Ned Davis Research’s Trump Trade Index, comprising a dozen ETFs expected to benefit from White House policies, has slumped about 16% since May after outperforming the S&P 500 at the beginning of the year. This collapse is primarily due to the US conflict with Iran, which has pushed up energy prices, inflation expectations, interest rates and the value of the US dollar. Several ETFs focused on manufacturing re-shoring, defense and strategic metals have posted losses for the year. The Truth Social God Bless America ETF (ticker YALL), offering exposure to energy, industrials and financials, has dropped more than 4% this year while the S&P 500 has climbed about 8%. The Point Bridge America First ETF (ticker MAGA) stands out as an exception, having outperformed the broad US market thanks to its significant energy exposure.
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