SPAC-tacular Comeback: ETFs With SoFi, Opendoor Ride 2025's Most Surprising Rally That Beat Nvidia

In the epic investing comeback saga of 2025, the surprise twist that no one predicted was a group of three erstwhile SPAC favorites—SoFi Technologies SOFI, Opendoor Technologies OPEN, and MP Materials MP—not only bouncing back from the brink but also outrunning the titanic Nvidia NVDA. Yes, that Nvidia.

The three firms, each of which came public through prominent SPAC mergers anchored or led by billionaire Chamath Palihapitiya, have laughed at expectations—and gravity—posting market-smashing returns. Opendoor has gained some 458% in the last month, MP Materials has jumped 63%, and SoFi is up some 37%. To put these numbers in perspective, Nvidia, the stock market’s hero, posted “only” 20% return over the same period.

Though the dramatic comeback has delighted retail traders and Chamath enthusiasts everywhere, it has also awarded surprise alpha to various ETFs that held out with these fallen angels at their low points.

The ETFs That Remained (And Gained)

Several thematic and growth ETFs continue to hold significant exposure to one or more of these names. And now, they’re gaining an unexpected lift as these ex-SPAC stocks get going again.

Here are some notable ETF beneficiaries:

ARK Fintech Innovation ETF ARKF: Cathie Wood's ARKF has long been a SoFi bull. As SoFi expands its digital banking ecosystem and continues to grow its user base, the stock's turnaround is directly lifting ARKF's returns.

VanEck Rare Earth and Strategic Metals ETF REMX: Almost 12% of the fund’s holdings are dedicated to MP Materials.

Vanguard Russell 2000 ETF VTWO: This Russell 2000 index-tracking ETF has exposure to Opendoor, which is a part of the index.

Why This Group Is Backing Up

The recent bounce isn’t all meme magic or short squeezes. All three companies have made strategic changes that enhanced their fundamentals:

SoFi has evolved from a fintech “super app” into a full-fledged digital bank. Its growth in users, lending business, and cross-selling strategy has begun to pay off, erasing investor doubt.

MP Materials is surfing a macro wave—its rare-earth offerings are critical to anything from EVs to defense systems. With U.S.–China tensions still on, MP’s local manufacturing has become even more prized.

Opendoor has emerged as the sole remaining major player in the iBuying sector. Following the exits of Zillow and Redfin, Opendoor has rationalized and is reaping the benefits of a modestly recovering housing market. Retail exuberance exploded last week following Jackson’s viral tweet indicating the stock could be a “100-bagger”—and the market actually heeded.

ETF Takeaway: Sometimes Diamond Hands Work

For those ETFs that held on during the SPAC implosion, 2025 is delivering some serious redemption. As the broader market discounted Chamath’s 2021 class of SPACs as overhyped disappointments, long funds in these names are now beating expectations, and, in a few instances, keeping pace with the returns of tech giants.

But this is not a SPAC nostalgia trip. If these stocks keep delivering, their ETF supporters might be reading from the front row of a secular revival, one that combines meme potential with actual, quantifiable performance.

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