Subversive’s Metaverse ETF Launched on Cboe BZX Exchange

A new exchange-traded fund (ETF) was launched with the goal of investing in anything linked to the metaverse while shorting its most vocal proponent, Facebook-parent Meta Platforms Inc. The Subversive Metaverse ETF, which launched on Thursday, will invest in companies in the United States and abroad that are involved in constructing immersive digital worlds. According to Subversive Capital LLC, Mark Zuckerberg’s company is too poisonous in terms of reputation to be the standard-bearer for the virtual-reality explosion. In an interview, Michael Auerbach, Founder of Subversive Capital stated, “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 our digital futures.” As a result, the actively managed exchange-traded fund will not only refrain from purchasing Meta but will also take a tiny short position against the metaverse’s most well-known champion. Last year, Meta rebranded from Facebook Inc., signaling its intention to focus on virtual reality as its popularity grows.  Global metaverse-related ETF assets have grown to around $2.2 billion in the wake of Meta’s name change. It is the newest craze in the burgeoning market for thematic funds, which invest in trending developments such as autonomous vehicles rather than traditional industry categories. The Roundhill Ball Metaverse (ticker META) is the industry leader, with $822 million in assets under management. However, it is scheduled to drop its ticker, fueling talk of a partnership with Zuckerberg’s Meta, which has yet to shed its FB brand. As most of the ETFs are identified by their ticker, a good ticker may make or break a thematic fund. The new release, which is the first from New York-based Subversive, will be known as PUNK, in reference to popular NFT characters.

The post Subversive’s Metaverse ETF Launched on Cboe BZX Exchange appeared first on Cryptoknowmics-Crypto News and Media Platform.

Source: https://www.cryptoknowmics.com/news/subversives-metaverse-etf-launched-on-cboe-bzx-exchange/