Yorkville America has announced the launch of an artificial intelligence ETF called the MANGOS Plus Index ETF, trading under the ticker symbol FRUT. The fund is designed to provide investors with exposure to the hardware and infrastructure aspects of artificial intelligence through a single product.
The move signals a departure from cryptocurrency for the asset manager, which previously served as an investment advisor to Truth Social Funds, the ETF branch of Trump Media & Technology Group.
Shift from Crypto to AI
Yorkville America spent the last eighteen months developing cryptocurrency products before pivoting to AI investments. In February 2024, Truth Social filed with the Securities and Exchange Commission for two digital-asset ETFs: the Truth Social Bitcoin and Ether ETF, weighted approximately 60% to Bitcoin and 40% to Ethereum, and the Truth Social Cronos Yield Maximizer ETF focused on the Cronos token.
Both funds were structured to disburse staking rewards to shareholders, with Crypto.com serving as the custodian while offering liquidity and staking services.
Crypto Filings Withdrawn
The digital-asset offerings gained limited traction. In May 2024, Truth Social withdrew its Form S-1 registration statements for both cryptocurrency ETFs, stating that the company determined "to withdraw the Registration Statement and not to pursue the public offering at this time."
Steve Neamtz, President of Yorkville America, framed the withdrawal as a repositioning, noting that the Investment Company Act of 1940 framework "allows us to bring more differentiated investment strategies to our investors that are not possible under the Securities Act of 1933 framework."
Some analysts attribute the decision to market saturation in the spot Bitcoin ETF space. The SEC approved U.S. spot Bitcoin ETFs in January 2024, with those funds accumulating inflows of $57.7 billion.
