'PUNK' from Metaverse ETF closes after losing bets on Meta's plan

An exchange-traded fund (ETF) opposing Meta's viewpoint on the metaverse is closing after 15 months and a loss of about 30%.

The Subversive Metaverse ETF, known by its ticker "PUNK," will be discontinued and liquidated by Subversive Capital as the business turns its attention to artificial intelligence (AI).

The PUNK ETF, which aims to invest in businesses that support the metaverse's applications and infrastructure, was established in January 2022. However, there was a notable omission from the list: Mark Zuckerberg's Meta.

Metaverse ETF 'PUNK' closes after losing bets on Meta's plan

After 15 months and a loss of around 30%, an exchange-traded fund (ETF) opposing Meta's perspective on the metaverse is shutting. Subversive Capital will cease and sell the Subversive Metaverse ETF, which trades under the ticker "PUNK," as the company shifts its focus to artificial intelligence (AI).

The PUNK ETF was created in January 2022 with the purpose of investing in companies that support the applications and infrastructure of the metaverse. Mark Zuckerberg's Meta was noticeably absent from the list, though.

For the advancement of developing technologies and mankind, Subversive Capital emphasised the significance of ethical businesses committed to values like equality, democracy, sustainability, and truth in its web fund description. The business asserted that Meta Platforms, Facebook's parent company, violates these values, contending that any market valuation above zero directly imperils liberal democracy and the future of the planet.

The ETF will be shut down and liquidated by the board of trustees as of May 31, 2023, at the close of business. When it comes to its other exchange funds, the corporation will carry on as usual.

The investment company now joins the long list of businesses that have lost interest in the metaverse. The stock was trading at about $300 when the ETF began, and it placed a short position on Meta. But in November 2022, Meta's value fell to around $90, and it has since risen to about $240.

In addition to other businesses, the fund invested in Alphabet, Apple, Nvidia, and Microsoft. According to Christian Cooper, portfolio manager at Subversive, they are still of the opinion that Meta's aims are flawed and have chosen to refocus owing to the quick development of other promising technologies like AI.