that derive at least 50% of their revenue from activities relating to the AR/VR supply chain, including companies involved in infrastructure (hardware), tools and platforms (software), applications and content (AR/VR images) and users of such content (“Virtual Technology Companies”).The two portfolios have some similarities. Faro Technologies (FARO), Sony (SNE), Walt Disney (DIS), Snap (SNAP) and Silicon Motion Technology (SIMO) all appear in the top 10 holdings of each fund.ARVR's top 10 holdings:AUGR's top 10 holdings:ARVR's definition of the "AR/VR supply chain" appears to be very loose since companies, such as Qualcomm (QCOM), Alphabet (GOOG) and Disney, certainly aren't deriving over half of their revenue from virtual reality. Both funds have a roughly 1/3 weighting to foreign companies, while ARVR tilts a little more towards larger companies.The virtual reality ETFs strike me to be a lot like the blockchain ETFs in that there is very little pure play exposure to the space. Sure, Alphabet, Qualcomm, Disney and Sony are dedicating resources to virtual reality tech, but it's such a small part of their overall business model that you're getting more of a generic tech ETF than a virtual reality ETF.Due to the lack of direct AR/VR exposure and the high expense ratios, I'd recommend avoiding these ETFs for the time being.What do you think? Are you interested in investing in a virtual reality ETF? Comment down below!