DYNF vs NANC: Grades, Fees and Holdings Compared

iShares U.S. Equity Factor Rotation Active ETF

DYNFANYSE Arca

Unusual Whales Subversive Democratic Trading ETF

NANCCCboe

Overlap

45.5%by weight

Expense ratio

DYNF −0.46pt a year

DYNF0.26%NANC0.72%

Avg volume · 30D

DYNF 144.1×the volume

DYNF2.25MNANC15.6K

3Y return · a year

DYNF +2.6pt

DYNF+26.7%NANC+24.1%

DYNF vs NANC Performance

Oct 31, 2025 – Oct 30, 2026

+11.6%DYNF+8.3%NANC

Expense ratio: DYNF 0.26%, better; NANC 0.72%
Fund size: DYNF $41.8B; NANC $291M
1Y total return: DYNF +11.6%, better; NANC +8.3%
Yield (12M): DYNF 0.84%, better; NANC 0.19%
Holdings: DYNF 264; NANC 87
Avg volume (30D): DYNF 2.25M sh, better; NANC 15.6K sh
NAV per share: DYNF $67.32; NANC $51.50
52W range

ETF.net Grade

Pillar letters and Scores for DYNF, NANC, with each pillar’s weight
Pillar	DYNF	NANC
Cost30% weight	A86Higher	C43
Mission25% weight	Not scored	Not scored
Risk15% weight	A71Higher	C44
Tradability15% weight	A99Higher	C52
Holdings10% weight	B65Higher	C54
Durability5% weight	A97Higher	B66

Rank among US Active Equity funds

How we build Categories ›

Same Category. DYNF 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 ›

DYNF ranks 4th 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 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
Rank 4AFELCFidelity Enhanced Large Cap Core ETFScore 83
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

DYNFAiShares U.S. Equity Factor Rotation Active ETF

NANCCUnusual Whales Subversive Democratic Trading ETF

In short

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

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

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

NANC The Fund seeks long-term capital appreciation.

Why people hold it

DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

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

DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

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 DYNF profile⁠

Full NANC profile⁠

DYNF vs NANC Holdings

How DYNF and NANC differ

Overlap by weight

45.5%

Shared holdings make up 84.8% of NANC and 62.2% of DYNF.

Level by level

Holdings61 in both45.5%
Sector11 Sectors82.3%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in DYNF and NANC, widest gap first
Sector	More in DYNFMore in NANC	DYNF	NANC
Technology	NANC +8.6 points	39.9%	48.5%
Financials	DYNF +8.1 points	15.4%	7.3%
Energy	DYNF +5.3 points	5.3%	0.0%
Consumer Staples	NANC +4.2 points	2.2%	6.4%
Communication	NANC +2.6 points	9.6%	12.2%
Real Estate	DYNF +2.0 points	2.0%	0.0%
Health Care	NANC +1.7 points	7.7%	9.4%
Utilities	DYNF +1.3 points	1.8%	0.5%
Industrials	DYNF +0.9 points	8.0%	7.1%
Materials	NANC +0.7 points	0.9%	1.6%
Consumer Discretionary	Same weight	7.0%	7.0%

Country, concentration and asset class

Country by domicile

Country weights in DYNF and NANC, widest gap first
Country	More in DYNFMore in NANC	DYNF	NANC
United States	DYNF +0.7 points	100.0%	99.3%
Other countries (2)	NANC +0.7 points	0.0%	0.7%

