SoFi launches SoFi Gig Economy ETF and SoFi 50 ETF


SoFi has expanded its ETF offering with the launch of two new funds – the SoFi Gig Economy ETF (GIGE) and the SoFi 50 ETF (SFYF).

The SoFi Gig Economy ETF (GIGE) is an actively managed fund, advised by Toroso Investments, that is designed to seek long term capital appreciation by capturing exposure to the economic shift toward gig-oriented companies. The "gig economy" refers to a group of companies that embrace and support the workforce in which employment is based around short-term engagements that allow for flexibility and personal freedom and temporary contracts. The fund is structured so that most companies that IPO can be included in the portfolio within 31 days of their IPO, as opposed to traditional passive funds that must likely wait 60 to 90 days to include a new IPO.

The SoFi 50 ETF (SFYF) tracks the performance, before fees and expenses, of the Solactive SoFi US 50 Growth Index, by capturing the performance of 50 of the 1,000 largest publicly-traded US companies that have the highest growth score based on three key signals: top-line revenue growth, net income growth, and forward-looking consensus estimates of net income growth. The index is equally weighted.

"Our members are excited by high-growth and gig economy companies because these companies are in many cases part of their lives," says SoFi CEO Anthony Noto. "We're giving our members a way to get started investing by buying what they know and investing in themselves."

Timo Pfeiffer, Head of Research at Solactive, says: “We are very proud to be working with SoFi again. Immediately after starting the collaboration for the first two launches, one could feel that both Solactive and SoFi share the same disruptive spirit. The result created a lot of noise in the whole ETF industry. Now, the release of the Solactive SoFi US 50 Growth Index focusses on another strength of both companies: their innovation potential.”

GIGE will be listed on Nasdaq with an expense ratio of 59 basis points. SFYF, which is designed to track the performance of an index developed by Solactive AG, will be listed on the NYSE Arca and has an expense ratio of 29 basis points. SoFi partnered with Tidal ETF Services for the trust, strategy, administrative and operational aspects of the ETFs.

The introduction of GIGE and SFYF comes on the heels of SoFi's recent launch of two waived-fee* ETFs: the SoFi Select 500 ETF (SFY) and the SoFi Next 500 ETF (SFYX), and the recent rollout of SoFi Invest, an investing platform that offers both Active (brokerage) and Automated (robo-advisor) investing with no commissions or management fees. All of SoFi's ETFs are available through SoFi Invest, as well as through any other brokerage account.

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