Tidal files to register a Quantify fund that scores companies on federal dealings

Tidal Trust II filed on Monday, October 5, to register the Quantify Quiver Political Capital ETF, a proposed fund that would buy large U.S. companies scored on how much they deal with the federal government. The same day, Tidal Trust I filed a different proposal, the Subversive Bi-Partisan Congressional Trading ETF, which would buy stocks that sitting members of Congress, their spouses and their dependent children have reported investing in, and may give a stock more weight when members of more than one party have reported buying it.

Tidal Investments LLC, a Tidal Financial Group company, would advise both. Quantify Chaos Advisors, doing business as Quantify Funds, would choose the stocks in the score fund, and Tidal would handle the trading. The congressional filing names Subversive Markets Lab as a sponsor and says that fund is not currently sub-advised.

The Quantify prospectus is marked subject to completion, so the shares may not be sold until the registration statement is effective, a point the facing page sets at 75 days after filing without naming a date. The fee and the ticker are not set.

Congressional stock filings are one input in the Quantify score, not a list of stocks to copy.

"The Fund does not seek to replicate the portfolio of any individual, and the Sub-Adviser does not select securities on the basis of any belief regarding the motivation for, or the informational basis of, any person's trading activity."

A law that limited trading by members of Congress, or that changed how lobbying, contributions, contracts or those trades are made public, could remove an input. The filing says Quantify could lean on what remained, so losing one input would not necessarily stop the strategy, though the same change could force a material change in the strategy.

Under normal circumstances the fund would invest at least 80% of its net assets in stocks of public companies that Quantify identifies as deeply engaged with the U.S. federal government. It would invest primarily in companies in the S&P 500, which holds about 500 of the largest U.S. companies, and seek to approximate that index's industry sectors. The filing says that approach is meant to find the most federally engaged companies in each part of the economy, not to crowd into the industries that sell the most to Washington.

How the score would work

The fund would be actively managed, and its stated goal is long-term capital appreciation.

The filing's case is that companies with a large, lasting federal presence may be better placed to benefit from laws, rules and government contracts than companies with a smaller one.

Quantify would rank each company against the others on three public records, then combine the ranks into a Political Influence Score, built mainly from data licensed from Quiver Quantitative. The filing says Quiver would supply the data and would not pick the stocks.

The first is federal political spending over the past four quarters: lobbying the company must disclose, plus contributions by political committees linked to the company. The second is the value of prime federal contracts won by the company and its subsidiaries, also over four quarters. The third is congressional trading over the past twelve months, meaning how often members of Congress and their families traded the stock, and the reported size of those trades. The forms are due within 45 days under the STOCK Act, the 2012 law that requires the disclosures.

The three ranks would generally count about equally. Quantify could change the weights, and it could favor companies whose federal engagement is rising. The filing says the method is expected to evolve, and that Quantify could add, drop or rewrite an input.

Within each sector it would take the highest scores, with more holdings where a sector is a larger share of the index, and in general at least one holding in each sector. Under normal circumstances it expects 20 to 30 stocks, though that count can vary. It may put up to 20% of net assets in stocks outside the index, including foreign companies, and it expects, under normal circumstances, to be invested primarily in U.S. companies.

The fund would be non-diversified, so it may put more in a few companies than a diversified fund may. It still would not put more than 15% of net assets into one company at the time of a purchase. The filing expects it to trade often.

It names David Dziekanski of Quantify, with Qiao Duan and Andy Hicks of Tidal, as the portfolio managers.

What already trades

Two funds already do a version of the job the Subversive filing proposes, party by party. The Subversive Congressional Democrats Trading ETF, CNANC, holds stocks tied to investments that Democratic members of Congress and their families have disclosed. The Subversive Congressional Republicans Trading ETF, BGOP, mirrors trades disclosed by Republican members and their spouses.

CNANC holds about $299 million and charges 0.72%, while BGOP holds about $95 million and charges 0.73%. Tidal Investments advises both.

On Monday, August 17, Unusual Whales, a data firm that tracks congressional stock disclosures, said it and Subversive had agreed to part ways, and that Unusual Whales would no longer be part of either fund. The next day, Siebert Financial and Unusual Whales said they would develop and launch a series of exchange-traded funds using political trading disclosures, options activity and other market data. They said the strategies, the filings and any launch dates would be announced separately.

Quantify, which would build the score, and Tidal have announced the closure and liquidation of five Quantify funds since December 2025, three that month and two more in April 2026, one of them a leveraged crypto fund.