PUNK Subversive Metaverse ETF

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The Subversive Metaverse ETF (Ticker: PUNK) is an actively managed fund that invests in globally listed securities that provide services and products that support the infrastructure and applications of the Metaverse.  Metaverse describes the next generation of the Internet, which promises creators the ability to build the next chapter of human interaction through immersive experiences in virtual and augmented spaces. 

A committee of Metaverse experts led by Jon Radoff (Beamable) will analyze the Metaverse Companies, their role in supporting the Metaverse, and their current and future potential to generate profits from the Metaverse. 

This emerging technological and human advancement requires responsible companies dedicated to the principles of egalitarianism, democracy, sustainability, and facts. Therefore, we believe that Meta Platforms Inc., the parent company to Facebook, is antithetical to those principals and any market cap above zero is a direct assault on liberal democracy and the survival of our planet.  For this reason, we intend to include a short position in META (Ticker: FB) which will be limited to 5% of AUM.

Metaverse Companies selected for the fund’s portfolio will be engaged in one of the seven layers of the Metaverse:

Layer 1: Experience – The Metaverse is about the dematerialization of physical space, distance and objects. Companies in this layer will focus on the creation of games, social, esports, media and shopping.

Layer 2: Discovery – This layer is about the push and pull that introduces people to new experiences.  Companies in this space will focus on ad networks, social and curation. 

Layer 3: Creator Economy – Advancements in technology have given rise to a new creator era where designers do not necessarily need to know code. Companies are building the tools, templates and marketplaces that allow anyone to launch a website, business, and applications. Companies in this layer will focus on design tools, asset markets, workflow and commerce.

Layer 4: Spatial Computing – The goal of companies in this category is to dissolve the layer between physical and virtual worlds -  injecting space into computation or computation into space. The key technologies include: 3D engines, mapping and interpretation, voice and gesture recognition, data integration and next generation user interfaces.

Layer 5: Decentralization – Blockchain technology is expected to free financial assets from centralized control and custody, for example, through decentralized finance and non-fungible tokens, which all rely on blockchains. A wave of innovation around decentralized markets will likely drive adoption and application for game assets.

Layer 6: Human Interface – The vast majority of the workforce relies on some level of technology to provide output, goods and services. Companies in this layer will focus on the hardware and technologies that connect the human body and mind to the Metaverse.

Layer 7: Infrastructure – This layer includes the technology that enables our devices and connects them to each other and the network. The companies in this layer will focus on 5G, wifi, cloud, and semiconductors.

Once Metaverse Companies are identified across these layers, the fund’s investment adviser will apply a Subversive Metaverse Ranking (“SMR”) to each company based on the level of focus and commitment to developing the Metaverse.

The ETF is value-weighted with an expense ratio of 0.75%

FUND DATA & PRICING
Net Assets as of 11/25/2022 $912,826.20
NAV $18.26
Shares Outstanding 50,000
Premium/discount Percentage 0.10%
Closing Price $18.27
Median 30 Day Spread 0.39%

Data as of 11/25/2022

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

FUND DETAILS
Inception Date 01/27/2022
Primary Exchange CBOE
Ticker PUNK
CUSIP 81752T 585
IOPV Symbol PUNK.IV
NAV Symbol PUNK.NV
Expense Ratio 0.75%
PERFORMANCE As of 09/30/22
  AVG. ANNUALIZED
  QUARTER 1 YEAR 3 YEAR SINCE INCEPTION 01/27/22
Fund NAV 00.00% 00.00% 00.00% -30.81%
Market Price 00.00% 00.00% 00.00% -30.59%
Benchmark Index 00.00% 00.00% 00.00% -22.12%

Expense ratio: 0.75%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (877-291-4040 ).

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

DISTRIBUTION DETAIL
EX-DATE RECORD DATE 1 YEAR PAYABLE DATE
XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX
TOP 10 HOLDINGS
% OF NET ASSETS NAME TICKER CUSIP SHARES HELD MARKET VALUE
14.57% Cash & Other Cash&Other Cash&Other 133,034 133,034.08
4.75% ALPHABET INC GOOG 02079K107 444 43,334.40
4.75% AGILENT TECHNOLOGIES INC A 00846U101 276 43,320.96
4.50% GLOBALFOUNDRIES INC GFS G39387108 608 41,106.88
4.41% APPLE INC AAPL 037833100 272 40,285.92
4.21% INTEL CORP INTC 458140100 1,310 38,435.40
3.99% MICROSOFT CORP MSFT 594918104 147 36,381.03
3.61% SONY GROUP CORPORATION SONY 835699307 398 32,990.22
3.60% ADVANCED MICRO DEVICES INC AMD 007903107 437 32,836.18
3.51% INTERNATIONAL BUSINESS MACHS COM IBM 459200101 216 32,047.92

Data as of 11/28/2022. Holdings are subject to change.