Online personal finance company SoFi has launched the first ETF to provide weekly income distributions.

Anthony Noto, CEO of SoFi.

The SoFi Weekly Income ETF (TGIF US) has listed on NYSE Arca and is sub-advised by Boston-based fixed income specialist Income Research + Management.

It plans to distribute income from its investments to shareholders every Friday.

The fund is actively managed and seeks to achieve its investment objective by investing in US dollar-denominated investment grade and non-investment grade securities and instruments.

Investment decisions for the fund will be determined through fundamental analysis of available debt instruments and their issuers. IR+M applies a bottom-up investing approach, focusing on the analysis of individual companies rather than on the industry or sector in which a company operates or on the economy as a whole.

The fund will generally have a short to intermediate overall effective duration, typically less than three years, and comes with an expense ratio of 0.59%.

Commenting on the launch, Anthony Noto, CEO of SoFi, said, “At SoFi, our mission is to help our members get their money right, which means providing our members with access to innovative, affordable, and diversified investments for their portfolio.”

“TGIF can help provide our members with a means of generating consistent income at attractive interest rates, with potential for a lower level of risk than the stock market. Whether an investor is just beginning their financial journey or they have decades of experience under their belt, cultivating an income-generating component to a portfolio is an important step, and we’re very proud to be offering this first-of-its-kind fund.”

TGIF is the second actively managed ETF offered by SoFi, joining the SoFi Gig Economy ETF (GIGE US).

Also sponsored by SoFi are the SoFi 50 ETF (SFYF US), which is made up of the 50 most widely held US-listed stocks on the SoFi Invest platform, and the SoFi Select 500 ETF (SFY US) and SoFi Next 500 ETF (SFYX US), which were launched as the first two zero-fee ETFs on the market.