The USAF basket is built from five sleeves spanning seven underlying asset classes. Each one hedges a distinct stressor: Treasuries and TIPS against weak growth and inflation, gold against debasement, commodities against supply shocks, defense and cybersecurity equities against geopolitical conflict, and REITs against fiscal pressure. Held together, the basket is designed to weather conditions that would damage any single holding.
What the basket holds
Alongside the five sleeves, a small tactical overlay of total-return swaps and options manages short-term risk.
Why America
Before it is anything else, America First is a claim on liquidity.
For every asset in the basket, the deepest and most defensible market sits in the United States. U.S. Treasuries are the deepest sovereign debt market on earth. Gold settles globally against dollar-denominated futures. America is a leading producer and exporter of agricultural commodities. Its REIT market is the largest and most liquid, on a continental land base built to absorb stress. Defense and cybersecurity capability concentrates in U.S.-listed issuers tied to national-security spending. The basket is built on assets the world already knows how to price, custody, and settle.
That is what America First means. It is not a slogan but a structural choice: by building the reserve on the markets with the most depth and the clearest path to settlement, USAF keeps the whole basket liquid even under stress. The equity and REIT sleeves carry an added tailwind from AI deployed across the American economy, from higher data-center utilization to defense and cybersecurity firms building autonomy and threat detection. No other market system offers all five at the same depth, liquidity, and institutional scale. Capital that enters USAF settles into the American productive base.
America First describes what the reserve is built on, not who may hold the token. The USAF ETF is U.S.-listed and available to U.S. investors; the USAFi token is offered only to eligible non-U.S. holders.
