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Subversive Capital Files Application With SEC for a Metaverse ETF
The ETF plans to invest in securities of companies that support the infrastructure and applications of the metaverse and would trade under the ticker “PUNK.”
Subversive Capital Acquisition, a special purpose acquisition company (SPAC), has filed an application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) focused on the metaverse.
- In a filing Wednesday, Subversive Capital said the Subversive Metaverse ETF would invest in the stocks of companies that provide services and products that support the infrastructure and applications of the metaverse.
- If approved by the SEC, the ETF would trade under the ticker “PUNK” and allocate 80% of its assets plus any borrowings for investment purposes in metaverse companies.
- Subversive defines the metaverse as the next generation of the internet, which has the potential to allow creators to build human interaction through immersive experiences in three-dimensional virtual spaces.
- Subversive said the ETF’s investment adviser will also apply a Subversive Metaverse Ranking (SMR) to each company it plans to invest in based on its level of commitment to developing the metaverse.
- SMR will be subjective and key factors for the ranking could include the percentage of a company’s revenue, workforce and future capital commitments associated with the metaverse.
- The Metaverse ETF would be managed by Michael Auerbach, CEO of Subversive Capital; Leland Hensch, chief investment officer of Subversive Capital’s ETF portfolios; and Steven Yoo, principal at Subversive Capital.
- The management fee for the Metaverse ETF would be 0.75%.
Read more: Invesco Files With SEC for Bitcoin Strategy ETF
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
