Special purpose acquisition company (SPAC) Subversive Capital Acquisition has filed an application with the SEC for an exchange traded fund (ETF) focused on Metaverse.
Subversive Capital said in a filing that Subversive’s Metaverse ETF will invest in the stocks of companies that provide services and products that support the Metaverse infrastructure and applications.
If approved by the SEC, the ETF will trade as “PUNK” and the ETF will allocate 80% of its assets plus any borrowings for investment purposes to Metaverse.
Subversive defines the Metaverse as the next generation of the Internet, which has the potential to allow creators to build human interactions through immersive experiences in a three-dimensional virtual space.
Subversive says the ETF’s investment advisor will also rank each company it plans to invest in for the Subversive Metaverse based on its level of commitment to developing the Metaverse (SMR).
The SMR will be subjective, and key factors in applying the ranking system may include the company’s percentage of revenue, workforce, and future capital commitments associated with the Metaverse.
The Metaverse ETF will be managed by Michael Auerbach, CEO of Subversive Capital, Leland Hensch, CIO of the Subversive Capital ETF portfolio, and Steven Yoo, Principal of Subversive Capital.
The management fee for the Metaverse ETF will be 0.75%.