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GOP

Unusual Whales Subversive Republican Trading ETF

This fund, which we like to refer to by its trade ticker, “GOP,” invests in equity securities purchased or sold by Republican members of Congress and their spouses. 

How do we know what these representatives are buying and selling? The Stop Trading On Congressional Knowledge Act (“STOCK Act”) may or may not actually be stopping insider trading among Congress, but it does require members and their spouses to disclose their investments with filings to either the Senate Office of Public Records or the Clerk of the House of Representatives. These disclosures are also made available online pursuant to the Ethics in Government Act “EIGA”, as amended. We use this information to build a basket of stocks that reflects their activity. 

The fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Republican Party, or their spouse. It’s not personal, just business.

Fund Information

Fund Inception 2/6/2023
Ticker GOP
Primary Exchange CBOE
CUSIP 886364181
Expense Ratio 0.74%
30 Day SEC Yield* As of 10/31/2025 0.74%

Fund Details

Name Value
Net Assets $60.94m
NAV $36.38
Shares Outstanding 1,675,000
Premium/Discount Percentage -0.04%
Closing Price $36.37
Median 30 Day Spread** 0.27%
Name
11/07/2025

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.

**Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

Inception Date: 02/07/2023
Name
10/31/2025
Fund Name Ticker 1MO 3MO 6MO YTD Since Inception (Cumulative) 1YR 3YR 5YR 10YR Since Inception (Annualized) Date
Unusual Whales Subversive Republican Trading ETF GOP MKT 1.36 7.59 21.69 17.68 49.96 18.53 - - - 15.99 10/31/2025
Unusual Whales Subversive Republican Trading ETF GOP NAV 1.34 7.46 21.64 17.80 49.80 18.71 - - - 15.95 10/31/2025
S&P 500 TR SPTR2 2.34 8.23 23.60 17.52 73.08 21.45 - - - 22.24 10/31/2025
Name
09/30/2025
Fund Name Ticker 1MO 3MO 6MO YTD Since Inception (Cumulative) 1YR 3YR 5YR 10YR Since Inception (Annualized) Date
Unusual Whales Subversive Republican Trading ETF GOP MKT 3.70 8.30 19.08 16.10 47.94 16.63 - - - 15.95 09/30/2025
Unusual Whales Subversive Republican Trading ETF GOP NAV 3.71 8.19 18.57 16.24 47.82 16.65 - - - 15.91 09/30/2025
S&P 500 TR SPTR2 3.65 8.12 19.96 14.83 69.12 17.60 - - - 21.96 09/30/2025

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (877-291-4040).

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

S&P 500 Total Return Index is the Standard and Poor’s index calculated on a total return basis

