NANC
Unusual Whales Subversive Democratic Trading ETF
NANC seeks to broadly invest in stocks purchased or sold by Democratic members of the US Congress and their families.
US
EQUITY
Active
MANAGEMENT STYLE
265.5 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Subversive Capital Advisor LLC |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 07, 2023 |
| Assets (mns) | $266 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| NVIDIA CORP | 9.7 % |
| MICROSOFT CORP | 7.3 % |
| ALPHABET INC. CLASS C | 6.2 % |
| AMAZON.COM INC | 5.0 % |
| APPLE INC | 4.2 % |
| CRYOLIFE INC | 3.4 % |
| AMERICAN EXPRESS CO | 3.3 % |
| SALESFORCE.COM INC | 2.8 % |
| PHILIP MORRIS INTERNATIONAL | 2.8 % |
| ELI LILLY & CO | 2.6 % |
Constituent Breakdown
| Number of holdings | 104 |
| Herfindahl-Hirschman Index | 337 |
| Wgt avg mkt cap (mns) | $1,419,657 |
| Large cap (>$10bn) | 92.2% |
| Mid cap ($2-10bn) | 1.8% |
| Small cap (<$2bn) | 4.0% |
| Developed mkts. | 99.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 97.3 % |
 |
IRELAND | 1.3 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 19.0% | 14.9% | 25.1% | -- | -- | -- | -- | 23.3% |
| Dividend Yield | 0.0% | 0.2% | 0.7% | -- | -- | -- | -- | 0.5% |
| Total Returns | 19.0% | 15.2% | 25.8% | -- | -- | -- | -- | 23.8% | Ann. Volatility | 20.7% | 20.3% | 17.9% | -- | -- | -- | -- | 17.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.00 | 94% |
| MSCI EAFE | 0.91 | 56% |
| MSCI Emg Mkts | 0.84 | 53% |
Liquidity Measures
| Avg. volume (000) | 35 |
| ADV traded (mns) | $2 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.12% |
Technical Indicators
| 30d moving avg. (EMA) | $45.26 |
| Relative strength (RSI) | 55 |
| MACD/Signal | -0.01/-0.04 |
| Bollinger Bands (Upper/Lower) | $46.97/$43.94 |
| Short interest (% of AUM) | 0.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. NANC |
Expenses vs. NANC |
ALTAR Score™ vs. NANC |
|---|---|---|---|---|
| JGRO | JPMorgan Active Growth ETF | 52.6% | -31 bp | +3.5% |
| OEF | iShares S&P 100 ETF | 52.3% | -55 bp | +4.4% |
| MGC | Vanguard Mega Cap ETF | 52.0% | -68 bp | +4.6% |
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 51.8% | -68 bp | +4.8% |
| MODL | VictoryShares WestEnd U.S. Sector ETF | 51.6% | -33 bp | +4.6% |
| IWL | iShares Russell Top 200 ETF | 51.6% | -60 bp | +4.5% |
| BKLC | BNY Mellon US Large Cap Core Equity ETF | 51.3% | -75 bp | +4.9% |
| VOTE | TCW Transform 500 ETF | 51.2% | -70 bp | +4.8% |
| JUST | Goldman Sachs JUST U.S. Large Cap Equity ETF | 51.1% | -55 bp | +5.0% |
| QVML | Invesco S&P 500 QVM Multi-factor ETF | 51.0% | -64 bp | +5.1% |
Risk and Returns: NANC vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/5/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
NANC
3.4%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 1021 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.3%. NANC's ALTAR Score™ is approximately
0.9 standard deviations
below
the category average. This places NANC in the 18th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
NANCSELL
U/W
HOLD
O/W
BUY