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The Unusual Whales Subversive Republican Trading ETF (KRUZ) is an exchange-traded fund designed to provide exposure to equities traded by Republican members of the United States Congress and their families as disclosed through public financial reports. The ETF is managed by Tidal Investments LLC in partnership with Subversive Capital Advisor and trades under the ticker KRUZ on the NYSE Arca.
Classified as a thematic actively managed equity ETF, the fund seeks to build a portfolio based on publicly disclosed financial transactions reported by Republican lawmakers under STOCK Act disclosure requirements.
The ETF follows an active strategy and does not track a traditional passive benchmark index. Portfolio construction is based on analysis of publicly disclosed stock purchases and sales reported by Republican members of Congress and their families.
Because regulatory disclosures are reported with a time lag, the portfolio may reflect transactions weeks after the original trades occurred.
Diversification and sector exposure
KRUZ provides exposure primarily associated with:
• Information technology.
• Financials.
• Industrials.
• Energy.
• Healthcare.
• U.S. large-cap equities.
• Political trading thematic strategies.
• U.S. equity markets.
The ETF’s performance is particularly sensitive to conditions within the U.S. market, fluctuations in portfolio holdings, and changes in the sectors most actively traded by lawmakers monitored under the strategy.
Changes in Federal Reserve monetary policy, economic-growth expectations, technology-stock performance, and developments in the U.S. political environment may directly affect the fund’s behavior.
In addition, regulatory debates surrounding congressional stock trading may influence market perception toward ETFs within this segment.
Structure and costs
KRUZ shares trade on the secondary market on the NYSE Arca during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).
The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. Because the ETF follows an active strategy, portfolio composition may change as new financial disclosures become available from lawmakers monitored by the strategy.
KRUZ may distribute income derived from dividends paid by companies held within the portfolio.
History and evolution of the ETF
The Unusual Whales Subversive Republican Trading ETF was launched in 2023 during a period marked by increasing public attention toward congressional stock trading and growing expansion of thematic ETFs tied to non-traditional portfolio-selection strategies.
Since inception, the fund has reflected movements associated with trades disclosed by Republican lawmakers, including shifts in sector allocation and fluctuations tied to the U.S. equity market.
In recent years, ETFs focused on congressional trading activity have gained broader visibility amid growing interest in public-data-driven investment strategies, regulatory debates surrounding political insider trading, and increasing concentration of U.S. equity-market performance within sectors such as technology and financials.
Additional Information
Unusual Whales Subversive Republican Trading ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $80.96 Millions.
Over the past 12 months, Unusual Whales Subversive Republican Trading ETF recorded a return of 30.68%, with its price trading between $32.45 and $44.70 during the same period.
The ETF is traded under the ticker KRUZ.
