Think Politicians Have an Unfair Edge? ETFs Copy Congress Trades
Two exchange-traded funds, NANC and GOP, mimic stock trades disclosed by US lawmakers. Since 2023 NANC is up over 100% and GOP 70%, against roughly 98% for the S&P 500 through the SPY fund, as a survey finds 86% of Americans want a congressional trading ban.
Investors who think politicians have an unfair edge in the stock market can now buy two exchange-traded funds (ETFs) that copy the trades of US lawmakers, according to the funds' managers. Since launching in 2023, one has gained more than 100% and the other 70%.
The Subversive Congressional Democrats Trading ETF (NANC) and the Subversive Congressional Republicans Trading ETF (GOP) were released with Subversive Capital Advisor. Both are actively managed. Unusual Whales, the website that publishes congressional stock disclosures, helped create them but said on X that it is no longer part of the products.
Tidal Financial Group now manages both funds.
Why the idea has appeal
A University of Maryland survey found that 86% of respondents want an outright ban on stock trading by members of Congress. Voters would also bar the president, vice president and Supreme Court justices from trading shares, the survey indicated.
The anger is easy to trace. Lawmakers see sensitive information, and an earlier New York Times investigation identified 97 lawmakers or relatives who made trades related to their committees.
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 technically bans insider trading by Congress members. Enforcement remains uneven, and critics say the law does not go far enough.
It did add transparency. Members must file Periodic Transaction Reports within 30 days of being notified of a trade. That public record makes "Congressional copy-trading" possible.
How the funds pick stocks
The ETFs use publicly available trading data to mirror the activity of US lawmakers, according to their official website. Dan Weiskopf, co-portfolio manager of the Subversive ETFs, said Tidal works to "identify clusters or patterns of buys and sells across individual members of Congress."
Weiskopf said the funds focus on lawmakers who "buy a second and third time into weakness and strength." In his words, "these are active decisions by members of Congress who believe they have an edge."
He pointed to US Senator Dave McCormick's large bet on spot Bitcoin ETFs. "The Honorable McCormick ran Bridgewater for Ray Dalio and was also on the Digital Asset Subcommittee as lobbyists were helping to form new policy," Weiskopf said.
Performance against the market
NANC is up over 100% since its 2023 launch, while GOP has climbed 70%. An investor who held the S&P 500 through the SPY ETF would have gained roughly 98% between the start of 2023 and November 2026.
That leaves NANC only slightly ahead of the broad market and GOP well behind it. Weiskopf said the appeal depends on how much buyers value congressional intelligence.
