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SoFi debuts its first crowdsourced ETF, SoFi 50 ETF (SFYF)

By Pavithra R

July 02, 2020

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SoFi
Anthony Noto, CEO of SoFi

SoFi, an American FinTech leader and personal finance innovator, announced the availability of its relaunched exchange-traded fund (ETF), the SoFi 50 ETF.

SoFi 50 ETF is now indexed to reflect popular equities among SoFi members and it tracks the performance, before fees and expenses, of the SoFi Social 50 Index, a portfolio of the 50 most widely held U.S. listed equity securities in SoFi members’ self directed brokerage accounts with SoFi Invest. The index is weighted by aggregate holdings within SoFi member accounts and will be rebalanced every month.

The reindexing of the SFYF ETF follows the recent extension of fee waivers on the SoFi Next 500 (SFYX) funds and SoFi Select 500 (SFY), which is planned to retain a zero expense ratio for another year. SoFi’s ETFs are available through SoFi Invest, as well as through other brokerage accounts.

“Our members have consistently expressed interest in investing in the same stocks as their friends and peers. We’ve been evaluating the SoFi Social 50 Index since October and it has outperformed the S&P 500 by over 20% since then. We are excited to introduce an ETF product that centers around the social elements of investing. The updated fund is a reindexing of the SoFi 50 ETF and retains the ticker SFYF on the NYSE Arca, with an expense ratio of 29 basis points. SoFi has continued to partner with Tidal ETF Services for the trust, strategy, administrative and operational aspects of the fund,” said SoFi CEO Anthony Noto.

Founded in 2011, SoFi is a values-driven company that helps people achieve financial independence to realize their ambitions. Its membership comes with the fundamental essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. Recently, the company partnered with Cardtronics for access to Allpoint Network.

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