NEW YORK, Aug. 27, 2020 /PRNewswire/ -- SoFi announced today that its SoFi Gig Economy ETF (GIGE) reached a new 52-week high on August 26, 2020, closing at a price of $28.09. As of yesterday's close, GIGE has more than doubled (101.8%) off its 52-week low of $13.92 on March 16th. GIGE is in the top 30 of best-performing equity ETFs in the U.S. this year (out of 1,482, not including leveraged funds). As of the most recent quarter end on 6/30/2020, GIGE was up 19.71% year-over-year and 16.44% since its inception May 8, 2019.
"In today's world, it's not just work-from-home, it's also work-from-anywhere, and the technology companies behind this revolutionary shift are some of the few bright spots in this economy," said SoFi CEO Anthony Noto. "GIGE has been able to capture these new trends and provide investors with diversified exposure to this exciting theme."
GIGE seeks to provide exposure to technology companies in the gig economy. Top holdings include payment companies such as PayPal (PYPL) and Square (SQ), tech platforms such as Fiverr (FIVR) and Upwork (UPWK), and e-commerce firms such as Pinduoduo (PDD) and Mercadolibre (MELI).
To learn more about the fund and its top 10 holdings, please click here.
SoFi is also the sponsor for the fee-waived* SoFi Select 500 ETF (SFY) and SoFi Next 500 ETF (SFYX), as well as the first crowdsourced ETF, the SoFi 50 ETF (SFYF). SoFi continues to partner with Tidal ETF Services for the trust, strategy, administrative and operational aspects of the funds.
Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available at www.sofi.com/invest/etfs/gige. The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.
Click here for GIGE standardized performance.
About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com.
About Tidal ETF Services
Formed by ETF industry pioneers and thought leaders, Tidal sets out to disrupt the way ETFs have historically been developed, launched, marketed and sold. With a transparent, partnership approach, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. As advocates for ETF innovation, Tidal helps institutions and organizations launch the most interesting and viable ETFs available today. For more information, visit tidaletfservices.com.
Contacts
Chris Sullivan/Julia Stoll
MacMillan Communications
(212) 473-4442
[email protected]
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Disclosures
Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by visiting www.sofi.com/invest/etfs. Please read the prospectus carefully before you invest.
*The Fund's investment adviser has agreed to waive its Management Fees for SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2021.
There is no guarantee that the Fund's investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. The Fund is new and has a limited operating history. You can lose money on your investment in the Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Because the Fund may invest in a single sector, country or industry, its shares do not represent a complete investment program. As a non-diversified fund, the value of the shares may fluctuate more than shares invested in a broader range of industries and companies because of concentration in a specific sector, country or industry.
Since the Fund is actively managed it does not seek to replicate the performance of a specified index. The Fund may frequently trade all or a significant portion of its portfolio; and have higher portfolio turnover than funds that do seek to replicate the performance of an index.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
SOURCE SoFi
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