The Point Bridge America First ETF (NYSE: MAGA) is a thematic US equity ETF that invests in companies expected to benefit from Republican “America First” policies, with portfolio tilts towards financials, energy, industrials and healthcare rather than mega-cap technology. Not all Trump Trade strategies have struggled in 2026: The MAGA ETF has outperformed the S&P 500 by almost 2%, helped by its exposure to energy during the Iran conflict offsetting weakness in reshoring and manufacturing-related holdings.
While the S&P 500 fell as much as -7.5% from its starting level during the March selloff, driven by tariff escalation and geopolitical uncertainty around the US-Iran conflict, the MAGA ETF bottomed at just -2.1%, demonstrating meaningful defensive characteristics relative to the broader market.
- We can see the MAGA underperforming the S&P 500 into Christmas, assuming we get a resolution around Iran.
