The battle for low-cost ETFs intensified globally in the past few years. The race to launch the cheapest exchange-traded fund in a specific segment had reached such a level that Social Finance Inc., an online lender also known as SoFi, made headlines in early 2019 by proposing two ETFs that waived off managed fees for at least the first year of operation (read: Zero-Fee ETFs to Hit the Market Finally?).
Not only zero-fee ETF, the early-2019 witnessed the launch of negative fee ETFs too. Salt Financial’s new ETF Salt Low truBeta US Market Fund LSLT had plans to pay 0.05% of assets to investors till April 2020 or till the fund crosses the $100 million level, whichever comes earlier. Upon reaching that threshold, the fund would charge 29 bps in fees. The fundhouse already had a product in circulation then called Salt High truBeta US Market ETF SLT.