Trump Media & Technology Group, via its Truth Social Funds arm, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) for two proposed crypto exchange-traded funds: the Truth Social Bitcoin and Ether ETF and the Truth Social Cronos Yield Maximizer ETF. The filings are not yet effective and remain subject to SEC review.
The company says the products are intended to offer exposure to both capital appreciation and income opportunities, with Yorkville America Equities acting as investment adviser.
What the proposed ETFs would hold (and how they’re designed)
Truth Social Bitcoin and Ether ETF
- Seeks to track the combined performance of Bitcoin (BTC) and Ether (ETH).
- Includes staking rewards associated with Ether as part of the return profile.
Truth Social Cronos Yield Maximizer ETF
- Seeks to track Cronos (CRO), the native token of Crypto.com’s Cronos ecosystem.
- Includes staking rewards tied to CRO.
Both funds are expected to charge a 0.95% management fee, according to the announcement cited in reporting.
Service providers and distribution path
The funds are being developed in partnership with Crypto.com, which is expected—pending regulatory approval—to provide custody, liquidity, and staking services. Investors would access the ETFs through Crypto.com’s broker-dealer, Foris Capital US LLC.
Market context referenced in the coverage
Cointelegraph notes that U.S. spot Bitcoin ETFs have recorded four consecutive weeks of net outflows, citing SoSoValue for the weekly figure (about $360 million withdrawn in the latest week) and highlighting recent volatility in daily flows.
Structural interpretation: what’s actually being tested here
1) “Staking inside an ETF” is the real regulatory stress test
Spot exposure is one problem; embedding protocol yield inside an ETF wrapper is another. Once staking rewards are part of the return stream, the hard questions shift to operational and disclosure mechanics:
- How staking rewards are generated, calculated, and reported
- Validator selection and concentration risk
- Slashing and downtime risk (and who bears it)
- The control environment around custody + staking operations
If the SEC allows staking-inclusive structures to proceed, it opens the door to total-return crypto ETFs (price + protocol yield). If it doesn’t, it draws a clear boundary around what U.S.-listed ETFs can embed beyond spot exposure.
2) Vertical integration becomes part of the product risk profile
The proposed setup concentrates custody, liquidity provision, and staking services with Crypto.com (subject to approvals). That can improve execution and operational coherence, but it also concentrates operational dependencies. In practice, this affects:
- Tracking quality and spread behavior (liquidity provision)
- Operational resilience (staking + custody controls)
- Counterparty and service-provider risk concentration
When staking income is embedded inside an ETF, operational infrastructure directly influences both yield realization and risk exposure. As a result, custody, validator selection, and liquidity provision become investment-relevant variables rather than purely administrative functions.
3) Product design is responding to the flow regime
With spot BTC ETFs experiencing a multi-week outflow streak (as referenced in the article), issuers have an incentive to differentiate beyond simple beta. Yield features are a natural next step—especially when investors want “return streams,” not just directional exposure. That doesn’t guarantee demand, but it explains why the ETF design conversation is moving from access to structure.
