SoFi releases two new exchange-traded funds, SoFi Select 500 and SoFi Next 500, promising fee until June 2020.

The product releases aim to target millennials and Gen Z with funds designed to offer powerful new portfolio building blocks.

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“When it comes to achieving financial independence, investing isn’t a choice — it’s a requirement,” says SoFi CEO Anthony Noto.

“We designed these ETFs to make it as simple and easy as possible to start investing for the future. And without any fees dragging on your returns.”

SoFi Select 500 is composed of the 500 largest publicly traded US companies.  Each stock’s contribution to the ETF is based on the company’s growth rates. SFY tracks the performance of the Solactive SoFi US 500 Growth Index.

This weighs each company based on three key growth signals: top-line revenue growth, net income growth, and forward-looking consensus estimates of net income growth.

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By contrast, traditional indexed ETFs often weigh only market capitalisation.

SoFi Next 500 ETF is composed of 500 mid-cap US companies.  Similarly, each stock’s contribution to the ETF is based on the company’s growth rates.

In particular, SFYX tracks the performance of the SoFi US Next 500 Growth Index. This uses the same criteria that underpins SFY. It focuses on the 501st to the 1000th largest US companies.

SoFi’s entry into the ETF space follows the general availability of SoFi Invest. This investing platform offers both active (brokerage) and automated (robo-advisor) investing with no commissions or management fees.

SoFi Money current account

The launch of Sofi Select 500 and SoFi Next 500 follows the release of the hybrid current account, SoFi Money. The account offers zero account fees, unlimited free ATM fees and a 2.25% interest rate on credit balances. In addition, SoFi money features P2P payments, electronic bill pay, mobile check deposits and a debit card.

SoFi launched in 2011 and started by offering student loans. It expanded into personal loans and mortgage products. It aims to double its mortgage lending in 2019.