At a glance
NANC charges 0.72% a year, above the 0.12% average of the 8 funds most like it (the most expensive of 9). It has $282.2M in assets, the 9th largest of that group; it paid 0.19% of its price in distributions over the past 12 months, annual. Over the past year it returned +11.6% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +26.2% a year. Its ten largest positions make up 46.4% of the fund, out of 104 in all.
The short version
Unusual Whales Subversive Democratic Trading ETF (NANC) is an actively managed stock fund from Tidal Financial Group. It builds its portfolio from stock trades that Democratic members of Congress and their families report under the STOCK Act. It leans heavily on large technology companies such as NVIDIA and Microsoft. Its 0.72% expense ratio is far above the 0.12% average of similar large-company funds.
Price history
The interactive chart needs JavaScript.
NANC +11.6% 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 | |
|---|---|---|---|---|---|---|
| NANC official prospectus, to Dec 31, 2025 | — | +18.66% | — | — | — | +23.63% |
| NANC price data to Oct 27, 2026 | +12.8% | +11.6% | +26.2% | — | — | +21.3% |
- Over the year to Oct 27, 2026, NANC returned +11.6%, 7th of 9 among similar funds.
- Its worst full calendar year was 2025 (+18.6%); its best was 2024 (+26.8%).
- The deepest fall in its price history was 20.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.8% | — |
| 2025 | +18.6% | +18.66% |
| 2024 | +26.8% | +26.86% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1000 | +25.0% |
| 2024 | $0.0800 |
What's inside
As of Jun 30, 2026, the fund held 104 securities; the ten largest made up 46.4% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 7.94% | |
| Applied Materials Inc | 6.47% | |
| Alphabet Inc | 6.26% | |
| Microsoft Corp | 5.02% | |
| Amazon.com Inc | 4.65% | |
| Apple Inc | 4.00% | |
| Crowdstrike Holdings Inc | 3.44% | |
| Micron Technology Inc | 2.94% | |
| Philip Morris International In | 2.94% | |
| American Express Co | 2.73% | |
| Eli Lilly & Co | 2.66% | |
| Costco Wholesale Corp | 2.27% | |
| Netflix Inc | 2.18% | |
| Vulcan Materials Co | 1.99% | |
| Meta Platforms Inc | 1.90% |
By country
United States 98.51%Taiwan 0.55%Australia 0.4%Ireland 0.35%Switzerland 0.14%By asset type
Stocks 99.96%By sector
Sectors of the companies held, for the 88% 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 withdrew a net $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.18%, +6.61%, +1.00%.
How it works
NANC does not track an index. Its adviser uses a third-party data provider that reads Periodic Transaction Reports (PTRs). These are the disclosure forms members of Congress must file under the STOCK Act. Only registered Democrats count, so an Independent who caucuses with Democrats is left out. The fund usually buys when these members report buying and sells when they report selling. It looks back over the past 3 years and nets purchases against sales of the same stock. It ignores shares a member owned before taking office.
PTRs give trade sizes as ranges, so the adviser uses the midpoint of each range. Large purchases, repeat purchases and stocks bought by several members get bigger weights. Small trades, one-off trades and recent sales get smaller weights or are dropped. The fund skips the stocks behind reported options trades and skips broad-market fund trades. It may still buy sector funds that members report. It normally holds 100 to 200 positions. The June 30, 2026 report listed 104 holdings.
Two mechanics matter. First, members have up to 45 days to report a trade, so the fund always trades after them and at different prices. Second, the fund is non-diversified, which means it can put more money into a single company than a diversified fund could. As of June 30, 2026, its 10 largest positions made up 46.4% of assets. The latest prospectus showed portfolio turnover of 10%.
What it really costs
- NANC charges 0.72% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $894 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NANC | $74 | $230 | $401 | $894 |
In a retirement portfolio
NANC is a concentrated, tech-heavy, actively managed strategy with a short history and a high fee, so it fits better as a small side position than as a portfolio's foundation.
