Fri, 02 October 2020 | investing income
SoFi, the San Francisco-based online personal finance company, has launched a new exchange-traded fund (ETF) that could help retirees or anyone interested in regular distributions from their investments. The new ETF, the SoFI Weekly Income ETF (NYSE:TGIF) is the company's first fixed-income offering and the industry's first ETF to offer a weekly distribution to fund shareholders. The Fund intends to pay out dividends and interest income, if any, weekly, although there is no guarantee these payouts will be made.
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%.
Source: SoFI