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LGIM launches 'cashless economy' ETF

LGIM, L&G Digital Paayments Ucits ETFLegal & General Investment Management (LGIM) has launched the L&G Digital Payments Ucits ETF that provides exposure to digital payment technologies.

The global transition to a cashless economy, says the firm, will see the market grow from $58 billion last year, at a rate of 19.4% annually until 2028, according to research quoted by LGIM.

There are over 150 companies in the sector and the fund selects those that have a minimum free-float capitalisation of $200 million, among other criteria.

Card issuers and card-less payment service providers are in the portfolio.

LGIM said the fund reflects the role of digital technology in broadening global financial inclusion, while also supporting several of the UN Sustainable Development Goals (SDGs), including infrastructure, decent work and economic growth, and building sustainable cities and communities.

The fund is listed on the London Stock Exchange, Deutsche Börse and Borsa Italiana and takes LGIM’s thematic range to 11 funds.

The total expense ration is 0.49%.

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