Subversive Announces Metaverse ETF Closure

Rhea-AI Summary

Subversive Capital Advisor has announced the closure and liquidation of the Subversive Metaverse ETF, effective May 31, 2023. The company believes Meta's focus on the Metaverse is misguided and plans to pivot towards more promising technologies like Artificial Intelligence.

Positive

• Subversive Capital Advisor will continue to operate its other Exchange Funds as usual.

Negative

• The closure of the Subversive Metaverse ETF may negatively impact the stock price of CBOE: PUNK.

NEW YORK, May 16, 2023 /PRNewswire/ - Subversive Capital Advisor (the "Advisor" or the "Company"), a Registered Investment Advisor primarily focused on different mission-driven emerging sectors, has announced today that the Board of Trustees (the "Trust") has determined to close and liquidate the Subversive Metaverse ETF (CBOE: PUNK) (the "Fund") effective immediately after the close of business on May 31, 2023. Subversive Capital Advisor will continue to operate its other Exchange Funds as usual.

In 2022, the world watched as Meta, formerly Facebook, place a big bet, including its name, on the future of the Metaverse. Subversive Capital Advisor launched the Fund with a skeptical view of Meta's imagining of what that world would look like, and to invest in other companies spearheading innovation in this new space. "We continue to believe Meta's focus is misguided and, we've decided to pivot given the rapid advances in more promising technology such as Artificial Intelligence." said Subversive's portfolio manager, Christian H. Cooper.

The Fund's last day of trading will be May 31, 2023, which will also be the final day for creation unit orders by authorized participants. The Fund will conclude operations and distribute the remaining proceeds to shareholders promptly after May 31, 2023. Shareholders who do not sell their Fund shares by this date will have their shares automatically redeemed for cash based on the Fund's net asset value (NAV). Customary brokerage charges may apply to transactions to sell Fund shares. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation.

About Subversive

Subversive Capital Advisor LLC is a Registered Investment Advisor.

The firm's investment strategies primarily focus on different mission-driven emerging sectors that we believe will shape the economy of the future. The companies we invest in are bold, daring, and uninhibited enough not to let the world as it exists today limit their imagination for opportunities of the future.

Leveraging our team's track record in the private sector, we aim to bring all investors our industry knowledge and network to drive meaningful value for their portfolios via diversified ETFs. ETFs in the Advisor's suite include the Subversive Decarbonization ETF (Ticker: DKRB), the Subversive Mental Health ETF (Ticker: SANE), the Subversive Food Security ETF (Ticker: KCAL), the Unusual Whales Subversive Democratic ETF (Ticker: NANC) and the Unusual Whales Subversive Republican ETF (Ticker: KRUZ).

Carefully consider PUNK's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 877.291.4040. Please read the prospectus carefully before you invest.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund.

Distributed by Quasar Distributors, LLC.

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SOURCE Subversive Capital Advisor LLC

FAQ

When will the Subversive Metaverse ETF close and liquidate?

The Subversive Metaverse ETF will close and liquidate on May 31, 2023.

Why is Subversive Capital Advisor closing the Subversive Metaverse ETF?

Subversive Capital Advisor believes Meta's focus on the Metaverse is misguided and plans to pivot towards more promising technologies like Artificial Intelligence.

Will Subversive Capital Advisor continue to operate other funds?

Yes, Subversive Capital Advisor will continue to operate its other Exchange Funds as usual.

What will happen to shareholders of the Subversive Metaverse ETF?

Shareholders who do not sell their Fund shares by May 31, 2023, will have their shares automatically redeemed for cash based on the Fund's net asset value.

Are there any tax implications for shareholders in the liquidation process?

Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation.