Market Intelligence

Congress Trading ETFs: NANC vs KRUZ

Two ETFs let you mirror congressional stock trades — NANC tracks Democrats, KRUZ tracks Republicans. NANC returned +35% in 2024. KRUZ returned +18%. But both are built on disclosures that arrive 45+ days late. Here is what the data actually shows — and what signal intelligence adds beyond passive replication.

+35%
NANC 2024 Return
Democrat Trades ETF
+18%
KRUZ 2024 Return
Republican Trades ETF
-4%
NANC 2026 YTD
vs SPY -2%
819
GovGreed Predictions
Active from 4 Engines

What Are Congress Trading ETFs?

Congress trading ETFs are exchange-traded funds that attempt to replicate the stock portfolios of members of Congress. The concept is straightforward: if senators and representatives consistently outperform the market — and GovGreed's data shows many do — then mirroring their trades should capture some of that excess return.

Two funds currently exist. NANC (the Unusual Whales Subversive Democratic Trading ETF) mirrors trades disclosed by Democratic members of Congress. KRUZ (the Unusual Whales Subversive Republican Trading ETF) does the same for Republicans. Both were launched in February 2023 by Subversive ETFs, using trade data sourced from Unusual Whales. Together, they were the first ETFs to directly package congressional STOCK Act disclosures into a tradeable investment product.

The underlying premise has merit. Across GovGreed's database of 189,595 STOCK Act filings from 343 politicians spanning 2012–2026, certain politicians demonstrate statistically significant excess returns. GovGreed's backtest data shows that A+ tier signals achieve a 72.7% win rate with +10.7% average 30-day excess return. But the ETFs face a structural problem that limits how much of that edge they can capture: the STOCK Act disclosure delay.

Both NANC and KRUZ are managed by Subversive ETFs (subversiveetfs.com) and use trade data from Unusual Whales. GovGreed is an independent platform that provides its own analysis of the same public STOCK Act filings. An academic study published in ScienceDirect has analyzed the performance characteristics of these ETFs.

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NANC vs KRUZ: Head-to-Head Comparison

The two congress trading ETFs differ significantly in sector allocation, top holdings, and performance. NANC's heavy technology weighting has driven higher returns in bull markets, while KRUZ's diversification across energy, financials, and industrials provides a more balanced exposure.

Feature NANC (Democrat) KRUZ (Republican)
Full Name Unusual Whales Subversive Democratic Trading ETF Unusual Whales Subversive Republican Trading ETF
Launch Date February 2023 February 2023
Expense Ratio ~0.75% ~0.75%
Top Holdings NVDA (8.9%), MSFT (8.0%), AMZN (5.2%) JPM (4.3%), T (2.9%), FIX (2.9%)
Sector Weight Tech-heavy (NVDA, MSFT, AMZN dominate) Balanced (energy, financials, industrials)
2024 Return +35% +18%
Annualized Return ~27% ~13%
2026 YTD -4% ~-3%
Data Source Unusual Whales (STOCK Act filings) Unusual Whales (STOCK Act filings)
Disclosure Delay 45+ days (STOCK Act mandated) 45+ days (STOCK Act mandated)

NANC's 2024 outperformance (+35% vs S&P 500's +25%) is largely attributable to its concentration in NVDA, MSFT, and AMZN — the same megacap tech stocks that drove the broader market rally. Democratic members of Congress, including Nancy Pelosi, have been among the most active technology stock traders in Congress. KRUZ's more diversified allocation reflects Republican members' heavier exposure to energy, defense, and financial services sectors.

Why ETFs Have a Disclosure Delay Problem

The core limitation of any congress trading ETF is the STOCK Act's 45-day disclosure window. When a senator buys NVDA on January 1, the public may not learn about it until February 15 — or later. Across GovGreed's database, 23,426 trades (12.5%) were filed beyond even the 45-day deadline. The average disclosure gap across all 343 trading politicians is 44.9 days. The worst single filing gap in the database is 997 days.