Top 10 Holdings

Name
11/10/2025
Date Account Ticker CUSIP Name Shares Price Market Value % of Net Assets NetAssets SharesOutstanding CreationUnits
11/10/2025 GOP FIX 199908104 Comfort Systems USA Inc 3,893.00 955.26 3,718,827.18 6.10 60938175 1675000 67
11/10/2025 GOP JPM 46625H100 JPMORGAN CHASE & CO. 9,413.00 314.21 2,957,658.73 4.85 60938175 1675000 67
11/10/2025 GOP IBIT 46438F101 iShares Bitcoin Trust ETF 43,940.00 58.88 2,587,187.20 4.25 60938175 1675000 67
11/10/2025 GOP NVDA 67066G104 NVIDIA Corp 11,337.00 188.15 2,133,056.55 3.50 60938175 1675000 67
11/10/2025 GOP INTC 458140100 Intel Corp 49,542.00 38.13 1,889,036.46 3.10 60938175 1675000 67
11/10/2025 GOP ANET 040413205 Arista Networks Inc 10,894.00 134.65 1,466,877.10 2.41 60938175 1675000 67
11/10/2025 GOP T 00206R102 AT&T Inc 55,543.00 24.83 1,379,132.69 2.26 60938175 1675000 67
11/10/2025 GOP UTHR 91307C102 United Therapeutics Corp 2,883.00 448.91 1,294,207.53 2.12 60938175 1675000 67
11/10/2025 GOP ALL 020002101 Allstate Corp/The 6,131.00 202.29 1,240,239.99 2.04 60938175 1675000 67
11/10/2025 GOP CVX 166764100 Chevron Corp 7,857.00 155.02 1,217,992.14 2.00 60938175 1675000 67
11/10/2025 GOP NFG 636180101 National Fuel Gas Co 13,238.00 79.35 1,050,435.30 1.72 60938175 1675000 67
11/10/2025 GOP FGXXX 31846V336 First American Government Obligations Fund 12/01/2031 987,867.00 100 987,866.66 1.62 60938175 1675000 67
11/10/2025 GOP FIS 31620M106 Fidelity National Information Services Inc 14,841.00 64.78 961,399.98 1.58 60938175 1675000 67
11/10/2025 GOP AMD 007903107 Advanced Micro Devices Inc 4,021.00 233.54 939,064.34 1.54 60938175 1675000 67
11/10/2025 GOP TSN 902494103 Tyson Foods Inc 17,459.00 52.68 919,740.12 1.51 60938175 1675000 67
11/10/2025 GOP ACN G1151C101 Accenture PLC 3,508.00 245.76 862,126.08 1.41 60938175 1675000 67
11/10/2025 GOP SPG 828806109 Simon Property Group Inc 4,695.00 183.6 862,002.00 1.41 60938175 1675000 67
11/10/2025 GOP ASML N07059210 ASML Holding NV 810.00 1016.96 823,737.60 1.35 60938175 1675000 67
11/10/2025 GOP COP 20825C104 ConocoPhillips 9,473.00 86.83 822,540.59 1.35 60938175 1675000 67
11/10/2025 GOP PYPL 70450Y103 PayPal Holdings Inc 11,787.00 66.22 780,535.14 1.28 60938175 1675000 67
11/10/2025 GOP JNJ 478160104 Johnson & Johnson 4,039.00 186.57 753,556.23 1.24 60938175 1675000 67
11/10/2025 GOP RTX 75513E101 RTX Corp 4,260.00 176.97 753,892.20 1.24 60938175 1675000 67
11/10/2025 GOP TSLA 88160R101 Tesla Inc 1,716.00 429.52 737,056.32 1.21 60938175 1675000 67
11/10/2025 GOP SHEL 780259305 Shell PLC 9,381.00 75.59 709,109.79 1.16 60938175 1675000 67
11/10/2025 GOP NVT G6700G107 nVent Electric PLC 5,881.00 111.03 652,967.43 1.07 60938175 1675000 67
11/10/2025 GOP AVGO 11135F101 Broadcom Inc 1,837.00 349.43 641,902.91 1.05 60938175 1675000 67
11/10/2025 GOP LHX 502431109 L3Harris Technologies Inc 2,145.00 290.66 623,465.70 1.02 60938175 1675000 67
11/10/2025 GOP AER N00985106 AerCap Holdings NV 4,624.00 132.95 614,760.80 1.01 60938175 1675000 67
11/10/2025 GOP TXN 882508104 Texas Instruments Inc 3,568.00 160.55 572,842.40 0.94 60938175 1675000 67
11/10/2025 GOP WMB 969457100 Williams Cos Inc/The 8,915.00 59.58 531,155.70 0.87 60938175 1675000 67
11/10/2025 GOP NGL 62913M107 NGL Energy Partners LP 55,351.00 9.52 526,941.52 0.86 60938175 1675000 67
11/10/2025 GOP WWD 980745103 Woodward Inc 1,912.00 266.31 509,184.72 0.84 60938175 1675000 67
11/10/2025 GOP COST 22160K105 Costco Wholesale Corp 543.00 922.74 501,047.82 0.82 60938175 1675000 67
11/10/2025 GOP ORLY 67103H107 O'Reilly Automotive Inc 5,085.00 97.09 493,702.65 0.81 60938175 1675000 67
11/10/2025 GOP PM 718172109 Philip Morris International Inc 3,176.00 153.39 487,166.64 0.80 60938175 1675000 67
11/10/2025 GOP AMZN 023135106 Amazon.com Inc 1,918.00 244.41 468,778.38 0.77 60938175 1675000 67
