SoFi Adds Two New ETFsSoFi Adds Two New ETFs

Social Finance is launching two more ETFs, one of which is focused on the gig economy, according to an announcement made by the company.

SoFi is launching the SoFi Gig Economy ETF (NASDAQ: GIGE), focused on "long-term capital appreciation by capturing exposure to the economic shift toward gig-oriented companies," and the SoFi 50 ETF (NYSE: SFYF), which tracks an equal-weighted index derived from three signals—top-line revenue growth, net income growth and forward-looking consensus estimates of net income growth—of 50 of the 1,000 largest publicly traded U.S. companies.

The actively managed Gig Economy ETF, advised by Toroso Investments, is composed of companies that "embrace and support the workforce in which employment is based around short-term engagements that allow for flexibility and personal freedom and temporary contracts," according to the company. It's IPO-friendly, in that it is structured so that companies with recent IPOs, like Lyft and Pinterest, can be included in the portfolio within 31 days of their IPO, instead of the "traditional passive funds" approach of waiting 60 to 90 days to include a freshly minted public company.

These aren't SoFi's first ETFs. Earlier this year, the online financial services firm launched fee-waived ETFs and moved its own investors into those products. Controversially, those investors weren't notified until after the transaction occured and weren't given an option to opt out of the swap. Neither of the new ETFs will be included in the automated portfolios offered by SoFi, said a company spokesperson.

GIGE trades with an expense ratio of 59 basis points, and SFYF, designed to track a Solactive AG-developed index, has an expense ratio of 29 basis points.

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