Top mutual fund houses to extend blockchain and metaverse schemes

Top mutual fund houses to extend blockchain and metaverse schemes

Navi Mutual Fund and Aditya Birla Sun Life Mutual Fund, two of the prominent mutual fund houses in India, have recently filed drafts to join blockchain and metaverse financial market. Aditya Birla Sun Life Virtual Digital Assets & Blockchain exchange-traded fund (ETF) and Navi Metaverse ETF Fund of Fund are the two schemes which are waiting for SEBI’s approval for the launch

However, these two schemes are not the first movers in this field. Previous year, Invesco Mutual Fund was about to launch the Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF). However, Invesco mutual fund had to put the launch on hold to the uncertain rules on investments in cryptocurrency by the Indian government.

Nonetheless, the country now has clarity on the rules regarding cryptocurrency investments and there is no such ban on crypto.

Navi Metaverse ETF FoF will be an open-ended FoF scheme that will invest in overseas ETF’s eventually providing exposure to enterprises that are anticipated to gain advantage from the advancement of Metaverse.

Mutual fund experts and advisors projects that these new schemes can be a good way of diversifying the investments into newer arenas. However, the advisors are still skeptical of the fact that these schemes will make an essential contribution to retail investor’s portfolio.

Rushabh Desai, Founder of Mumbai-based Rupee With Rushabh Investment Services, said that the world is already living in the digital world and in the future, technology will advance a lot more in future. Even though the future of Blockchain and Metaverse is quite bright, these are new technologies, and their market is not fully explored and tested.

He further said, initially the risk can be high, and he would not recommend investing in pure Metaverse and Blockchain tech companies.

Further, he recommended that investors looking to invest in the IT & Technology can look at investing in well-established global multi-tech companies and can also look forward to NASDAQ 100 and FANG PLUS funds.

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