Alternative Investments/Digital/ESG: SoFi Launches Web3 And Smart Energy ETFs

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SoFi officially also rebranded the existing SoFi Gig Economy (NASDAQ: GIGE) ETF as the SoFi Be Your Own Boss (NASDAQ: BYOB) ETF.

SoFi Invest, the investing and trading arm of SoFi Technologies, announced the launch of two new ETFs, SoFi Web 32 (NASDAQ: TWEB) and SoFi Smart Energy (NYSE: ENRG) that provide exposure to two of the world’s fastest-growing industries.

The expense ratio on both the new ETFs is 0.59%.

SoFi Web 3 ETF (TWEB)

This ETF will invest in companies powering the next technology revolution and driving a decentralized approach to the internet, such as the metaverse and artificial intelligence.

The ETF will track the SoFi Solactive ARTIS® Web 3.0 Index, providing diversification by investing in 40 securities across four themes – NFTs & Tokenization, Blockchain Technology, Metaverse, Big Data & AI – solving the key problems with the internet today.

SoFi Smart Energy ETF (ENRG)

SoFi has partnered with iClima on this ETF which tracks the iClima Distributed Renewable Energy Index. The index identifies companies rapidly modernizing energy solutions by replacing centralized fossil fuel-based grids with technologies that enable electricity generation and storage using renewable energy sources in a local, decentralized, and modular way.

Fundspeak

“SoFi has a unique perspective on how the next generation spends, saves, and invests their money given our breadth of products,” said Anthony Noto, CEO. “With this next phase of ETF launches, we’re focusing on funds that help people get their money right while also allowing them to invest in what they are most passionate about right now. We know many of our members look at Web 3 and clean energy as important parts of the future, and we are thrilled to be providing low-cost investment vehicles designed to meet those interests.”

Related Story: SoFi Advances Bank Charter Ambitions; Acquires Golden Pacific Bancorp

Image Credit: Flickr

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