A new exchange-traded fund is investing in all things having to do with the metaverse, with one glaring exception: Mark Zuckerberg’s “Meta.”
The “Subversive Metaverse ETF,” from Subversive Capital Advisor, launched Thursday on the Cboe BZX Exchange.
Listed as “PUNK,” this new ETF aims to achieve long-term capital appreciation by investing in globally-listed equity securities of companies that provide the services and infrastructure within the emerging Metaverse, according to a press release.
Christian H. Cooper, the ETFs portfolio manager, said discussions around the metaverse are overshadowed by larger companies like Zuckerberg’s “Meta.”
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“Our mission here at Subversive is to question the integrity of the status quo—which is why the PUNK Fund is short META—and build a foundation for people to appreciate these emerging sectors just as much as we do,” Cooper said in a statement . “We want to make sure this industry develops, without getting ‘Zucked-up’, from those who see true potential of this space.”
Subversive Capital Advisor founder Michael Auerbach told Bloomberg last week, that “Facebook seems to be the antithesis of what actual consumers want their digital futures to look like.”
“Mark and his team are not the best custodians of the digital futures,” he said.
Facebook rebranded itself last October as “Meta,” saying it would devote more resources and attention to becoming a Metaverse platform.
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“From now on, we’re going to be metaverse first, not Facebook first,” Zuckerberg said at a Connect 2021 event. “That means that over time, you won’t need to use Facebook to use our other services as our new brand starts showing up in our products. I hope people come to know the Meta brand and the future that we stand for.”
The rebranding came at a time of upheaval for the company after former product manager-turned whistleblower Frances Haugen delivered scathing testimony to US and UK lawmakers.
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FOX Business has reached out to Meta for comment.