NANC launched in February 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 20.9%, from February 19 to April 8, 2025. It recovered by June 24, 2025, about 2.5 months later. Its weakest calendar year, 2025, still returned 18.66%. Its beta was 1.16 for the year to October 27, 2026. Beta measures how much a fund moves compared with the market, so 1.16 means bigger swings than the market. Technology made up 40.6% of the fund as of June 30, 2026. A retiree who had to sell during a tech sell-off could lock in losses. Income is minimal: the yield was 0.19% as of October 27, 2026, paid once a year. In the SEC example, the 0.72% fee costs $894 over 10 years on $10,000. Past results don't predict the future, 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 a small, rules-based position in stocks that Democratic members of Congress report trading, and who accept up to a 45-day reporting lag.
- Investors comfortable with a tech-heavy fund: NVIDIA, Applied Materials and Alphabet were its largest positions as of June 30, 2026.
- Growth-focused investors who don't need income: the yield was 0.19% as of October 27, 2026, paid once a year.
Look elsewhere if
- Cost-conscious investors: NANC charges 0.72% a year, while Vanguard S&P 500 ETF (VOO), which shares 48% of its holdings, charges 0.03%.
- Retirees looking for a core holding with a long record: NANC launched in February 2023 and missed the 2008, 2020 and 2022 downturns.
- Investors wary of legal risk: the prospectus warns that limits on congressional trading or changes to disclosure rules could disrupt the strategy.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NANC this fund | — | 0.72% | $282.2M | +11.6% | +26.2% |
| IWL iShares Russell Top 200 ETF | 51% | 0.15% | $2.19B | +12.5% | +25.5% |
| MGC Vanguard Mega Cap ETF | 51% | 0.07% | $10.90B | +13.5% | +26.0% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 49% | 0.2% | $2.74B | +12.6% | +24.8% |
| SPY SPDR S&P 500 ETF Trust | 48% | 0.0945% | $781.19B | +11.5% | +21.9% |
| VOO Vanguard S&P 500 ETF | 48% | 0.03% | $1.67T | +12.4% | +23.6% |
| IVV iShares Core S&P 500 ETF | 48% | 0.03% | $888.13B | +11.5% | +22.0% |
| USPX Franklin U.S. Equity Index ETF | 48% | 0.03% | $1.98B | +12.9% | +24.9% |
Questions investors ask
What does the NANC ETF invest in?
NANC invests in US stocks that Democratic members of Congress and their families report buying in STOCK Act filings. As of June 30, 2026, it held 104 stocks. The largest were NVIDIA at 7.9%, Applied Materials at 6.5%, Alphabet at 6.3%, Microsoft at 5.0% and Amazon at 4.7%. Technology made up 40.6% of the fund. The 10 largest positions together made up 46.4% of assets.
NANC vs VOO: what's the difference?
NANC follows trades reported by Democratic members of Congress. VOO tracks the S&P 500. The two share 48% of their holdings. NANC returned 26.2% a year over three years as of October 27, 2026. VOO returned 23.6% a year as of October 30, 2026. Over one year, NANC trailed, 11.6% to 12.4%. NANC charges 0.72% a year and VOO charges 0.03%. NANC had about $282 million in assets as of June 30, 2026, a small fraction of VOO's size.
Does NANC pay dividends?
Yes, but very little. NANC pays once a year. Its trailing 12-month payout was about $0.10 per share, a yield of 0.19% as of October 27, 2026. That is low because the fund holds mostly technology and other growth companies that pay small dividends or none. Investors who want regular income from their portfolio would get very little of it from this fund.
How has NANC performed since it launched?
According to its prospectus, NANC returned 26.86% in 2024 and 18.66% in 2025. That works out to an average of 23.63% a year from its February 2023 launch through December 31, 2025. Its strongest quarter was a 12.93% gain in early 2024. Its weakest was a 6.53% loss in early 2025. In 2026, it was up 12.8% year to date through October 27, 2026.
What are the risks of the NANC ETF?
The main risks are delay, concentration and legal change. Members of Congress have up to 45 days to report trades, so NANC buys and sells after them and at different prices. It is non-diversified and was 40.6% in technology as of June 30, 2026. It fell 20.9% between February and April 2025. The prospectus also warns that new rules on congressional trading or on how trades are disclosed could disrupt the strategy.