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.
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“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).
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