Subversive Capital Shuts Down 'PUNK' ETF, Shifts to AI

Subversive Capital is shutting down its Subversive Metaverse ETF, known as "PUNK," after facing losses and will focus on artificial intelligence. The ETF, opposing Meta's metaverse perspective, was introduced in January 2022 but excluded Meta Platforms. The fund emphasized responsible companies but deemed Meta a threat to democracy and the planet. The ETF took a short position on Meta, which dropped in value. Subversive Capital will liquidate the ETF on May 31, 2023, while continuing operations with other funds. The firm cites shifting focus to more promising technologies like AI due to Meta's misguided priorities.