DFAU vs NANC: Grades, Fees and Holdings Compared

Dimensional US Core Equity Market ETF

DFAUANYSE Arca

Unusual Whales Subversive Democratic Trading ETF

NANCCCboe

Overlap

42.1%by weight

Expense ratio

DFAU −0.60pt a year

DFAU0.12%NANC0.72%

Avg volume · 30D

DFAU 35.5×the volume

DFAU555KNANC15.6K

3Y return · a year

NANC +1.2pt

DFAU+22.9%NANC+24.1%

DFAU vs NANC Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%DFAU+8.3%NANC

Expense ratio: DFAU 0.12%, better; NANC 0.72%
Fund size: DFAU $12.9B; NANC $291M
1Y total return: DFAU +13.2%, better; NANC +8.3%
Yield (12M): DFAU 0.90%, better; NANC 0.19%
Holdings: DFAU 2165; NANC 87
Avg volume (30D): DFAU 555K sh, better; NANC 15.6K sh
NAV per share: DFAU $52.28; NANC $51.50
52W range

ETF.net Grade

Pillar letters and Scores for DFAU, NANC, with each pillar’s weight
Pillar	DFAU	NANC
Cost30% weight	A97Higher	C43
Mission25% weight	A83	Not scored
Risk15% weight	B65Higher	C44
Tradability15% weight	A87Higher	C52
Holdings10% weight	A84Higher	C54
Durability5% weight	A91Higher	B66

Rank among US Active Equity funds

How we build Categories ›

Same Category. DFAU and NANC are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds

See all 121 ›

DFAU ranks 2nd and NANC 66th of 121 funds in the US Active Equity Category.

Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
Rank 66CHEGDSwan Hedged Equity US Large Cap ETFScore 47
Rank 66CNANCUnusual Whales Subversive Democratic Trading ETFScore 47
Rank 68CBCUSBancreek U.S. Large Cap ETFScore 46

Our read on each fund

ETF.net Research

DFAUADimensional US Core Equity Market ETF

NANCCUnusual Whales Subversive Democratic Trading ETF

In short

DFAU Active management priced like an index fund. Dimensional spreads across roughly 2,400 US stocks, then tilts the weights toward value, profitability and momentum instead of simply mirroring the Russell 3000.

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

DFAU Seeks long-term capital appreciation. It uses an integrated research, portfolio-design, management, and trading process to build a broadly diversified portfolio of U.S. companies while balancing long-term return drivers, risk, shorter-term considerations, and trading costs.

NANC The Fund seeks long-term capital appreciation.

Why people hold it

DFAU Charges 0.12% a year, well under the 0.65% median for active US equity funds and the cheapest of the top-graded names in its group (AVLC, DFAC, FELC).
Holds roughly 2,400 US companies, so no single name steers the fund. Whole-market coverage, not a concentrated bet.
Active without the stock-picking drama: it leans weights toward value, profitability and momentum, using the Russell 3000 as its reference point rather than a rigid rulebook.
A multi-billion-dollar fund that trades actively, and one of the strongest overall implementations in its active US equity 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.com sec.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

DFAU Those tilts cut both ways: results can drift from a plain Russell 3000 fund for long stretches, in either direction.
No published index behind it. The trade-off for flexibility is that you're buying Dimensional's process, not a public set of rules you can check line by line.
Distributions land quarterly, not monthly, and the mandate is long-term capital appreciation rather than income.

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 DFAU profile⁠

Full NANC profile⁠

DFAU vs NANC Holdings

How DFAU and NANC differ

Overlap by weight

42.1%

Shared holdings make up 97.6% of NANC and 49.2% of DFAU.

