ETF Education Report: Truth Social American Red State REITs ETF (TSRS)

What this ETF is trying to do

The Truth Social American Red State REITs ETF (TSRS) is an exchange-traded fund that focuses on Real Estate Investment Trusts, often called REITs. Based on its top holdings, the fund invests in various companies involved in property, such as net lease companies, apartment communities, and healthcare real estate.

What the numbers show

As of October 6, 2026, the current price of TSRS is $24.59. When looking at how the fund has performed this year, it is important to look at two different numbers:

• Year-to-Date (YTD) Price Return: This is approximately -1.65%. This number only tracks the change in the share price itself.

• Year-to-Date (YTD) Total Return: This is approximately 1.06%. Total return is a different measurement because it includes both the share price changes and the money paid out to investors through distributions.

Because the total return is higher than the price return, it shows that the cash payments helped offset some of the share-price decline.

Income and distribution explanation

This ETF provides cash payments to investors, known as distributions. The trailing distributions are $0.73 per share. The distribution yield is approximately 2.96%. This yield represents the cash distributions relative to the current ETF price.

The fund usually pays out money on a quarterly basis, though it has made 9 payments over the last 12 months. Most of these payments have occurred on Wednesdays.

NAV erosion explanation

"NAV erosion" refers to a situation where the value of the underlying assets in the fund decreases over time. While investors often watch for this, there is no "severe erosion-risk flag" for this ETF. Because there is not enough verified price history, the specific erosion score is currently withheld.

Top Holdings

The following are some of the largest companies held by this ETF. Please note that this is a partial list and holdings can change over time:

• Broadstone Net Lease Inc (BNL): 7.51%

• U.S. Bank Money Market Deposit Account: 7.40%

• VICI Properties Inc (VICI): 7.34%

• Four Corners Property Trust Inc (FCPT): 7.27%

• NNN REIT Inc (NNN): 6.95%

• Realty Income Corp (O): 6.56%

Pros

• The fund provides regular cash distributions.

• The total return is currently positive for the year, even though the share price has declined slightly.

Cons

• The share price has seen a year-to-date decline.

• The income rating grade is a "D," which reflects the specific characteristics of its distribution profile.

Beginner takeaway

When looking at an ETF like TSRS, remember that the share price and the total return are not the same thing. A falling share price does not always mean you are losing money overall if the fund is also paying out distributions. However, high yields alone do not guarantee that your initial investment will stay the same value.