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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%.