Level by level

Holdings81 in both42.1%
Sector11 Sectors82.1%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in DFAU and NANC, widest gap first
Sector	More in DFAUMore in NANC	DFAU	NANC
Technology	NANC +11.9 points	36.6%	48.5%
Financials	DFAU +5.6 points	12.9%	7.3%
Energy	DFAU +4.9 points	4.9%	0.0%
Communication	NANC +4.2 points	8.0%	12.2%
Consumer Discretionary	DFAU +2.4 points	9.4%	7.0%
Industrials	DFAU +1.8 points	8.9%	7.1%
Consumer Staples	NANC +1.7 points	4.7%	6.4%
Utilities	DFAU +1.6 points	2.1%	0.5%
Materials	DFAU +1.1 points	2.7%	1.6%
Health Care	DFAU +0.3 points	9.7%	9.4%
Real Estate	DFAU +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in DFAU and NANC, widest gap first
Country	More in DFAUMore in NANC	DFAU	NANC
United States	Same weight	99.3%	99.3%
Taiwan	NANC +0.5 points	0.0%	0.5%
Switzerland	DFAU +0.3 points	0.3%	0.0%
Australia	NANC +0.2 points	0.0%	0.2%
China	DFAU +0.1 points	0.1%	0.0%
United Kingdom	DFAU +0.1 points	0.1%	0.0%
Mexico	DFAU +0.1 points	0.1%	0.0%
Ireland	Same weight	0.0%	0.0%
Other countries (5)	DFAU +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

DFAU33.4%
NANC46.8%

Securities held

DFAU2,164
NANC87

Asset class

DFAU: Equity
NANC: Equity

Holdings

Only in DFAU2,083
In both81
Only in NANC6

Only in DFAU

2,083 securities, 50.6% of DFAU by weight

Alphabet Inc - Class A2.14%
Tesla Inc1.35%
Berkshire Hathaway Cl-B1.15%
Exxonmobil Holdings Corp1.07%
Mastercard Inc - A0.69%
Chevron Corp.0.56%
UnitedHealth Group Inc.0.40%
Oracle Corp.0.38%
General Electric Company0.38%
Texas Instruments Inc.0.36%
Goldman Sachs Group Inc.0.35%
New Linde PLC0.30%
Verizon Communications0.30%
Gilead Sciences Inc0.30%
Qualcomm Inc.0.29%
Kla Corp0.29%
Conocophillips0.28%
Thermo Fisher Scientific.0.27%
Sandisk Corp/De0.27%
Union Pac Corp.0.25%
Pepsico Inc.0.25%
Amphenol Corp Class A0.25%
Analog Devices Inc.0.24%
Western Digital0.24%
Mcdonald's Corp.0.21%
Bristol-Myers Squibb Co.0.21%
Tjx Companies Inc.0.20%
Deere & Co.0.20%
Ge Vernova Llc0.20%
Nextera Energy Inc0.20%
Lockheed Martin Corp.0.20%
Pfizer Inc.0.19%
AT&T Inc.0.19%
Travelers Companies Inc.0.19%
Eog Resources Inc.0.19%
Phillips 660.19%
Marathon Petroleum Corp.0.18%
Newmont Corp0.18%
Eaton Corp PLC0.17%
Valero Energy Corp0.17%
General Motors0.17%
Csx Corp0.17%
Johnson Controls Intl0.17%
Hewlett-Packard Enterpris0.16%
Danaher Corp.0.16%
3M Co.0.16%
Intercontinental Exchange0.16%
S&P Global Inc0.16%
Royal Caribbean Cruises0.16%
Chubb Limited0.15%

Only in NANC

6 securities, 2.5% of NANC by weight

Tempus AI Inc0.67%
Space Exploration Technologies Corp0.58%
Taiwan Semiconductor Manufacturing Co Ltd0.49%
AllianceBernstein Holding LP0.39%
IREN Ltd0.23%
First American Government Obligations Fund 12/01/20310.11%

Weight gaps

All 81 Holdings in both funds, largest gap first.

