Yorkville files for daily 2x long and inverse funds on NRAM

Yorkville America Investment Trust filed on Monday to add two funds to a trust that already operates. One would seek twice the daily move of its memory ETF, —NRAM. The other would seek twice the opposite move.

—NRAM holds memory and storage companies. It began trading on Thursday, September 10, and it has $1.7 million in assets.

The filing came 25 days after that first session. As of the prospectus, —NRAM has no track record of performance or daily volatility.

Micron, SK hynix and Sandisk are the largest stocks, together about 45% of the fund.

Roundhill's DRAM, a fund seeking twice the daily move of CDRAM, already trades. CDRAM is Roundhill's fund of global memory companies, and it has $26.4 billion in assets. DRAM has $557 million, and its net expense ratio is 1.25% through Thursday, September 30, 2027.

—RAMZ, Roundhill's inverse, has $5.8 million. Leverage Shares' —RAML seeks twice CDRAM's daily move and has about $1.6 million, close to the size of —NRAM.

Yorkville America Equities advises the trust. Until Tuesday, May 26, the trust was called Truth Social Funds. —FRUT, a fund of companies tied to AI hardware and software, started trading on Monday, August 31.

The long fund in Monday's filing is the Yorkville America 2X Long —NRAM Daily Target ETF. It seeks daily results, before fees and expenses, of 200% of the daily performance of —NRAM's shares, which are listed on NYSE Arca. The target is those shares, not the index the fund tracks.

The Yorkville America 2X Inverse —NRAM Daily Target ETF seeks 200% of the opposite daily move. Neither fund seeks that result past one trading day. Over a longer stretch, the filing says, the inverse result may look nothing like -200% of the return of those shares.

The filing warns that if —NRAM moves more than 50% in one day against either fund, investors could lose all their money.

What a buyer would pay

A buyer cannot see the fee yet. The management fee is blank, and Yorkville America Equities pays the funds' expenses at its own cost, with exclusions, which is the structure the fee will have once it is filled in.

Distribution fees are 0.00%, other expenses are estimated at 0.00% for the first year, and swap costs are estimated at 0.189%, outside the expense table. —NRAM charges 0.6%.

When they could trade

Yorkville checked the box for effectiveness 75 days after filing. That date is Saturday, December 19, 2026.

The prospectus says the trading symbols will be added before trading begins. The funds have not started trading, and the listing exchange is blank.

Yorkville has already taken a filing like this through to trading, on a different fund. The long version was filed on Thursday, July 2, and started trading on Thursday, September 17 as —MNGZ, a fund seeking 200% of the daily move of —FRUT. The wait was close to the 75 days this filing elected.

—MNGB, the inverse, started trading five days later. Each charges 0.9%.

—MNGZ has $571,000 in assets and average daily turnover of about $13,500. —MNGB has about $248,000 and average daily turnover of about $3,600.