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Robo Researcher Claims SoFi Trades Triggered Capital Gains Tax Hit

TedTed
in The Bullpen
FYI: Customers of Social Finance Inc.'s robo-adviser may incur some unexpected capital gains taxes after the company reallocated managed portfolios using new proprietary exchange-traded funds.

SoFi in February announced the coming of two ETFs with a 0% expense ratio for at least the first year. The proprietary ETFs began trading in April, and SoFi used them as replacements for the Vanguard Total Stock Market ETF in certain managed portfolios the following day, according to Backend Benchmarking, a research firm that opens accounts with several popular digital advice providers in order to track and compare performance.
Regards,
Ted
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