Holding weights in DFAU and NANC, widest gap first
Holding	More in DFAUMore in NANC	DFAU	NANC
Crowdstrike Holdings IncCRWD	NANC +4.46 points	0.14%	4.60%
Applied Materials Inc.AMAT	NANC +3.29 points	0.39%	3.68%
Alphabet IncGOOG	NANC +3.16 points	1.76%	4.92%
Philip Morris IntlPM	NANC +2.95 points	0.37%	3.32%
Apple Inc.AAPL	DFAU +2.35 points	7.10%	4.75%
American Express Co.AXP	NANC +2.32 points	0.26%	2.58%
Salesforce IncCRM	NANC +2.29 points	0.24%	2.53%
Costco Wholesale Corp.COST	NANC +1.90 points	0.48%	2.38%
Vulcan Materials Co.VMC	NANC +1.82 points	0.06%	1.88%
Netflix.com Inc.NFLX	NANC +1.63 points	0.24%	1.87%
Artivion IncAORT	NANC +1.55 points	<0.01%	1.55%
Amazon.com Inc.AMZN	NANC +1.56 points	3.14%	4.70%
Eli Lilly and CompanyLLY	NANC +1.54 points	1.45%	2.99%
NVIDIA CorpNVDA	NANC +1.49 points	6.79%	8.28%
SS&C TechnologiesSSNC	NANC +1.46 points	0.04%	1.50%
Microsoft CorpMSFT	NANC +1.41 points	5.62%	7.03%
D.r. Horton Inc.DHI	NANC +1.40 points	0.07%	1.47%
Api Group CorpAPG	NANC +1.17 points	0.03%	1.20%
Intel CorpINTC	NANC +1.09 points	0.48%	1.57%
Broadcom IncAVGO	DFAU +1.01 points	2.04%	1.03%
JPMorgan Chase & CoJPM	DFAU +0.99 points	1.21%	0.22%
Walt Disney Co/TheDIS	NANC +0.97 points	0.22%	1.19%
Hubbell IncHUBB	NANC +0.87 points	0.04%	0.91%
Bloom Energy CorpBE	NANC +0.80 points	0.05%	0.85%
Palo Alto Networks IncPANW	NANC +0.80 points	0.20%	1.00%
Quanta Services Inc.PWR	NANC +0.79 points	0.09%	0.88%
Johnson & JohnsonJNJ	NANC +0.72 points	0.78%	1.50%
Micron Technology Inc.MU	NANC +0.72 points	1.62%	2.34%
Seagate Technology HoldSTX	NANC +0.72 points	0.21%	0.93%
Visa IncV	DFAU +0.69 points	0.96%	0.27%
Arista Networks IncANET	NANC +0.68 points	0.21%	0.89%
United Rentals Inc.URI	NANC +0.64 points	0.14%	0.78%
Advanced Micro DevicesAMD	NANC +0.60 points	1.02%	1.62%
Abbott LaboratoriesABT	NANC +0.60 points	0.18%	0.78%
Cvs Health CorpCVS	NANC +0.56 points	0.14%	0.70%
Guardant Health IncGH	NANC +0.52 points	0.03%	0.55%
Dell Technologies IncDELL	NANC +0.52 points	0.17%	0.69%
Tactile Systems TechnologTCMD	NANC +0.51 points	<0.01%	0.51%
AramarkARMK	NANC +0.50 points	0.03%	0.53%
Nasdaq IncNDAQ	NANC +0.46 points	0.10%	0.56%
Commvault Systems IncCVLT	NANC +0.43 points	<0.01%	0.43%
Vistra Energy CorpVST	NANC +0.40 points	0.08%	0.48%
International Business MaIBM	NANC +0.40 points	0.36%	0.76%
Coca Cola Co.KO	NANC +0.40 points	0.46%	0.86%
Walmart Inc.WMT	DFAU +0.35 points	0.68%	0.33%
Merck & Company IncMRK	DFAU +0.34 points	0.53%	0.19%
Servicenow IncNOW	NANC +0.31 points	0.09%	0.40%
Uber Technologies IncUBER	NANC +0.30 points	0.13%	0.43%
Morgan StanleyMS	NANC +0.30 points	0.29%	0.59%
Northrop Grumman Corp.NOC	NANC +0.30 points	0.14%	0.44%
Meta Platforms IncMETA	NANC +0.30 points	1.78%	2.08%
Procter & Gamble Co/ThePG	DFAU +0.29 points	0.52%	0.23%
Lam Research CorpLRCX	NANC +0.28 points	0.36%	0.64%
Kkr & Co IncKKR	NANC +0.28 points	0.06%	0.34%
AbbVie Inc.ABBV	DFAU +0.28 points	0.61%	0.33%
Accenture PLCACN	NANC +0.27 points	0.17%	0.44%
Rtx CorpRTX	NANC +0.25 points	0.31%	0.56%
Pinterest IncPINS	NANC +0.25 points	0.01%	0.26%
Robinhood Markets IncHOOD	NANC +0.24 points	0.06%	0.30%
Elanco Animal Health IncELAN	NANC +0.23 points	0.02%	0.25%
Corning IncGLW	NANC +0.23 points	0.10%	0.33%
Hca Healthcare IncHCA	NANC +0.22 points	0.09%	0.31%
Sensata Technologies HoldST	NANC +0.21 points	0.01%	0.22%
Home Depot IncHD	DFAU +0.21 points	0.46%	0.25%
Bank of America CorpBAC	DFAU +0.20 points	0.39%	0.19%
Caterpillar Inc.CAT	DFAU +0.19 points	0.35%	0.16%
Oshkosh Truck Corp.OSK	NANC +0.18 points	0.02%	0.20%
Vertiv Holdings CoVRT	NANC +0.18 points	0.10%	0.28%
Marriott Intl Class AMAR	NANC +0.15 points	0.14%	0.29%
Idexx Laboratories IncIDXX	NANC +0.15 points	0.07%	0.22%
Cisco Systems Inc.CSCO	DFAU +0.14 points	0.54%	0.40%
Capital One FinancialCOF	NANC +0.14 points	0.15%	0.29%
Liberty Media Corp-CFWONK	NANC +0.13 points	0.04%	0.17%
Progressive CorpPGR	NANC +0.13 points	0.18%	0.31%
Palantir Technologies IncPLTR	NANC +0.12 points	0.40%	0.52%
Bank of New York MellonBNY	NANC +0.11 points	0.13%	0.24%
Amgen IncAMGN	DFAU +0.07 points	0.36%	0.29%
Citigroup Inc.C	NANC +0.06 points	0.24%	0.30%
Wells Fargo & Co.WFC	NANC +0.04 points	0.34%	0.38%
BlackRock Funding Inc/DeBLK	NANC +0.01 points	0.18%	0.19%
The Charles Schwab Corp.SCHW	Same weight	0.17%	0.17%

