Yorkville America Ditches Crypto for AI ETF Launch

Yorkville America has launched an artificial intelligence ETF called the MANGOS Plus Index ETF (ticker FRUT). The fund focuses on hardware aspects of AI, providing investors with a single-ticket expression of the platform and hardware aspects of artificial intelligence.

The move marks a significant shift for Yorkville America, which previously acted as an advisor to Truth Social's defunct digital-asset funds. These funds were centered around Bitcoin and Ethereum, but failed to gain traction after being withdrawn from registration with the SEC in May.

Yorkville America has downplayed the decision to withdraw the crypto ETFs, framing it as a repositioning rather than a defeat. According to Steve Neamtz, President of Yorkville America, the '40 Act structure allows for more differentiated investment strategies that are not possible under the '33 Act framework.

The launch of FRUT becomes even more relevant when considering who is backing it. Yorkville America was an advisor to Truth Social Funds, the ETF branch of Trump Media & Technology Group. This marks a clear shift in emphasis for a firm that has spent the last eighteen months developing crypto products.