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TSNF

GradeBNew York Stock Exchange Arca

Truth Social American Next Frontiers ETF

Themes · Truth Social · Inception 2025-12-30 · SEC filings

$31.89−0.25 (−0.78%)

As of Sep 23, 2026, 1:58 PM EDT

History starts Dec 30, 2025.History starts Dec 30, 2025.
Intraday session: down, 8 prints from 32.14 to 31.89. Range 31.77 to 32.27. Use the arrow keys to read each point.$31.80$32.00$32.2010 AM12 PM2 PM4 PM
Expense ratio
0.65%
Fund size
$9M
1Y return
—
Yield · Last 12 months
—
Holdings
150
Volume · 30D
0M sh
NAV per share
$31.93
52W range
low $22.34high $34.31

The ETF.net TSNF Grade

B

55/ 100

Rank 12 of 31 in Disruptive Innovation⁠

Confidence Medium

Six-pillar profile for TSNF. Scores out of 100: Cost 55, Risk 54, Mission not scored, Tradability 48, Holdings 88, Durability 24. Strongest: Holdings (88). Weakest: Durability (24). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 55 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank17/31 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 54
    Category rank16/31 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 48
    Category rank17/31 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 88
    Category rank2/31 · top 6%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 24
    Category rank28/31 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TSNF

ETF.net Research

BTrump Media's Truth Social brand, wrapped around frontier tech: TSNF tracks a rules-based index of US-listed companies working in next-generation industries. A theme fund where "American" is as much the theme as innovation.

Stated mandate

The Fund seeks to track, before fees and expenses, the performance of the MarketVector American Next Frontiers Index.

Why people hold it

  1. 01The mandate is refreshingly literal: a US-only, full-replication track of the MarketVector American Next Frontiers Index. No manager hand-picking frontier winners.
  2. 02At 0.65%, it charges the going rate for thematic innovation funds rather than a premium for the branding.
  3. 03One of a family of Truth Social and Yorkville indexes administered by MarketVector, so the theme is spelled out in published index rules.marketvector.com
  4. 04The basket is the strongest part of the package: the spread and quality of names hold up well next to other disruptive-innovation funds.

Worth knowing

  1. 01It trades thinly, so spreads can be a real cost. Limit orders matter more here than in the category's household names.
  2. 02Cheaper routes to the same theme exist: KOMP at 0.20%, XT at 0.46%, both with far longer live histories.
  3. 03Fund and index both date to the end of 2025, so there's no long record of how the strategy behaves through a full market cycle.

TSNF Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
150
Top-10 weight
11%
Largest holding
NIQ1.5%

Geography

  • United States96.91%
  • Cayman Islands1.51%
  • Netherlands0.98%
  • Israel0.60%
The fund’s holdings, weight-ordered — page 1 of 10.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001NIQNIQ Global Intelligence Plc1.48%6,846$125K56
002NTRANatera Inc1.17%266$98K223
003BMNRBitMine Immersion Technologies Inc1.13%3,655$95K75
004AVTRAvantor Inc1.09%5,923$92K121
005APPNAppian Corp1.09%2,439$92K81
006TEMTempus AI Inc1.07%1,157$90K100
007HNGEHinge Health Inc1.04%921$87K106
008CRLCharles River Laboratories International Inc1.02%308$86K209
009ILMNIllumina Inc1.00%352$84K305
010IQVIQVIA Holdings Inc1.00%316$84K290
011BLSHBullish1.00%2,190$84K55
012ESTCElastic NV0.98%943$82K146
013PKIRevvity Inc0.97%567$81K107
014SNOWSnowflake Inc0.95%241$80K321
015TECHBio-Techne Corp0.94%1,090$79K184

Showing 1–15 of 148 holdings

TSNF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TSNF$13,039
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TSNF $13,039. SPY $11,430. Use the arrow keys to read each point.$8,767$11,442$14,117Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TSNF. Periods over one year show the average yearly return.
PeriodTSNF
Year to date+30.4%
1 month+2.0%
3 months−2.2%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TSNF
YearReturn barTSNF
2026 YTD+30.4%
2025−1.2%

Since listing, Dec 30, 2025

TSNF in the news

ETF.net Research hasn’t filed on TSNF yet — coverage lands here as it’s written.

TSNF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Dec 2025. No distributions yet.

TSNF Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.03
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TSNF Cost

Expense ratio0.65%
  • The middle half of Disruptive Innovation funds
  • Median 0.65%

11 of the 31 Disruptive Innovation funds charge less.

TSNF costs $65.00 a year on $10,000. The median Disruptive Innovation fund costs $65.00.