New ETF from SoFi will focus on Web 3.0
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SoFi plans to deliver an exchange traded fund focused on Web 3.0, a concept that rolls new developments like crypto and NFTs into more traditional technology plays.
According to a filing with the U.S. Securities and Exchange Commission, SoFiâs intended ETF will be constructed of 40 stocks that are rebalanced on a semi-annual basis.
Web3 incorporates the traditional web landscape but also includes platform concepts around decentralization of crypto and NFT economics, as well as big data analytics and more. As such, the fund will be made up of thematic stocks that specialize in areas such as big data & artificial intelligence, blockchain technology, the metaverse, and NFT tokenization firms.
According to the prospectus: âWeb 3.0 is likely to be built, in part, with tokenization capabilities, such as non-fungible tokens, and blockchain technologies... It is anticipated that technologies like blockchains will be used to build Web 3.0âs fundamental building blocks. Additionally, it is anticipated that big data analysis and artificial intelligence approaches will play key roles in the development and support of Web 3.0.â
While the filing did not outline any specific holdings, one can presume stocks like Advanced Micro Devices (AMD), Unity Software (U), and Block (SQ).
SoFi is not the only firm looking to take advantage of Web3, Simplify Asset Management looks to take advantage of the new landscape as well.