DFAC vs NANC

DFACADimensional US Core Equity 2 ETF

NANCCUnusual Whales Subversive Democratic Trading ETF

In short

DFAC Dimensional's whole-market workhorse: roughly 2,600 US stocks in one ticker, run by managers who weigh federal tax consequences before they trade, at a fee closer to index funds than to active ones.

NANC Congress has to disclose its stock trades. NANC turns the Democratic half of that paperwork into a portfolio, leaning hardest on the names bought biggest, bought most often, and bought by the most lawmakers.

Stated mandate

DFAC The fund seeks long-term capital appreciation while considering federal income-tax implications in its investment decisions.

NANC The Fund seeks long-term capital appreciation.

Why people hold it

• DFAC 0.17% a year for an actively run fund, well under the median fee among active US equity ETFs.
• About 2,600 US stocks under one ticker, so it holds the market broadly rather than a narrow slice of it.
• Federal income-tax implications sit inside the stated objective, not in a footnote, so they factor into what managers buy and sell.
• A multi-billion-dollar fund with a track record running back to 2007 and one of the strongest implementations in its peer group.

• NANC Holdings come from the periodic transaction reports Democratic members of Congress and their spouses or dependent children file under the STOCK Act. The source paperwork is public.subversiveetfs.comsec.gov
• Weighting follows a stated rule: stocks bought in size, bought repeatedly, or bought by several lawmakers get overweighted, rather than every filing counting the same.sec.gov
• Launched in February 2023 as one half of a matched pair, with Republican-side KRUZ registered beside it. Same playbook, opposite side of the aisle.sec.gov
• The fee is 0.72% gross and net, with no waiver propping it up, so there is no expiry date to diary. That sits near the going rate for active US equity ETFs.

Worth knowing

• DFAC Actively managed, so there's no published index to check it against. Holdings and tilts shift at the managers' discretion.
• Dimensional's own DFAU runs a US core equity mandate for 0.12%, a slightly lighter fee for a similar shelf.
• All stocks, all US: the mandate is capital appreciation from equities, so it takes the market's full swings, and cash arrives quarterly.

• NANC The data is late by law. Reports are due within 30 days of a lawmaker learning of a trade and no later than 45 days after it, so the portfolio reflects older moves.subversiveetfs.com
• Cost is active-manager pricing: 0.72% against broad core rivals like DFAU at 0.12% or AVLC at 0.15%. You are paying for the disclosure dataset, not for index beta.
• Shares change hands lightly, so the bid-ask gap can run wider than on a heavily traded index fund.

Full DFAC profile⁠

Full NANC profile⁠