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%.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.