The Unusual Whales Subversive Democratic Trading ETF (NANC) is an exchange-traded fund designed to provide exposure to a portfolio of stocks built from trades disclosed by members of the Democratic Party in the United States Congress. The ETF is managed by Tidal Investments LLC, in partnership with Subversive Capital Advisor, and trades under the ticker NANC on the Cboe BZX Exchange.

Classified as a U.S.-focused equity ETF with an active thematic strategy, NANC seeks to reflect, before fees and expenses, the performance of a portfolio inspired by publicly disclosed financial transactions made by Democratic lawmakers.

The fund does not replicate a traditional market benchmark. Its methodology uses mandatory public disclosures of financial transactions made by members of Congress, seeking to build a portfolio based on these reported trades and adjusting holdings periodically as new disclosures become available.=

Diversification and sector exposure

NANC provides exposure to different U.S. companies based on the disclosed holdings of the lawmakers it tracks, which may include sectors such as:

• Information technology
• Health care
• Consumer discretionary
• Communication services
• Financials
• Other sectors depending on reported transactions

This approach does not follow a fixed sector allocation, but instead reflects the dynamics of publicly disclosed trading activity.

Structure and costs

NANC shares trade on the secondary market on the Cboe BZX Exchange during regular trading hours. Creation and redemption occur through authorized participants, helping maintain alignment between market price and net asset value.

The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. NANC trades exclusively under the ticker NANC.

History and evolution of the ETF

The Unusual Whales Subversive Democratic Trading ETF was launched in 2023, during a period of growing investor interest in political transparency and alternative allocation strategies based on public financial disclosures.

Since inception, the fund has attracted investors seeking to monitor wealth movements reported by members of the U.S. Congress through a regulated exchange-traded structure.

Over time, NANC has maintained its core strategy of systematically translating legislative disclosures into a thematic investment approach.

Additional Information

Unusual Whales Subversive Democratic Trading ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $282.94 million.

Over the past 12 months, Unusual Whales Subversive Democratic Trading ETF recorded a return of 6.07%, with its price trading between $41.01 and $53.61 during the same period.

The ETF is traded under the ticker NANC.