On Thursday, listed under the ticker PUNK (NFT collection on the Ethereum blockchain), the Subversive Metaverse exchange-traded fund opened for trading at $25.15.
The Subversive Metaverse is a fund that invests in globally listed securities that help to provide products and services supporting the infrastructure of the Metaverse.
PUNK, suspiciously, didn’t include the exposure to Meta (the biggest, well-known tech company) in their top holdings.
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However, the PUNK’s holdings did include Google’s parent company Alphabet, Sony, Microsoft, GPU manufacturer Nvidia, Galaxy Digital, online gaming platform Roblox and Coinbase Global.
Furthermore, shorting shares of Facebook’s parent company was the main goal, when an ETF linked to companies close to Metaverse launched on the CBoe BZX exchange.
Subversive Capital Advisor founder, Micheal Auerbach, (according to a Bloomberg announcement) shifted Meta’s reputation by saying that based on reports and sources, the company had some promises that they didn’t keep, and failed to manage the posts that encourage violence or hate speech. Therefore, this makes it unfitting to the ETF.
Micheal Auerbach indicated that Facebook is the complete opposite of what digital futures should be like, adding that:
Mark [Zuckerberg] and his team are not the best custodians of our digital futures.
ETF’s portfolio manager, Christian Cooper, didn’t hold back and said:
Our mission here at Subversive is to question the integrity of the status quo–which is why the PUNK Fund is short META1–and build a foundation for people to appreciate these emerging sectors just as much as we do. We want to make sure this industry develops, without getting 'Zucked-up', from those who see the true potential of this space.
Currently, there are listings for Metaverse-linked ETFs from Roundhill Ball, Fount, Evolve, and Horizons across Canada and the U.S. . Besides, the same ETFs have fallen more than 2%, and are trading at $24.74, at the moment.
To list shares of a fund tracking, the Solactive Metaverse Theme Index, the ETF-issuer ProShares reported that it had appealed with the U.S. Securities and Exchange Commission, with companies like Apple and Nvidia, and Meta, of course.