This means NANC and KRUZ are systematically rebalancing on information that is 6 to 12 weeks old. In fast-moving markets, that delay can mean the difference between capturing an edge and buying at the top. An academic study published in ScienceDirect analyzing these ETFs found that the disclosure lag significantly erodes the informational advantage that makes congressional trading profitable in the first place.

The timing gap: ETFs react to disclosures. By the time a congress trading ETF rebalances around a politician's trade, that trade is already 45+ days old. The market has often already priced in whatever information drove the original decision.

Consider Tommy Tuberville, who has 132 STOCK Act violations — trades disclosed far beyond the 45-day window. An ETF tracking his trades would be rebalancing on data that is months stale. The same pattern applies across Congress: 12.5% of all trades are filed late.

The disclosure delay creates a structural disadvantage for passive ETF replication. To address this, GovGreed's approach focuses on prediction rather than replication. Instead of waiting for disclosures, GovGreed analyzes committee schedules, recurring buy patterns, signal convergence, and bill-trade correlations to forecast trades before they appear in STOCK Act filings.

What GovGreed Adds Beyond an ETF

Congress trading ETFs copy trades blindly — every disclosed purchase gets added to the portfolio, regardless of context. GovGreed takes the opposite approach: scoring each trade against the full intelligence stack — bills, donors, lobbyists, committees, herds — to separate signal from noise, then predicting future trades before they are disclosed.

ETF Approach
Passive Replication
Copy every disclosed trade after 45+ day delay. No filtering by quality, no context analysis, no prediction.
GovGreed Approach
Signal Intelligence
Signal scoring, herd detection, bill correlation, forward-looking predictions. Built to anticipate trades, not replicate yesterday's.

Performance Analysis: Congress vs the Market

The question behind both ETFs and platforms like GovGreed is the same: do members of Congress consistently outperform the market? GovGreed's backtest data, derived from 189,595 trades across 14 years, provides a nuanced answer.

GovGreed A+ Tier Signal Win Rate 72.7%
A+ Tier Avg 30-Day Excess Return +10.7%
NANC 2024 Return (vs S&P 500 +25%) +35%
KRUZ 2024 Return (vs S&P 500 +25%) +18%
Congressional Trades Filed Late (>45 days) 23,426 (12.5%)
Average Disclosure Gap (all Congress) 44.9 days
Politicians with Active Predictions 76

Not all congressional trades are equal. GovGreed's signal engine filters out small trades (below $50,000 midpoint), exercises, donations, and other low-information transactions. The resulting 2,790 scored signals across 61 politicians represent the highest-conviction subset of congressional trading activity. This selective approach is fundamentally different from ETFs that replicate every disclosed trade regardless of size, context, or quality.

The data also reveals an important nuance: NANC's outperformance is largely a tech sector story. Democratic members of Congress — particularly those on committees overseeing technology regulation — are among the heaviest tech stock traders. When tech rallies, NANC benefits. When tech corrects (as in early 2026), NANC underperforms. GovGreed's sector-agnostic signal scoring avoids this concentration risk by evaluating trades on their own merits rather than aggregating by party affiliation. Not financial advice.

