This story first ran in Financial Advisor IQ's sister publication, Ignites.

Three Ark Investment Management ETFs have sold Coinbase stock for the first time this year.

The $7.9 billion Innovation ETF, the $1.3 billion Next Generation Internet ETF and the $811 million Fintech Innovation ETF dumped a combined 1.4 million shares of the cryptocurrency exchange, according to Cathie’s Ark, a website that tracks trades made by the Cathie Wood-helmed firm.

The sales mark the first time Ark has sold Coinbase this year, according to Cathie’s Ark. The St. Petersburg, Florida-based firm has been steadily picking up Coinbase shares since January 31, the website shows. The majority of the shares came from the flagship Innovation ETF, which offloaded 1.1 million shares.

Coinbase shares fell 21% on Tuesday after media reports revealed that the company is the subject of a Securities and Exchange Commission probe into whether it improperly let Americans trade digital assets that should have been registered as securities, as reported by Bloomberg.

The sales also happened on Tuesday, according to Cathie’s Ark. That same day, the three ETFs added to their holdings in companies including Shopify and Roku.

Investors pulled $1.3 billion out of the Innovation ETF during the year ended June 30, according to data from Morningstar Direct. The Next Generation Internet ETF recorded net outflows of $1.7 billion, and the Fintech Innovation ETF saw $1 billion in net outflows over the same period.

This story first ran in Financial Advisor IQ's sister publication, Ignites.

SoFi has a new name to attract investors to an ETF investing in beaten-down delivery and home-work stocks.

The $8.8 million SoFi Gig Economy ETF will change its name on Aug. 9 to the SoFi Be Your Own Boss ETF, with the ticker BYOB.

BYOB is the first ETF to ever track returns based on companies that have been built on the internet and operated by a contract labor force dubbed the “gig economy,” according to SoFi.

It invests in companies “that have transformed the way people access goods, services, and work,” the firm’s website states. Neither the fund’s underlying objectives nor management will change after the rebrand, according to its prospectus.

The ETF operates under the ticker GIGE now, and has fallen some 60% over a 12-month period, as rising food, gas and other prices hit both gig workers and consumer wallets.

The product has returned 8.4% per year, on average, since its inception in 2019, according to SoFi’s website. It fell 47% year to date.

Its primary holdings are in Shopify; Block, the owner of Square; and Airbnb, a fact sheet shows.

SoFi’s investment case for the fund is based on data that the majority of the U.S. workforce will be freelancing by 2027, according to an Upwork survey from 2019.

The fund’s gross expense ratio is 21 basis points, but its net expense ratio is 2 bps as of its most recent filing, a prospectus shows, due to a fee waiver.

SoFi did not respond to requests for comment.