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Tidal files to register Subversive's fund for both parties' trades

Tidal Trust I filed on Monday, October 5, 2026 to register the Subversive Bi-Partisan Congressional Trading ETF, beside two funds that already hold $394 million.

Oct 6, 2026 · 3 min read · ETF.net Research

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Key takeaways

Tidal filed Monday to register a both-parties trading fund.
Subversive would sponsor the fund but not pick its stocks.
Two party funds already on the market hold $394 million.
A trade report can arrive as late as 45 days.

Tidal Trust I filed on Monday to register the Subversive Bi-Partisan Congressional Trading ETF, proposed ticker PLCY, a fund that would hold stocks reported as traded by sitting members of Congress in either party. The filing is marked subject to completion, and the shares cannot be sold until the registration is effective.

Tidal Investments LLC, part of Tidal Financial Group, would choose the stocks. Subversive Markets Lab, LLC would sponsor the fund, helping to pay its costs and to market it, though the filing says Subversive would not make investment decisions.

The fund would try to replicate trades that sitting members, their spouses, and their dependent children report while in office. Those reports are required by the Stop Trading on Congressional Knowledge Act, a 2012 law that makes the trades public. The adviser would look back three years, use the middle of each reported dollar range, and ignore shares a member owned before taking office. In ordinary conditions the fund would hold 75 to 150 stocks.

Members of either party count in that book. Stocks with large purchases, recurring purchases, and purchases by more than one member would be overweighted. The adviser may also add weight when the buyers come from more than one party, and it may look at whether members on different committees are trading the same companies. The filing says those two added steps are discretionary.

Two funds already trade on one party's reports each. The Subversive Congressional Democrats Trading ETF, NANC, holds stocks Democratic members and their spouses have reported trading. The Subversive Congressional Republicans Trading ETF, GOP, does the same for Republicans. Both have traded on Cboe BZX since February 2023. Together they held $394 million as of Tuesday, October 6, $299 million in the Democratic fund and $95 million in the Republican fund.

They share 37 stocks, but the weight overlap is 21%. That is a picture of the two portfolios on Tuesday, not of the members' trades.

On July 31 the funds dropped Unusual Whales from their names, and the adviser began reading the congressional reports itself instead of taking them from Unusual Whales, Inc. The Ethics in Government Act makes it unlawful to obtain or use those reports for a commercial purpose, other than by news and communications media. The prospectuses for the two funds warn that if the adviser's use is prohibited, the adviser or the fund could face a civil action and penalties.

Monday's filing includes the same warning. It does not change the strategy or the fee of either fund already trading.

No annual fee is stated for the new fund. NANC charges 0.72% a year, and GOP charges 0.73%.

The trust checked the box for the registration to become effective 75 days after the filing.

The same day, Tidal Trust II, a separate trust also advised by Tidal Investments LLC, filed to register the Quantify Quiver Political Capital ETF, proposed ticker POLS. Quantify Chaos Advisors, LLC, which does business as Quantify Funds, would score companies for their ties to the federal government, using lobbying records, political contributions, federal contracts, and congressional trade reports. That filing says the fund does not seek to replicate any one person's portfolio.

A report can arrive as late as 45 days after the trade, and the filing says the fund will not purchase or sell securities at the same time as members of Congress.