Frequently Asked Questions

What is the NANC ETF?
NANC is the Unusual Whales Subversive Democratic Trading ETF, launched in February 2023 by Subversive ETFs. It mirrors the disclosed stock trades of Democratic members of Congress using data from STOCK Act filings aggregated by Unusual Whales. Top holdings include NVDA (8.9%), MSFT (8.0%), and AMZN (5.2%). The fund returned approximately +35% in 2024 with an annualized return of roughly 27% since inception. The expense ratio is approximately 0.75%.
What is the KRUZ ETF?
KRUZ is the Unusual Whales Subversive Republican Trading ETF, also launched in February 2023 by Subversive ETFs. It mirrors the disclosed stock trades of Republican members of Congress. Top holdings include JPM (4.3%), T (2.9%), and FIX (2.9%). KRUZ returned approximately +18% in 2024 with an annualized return of roughly 13% since inception. Its sector allocation is more balanced than NANC, with heavier weight in energy, financials, and industrials rather than concentrated technology exposure.
Which congress trading ETF is better?
In terms of raw returns, NANC has outperformed KRUZ since launch. NANC returned +35% in 2024 vs KRUZ's +18%. However, NANC is heavily concentrated in technology stocks (NVDA, MSFT, AMZN), meaning its performance is largely a proxy for the tech sector. KRUZ offers more sector diversification across energy, financials, and industrials. In 2026 YTD, both are underperforming the S&P 500. The "better" choice depends on your sector outlook and risk tolerance. Neither ETF accounts for disclosure delays or trade quality — they replicate everything blindly. Not financial advice.
Do congress trading ETFs beat the market?
Results are mixed. NANC outperformed the S&P 500 in 2024 (+35% vs +25%), largely due to heavy NVDA and tech exposure. KRUZ underperformed in the same period (+18% vs +25%). In 2026 YTD, both ETFs trail SPY. An academic study published in ScienceDirect found that the built-in disclosure delay of 45+ days significantly erodes the informational advantage. GovGreed's backtest data shows a more targeted approach works better: A+ tier signals achieve a 72.7% win rate with +10.7% average 30-day excess return — but that requires filtering by trade quality, not blindly copying all disclosures.
What is the expense ratio of NANC and KRUZ?
Both NANC and KRUZ have an expense ratio of approximately 0.75%. This is significantly higher than broad-market index ETFs like SPY (0.09%) or VOO (0.03%). The higher fee reflects the active management required to track congressional disclosures and rebalance the portfolio. For comparison, GovGreed provides raw trade data, signal scores, and predictions for free — allowing users to make their own trading decisions rather than paying a fund manager to replicate disclosures that are already 45+ days old.
How do congress trading ETFs work?
Congress trading ETFs work by tracking STOCK Act disclosures filed by members of Congress. When a senator or representative discloses a stock purchase, the ETF adds that position. When a sale is disclosed, the position is reduced. The fundamental limitation is timing: the STOCK Act allows up to 45 days for disclosure, and many politicians file even later. Across GovGreed's database of 189,595 trades, 23,426 (12.5%) were filed beyond the deadline. The average gap is 44.9 days. This means ETFs are systematically rebalancing on information that is 1–3 months old.
Is there a better alternative to congress trading ETFs?
Rather than passively replicating disclosed trades weeks after the fact, platforms like GovGreed use predictive intelligence to get ahead of disclosures. GovGreed's signal engine cross-references each trade with committee assignments, bill activity, campaign contributions, lobbying data, technical indicators, sector momentum, and herd detection. The platform maintains 819 active forward predictions covering 76 politicians. Backtest data shows A+ tier signals achieve a 72.7% win rate. The copy congress trades guide walks through the approach step by step.
Can you copy congress trades without an ETF?
Yes. STOCK Act filings are public data. You can track them directly through the Senate eFD system or House Clerk's office, but parsing raw filings is time-consuming. Tools like GovGreed aggregate all 189,595 congressional trades from 343 politicians into a searchable database with signal scores and predictions. You can follow specific politicians, set up alerts for new filings, and filter by signal quality — all without paying an ETF's 0.75% expense ratio. The trade-off: self-directed copy-trading requires your own execution, while an ETF handles it automatically. See the copy congress trades guide for a detailed walkthrough.

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About This Data: ETF performance figures sourced from public market data providers and fund disclosures. Congressional trading statistics from GovGreed's database: 189,595 trades, 343 politicians, 14 years (2012–2026). Signal backtest statistics from our backtested-performance methodology. GovGreed is not affiliated with Subversive ETFs or Unusual Whales. Not financial advice. All congressional data from public federal disclosures.