Concentration

Weight in the 10 largest Holdings

DYNF40.4%
NANC46.8%

Securities held

DYNF262
NANC87

Asset class

DYNF: Equity
NANC: Equity

Holdings

Only in DYNF201
In both61
Only in NANC26

Only in DYNF

201 securities, 37.5% of DYNF by weight

Exxonmobil Holdings Corp3.18%
Alphabet Class A2.07%
Tesla Inc1.72%
Chevron1.71%
Travelers Companies1.60%
Parker-Hannifin1.28%
Allstate Corp1.14%
Duke Energy Corp1.07%
Berkshire Hathaway Inc Class B1.06%
Goldman Sachs Group1.05%
Welltower0.92%
Verizon Communications Inc0.75%
Realty Income Reit0.73%
Cme Group Class A0.71%
Amphenol Corp Class A0.70%
Thermo Fisher Scientific0.66%
AT&T0.64%
American International Group0.62%
Newmont0.62%
Hartford Insurance Group0.57%
Deere0.55%
Gilead Sciences0.54%
Trane Technologies PLC0.51%
Ge Vernova0.51%
Nextera Energy0.51%
Ge Aerospace0.48%
UnitedHealth Group0.47%
Valero Energy Corp0.47%
Eaton PLC0.43%
Western Digital Corp0.40%
Booking Holdings0.38%
Medtronic PLC0.33%
Pfizer0.30%
General Motors0.28%
Oracle0.27%
Intuit0.27%
Prologis Reit0.26%
Adobe Inc0.25%
Lockheed Martin0.23%
Phillips 660.23%
Regeneron Pharmaceuticals0.22%
Intuitive Surgical0.22%
Exelon Corp0.21%
Marvell Technology0.21%
Us Bancorp0.21%
Mcdonalds Corp0.21%
Mckesson Corp0.20%
Host Hotels & Resorts Reit0.19%
Union Pacific0.15%
Fedex Corp0.14%

Only in NANC

26 securities, 15.2% of NANC by weight

Vulcan Materials Co1.88%
Artivion Inc1.55%
SS&C Technologies Holdings Inc1.50%
DR Horton Inc1.47%
Hubbell Inc0.91%
United Rentals Inc0.78%
Tempus AI Inc0.67%
Nasdaq Inc0.56%
Guardant Health Inc0.55%
Aramark0.53%
Tactile Systems Technology Inc0.51%
Taiwan Semiconductor Manufacturing Co Ltd0.49%
Vistra Corp0.48%
Commvault Systems Inc0.43%
AllianceBernstein Holding LP0.39%
KKR & Co Inc0.34%
Marriott International Inc/MD0.29%
Pinterest Inc0.26%
Elanco Animal Health Inc0.25%
IREN Ltd0.23%
Sensata Technologies Holding PLC0.22%
IDEXX Laboratories Inc0.22%
Oshkosh Corp0.20%
Blackrock Inc0.19%
Liberty Media Corp0.17%
First American Government Obligations Fund 12/01/20310.11%

Weight gaps

All 61 Holdings in both funds, largest gap first.

Holding weights in DYNF and NANC, widest gap first
Holding	More in DYNFMore in NANC	DYNF	NANC
Crowdstrike Holdings Class ACRWD	NANC +4.41 points	0.19%	4.60%
AppleAAPL	DYNF +3.52 points	8.27%	4.75%
Alphabet Class CGOOG	NANC +3.21 points	1.71%	4.92%
JPMorgan Chase & CoJPM	DYNF +3.17 points	3.39%	0.22%
Philip Morris InternationalPM	NANC +3.02 points	0.30%	3.32%
Applied Material IncAMAT	NANC +2.63 points	1.05%	3.68%
American ExpressAXP	NANC +2.58 points	0.00%	2.58%
MicrosoftMSFT	NANC +2.25 points	4.78%	7.03%
Costco Wholesale CorpCOST	NANC +2.16 points	0.22%	2.38%
Bank of AmericaBAC	DYNF +1.94 points	2.13%	0.19%
Eli LillyLLY	NANC +1.47 points	1.52%	2.99%
Broadcom IncAVGO	DYNF +1.37 points	2.40%	1.03%
Api GroupAPG	NANC +1.20 points	<0.01%	1.20%
NetflixNFLX	NANC +1.16 points	0.71%	1.87%
Caterpillar IncCAT	DYNF +1.15 points	1.31%	0.16%
Cisco Systems IncCSCO	DYNF +1.14 points	1.54%	0.40%
Intel CorporationINTC	NANC +1.11 points	0.46%	1.57%
Walt DisneyDIS	NANC +1.06 points	0.13%	1.19%
CitigroupC	DYNF +1.05 points	1.35%	0.30%
SalesforceCRM	NANC +0.96 points	1.57%	2.53%
Quanta Services IncPWR	NANC +0.85 points	0.03%	0.88%
Arista NetworksANET	NANC +0.83 points	0.06%	0.89%
WalmartWMT	DYNF +0.81 points	1.14%	0.33%
Coca-ColaKO	NANC +0.79 points	0.07%	0.86%
Bloom Energy Class ABE	NANC +0.78 points	0.07%	0.85%
Abbott LaboratoriesABT	NANC +0.76 points	0.02%	0.78%
Palo Alto NetworksPANW	NANC +0.75 points	0.25%	1.00%
Seagate Technology Holdings PLCSTX	NANC +0.72 points	0.21%	0.93%
Amazon.com IncAMZN	NANC +0.70 points	4.00%	4.70%
Micron TechnologyMU	NANC +0.64 points	1.70%	2.34%
Lam ResearchLRCX	DYNF +0.62 points	1.26%	0.64%
RtxRTX	DYNF +0.56 points	1.12%	0.56%
Cvs HealthCVS	NANC +0.55 points	0.15%	0.70%
Johnson & JohnsonJNJ	DYNF +0.54 points	2.04%	1.50%
International Business Machines CoIBM	NANC +0.54 points	0.22%	0.76%
Dell Technologies Inc Class CDELL	NANC +0.50 points	0.19%	0.69%
Morgan StanleyMS	NANC +0.46 points	0.13%	0.59%
NVIDIANVDA	NANC +0.45 points	7.83%	8.28%
Northrop Grumman CorpNOC	NANC +0.33 points	0.11%	0.44%
Uber TechnologiesUBER	NANC +0.30 points	0.13%	0.43%
Meta Platforms Class AMETA	DYNF +0.29 points	2.37%	2.08%
Wells FargoWFC	NANC +0.26 points	0.12%	0.38%
Accenture PLC Class AACN	NANC +0.25 points	0.19%	0.44%
Amgen IncAMGN	NANC +0.24 points	0.05%	0.29%
Robinhood Markets Class AHOOD	NANC +0.24 points	0.06%	0.30%
Home DepotHD	NANC +0.23 points	0.02%	0.25%
Palantir Technologies Class APLTR	DYNF +0.21 points	0.73%	0.52%
Vertiv Holdings Class AVRT	NANC +0.20 points	0.08%	0.28%
Merck & Co IncMRK	NANC +0.17 points	0.02%	0.19%
Capital One Financial CorpCOF	NANC +0.17 points	0.12%	0.29%
Visa Class AV	DYNF +0.15 points	0.42%	0.27%
AbbVieABBV	DYNF +0.16 points	0.49%	0.33%
Hca HealthcareHCA	NANC +0.15 points	0.16%	0.31%
Bank of New York Mellon CorpBNY	NANC +0.12 points	0.12%	0.24%
Advanced Micro DevicesAMD	NANC +0.08 points	1.54%	1.62%
ServicenowNOW	NANC +0.05 points	0.35%	0.40%
Procter & GamblePG	NANC +0.02 points	0.21%	0.23%
Charles SchwabSCHW	DYNF +0.01 points	0.18%	0.17%
ProgressivePGR	DYNF +0.01 points	0.32%	0.31%
CorningGLW	Same weight	0.33%	0.33%
Space Exploration Technologies CorSPCX	Same weight	0.58%	0.58%

