US-based SoFi has listed two zero-fee ETFs in the States having had its filing accepted by the
SEC which was submitted back in February
. The listings are the first 'free' ETFs to launch in the US.
The SoFi Select 500 ETF (SFY) and the SoFi Next 500 ETF (SFYX) today listed on the New York Stock exchange and will be “free of charge” until at least 30 June 2020.
SoFi has partnered with German-based index provider Solactive which will provide the benchmarks for the two ETFs. SFY will be tracking the Solactive SoFi US 500 Growth Index and SFYX will be tracking the Solactive SoFi US Next 500 Growth Index.
SFY is comprised of the 500 largest companies in the US in terms of market cap with SFYX being comprised of the 501-1000 largest companies in the US.
Timo Pfeiffer, Head of Research at Solactive, comments: “We have spotted the trend towards zero fees which has finally become a reality.
“SoFi’s advancement in technology-based investing and brokerage mirrors Solactive’s drive to utilize IT infrastructure to effectively add value for our clients. We are excited to be part of SoFi's first steps into the ETF world.”
SoFi has also announced the launch of its investment platform SoFi Invest which offers both active and robo-advisor options. The platform takes no commissions or management fees, according to the company.