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%.