Anti-Meta ETF closes

At the time that the ETF was established, it had a short position in Meta, a company whose stock was selling for close to $300 per share.

Anti-Meta ETF closes
Anti-Meta ETF closes

After 15 months and a loss of approximately 30%, an exchange-traded fund (ETF) opposing Meta’s view of the metaverse is closing.

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 the advancement of emerging technology and humanity.

The company believes that Facebook’s parent company, Meta Platforms, violates these principles, stating 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 immediately 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 growing 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 approximately $240.

The fund invested in companies such as Alphabet, Apple, Nvidia, and Microsoft, among others.

Christian Cooper, the portfolio manager for Subversive, stated that they continue to believe that Meta’s priorities are misguided and have decided to shift their focus due to the rapid advancement of more promising technologies, such as AI.