FMET - Metaverse ETF PUNK prepares to liquidate itself as issuer pivots to AI
2023-05-18 07:10:39 ET
Subversive Capital Advisor announced this week that it was shutting down an exchange traded fund focused on the metaverse, calling the sector "misguided" and shifting its focus toward other technologies, such as AI.
The move will lead to the liquidation of the Subversive Metaverse ETF ( BATS: PUNK ). The actively managed fund focused on securities related to products and services that supported the infrastructure and application of the metaverse.
The ETF will have its last day of trading on May 31. PUNK will end its operations and dispense the remaining proceeds to shareholders after the May 31 close. Any shareholders that do not sell their shares by the May 31 liquidation date will have their shares automatically converted for cash based on the fund's net asset value.
In regards to the closure of PUNK, Subversive's portfolio manager, Christian H. Cooper, stated: "We continue to believe Meta's focus is misguided and, we've decided to pivot given the rapid advances in more promising technology such as Artificial Intelligence."
While PUNK will soon be off the market, investors will still have access to other metaverse ETFs. See below a group of funds market participants can access along with their 2023 yearly performance.
- Roundhill Ball Metaverse ETF ( METV ) +30.8% .
- Global X Metaverse ETF ( VR ) +24.9% .
- ProShares Metaverse ETF ( VERS ) +19.8% .
- Fidelity Metaverse ETF ( FMET ) +18.6% .
- iShares Future Metaverse Tech and Communications ETF ( IVRS ) +3.5% .
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Metaverse ETF PUNK prepares to liquidate itself as issuer pivots to AI