EV makers Rivian Automotive and Tesla have this ETF sinking
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Electric vehicle makers Rivian Automotive (NASDAQ:RIVN) and Tesla (TSLA) have dropped in Monday's early trading, dragging down the SoFi Social 50 exchange-traded fund (NYSEARCA:SFYF) with them. SFYF, which tracks stocks with heavy retail investor interest, opened Mondayâs trading session down 3.8%. 
RIVN and TSLA make up a combined 14.15% weighting of SFYF and they are each down 15% and 5.5%, respectively, to start the week. Additionally, TSLA is the exchange traded fund's second largest holding at 8.12% and RIVN represents SYFYâs third largest portfolio stake at 6.03%. SFYF is also the largest ETF holder of RIVN on the market.
RIVN declined in Monday's early trading on reports that Ford and another investor plan to sell up to 23M shares of the EV maker.
SYFY is an ETF that invests in the companies that are most widely held by members of the SoFi Active Invest community. It contains the top 50 US companies measured by the number of accounts that invest in that stock.
Furthermore, SFYF has a 0.35% expense ratio and the fund is rebalanced at the end of every month. 
SYFY's decline on Monday is part of a broader pattern. Over the course of 2022, SFYF finds itself -34.6% -- a much sharper decline than the benchmark ETFs that track the S&P 500, Dow Jones, and Nasdaq.
ETFs tracking the major U.S. equity indices are starting the week off on their back foot, dropping in the wake of ongoing selling pressure on Wall Street.