Topline
Trump Media & Technology Group introduced politically themed ETFs tied to its Truth Social brand on Wednesday, giving investors a way to back “America First” values—while the president, a major shareholder, has immense sway over many of the sectors they target.
Trump Media (Nasdaq: DJT) said the five “America First-themed” exchange-traded funds (ETFs) will invest in defense, energy, real estate in red states, “American icons” and “next frontiers.”
The new ETFs would join three previously announced crypto-focused funds under the “Truth Social Funds” umbrella.
Yorkville America Equities, a Florida-based asset management firm, filed initial registration statements with the Securities and Exchange Commission for the ETFs, according to Trump Media.
Trump Media said the ETFs will use a screening process—developed with conservative nonprofit 1792 Exchange—to align “with the Truth Social brand and America First principles.”
President Donald Trump owns 114,750,000 shares of Trump Media—and has sweeping influence over the defense, energy and real estate sectors.
Trump Media did not immediately respond to a request for comment.
White House press secretary Karoline Leavitt rejected any suggestion of a conflict of interest, telling Forbes in a statement, “The media’s continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public’s distrust in what they read. Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest.”
"It is a jaw-dropping conflict of interest to have the president’s company selling financial products while he oversees both the agency that will regulate them as well as the ability to massively influence the sectors they focus on,” said Jordan Libowitz, a spokesperson for Citizens for Responsibility and Ethics in Washington, a watchdog that has tracked Trump’s business dealings.
The president and vice president are exempt from most federal conflict of interest laws, which has allowed Trump to maintain ownership of his business empire while in office.
Trump’s return to the White House—and the financial windfall that came with it—has helped push his net worth to an estimated $7.3 billion, up from $4.3 billion in 2024. That $3 billion gain, fueled largely by crypto and Trump Media shares, landed him at No. 201 on this year’s Forbes 400, his highest ranking ever.
$1.9 billion: The value of Trump’s 114,750,000 Trump Media shares, held in a revocable trust for which he is both the sole donor and only beneficiary, as of Tuesday’s close. Donald Trump Jr. serves as trustee.
ETFs are baskets of investments—like stocks, bonds or other assets—that trade on public exchanges, similar to individual stocks. They’re managed by investment advisers (in this case, Yorkville America Equities) and often track a theme or index. Unlike mutual funds, ETF prices fluctuate throughout the trading day.
“He instructed us to take all steps realistically possible to make it clear that he is not exploiting the office of the presidency for his personal benefit,” Trump’s attorney Sheri Dillon said in 2017, just before his first inauguration.
It’s unclear what fees the Truth Social ETFs will charge or whether they’ll track existing indexes or rely on active management. At this stage, the company also hasn’t disclosed which specific assets each fund will hold.
Trump Media expects the ETFs to start trading later this year on the NYSE Arca, an exchange specializing in ETFs, pending regulators’ approval.
Trump Media reported a $20 million loss last quarter amid investment in new ventures—including crypto and streaming—but still awarded CEO Devin Nunes $5.9 million in stock in August, set to vest over three years, according to SEC filings.
In July, Trump Media announced it was testing a global rollout of its Truth+ streaming platform—just months after Trump ordered sharp cuts to Voice of America, the U.S.-funded broadcaster that’s delivered international news for decades.
In November 2023, Trump Media sued 20 media outlets, including Forbes, for reporting that included calculations of its financial results while still a private company. The defendants have moved to dismiss the claims, but the case is ongoing.
“How Trump’s Sons Cashed In On Their Father’s Comeback” (Forbes)
“Crypto Now Accounts For Most Of Donald Trump’s Net Worth” (Forbes)
“How Barron Trump May Have Earned $40 Million From His Dad’s Crypto Venture” (Forbes)