At the end of last year, there were a lot of good stocks trading below $20 per share as the market endured a difficult bear retreat and brought down the prices of a lot of good stocks. But a surging stock market in 2023, particularly in the technology sector, has moved a lot of them up above that $20 per share mark. However, there are still some good growth names in the sub-$20 range -- including an exchange-traded fund (ETF).

Here are two investments trading at less than $20 per share that are long-term buy and holds. 

The Fidelity Growth Opportunities ETF

Not to be confused with the mutual fund of the same name, the Fidelity Growth Opportunities ETF (FGRO -0.20%), which launched on Feb. 2, 2021, is a relative newcomer. But this actively managed ETF is overseen by the same team, led by Kyle Weaver, that runs the Fidelity Advisor Growth Opportunities Fund, which has been around since 1987 and has more than $16 billion in assets under management.

So while this is not a stock, I think it is absolutely one of the best long-term investments under $20. It is currently trading at around $17.50, up more than 38% this year and up 28% in the 12 months ended June 30. Both of these numbers surpass its benchmark, the Russell 1000 Growth Index, which is up about 32% this year and 27% for the one-year period ended June 30.

While it does not have the track record, it has the pedigree and expertise of the Fidelity fund of the same name, which has a 16.3% annualized 10-year return as of June 30 and an 11.6% annualized return since its inception in 1987.

Because it is actively managed, its holdings are only posted monthly. But the managers look for large-cap companies they believe have above-average growth potential. They use fundamental analysis, looking at a variety of factors, including each company's financial condition and industry position, as well as macroeconomic factors. As of May 31, it held 139 stocks, with Microsoft (MSFT -1.07%) being the largest holding, followed by Nvidia (NVDA -1.60%) and Amazon (AMZN -0.64%).

Trading for less than $18 per share, this is a fantastic ETF to jump on as it should enjoy many years of growth -- as its sister fund has. 

SoFi Technologies

SoFi Technologies (SOFI 8.46%) has been a breakout hit, more than doubling so far this year. But that's after losing 70% of its value in 2022. Currently, it is trading at about $9.60 per share. 

SoFi has a lot going for it, with three different businesses that have all been growing -- its lending business, its financial services arm, and its technology platform. SoFi started out as a student loan lender, but that portion of its business has been hurt by the federal loan repayment moratorium that went into effect after the pandemic hit in 2020. That moratorium was lifted in June, and that same month the Supreme Court struck down President Joe Biden's student loan forgiveness proposal. 

But it is also one of the few fintechs with a bank charter, and that has helped SoFi gain deposits and increase its lending beyond student loans. It has also boosted its financial services business -- which includes services like checking and savings accounts, investments, direct deposits, and credit cards. Revenue grew 244% year over year in the first quarter, while the number of products used by customers jumped 51%.

The third leg of its business is its technology platform, through which its clients can create their own banking-as-a-service offering. Revenue there was up 28% in Q1 year over year. 

Because the stock has surged so much this year, due to its growth, the actions on student loans, and an overall rising technology market, SoFi shares may not gain as much the rest of the year. But the company expects to continue to increase revenue, raise its forecasts, and become profitable by the end of the year.

Its balanced business with multiple growing revenue streams should serve it well over the long term.

It may take SoFi a few more years to break the $20 threshold, but it appears headed in that direction, while the Fidelity ETF could be there much sooner.