Subversive Capital Advisor has decided to close the PUNK ETF on May 31.
The shut down ETF was a fund that aimed to bet on Meta’s view of the Metaverse. However, the ETF was closed as part of Meta’s new vision.
Metaverse ETF PUNK Shut Down Under Meta’s Changing Vision
The PUNK ETF was launched in January 2022 with the aim of investing in “companies that provide services and products that support Metaverse’s infrastructure and applications”. However, despite the name of this ETF, Meta Platforms Inc. It did not include companies such as In the fund’s online statement, Subversive Capital stated that the ETF will focus on “the emerging technological and human progress requires responsible companies committed to the principles of egalitarianism, democracy, sustainability and facts.”
In its most recent earnings report and analyst conversation, Subversive Capital observed that Meta is making more progress on artificial intelligence and Meta’s core products rather than Metaverse work. Meta’s share price dropped below $90 in November and is currently hovering around $240.
Other companies PUNK ETF has invested in include companies such as Alphabet, Apple, Nvidia and Microsoft. Subversive Capital states that they are “dedicated to investing in radical companies that upset the status quo and require complex regulatory strategies for success.”
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