Fintech unicorn SoFi announced on Wednesday the availability of its relaunched exchange-traded fund (ETF), the SoFi 50 ETF, which is now indexed to reflect the most popular equities among SoFi members. According to SoFi, The relaunched SoFi 50 ETF now 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.
Speaking about the Index, SoFi CEO, Anthony Noto, stated that the SoFi members have consistently expressed interest in investing in the same stocks as their friends and peers, which mean he and his team have been evaluating the SoFi Social 50 Index since October 2019. Noto claimed that the Index has outperformed the S&P 500 by more than 20% since last fall.
“We are excited to introduce an ETF product that centers around the social elements of investing.”
SoFi then noted that 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 went on to add:
“The reindexing of the SFYF ETF follows the recent extension of fee waivers on the SoFi Select 500 (SFY) and SoFi Next 500 (SFYX) funds, which will retain a zero expense ratio for at least another year, through June 30, 2021.* All of SoFi’s ETFs are available through SoFi Invest, as well as through any other brokerage account.”