A new ETF wants to invest in everything related to the metaverse — except Mark Zuckerberg's Meta

A new ETF wants to invest in everything related to the metaverse — except Mark Zuckerberg's Meta

2022-01-28 05:00:00 PM

A new ETF wants to invest in everything related to the metaverse — except Mark Zuckerberg's Meta

The fund, called the Subversive Metaverse ETF, will track companies involved in creating futuristic virtual landscapes such as Roblox and Microsoft.

, driven by retail and institutional investors, and focused Wall Street's attention on the potential of the emerging industry.But fears sprang up almost immediately that the tech giant's industry heft and deep pockets could allow it to dominate the metaverse, just as it has become prominent in social media. Many in the crypto community worry their vision of a free,

decentralised virtual world is in danger.Keanu Reeves — who holds cryptocurrency himself — said in December:"Can we just not have metaverse be, like, invented by Facebook?"Global metaverse-related ETFs have grown to over $2 billion since Meta's rebrand, with most products launching only in recent months, according to Bloomberg. Currently leading is the Roundhill Ball Metaverse ETF, which manages about $822 million in assets.

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rally in metaverse cryptocurrencies , driven by retail and institutional investors, and focused Wall Street's attention on the potential of the emerging industry. But fears sprang up almost immediately that the tech giant's industry heft and deep pockets could allow it to dominate the metaverse, just as it has become prominent in social media. Many in the crypto community worry their vision of a free, decentralised virtual world is in danger . Keanu Reeves — who holds cryptocurrency himself — said in December:"Can we just not have metaverse be, like, invented by Facebook?" Global metaverse-related ETFs have grown to over $2 billion since Meta's rebrand, with most products launching only in recent months, according to Bloomberg. Currently leading is the Roundhill Ball Metaverse ETF, which manages about $822 million in assets. Yet not only is the Subversive fund shunning Meta, despite counting major industry players among its components — it also has taken a small short position against the stock. "Our mission here at Subversive is to question the integrity of the status quo — which is why the PUNK fund is short Meta — and build a foundation for people to appreciate these emerging sectors just as much as we do," Subversive's Christian Cooper said in a statement. "We want to make sure this industry develops, without getting 'Zucked-up' from those who see the true potential of this space." Cooper and Auerbach are the ETF's portfolio managers. They said companies selected for inclusion in PUNK's portfolio"will be engaged in the experience, discovery, creator economy, spatial computing, decentralisation, human interface, and/or infrastructure aspects of the metaverse." PUNK's