All 262 DYNF 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.

DYNF vs NANC Cost

Overpaying NANC vs DYNF

$8,599

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

DYNF 0.26%
$5,358
NANC 0.72%
$13,957

Amount$10,000

Years30 years

Cost over time

DYNF 0.26%
NANC 0.72%
Overpaying

Year by year

Year	DYNF	NANC	Overpaying
10	$473	$1,284	$811
20	$1,838	$4,888	$3,050
30	$5,358	$13,957	$8,599

Expense ratio

0.26%DYNF, cheaper
0.72%NANC

DYNF0.26%NANC0.72%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DYNF 18th cheapest of 121 funds

NANC 68th cheapest of 121 funds

DYNF vs NANC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DYNF 0.84%, better; NANC 0.19%
Payout (12M): DYNF $0.56; NANC $0.10
Last payment: DYNF $0.14; NANC $0.10
Ex-dividend: DYNF Sep 15, 2026; NANC Dec 26, 2025
Paid on: DYNF Sep 18, 2026; NANC Dec 29, 2025
Frequency: DYNF Quarterly; NANC Annual

Distribution history

Per share, 2019 to 2026, same scale for both

DYNFQuarterly · 30 paymentsAll DYNF payments⁠

NANCAnnual · 3 paymentsAll NANC payments⁠

DYNF vs NANC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DYNF 13.1%, betterNANC 15.2%
Return per unit of riskSharpe ratio, 3 years: DYNF 1.55, betterNANC 1.21
Worst fallMax drawdown, 5 years: DYNF −26.9%NANC −20.9%since Feb 2023
Market sensitivityBeta, 5 years: DYNF 1.02NANC 1.13; Market = 1

DYNF 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
ETF Filings
BlackRock files two Form 497Ks for iShares DYNF
Sep 7, 2026DYNF

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DYNF vs NANC

In short

Stated mandate

Why people hold it

Worth knowing

How DYNF and NANC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

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

BlackRock files two Form 497Ks for iShares DYNF

How DYNF and NANC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in NANC

Weight gaps