Yorkville America Equities, LLC - the adviser responsible for a quintet of Truth Social-branded exchange-traded funds focused on "America first" investment themes - said on Wednesday it has entered into an agreement to purchase the God Bless America ETF. The acquiring firm and Curran Financial Partners, the developer of the God Bless America fund, issued a joint press release confirming the arrangement.
Under the terms disclosed in the release, the transaction remains subject to shareholder approval and is expected to be finalized in the second quarter of 2026. Yorkville characterized the financial terms of the deal as confidential.
The announcement arrives amid other high-profile activity in the ETF industry. Last month, Goldman Sachs revealed plans for a roughly $2 billion acquisition of Innovator Capital Management, a firm that manages about $28 billion in ETF assets. While Yorkville did not provide dollar figures for its acquisition, the assets involved in the Truth Social-related transactions are markedly smaller than the Innovator portfolio.
The five Truth Social ETFs began trading on December 30 and are part of the portfolio of products associated with the Trump Media & Technology Group. Managed and advised by Yorkville, that suite includes funds that target real estate in Republican-controlled states as well as vehicles focused on defense and energy sectors. Collectively, the Truth Social group has amassed $46 million in assets, with the largest fund, Truth Social American Next Frontiers, holding $14.8 million.
By contrast, the ETF that Yorkville plans to acquire, YALL - launched in October 2022 - has amassed $101.7 million in assets. Market observers note that offering a fund with a longer operating history could be advantageous for Yorkville as it builds out the Truth Social family.
"The transaction makes sense given that YALL is a political-themed ETF that could align with Truth Social ETFs and gives them an ETF with a longer track record than their current suite of new launches," said Bryan Armour, an analyst at Morningstar who follows ETF developments.
Steve Neamtz, president of Yorkville, said discussions with YALL's management team began prior to his December start at Yorkville, when he was brought on to shepherd the Truth Social funds into the market. Neamtz described the combination as a logical step to bring together products that allow investors to align political preferences with investment choices.
Neamtz further noted that YALL's status as an actively managed ETF complements Truth Social's lineup, which consists largely of index-based funds. The active management approach in YALL could provide a different risk-return profile relative to the index-backed Truth Social offerings.
Not everyone is persuaded about the long-term prospects for politically oriented funds. Dave Nadig, president and chief investment officer of ETF.com, cautioned that so-called "affinity" ETFs have struggled to gain traction historically. "The reality is that 'affinity' ETFs have simply not worked, regardless of the spin," he said, adding that this pattern has held for some ESG launches as well as for politically oriented ETFs.
Asset managers and ETF strategists will be watching the shareholder vote and the eventual integration closely. For Yorkville, the deal provides an ETF with an operational history and a larger asset base than the nascent Truth Social series. For the broader ETF market, the move adds to a string of acquisition-driven developments that market participants view as potential early signals of consolidation.
Commercial note included in the original article:
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