Metaverse ETF ‘PUNK’ closing after betting against Meta’s vision
Subversive Capital cites losses as it shuts down its “PUNK” ETF and pivots to artificial intelligence.
After 15 months and an approximate 30% loss, an exchange-traded fund (ETF) opposing Meta’s perspective on the metaverse is shutting down.
Subversive Capital is set to shut down and liquidate its Subversive Metaverse ETF, known by its “PUNK,” ticker, as the company shifts its focus toward artificial intelligence.
In January 2022, the PUNK ETF was introduced with the objective of investing in companies that support the infrastructure and applications of the Metaverse. However, Mark Zuckerberg's company was notably absent from the list, despite the fund's name.
In its online fund description, Subversive Capital emphasized the importance of responsible companies dedicated to principles such as egalitarianism, democracy, sustainability and facts for the progress of emerging technology and humanity. The firm expressed the view that Meta Platforms Inc., the parent company of Facebook, contradicts these principles, stating that any market cap above zero poses a direct threat to liberal democracy and the survival of our planet.
After careful consideration, the Board of Trustees has decided to close and liquidate the Subversive Metaverse ETF (CBOE: PUNK) effective immediately after the close of business on May 31, 2023. Subversive Capital Advisor will continue its normal operations with regard to its other Exchange Funds.
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