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Illustration: Sarah Grillo/Axios

Financial startup SoFi isn't just about lending you money to refinance your student loans. It wants to invest your money too — and to that end it unveiled this week a “gig economy”-themed exchange-traded fund, trading under the ticker symbol GIGE.

By the numbers: The actively managed fund comes with an expense ratio of 0.59%, unlike SoFi’s first two ETFs, which have a zero expense ratio.

  • At launch, GIGE has 44 stocks, many of which aren't obviously related to the gig economy. Apple, Alphabet and PayPal might have enabled the existence of companies like Lyft and GrubHub, but it's hard to see how they themselves are gig economy stocks.

We asked SoFi to explain why some of them made the cut:

  • Workday, Box, Cloudera: These companies’ software can be used by individual entrepreneurs (or “solo-preneurs”) to run their businesses, says SoFi.
  • MongoDB: Because its foundation is open-source database software, it can be helpful to freelance developers.
  • Camping World, Thor Industries: These companies sell RVs, which relates to the gig economy because they provide workers with geographic flexibility.
  • Stratasys: This company makes 3D printers that can be used in an office to make prototypes — which solo-preneurs can theoretically use to compete with bigger companies.

The bottom line: SoFi's on-trend new ETF is being branded as "Gettin' GIGE with it." But if you really want to invest in the gig economy, it's far from clear that the best way to do that is to pay an extra 0.59% per year to buy RV stocks and Apple shares.

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Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.

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Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

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Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.