The disclosure filed on Thursday shows that Trump actively traded securities of leading U.S. companies in the first three months of this year, with total transaction values ranging from $220 million to $750 million. He bought Nvidia, Apple, and an S&P 500 index fund, while making large sales of Microsoft, Amazon, and others.

The U.S. Office of Government Ethics released two financial disclosure reports this Thursday, indicating that President Trump conducted a series of securities transactions involving major U.S. companies earlier this year, with a total value of at least $220 million.

These reports cover transactions from the first quarter of 2026. Values are presented as broad ranges rather than exact amounts, with a total trading volume between $220 million and $750 million. The securities traded include Microsoft Corporation(MSFT.US), Meta Platforms(META.US), Oracle Corporation(ORCL.US), Broadcom Limited(AVGO.US), Bank of America Corp(BAC.US), and Goldman Sachs Group, Inc.(GS.US), as well as municipal bonds.

Notably, large purchases ranging from $1 million to $5 million each involved an S&P 500 index fund, NVIDIA Corporation(NVDA.US), and Apple Inc.(AAPL.US). Large sales of between $5 million and $25 million included Microsoft Corporation(MSFT.US), Amazon.com, Inc.(AMZN.US), and Meta Platforms(META.US).

The filings do not specify the exact type of securities (stock or corporate bond), nor which accounts were used or who authorized the trades. Trump's assets are managed by a trust controlled by his children, and some trades involved brokers acting as agents. The Trump Organization has not responded to press inquiries.

Since returning to the White House last year, Trump has regularly disclosed his financial dealings, including transactions involving municipal bonds and major corporate securities. These ethics disclosures are federally mandated but only partially reflect financial activity, listing transactions over $1,000 in wide value ranges, without precise prices or profit/loss details. Whether assets were bought directly or held via managed accounts is not indicated.

A broader presidential financial disclosure, covering business assets and income (such as golf resorts and cryptocurrency investments), is expected within months.

White House Trading and Market Opportunities

This disclosure has attracted attention, as Trump’s second term has seen tight synchronization between policy announcements and market movements. In March, some investors reportedly executed highly accurate trades ahead of government policy news, raising concerns about insider information.

Previously, Trump publicly encouraged buying before tariff changes, which drew scrutiny and calls for investigation from Democratic lawmakers.

Though U.S. law only places limited conflict-of-interest restrictions on a president, ethical debate is growing. Analysts highlight three market risks:

• The president’s access to non-public information;
• Potential links between policy and personal gain;
• The effect of policy shifts on family wealth.

Trump’s broad business interests, media presence, crypto assets, and investments increase concern over the “capitalization” of the presidency.

Market Trust and Investment Implications

The larger risk for financial markets is confidence in the system itself. Legal and regulatory experts warn that if policymakers are seen as active traders, the principle of fair competition in U.S. markets could be weakened.

Even if trades are managed by third parties, the president’s knowledge of macro policy direction provides an inherent advantage. The Trump administration’s highly event-driven approach—frequent tariff changes, Federal Reserve pressure, shifting regulation, and geopolitical decisions—makes markets even more sensitive to policy cues.

Frequent disclosures of presidential trading activity may amplify questions about information fairness. Some on Wall Street worry this could drive the market toward "policy-based trading," where investors react more to political signals than to economic fundamentals.

For global investors, this trend suggests U.S. market volatility may become increasingly political.

Trump’s full annual financial disclosure is expected in the coming months, which should provide greater insight into his financial status.