SoFi adds another first to its ETF roster
SoFi has launched the SoFi Weekly Dividend ETF, the first equity ETF designed to provide a weekly dividend payment to shareholders. WKLY joins a SoFi ETF family that also includes the SoFi Weekly Income ETF, which launched in 2020 and was the first fixed income ETF to offer a weekly distribution to fund shareholders.
WKLY seeks to track the performance of the SoFi Sustainable Dividend Index, which is made up of large- and mid-cap companies in both the US and developed international markets that meet a robust set of sustainable dividend filters. Securities selected for the index have maintained their dividend payments over the last 12 months, been forecasted to continue to pay over the next 12 months, and met a number of additional screens designed to remove companies at risk of reducing their dividend payouts. The fund plans to distribute income from its investments to shareholders every Thursday.
“‘Pay yourself first’ is one of the oldest adages in investing, and income-generating investments can be some of the most powerful tools in an investor’s arsenal,” says Anthony Noto, CEO of SoFi. “We are very proud to be bringing the innovative weekly distribution approaches of first TGIF and now WKLY to both our members and the broader investing marketplace.”
WKLY is passively managed and has an expense ratio of 0.49 per cent. SoFi has partnered with Tidal ETF Services for the trust, strategy, administrative and operational aspects of the ETFs, and the fund is advised by Toroso Investments.
In addition to WKLY and TGIF, SoFi’s innovative ETF lineup also includes the SoFi Gig Economy ETF (GIGE), the only ETF to provide targeted exposure to the companies driving and benefiting from the growth of the gig economy; the SoFi Social 50 ETF (SFYF), which is made up of the 50 most widely held US listed stocks on the SoFi Invest platform; and the SoFi Select 500 ETF (SFY) and SoFi Next 500 ETF (SFYX), which were launched as the first two zero-fee ETFs on the market and will remain zero fee until at least June 30, 2021.
All of SoFi’s ETFs are available through SoFi Invest, as well as through any other brokerage account.