Mark Zuckerberg takes a shot from the new Metaverse ETF: PUNK
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The Subversive Metaverse ETF (BATS:PUNK) is a new actively managed fund that offers investors exposure to global securities that provide services and products that support the infrastructure and applications of the metaverse. However, it not only omits Meta Platforms (NASDAQ:FB) from its portfolio, it also takes on a short position against the stock.
Subversive's founder Christian H. Cooper stated: "Considering the amount of opportunity untouched within this market, we see the term 'meta'-anything disproportionately associated with overpowering companies like Facebook."
Cooper went on to say: "Our mission here at Subversive is to question the integrity of the status quoâwhich is why the PUNK Fund is short META1âand 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."
The launched Metaverse ETF fell 3.4% on its first day of trading. Moreover, PUNK comes to market on the Cboe BZX Exchange. It also has 57 holdings and an expense ratio of 0.75%.
The term metaverse refers to an alternative digital reality that integrates parts of social media, online gaming, augmented reality, and virtual reality altogether.
Michael Auerbach, Subversive's other founder, said: "While still in the early stage of development, there are already a compelling variety of companies that have established themselves as leaders within the Metaverse today, and we believe there is much to gain as this industry evolves."
The Metaverse is heating up as other issuers such as ProShares also plan to enter with their exchange traded fund called the ProShares Metaverse Theme ETF.