SAN FRANCISCO, Calif.,
May 8, 2019 /PRNewswire/ -- SoFi
announced today the availability of its two newest exchange-traded
funds (ETFs): the SoFi Gig Economy ETF (NASDAQ: GIGE) and the SoFi
50 ETF (NYSE: SFYF), further extending the company's approach of
providing members access to unique investing opportunities.
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 U.S. 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," said SoFi CEO Anthony Noto.
"We're giving our members a way to get started investing by buying
what they know and investing in themselves."
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.
Additional information, including fact sheets and a prospectus,
can be found on SoFi's website at SoFi.com/Invest/ETFs.
About SoFi
SoFi helps people achieve financial
independence to realize their ambitions. Our products for
borrowing, saving, spending, investing, and protecting give our
more than half a million members fast access to tools to get their
money right. SoFi membership comes with the key essentials for
getting ahead, including career advisors and connection to a
thriving community of like-minded ambitious people. For more
information, visit SoFi.com or download our iOS and Android
apps.
About Tidal ETF Services
Formed by ETF industry
pioneers and thought leaders, Tidal ETF Services LLC sets out to
disrupt the way ETFs have historically been developed, launched,
marketed and sold. With a focus on helping ETF issuers, Tidal
offers a comprehensive suite of services, proprietary tools, and
methodologies designed to bring lasting ideas to market. As
advocates for ETF innovation, Tidal wants investors to have insight
and access to the most interesting and viable ETFs available today.
For more information, visit tidaletfservices.com.
Contacts
Chris
Sullivan/Julia Stoll
MacMillan Communications
(212) 473-4442
chris@macmillancom.com
pr@sofi.com
Before investing you should carefully consider the Fund's
investment objectives, risks, charges and expenses. This and other
information is in the prospectus. A prospectus may be obtained by
visiting www.sofi.com/invest/etfs. Please read the prospectus
carefully before you invest.
*Investors buy and sell ETF shares through a brokerage account
or an investment adviser like ordinary stocks, brokerage
commissions and/or transaction costs or service fees may apply.
Please consult your broker or financial advisor for their fee
schedule. The Fund's investment adviser has agreed to waive its
Management Fees for SoFi Select 500 ETF and SoFi Next 500 ETF until
at least June 30, 2020.
SoFi 50 ETF risks: There is no guarantee that the Fund's
investment strategy will be successful. Investments in REITs
involve unique risks. Securities in the real estate sector are
subject to the risk that the value of their underlying real estate
may go down. Shares may trade at a premium or discount to their NAV
in the secondary market, and a fund's holdings and returns may
deviate from those of its index. These variations may be greater
when markets are volatile or subject to unusual conditions. A high
portfolio turnover rate increases transaction costs, which may
increase the Fund's expenses. The Fund is new and has a limited
operating history. The fund is passively managed and attempts to
mirror the composition and performance of The Solactive SoFi US 50
Growth Index. The Fund's returns may not match due to expenses
incurred by the Fund or lack of precise correlation with the index.
You can lose money on your investment in the Fund. Diversification
does not ensure profit or protect against loss in declining
markets.
SoFi Gig Economy ETF risks: There is no guarantee that
the Fund's investment strategy will be successful. Shares may trade
at a premium or discount to their NAV in the secondary market, and
a fund's holdings and returns may deviate from those of its index.
These variations may be greater when markets are volatile or
subject to unusual conditions. A high portfolio turnover rate
increases transaction costs, which may increase the Fund's
expenses. The Fund is new and has a limited operating history. You
can lose money on your investment in the Fund. Diversification does
not ensure profit or protect against loss in declining markets.
Investments in foreign securities may involve risks such as social
and political instability, market illiquidity, exchange-rate
fluctuations, a high level of volatility and limited regulation.
Investing in emerging markets involves different and greater risks,
as these countries are substantially smaller, less liquid and more
volatile than securities markets in more developed markets. Because
the Fund may invest in a single sector, country or industry, its
shares do not represent a complete investment program. As a
non-diversified fund, the value of the shares may fluctuate more
than shares invested in a broader range of industries and companies
because of concentration in a specific sector, country or
industry.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
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SOURCE SoFi