PUNK — Subversive Metaverse ETF

PUNK Fund Overview

PUNK — Subversive Metaverse ETF is a US ETF managed by Series Portfolios Trust, categorised as Emerging Markets Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Series Portfolios Trust
• Category: Emerging Markets Blend / Core Equity
• Assets under management: $932.17K
• 1-year return: -26.9%
• Ticker: PUNK
• SEC CIK: 0001650149
• SEC series ID: S000074852
• Share class ID: C000233119

PUNK Investment Objective and Strategy

Subversive Metaverse ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Series Portfolios Trust.

Investment objective

The Subversive Metaverse ETF (the Fund or the Metaverse Fund) seeks to achieve long-term capital appreciation.

Principal investment strategy

The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in globally-listed equity securities of companies that provide services and products that support the infrastructure and applications of the Metaverse (Metaverse Companies). Metaverse is a term used to describe the next generation of the Internet, which has the potential to allow creators to build the next chapter of human interaction through immersive experiences in three-dimensional virtual spaces. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of Metaverse Companies. The Fund invests in securities of globally-listed companies with a market capitalization, at the time of investment, of at least $250 million and less than $1 trillion.

Securities eligible for inclusion in the Funds investable universe include publicly listed equity securities of U.S. and foreign (including emerging markets) issuers. The Funds investments in foreign securities may include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), International Depositary Receipts (IDRs), U.S. dollar denominated foreign securities, direct foreign securities purchased on a foreign exchange, and securities of companies incorporated outside the United States. A committee of Metaverse experts (the Metaverse Committee) composed of external subject matter experts will analyze the Metaverse, the adoption by the public of technologies enabling access to the Metaverse and the creation of products to be used in the Metaverse. Metaverse Companies selected for inclusion in the Funds portfolio will be engaged in activities that fall into one or more of the following seven layers of the Metaverse identified by the Metaverse Committee, each of which are described further below: experience, discovery, creator economy, spatial computing, decentralization, human interface and infrastructure.

Layer 1: Experience The Metaverse is about the incorporation of physical artifacts, space, distance and objects into the digital world. Games are expected to evolve to incorporate more forms of entertainment, such as live music performances and esports (electronic sports), and will drive online and social engagement. Companies in this layer will focus on the creation of games, social networks, esports, media and shopping. Layer 2: Discovery This layer is about the introduction of potential users to new experiences. Communities and social interaction have the potential to drive users to the Metaverse. Companies in this space will focus on ad networks, social networks and curation (where an expert or review process selects what is included in a directory of software that may be used). Layer 3: Creator Economy Given advances in technology, we are in a creator era where now designers and creators do not necessarily need to know how to code.

Companies are building the tools, templates and marketplaces that allow anyone to launch a website, business, and software 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 layer is to dissolve the layer between the physical world and virtual world. This includes computing accurate maps and details of physical space, and also adding computation into everyday objects (such as home electronics or vehicles). The key technologies that will build the Spatial Computing layer of the Metaverse are: 3D engines, mapping and interpretation, voice and gesture recognition, data integration and next generation user interfaces. Layer 5: Decentralization Blockchain technology will 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 could drive adoption and application for game assets (for example, characters, objects, sound effects, maps, and environments found within a video game and that are often purchased withing the game itself). 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, such as virtual reality and augmented reality headsets, that connect the human body and mind to the Metaverse. Layer 7: Infrastructure The Infrastructure 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, Subversive Capital Advisor LLC (the Adviser), the Funds investment adviser, will apply a Subversive Metaverse Ranking (SMR) to each company based on the level of focus and commitment to developing the Metaverse.

Applying an SMR can be highly subjective; however, the Adviser and the Metaverse Committee rely on publicly available information where available, including shareholder reports of issuers or the Bloomberg Terminal. Key drivers of applying an SMR may include the percentage of a companys revenue, workforce, and future capital commitments associated with the Metaverse. In selecting investments for the Fund, the Adviser applies a top-down approach, utilizing primarily quantitative factors, but also considering qualitative factors. The Adviser gives greater weightings to companies whose primary business models and growth prospects are dedicated to building the infrastructure and/or the applications of the Metaverse and less weightings to companies with limited exposure and business segments focused on the Metaverse.

In addition, the Adviser may also include companies that may not have made any public announcements yet regarding the Metaverse, but has a portfolio of assets and services that would be highly attractive in terms of building one or more of the seven layers of the Metaverse. The Fund may also engage in short sales of securities that the Adviser expects to underperform the market. In a short sale transaction, the Fund will borrow a security and sell it at the current market price in the anticipation of buying the security at a lower price prior to the time the Fund is obligated to return the security to the owner.

PUNK Performance

Total returns for PUNK (as of 2026-10-01), from SEC filings.

PUNK Risk Information

Risk metrics for PUNK, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 30.2%

PUNK Costs and Fees

PUNK costs about $75 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.75%
• Gross expense ratio: 0.75%
• Portfolio turnover: 32%
• Brokerage commissions: 10.10 bps of average net assets (SEC N-CEN)

PUNK Cashflows

Over the 12 months to 2023-03, Subversive Metaverse ETF had net inflows of $0, from monthly SEC N-PORT filings.

PUNK Debt Constituents

No individual debt constituents are reported in Subversive Metaverse ETF's latest SEC N-PORT filing.

PUNK Prospectus and SEC Filings

Official Subversive Metaverse ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-01-27
• Prospectus supplement (497) — filed 2022-01-28
• Portfolio holdings (N-PORT) — filed 2023-05-30
• Portfolio holdings (N-PORT) — filed 2023-03-01
• Portfolio holdings (N-PORT) — filed 2022-11-29
• Annual census (N-CEN) — filed 2022-12-13

Related Funds

Other Emerging Markets Blend / Core Equity funds tracked on ABC INVEST:

• Strategic Advisers Fidelity Emerging Markets Fund (FGOMX)
• iShares MSCI South Korea ETF (EWY)
• Strategic Advisers Emerging Markets Fund (FSAMX)
• iShares MSCI Taiwan ETF (EWT)
• iShares MSCI Brazil ETF (EWZ)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.