SoFi Just Launched An ETF That Pays A Dividend Every Week

Today in "massive administrative and accounting costs" news, peer to peer lender Sofi has announced they have unleashed the market's first "weekly income" ETF that provides distributions once a week. 

The actively managed SoFi Weekly Income ETF will trade under the ticker "TGIF" and has an expense ratio of 0.59%. It has listed on the NYSE Arca. The fund's strategy is to invest in both investment-grade and high-yield debt with a duration of less than three years. The ETF will pay out weekly with a "larger" payout toward the end of the year, ETF.com says.

For comparison, most Vanguard low cost ETFs and other basic ETFs have an expense ratio of 0.10%. This means for every $1,000 an investor throws into the ETF, they will pay $5.90 per year, instead of $1.00 per year. We're guessing all that extra money goes to paying the ETF's accounting team - and probably going to offset all the poorly performing "peer to peer" loans the company offered to any willing participant while it was getting its start. 

The company says it is targeting a younger demographic with its weekly payout, stating that the product could provide both "immediate rewards," while encouraging long-term holding. 

Sofi's other ETF, SFY, currently has about $111 million in assets under management.