ETF Odds & Ends: Newcomer Debuts Metaverse Fund

January 31, 2022

Launches

Subversive Capital debuted its first ETF with the Subversive Metaverse ETF (PUNK) on the Cboe Global Markets Thursday. It charges an expense ratio of 0.75%.

PUNK is actively managed and selects companies deemed by a committee to be contributing to the development of the metaverse and decentralization. The fund targets companies with market capitalizations between $250 million and $1 trillion.

Subversive has primarily made venture capital investments in startups targeting disruptive innovation, along with several health products companies making initial public offerings.

On Friday, another newcomer to the space rolled out the Clockwise Capital Innovation ETF (CWC). The fund is actively managed and targets companies offering 5G-related products and services. CWC charges an expense ratio of 0.95% and lists on the NYSE Arca.

Closures
The slow and steady drip of ETF closures continued during the week, with shutdowns from Legg Mason and LifeGoal.

The Legg Mason Global Infrastructure ETF (INFR) saw its last day of trading on Thursday after closing to creations on Jan. 5. Additionally, the LifeGoal Children Investment ETF (CHLD) and the LifeGoal Vacation Investment ETF (SUNY) are now both set to be liquidated. Their last day of trading will be Feb. 8. The two funds are part of a family that launched in September 2021.

Other Actions

There are also a few other changes to existing ETFs that were announced or completed during the week.

The FCF International Quality ETF (TTAI) will change its index from the S&P Developed Ex-U.S. BMI to the MSCI All Country World Index ex USA as of March 28. And as of Feb. 7, the Gavekal Asia Pacific Government Bond ETF (AGOV) will change its name to the ETC Gavekal Asia Pacific Government Bond ETF.

On Wednesday, two First Trust ETFs underwent some fairly dramatic changes. The First Trust NASDAQ Global Auto Index Fund (CARZ) changed its name to the First Trust S-Network Electric & Future Vehicles & Technology Ecosystem ETF and its index from the NASDAQ Global Auto Index to the S-Network Electric & Future Vehicle Ecosystem Index.

Meanwhile, the First Trust Nasdaq Retail ETF (FTXD) changed its name to the First Trust S-Network E-Commerce ETF, its ticker to ISHP and its index from the Nasdaq US Smart Retail Index to the S-Network Global E-Commerce Index.

 

Contact Heather Bell at [email protected]

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