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NANC

GradeCChicago Board Options Exchange

Unusual Whales Subversive Democratic Trading ETF

Active Equity · Subversive · Inception 2023-02-06

$52.42−0.30 (−0.56%)

As of Sep 23, 2026, 3:07 PM EDT

History starts Feb 7, 2023.
Intraday session: down, 55 prints from 52.72 to 52.42. Range 52.27 to 52.74. Use the arrow keys to read each point.$52.30$52.50$52.60$52.7010 AM12 PM2 PM4 PM
Expense ratio
0.72%
Fund size
$297M
1Y return
+17.3%
Yield · Last 12 months
0.18%
Volume · 30D
0M sh
NAV per share
$52.65
52W range
low $40.78high $52.80

The ETF.net NANC Grade

C

52/ 100

Rank 60 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for NANC. Scores out of 100: Cost 44, Risk 47, Mission not scored, Tradability 67, Holdings 56, Durability 67. Strongest: Tradability (67). Weakest: Cost (44). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 52 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 44
    Category rank72/127 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 47
    Category rank79/126 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 67
    Category rank34/127 · top 27%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 56
    Category rank67/124 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 67
    Category rank40/127 · top 31%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NANC

ETF.net Research

CAn actively managed fund built from paperwork: it holds US stocks that Democratic members of Congress and their families report trading under the STOCK Act. Live since 2023.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  1. 01No black box. Holdings trace back to Periodic Transaction Reports that lawmakers must file under the STOCK Act, public documents anyone can go read.sec.gov
  2. 02Screens cut the noise: same-report round trips, securities underlying reported options, and positions predating a member's term are left out.sec.gov
  3. 03A wide net of stocks rather than a few headline trades. It can also hold sector funds that show up on filings, while broad-based funds are excluded.sec.gov
  4. 04Standard 1940 Act ETF plumbing chasing plain long-term capital appreciation, and it lands in the upper half of a crowded active US equity peer group.

Worth knowing

  1. 01At 0.74% a year it runs above the typical active US equity ETF (0.65% median) and well above index-style peers like DFAU at 0.12% or AVLC at 0.15%.
  2. 02Delay is baked in. PTRs are due within 30 days of a member learning of a trade and no later than 45 days after it, so the fund follows disclosures, not live trades.sec.gov
  3. 03It trades thinly next to core index funds, so spreads can run wider, and cash comes back on an annual or semiannual schedule rather than monthly.

NANC Holdings

As of Sep 20, 2026, 6:36 AM
Asset class
Stocks
Holdings
—
Top-10 weight
47%
Largest holding
NVDA8.5%

Sectors

  • Technology46.1%
  • Communication12.4%
  • Health Care9.9%
  • Financials8.0%
  • Consumer Discr.7.7%
  • Industrials7.2%
  • Cons. Staples6.6%
  • Materials1.8%
  • Utilities0.5%

Geography

  • United States98.80%
  • Taiwan0.49%
  • Australia0.37%
  • Ireland0.34%
The fund’s holdings, weight-ordered — page 1 of 6.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001NVDANVIDIA Corp8.49%112,804$25M828
002MSFTMicrosoft Corp6.59%38,563$19M792
003GOOGAlphabet Inc5.98%50,727$17M471
004AMZNAmazon.com Inc4.83%56,061$14M720
005AAPLApple Inc4.58%39,586$13M707
006CRWDCrowdstrike Holdings Inc4.32%51,237$13M454
007AMATApplied Materials Inc3.63%25,363$11M558
008PMPhilip Morris International Inc3.03%46,359$9M412
009CRMSalesforce Inc2.65%31,836$8M457
010LLYEli Lilly & Co2.51%6,334$7M569
011AXPAmerican Express Co2.48%23,222$7M374
012MUMicron Technology Inc2.44%7,273$7M655
013METAMeta Platforms Inc2.26%9,670$7M683
014NFLXNetflix Inc2.26%87,509$7M493
015COSTCostco Wholesale Corp2.14%6,970$6M465

Showing 1–15 of 89 holdings

NANC Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NANC$11,731
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NANC $11,731. SPY $11,723. Use the arrow keys to read each point.$8,896$10,435$11,974Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NANC. Periods over one year show the average yearly return.
PeriodNANC
Year to date+15.5%
1 month+2.6%
3 months+6.0%
1 year+17.3%
3 years+25.4%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NANC
YearReturn barNANC
2026 YTD+15.5%
2025+18.5%
2024+26.8%
2023+20.8%

History from Feb 7, 2023

NANC in the news

ETF.net Research hasn’t filed on NANC yet — coverage lands here as it’s written.

NANC Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.18%Last 12 months
Payout per share
$0.10Last 12 months
Last payment
$0.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 19, 2023 $0.29; Dec 27, 2024 $0.08; Dec 26, 2025 $0.10. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 26, 2025Dec 29, 2025$0.10
Dec 27, 2024Dec 30, 2024$0.08
Dec 19, 2023Dec 21, 2023$0.29

NANC Risk

How much the fund’s monthly returns vary, scaled to a year.
15.5%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.11
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−20.9%
43 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.14
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NANC Cost

Expense ratio0.72%
  • The middle half of US Active Equity funds
  • Median 0.70%

66 of the 124 US Active Equity funds charge less.

NANC costs $72.00 a year on $10,000. The median US Active Equity fund costs $70.00.