All 2,381 DFAU holdings⁠All NANC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAU vs NANC Cost

Overpaying NANC vs DFAU

$11,437

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFAU 0.12%
$2,520
NANC 0.72%
$13,957

Amount$10,000

Years30 years

Cost over time

DFAU 0.12%
NANC 0.72%
Overpaying

Year by year

Year	DFAU	NANC	Overpaying
10	$220	$1,284	$1,064
20	$859	$4,888	$4,029
30	$2,520	$13,957	$11,437

Expense ratio

0.12%DFAU, cheaper
0.72%NANC

DFAU0.12%NANC0.72%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAU 4th cheapest of 121 funds

NANC 68th cheapest of 121 funds

DFAU vs NANC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAU 0.90%, better; NANC 0.19%
Payout (12M): DFAU $0.47; NANC $0.10
Last payment: DFAU $0.12; NANC $0.10
Ex-dividend: DFAU Sep 22, 2026; NANC Dec 26, 2025
Paid on: DFAU Sep 24, 2026; NANC Dec 29, 2025
Frequency: DFAU Quarterly; NANC Annual

Distribution history

Per share, 2020 to 2026, same scale for both

DFAUQuarterly · 24 paymentsAll DFAU payments⁠

NANCAnnual · 3 paymentsAll NANC payments⁠

DFAU vs NANC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAU 12.4%, betterNANC 15.2%
Return per unit of riskSharpe ratio, 3 years: DFAU 1.38, betterNANC 1.21
Worst fallMax drawdown, 5 years: DFAU −23.6%NANC −20.9%since Feb 2023
Market sensitivityBeta, 5 years: DFAU 1.01NANC 1.13; Market = 1

DFAU and NANC in the news

All news⁠

ETF Filings
Tidal files to register Subversive's fund for both parties' trades
Oct 6, 2026NANC
ETF Filings
Tidal files to register a Quantify fund that scores companies on federal dealings
Oct 6, 2026NANC

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DFAU vs NANC

In short

Stated mandate

Why people hold it

Worth knowing

How DFAU and NANC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAU

Only in NANC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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

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

How DFAU and NANC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAU

Only in NANC

Weight gaps