At a glance
GOP charges 0.73% a year, above the 0.1% average of the 8 funds most like it (the most expensive of 9). It has $88.5M in assets, the 9th largest of that group; it paid 0.57% of its price in distributions over the past 12 months, annual. Over the past year it returned +19.0% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds. Its ten largest positions make up 38.6% of the fund, out of 138 in all.
The short version
Unusual Whales Subversive Republican Trading ETF (GOP) is an actively managed US stock fund. It buys and sells shares based on trades that Republican members of Congress and their families disclose under the STOCK Act. Its 0.73% expense ratio is far above the 0.03% charged by VOO and IVV. Because lawmakers can wait up to 45 days to report a trade, the fund always trades after they do.
Price history
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GOP +19.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GOP official prospectus, to Dec 31, 2025 | — | +17.16% | — | — | — | +14.75% |
| GOP price data to Oct 27, 2026 | +20.5% | +19.0% | — | — | — | +25.4% |
- Over the year to Oct 27, 2026, GOP returned +19.0%, 1st of 9 among similar funds.
- The deepest fall in its price history was 16% (Mar 24, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.5% | — |
| 2025 | — | +17.16% |
| 2024 | — | +14.25% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 138 securities; the ten largest made up 38.6% of assets.
| Holding | Weight | |
|---|---|---|
| Comfort Systems USA Inc | 8.95% | |
| Intel Corp | 7.52% | |
| JPMorgan Chase & Co | 4.10% | |
| Advanced Micro Devices Inc | 3.11% | |
| Arista Networks Inc | 3.04% | |
| NVIDIA Corp | 3.02% | |
| iShares Bitcoin Trust ETF | 2.67% | |
| ASML Holding NV | 2.15% | |
| United Therapeutics Corp | 2.08% | |
| Allstate Corp | 1.94% | |
| AT&T Inc | 1.53% | |
| LGI Homes Inc | 1.43% | |
| Chevron Corp | 1.42% | |
| Texas Instruments Inc | 1.42% | |
| Simon Property Group Inc | 1.40% |
By country
United States 90.68%United Kingdom 2.68%Netherlands 2.15%Ireland 1.48%Denmark 0.46%By asset type
Stocks 98.36%By sector
Sectors of the companies held, for the 59.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $6.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.77%, +2.69%, +2.65%.
How it works
GOP does not track an index. Its adviser, part of Tidal Financial Group, uses a third-party data provider. The provider reads the Periodic Transaction Reports (PTRs) that sitting Republican members of Congress file for themselves, their spouses and dependent children. Only registered Republicans count. An Independent who caucuses with Republicans is left out. The adviser looks back 3 years and nets purchases against sales of the same stock. Shares a lawmaker owned before being sworn in are ignored.
PTRs give a dollar range rather than an exact amount, so the fund uses the midpoint of each range. Stocks with large purchases, repeat purchases or purchases by several members get more weight. Small, one-off trades and recent sales get less weight or are left out. The fund ignores trades in options and broad-market funds. It does copy reported trades in sector funds, which is why it held the iShares Bitcoin Trust at 2.7% of assets as of June 30, 2026. It normally owns 100 to 200 holdings. It had 138 on that date.
Two timing points matter. Lawmakers have up to 45 days to report a trade, so the fund always trades after them. The fund is also non-diversified, which means it can put more money into a few stocks. The prospectus also warns that federal ethics law limits commercial use of PTRs, and that this is a risk to the fund.
What it really costs
- GOP charges 0.73% a year, versus an average of 0.1% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.72% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $75 in the first year and $906 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GOP | $75 | $233 | $406 | $906 |
In a retirement portfolio
It follows an unusual, concentrated strategy that costs far more than broad index funds and has not yet been through a bear market.
GOP gives a different way to pick US stocks, but its record is short. It launched in February 2023, so it missed the 2008, 2020 and 2022 sell-offs. Its SEC-reported returns were 14.25% in 2024 and 17.16% in 2025. Its weakest quarter was a 0.59% dip in the quarter ending June 30, 2024. The price history available here starts in March 2025. In that period its deepest drop was 16%, from March 24 to April 8, 2025, and it recovered by May 12, 2025. That says little about a long slump, when someone drawing income might have to sell shares at low prices.
Income is small. The yield was 0.57% as of October 27, 2026, paid once a year. In the SEC's standard example, $10,000 invested would cost $75 in the first year and $906 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want to follow Republican lawmakers' disclosed stock trades and accept a 0.73% fee and reporting delays of up to 45 days.
- People who want a small side position next to a low-cost core fund. GOP's holdings overlap only 26% with SPY and VOO.
- Holders comfortable with big single-stock bets, such as Comfort Systems USA at 9.0% and Intel at 7.5% as of June 30, 2026.
Look elsewhere if
- Cost-conscious investors. VOO and IVV charge 0.03%, against GOP's 0.73%, which is the highest of the nine funds compared.
- Retirees who need income. The yield was 0.57% as of October 27, 2026, and the fund pays only once a year.
- Anyone who wants a long track record. The fund launched in February 2023 and could be affected if Congress limits members' stock trading.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GOP this fund | — | 0.73% | $88.5M | +19.0% | — |
| IWL iShares Russell Top 200 ETF | 26% | 0.15% | $2.19B | +12.5% | +25.5% |
| SPY SPDR S&P 500 ETF Trust | 26% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 26% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 26% | 0.03% | $1.67T | +12.4% | +23.6% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 25% | 0.28% | $6.14B | +16.0% | +21.9% |
| SPTM SPDR Portfolio S&P 1500 Composite Stock Mar… | 25% | 0.03% | $13.58B | +11.9% | +21.5% |
| DFUS Dimensional U.S. Equity Market ETF | 25% | 0.09% | $20.88B | +11.7% | +22.0% |
Questions investors ask
What does the GOP ETF invest in?
GOP owns stocks that Republican members of Congress and their families have reported buying in STOCK Act filings. It gives more weight to large or repeated purchases. As of June 30, 2026, it held 138 positions. The largest were Comfort Systems USA (9.0%), Intel (7.5%), JPMorgan Chase (4.1%), AMD, Arista Networks and NVIDIA (about 3% each). The top 10 made up 38.6% of assets.
GOP ETF vs VOO: which has done better?
GOP has returned more over the past year, but at a much higher cost. It returned 19% over one year as of October 27, 2026. VOO, which tracks the S&P 500, returned 12.4% as of October 30, 2026. GOP charges 0.73% a year, and VOO charges 0.03%. Only 26% of their holdings overlap. GOP also has a much shorter record and puts more weight on fewer stocks.
Does the GOP ETF pay dividends?
Yes, but the payout is small and comes once a year. Over the 12 months to October 27, 2026, the fund paid $0.25 per share, a yield of 0.57%. The strategy aims for long-term growth by copying lawmakers' trades, not for income. Retirees who want regular cash payments will get little from this fund alone.
What is the GOP ETF expense ratio?
The expense ratio is 0.73% a year, according to the prospectus filed January 27, 2026. Of that, 0.72% is the management fee. In the SEC's standard example, $10,000 earning 5% a year would cost $75 in fees after one year, $406 after five years and $906 after 10 years. The eight funds it was compared with average about 0.10%.
What happens to GOP ETF if Congress bans stock trading?
The fund's strategy would be at risk. The prospectus warns that new laws could stop members of Congress and their families from trading stocks, or change how those trades are reported. Either change could hurt the fund's ability to follow its strategy. The prospectus also flags a separate risk: federal ethics law limits commercial use of the trade reports the fund depends on.