On Friday, SoFi announced the launch of its newest exchange-traded fund (ETF): the SoFi Weekly Income ETF (NYSE: TGIF), the online personal finance company’s first fixed-income offering and the industry’s first ETF to offer a weekly distribution to fund shareholders.*
TGIF is an actively managed fund that seeks to achieve its investment objective by investing in U.S. dollar-denominated investment grade and non-investment grade securities and instruments. The fund plans to distribute income from its investments to shareholders every Friday. The fund is the latest addition to SoFi’s innovative family of ETFs, after launching its first four ETFs last year, SoFi Select 500, SoFi Next 500, SoFi 50, and SoFi Gig Economy ETFs.
“At SoFi, our mission is to help our members get their money right, which means providing our members with access to innovative, affordable, and diversified investments for their portfolio,” said Anthony Noto, CEO of SoFi. “TGIF can help provide our members with a means of generating consistent income at attractive interest rates, with potential for a lower level of risk than the stock market. Whether an investor is just beginning their financial journey or they have decades of experience under their belt, cultivating an income-generating component to a portfolio is an important step, and we’re very proud to be offering this first-of-its-kind fund.”
TGIF will be sub-advised by Income Research + Management and Exponential ETFs. Toroso Investments serves as the ETF’s investment advisor. TGIF has an expense ratio of 0.59%.
TGIF is the second actively managed ETF offered by SoFi, joining the SoFi Gig Economy ETF (GIGE). Also part of this unique fund family is the SoFi 50 ETF (SFYF), which is made up of the 50 most widely held U.S. Listed stocks on the SoFi Invest platform, as well as 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.
For more information, visit https://www.sofi.com
This article originally appeared on ETFTrends.com.