With Expense Ratio Waived To Zero, Funds Designed to Provide Investors a Set of Powerful New Portfolio Building Blocks
SAN FRANCISCO, CALIF. – April 11, 2019 – SoFi announced today the availability of two new exchange-traded funds (ETFs), the SoFi Select 500 ETF (NYSE: SFY) and the SoFi Next 500 ETF (NYSE: SFYX). Both funds have fee waivers in place that lower total fund expenses to zero through at least June 30, 2020.
“When it comes to achieving financial independence, investing isn’t a choice — it’s a requirement,” said SoFi CEO Anthony Noto. “We designed these ETFs to make it as simple and easy as possible for anyone to start investing for the future, without any fees dragging on your returns.”
SoFi Select 500 ETF (SFY) is composed of the 500 largest publicly traded U.S. companies, while each stock’s contribution to the ETF is based on the company’s growth rates. SFY tracks the performance of the Solactive SoFi US 500 Growth Index, weighing each company based on three key growth signals – top-line revenue growth, net income growth, and forward-looking consensus estimates of net income growth. Traditional indexed ETFs often weigh only market capitalization.
SoFi Next 500 ETF (SFYX) is composed of 500 mid-cap U.S. companies, and similarly, each stock’s contribution to the ETF is based on the company’s growth rates. SFYX tracks the performance of the Solactive SoFi US Next 500 Growth Index, using the same criteria that underpins SFY, focusing on the 501st through the 1000th largest domestic companies.
Both funds will be listed on the NYSE Arca and are designed to track the performance of indexes developed by Solactive AG. SoFi partnered with Tidal ETF Services for the trust, strategy, administrative and operational aspects of the ETFs.
SoFi’s entry into the ETF space comes shortly after the general availability of SoFi Invest, an investing platform that offers both Active (brokerage) and Automated (robo-advisor) investing with no commissions or management fees. SoFi’s new ETFs will be 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
[email protected]
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Disclosures
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.
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 Funds are new and have a limited operating history. The funds are passively managed and attempt to mirror the composition and performance of The Solactive SoFi US 500 Growth Index1 and The Solactive SoFi US Next 500 Growth Index2 . The Fund’s returns may not match due to expenses incurred by the Funds or lack of precise correlation with the index. It is not possible to invest directly in an index. You can lose money on your investment in the Fund. Diversification does not ensure profit or protect against loss in declining markets.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
1The fund is passively managed and attempts to mirror the composition and performance of The Solactive SoFi US 500 Growth Index. This index tracks the performance of 500 of the largest U.S.-listed companies weighted based on a proprietary mix of their market capitalization and fundamental factors. It is not possible to invest directly in an index.
2The fund is passively managed and attempts to mirror the composition and performance of The Solactive SoFi US Next 500 Growth Index. This index tracks the performance of the 500 smallest of the 1,000 largest U.S.-listed companies weighted based on a proprietary mix of their market capitalization and fundamental factors. It is not possible to invest directly in an index.