- SoFi launches Web3 ETF and a Smart Energy ETF.
- The ETFs were designed to make it easier for people to invest in Web3 and clean energy.
- The fund was set to invest in crypto exchanges and bitcoin miners.
SoFi, an American-based online financial services firm, plunged into crypto-related exchange traded fund (ETF) fray and launched funding for blockchain technology, NFTs, and the metaverse.
The firm’s ETFs, called SoFi Web 3 ETF (TWEB) and SoFi Smart Energy, convey a management expense ratio of 59 basis points. It also tracks the SoFi Solactive ARTIS Web 3.0 and was arranged to invest in 40 tech and crypto-related securities, such as tokenization, blockchain technology, big data, metaverse, and AI.
According to the online financial reports by algorithmically scanning companies, Albert, Alphabet, Amazon, Ceva, and Exscientia were the top holdings in the index.
Furthermore, the fund also invests in crypto exchanges, including Coinbase and Galaxy Digital. In addition, they also fund bitcoin miners like Argo Blockchain, Hive Blockchain Technologies, Marathon Digital Holdings and Riot Blockchain.
For over a year, SoFi took in more than half a million unique visits to its “Crypto for Beginners Guide,” as per the firm. SInce the guide’s launch last year, traffic to the company’s investment pages was up 39%.
In league with the ETF launch, SoFi developed a Web3 educational guide that registers the company 450,000 new members during Q2 alone.
SoFi’s CEO Anthony Noto said:
“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.”
This is not the first time SoFi has launched an ETF. Previously, SoFi launched six ETFs trading in the US. According to ETF.com, the combined assets under its management is almost $500 million.
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