SoFi Technologies announced the launch of a new thematic exchange-traded fund focused on Web 3, expanding access to crypto and blockchain investing for its user base that is largely made up of Gen Z and millennials.
The launch comes at a precarious time for the fintech giant amid a broad crypto rout that has seen cryptocurrencies and crypto-firms lose a significant amount of value.
SoFi Web 3 will track the SoFi Solactive ARTIS Web 3.0 Index, which uses natural language processing to pick the 40 highest-ranking stocks across four categories: NFTs (non-fungible tokens) and tokenization; blockchain technology; metaverse; and big data and artificial intelligence.
The index, co-developed by provider Solactive and SoFi, ranks companies based on their relevance to each theme by algorithmically scanning the web for relevant keywords. The source of the text matters as well—a company’s financial report holds more weight than a news article, for instance.
Some of the companies included? Meta...
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