Fidelity is the first, or one of the first, traditional finance places to offer this so of course they’re going to charge a fee while they can. It will come down.
That's kinda what happened with the₿& Ethereum ETFs that came out ages ago on the TSX. The first came with a 1% MER IIRC. Then as the competing institutions jumped in to offer their own exchange traded crypto funds, we never saw an MER that high again.
As someone who has their entire retirement account with Fidelity, Fidelity is DEFINITELY an institution that is too big to fail. I believe it's, by far, the custodian with the most retirement funds. 40 million investors with $9.6 TRILLION assets under administration and additional $3.6 TRILLION total discretionary assets. The idea that they might start playing around with funny money and potentially creating cracks in their infrastructure is not something I want to take lightly.
It's interesting that they would decide to unveil this product at the LOWEST point in crypto history. Even Hollywood knows to postpone a movie about mass shootings right after Columbine.
