Industry Updates

SoFi's free ETFs prove investors love a bargain

George Geddes

a group of metal bars

The first zero-fee ETFs came to market late last week and have already caught the attention of investors.

SoFi 500 ETF (SFY) and SoFi Next 500 ETF (SFYX) listed on Thursday, with a waived 0.19% fee until 2020, and have already seen 8-digits worth of inflows, according to data provided by Ultumus.

SFY saw $40.3m worth of inflows in the two days it had been listed on the New York Stock Exchange. SFYX also saw significant inflows for the same period with its assets under management climbing $4.5m.

The two ETFs are comprised of the largest 500 (SFY) and next largest 500 (SFYX) companies in the US in terms of market cap. SFY and SFYX’s net asset values increased by 0.6% and 0.8%, respectively, over the week.

SoFi’s fee-free ETFs were not the only newly launched products which caught investors’ eye. The Global X Genomics & Biotechnology ETF (GNOM) also only listed last week and has seen $2.3m worth of inflows.

However, its performance has not gotten off to the best start as its NAV fell 2.0% over the same period, according to Ultumus.

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