Yorkville America Dives into AI with Launch of FRUT ETF
Yorkville America has launched an artificial intelligence ETF called FRUT, marking a significant shift in its focus from cryptocurrency to AI stocks. The new fund will track the MANGOS Plus Index and provide investors with exposure to AI infrastructure through a single product.
The move comes after Yorkville America acted as an advisor to Truth Social's defunct digital-asset funds, which were filed for withdrawal in May this year due to a saturated market for spot Bitcoin ETFs. The decision was seen by some as related to the low fees charged by competitors such as Morgan Stanley's MSBT, which has attracted inflows of $57.7 billion.
Yorkville America's President, Steve Neamtz, stated that the '40 Act structure allows the company to bring more differentiated investment strategies to its investors, which are not possible under the '33 Act framework. This marks a departure from the company's previous focus on cryptocurrency and highlights the growing interest in AI stocks.