New York, Jan 20, 2026, 02:23 EST
- In late December, five ETFs linked to Truth Social made their debut, grabbing attention at the New York Stock Exchange last week.
- Trump Media has launched four Truth Social-branded separately managed account strategies via Yorkville and Index Technologies Group.
- Ethics advocates and Democrats say these products deepen existing conflict-of-interest concerns tied to President Donald Trump.
Trump Media & Technology Group is raising fresh conflict-of-interest questions by launching investment products under the Truth Social brand, broadening its reach beyond social media and streaming into finance.
The timing matters because these products connect a sitting president’s name and platform to vehicles accepting outside funding. Critics warn this might create a new channel for investors seeking influence. The White House rejects claims that Trump’s business activities present any conflicts.
An exchange-traded fund, or ETF, bundles assets and trades on an exchange just like a stock. A separately managed account, or SMA, is a customized portfolio designed for a single investor rather than pooled in a fund.
Last week, the New York Stock Exchange listed five new ETFs tied to Truth Social, The Guardian reported. These “America First” funds position themselves against ESG investing. They span areas like U.S.-based firms, real estate in states favoring Republicans, energy and infrastructure, security and defense, plus tech including bitcoin. Yorkville America, connected to New Jersey’s Yorkville Advisors, oversees the series, the report said. Ethics lawyer Kedric Payne from the Campaign Legal Center pointed out that a president’s restrictions mostly amount to “ethics norms.” The White House, for its part, said neither Trump nor his family “have ever engaged, or will ever engage, in conflicts of interest,” according to the report. 1
On Jan. 13, Trump Media rolled out four Truth Social-branded SMA strategies. These were developed by Index Technologies Group and are available via Yorkville America Equities, a registered investment adviser. The offerings include “Truth Social Made in America,” “Truth Social Liberty & Security,” “Truth Social Christian Values,” and “Truth Social Energy and Essential Services,” the company said. Devin Nunes, Trump Media’s CEO, called the launch “a milestone” in their move into financial services. 2
According to the company’s SEC filings tied to the launch, ITG provides the strategies, with Trump Media and an affiliate licensing the Truth Social and Truth.Fi trademarks for their use. The filing also revealed Yorkville refers clients to ITG and collects referral fees. It flagged that Trump Media’s seed investment “may create potential conflicts of interest,” while stressing that the SMA “is not a registered investment company” and thus isn’t subject to the regulatory rules that apply to mutual funds. 3
Democratic Senator Elizabeth Warren is ratcheting up pressure on regulators over financial ties linked to Trump. On Jan. 13, the Senate Banking Committee’s minority office disclosed that Warren called on the Office of the Comptroller of the Currency to halt its review of a bank charter application from World Liberty Financial, a crypto firm reportedly cofounded by Trump. She flagged this as a potential “unprecedented conflict of interest” for the agency and demanded a written reply by Jan. 20. 4
Trump slammed plans to build a “New York Stock Exchange” in Dallas on Truth Social. In a Reuters report Monday, he branded the move “unbelievably” bad for New York as the NYSE owner pushes a Texas venue for secondary listings. Reuters noted Trump Media is already among the companies dual-listed on NYSE Texas. 5
Still, these new products face both practical and political challenges. The U.S. market is already packed with thousands of ETFs and a vast wealth-management industry. Even eye-catching launches don’t ensure consistent inflows for brand-focused strategies. Add to that the fact that as these products move deeper into Trump’s political territory, they’re more likely to attract scrutiny from regulators, watchdogs, and investors wary of legal and reputational risks.
