Subversive Capital has shut down its Metaverse exchange-traded fund (ETF) dubbed PUNK only after a year and three months to direct its focus on artificial intelligence (AI).
As the company shifts its focus to artificial intelligence (AI), Subversive Capital plans to close and liquidate its Subversive Metaverse ETF, also known by its ticker symbol “PUNK.”
The PUNK ETF was introduced in January 2022 to invest in businesses that support the infrastructure and applications of the metaverse. However, Mark Zuckerberg’s Meta was conspicuously absent.
In the online description of its fund, Subversive Capital emphasized the significance of companies committed to egalitarianism, democracy, sustainability, and facts for advancing emergent technology and humanity.
The company believes that Facebook’s parent company, Meta Platforms, violates these principles, asserting that any market capitalization above zero poses a direct threat to liberal democracy and the survival of the planet.
The board of trustees determined that the ETF will be closed and liquidated promptly following the close of business on May 31, 2023. Regarding its other exchange funds, the company will continue business as usual.
The investment firm joins the expanding number of businesses that have lost interest in the metaverse.
At its inception, the ETF held a short position in Meta, whose stock was trading for approximately $300. However, Meta’s value fell below $90 in November 2022 and has since recovered to roughly $240.
The fund invested in companies such as Alphabet, Apple, Nvidia, and Microsoft.
Christian Cooper, the portfolio manager for Subversive, stated that they continue to believe that Meta’s priorities are misguided and have decided to adjust their focus due to the rapid advancement of more promising technologies, such as AI.