11/10/2025 GOP MSTR 594972408 Strategy Inc 1,929.00 241.93 466,682.97 0.77 60938175 1675000 67
11/10/2025 GOP LVS 517834107 Las Vegas Sands Corp 6,922.00 65.21 451,383.62 0.74 60938175 1675000 67
11/10/2025 GOP HD 437076102 Home Depot Inc/The 1,160.00 371.11 430,487.60 0.71 60938175 1675000 67
11/10/2025 GOP FDX 31428X106 FedEx Corp 1,633.00 262.09 427,992.97 0.70 60938175 1675000 67
11/10/2025 GOP FCFS 33768G107 FirstCash Holdings Inc 2,582.00 160.73 415,004.86 0.68 60938175 1675000 67
11/10/2025 GOP MSFT 594918104 Microsoft Corp 819.00 496.82 406,895.58 0.67 60938175 1675000 67
11/10/2025 GOP EMR 291011104 Emerson Electric Co 3,091.00 129.49 400,253.59 0.66 60938175 1675000 67
11/10/2025 GOP V 92826C839 Visa Inc 1,180.00 336.02 396,503.60 0.65 60938175 1675000 67
11/10/2025 GOP OSK 688239201 Oshkosh Corp 3,255.00 121.46 395,352.30 0.65 60938175 1675000 67
11/10/2025 GOP CAT 149123101 Caterpillar Inc 690.00 563.1 388,539.00 0.64 60938175 1675000 67
11/10/2025 GOP ROK 773903109 Rockwell Automation Inc 1,032.00 373.49 385,441.68 0.63 60938175 1675000 67
11/10/2025 GOP META 30303M102 Meta Platforms Inc 610.00 621.71 379,243.10 0.62 60938175 1675000 67
11/10/2025 GOP BLK 09290D101 Blackrock Inc 351.00 1082.2 379,852.20 0.62 60938175 1675000 67
11/10/2025 GOP LIN G54950103 Linde PLC 891.00 420.51 374,674.41 0.61 60938175 1675000 67
11/10/2025 GOP AAPL 037833100 Apple Inc 1,313.00 268.21 352,159.73 0.58 60938175 1675000 67
11/10/2025 GOP WTW G96629103 Willis Towers Watson PLC 1,093.00 326.05 356,372.65 0.58 60938175 1675000 67
11/10/2025 GOP SF 860630102 Stifel Financial Corp 2,886.00 121.74 351,341.64 0.58 60938175 1675000 67
11/10/2025 GOP NEE 65339F101 NextEra Energy Inc 4,169.00 83.93 349,904.17 0.57 60938175 1675000 67
11/10/2025 GOP D 25746U109 Dominion Energy Inc 5,594.00 61.58 344,478.52 0.57 60938175 1675000 67
11/10/2025 GOP MA 57636Q104 Mastercard Inc 627.00 551.97 346,085.19 0.57 60938175 1675000 67
11/10/2025 GOP SNOW 833445109 Snowflake Inc 1,251.00 262.86 328,837.86 0.54 60938175 1675000 67
11/10/2025 GOP WBD 934423104 Warner Bros Discovery Inc 14,541.00 22.67 329,644.47 0.54 60938175 1675000 67
11/10/2025 GOP NVO 670100205 Novo Nordisk A/S 7,148.00 45.68 326,520.64 0.54 60938175 1675000 67
11/10/2025 GOP PANW 697435105 Palo Alto Networks Inc 1,464.00 212.285 310,785.24 0.51 60938175 1675000 67
11/10/2025 GOP LMT 539830109 Lockheed Martin Corp 676.00 458.35 309,844.60 0.51 60938175 1675000 67
11/10/2025 GOP WTM G9618E107 White Mountains Insurance Group Ltd 161.00 1908.46 307,262.06 0.50 60938175 1675000 67
11/10/2025 GOP SAP 803054204 SAP SE 1,212.00 251.96 305,375.52 0.50 60938175 1675000 67
11/10/2025 GOP INTU 461202103 Intuit Inc 471.00 648.85 305,608.35 0.50 60938175 1675000 67
11/10/2025 GOP BSX 101137107 Boston Scientific Corp 2,964.00 100.02 296,459.28 0.49 60938175 1675000 67
11/10/2025 GOP DAL 247361702 Delta Air Lines Inc 4,928.00 58.88 290,160.64 0.48 60938175 1675000 67
11/10/2025 GOP CDNS 127387108 Cadence Design Systems Inc 886.00 325.05 287,994.30 0.47 60938175 1675000 67
11/10/2025 GOP BJ 05550J101 BJ's Wholesale Club Holdings Inc 3,088.00 91.41 282,274.08 0.46 60938175 1675000 67
11/10/2025 GOP ELV 036752103 ELEVANCE HEALTH INC 886.00 317.78 281,553.08 0.46 60938175 1675000 67
11/10/2025 GOP EQH 29452E101 EQUITABLE HLDGS INC COM 6,040.00 45.27 273,430.80 0.45 60938175 1675000 67
11/10/2025 GOP MKL 570535104 Markel Group Inc 134.00 2037.32 273,000.88 0.45 60938175 1675000 67
11/10/2025 GOP B 06849F108 Barrick Mining Corp 8,080.00 33.09 267,367.20 0.44 60938175 1675000 67
11/10/2025 GOP UBER 90353T100 Uber Technologies Inc 2,820.00 91.99 259,411.80 0.43 60938175 1675000 67
11/10/2025 GOP HON 438516106 Honeywell International Inc 1,340.00 194.07 260,053.80 0.43 60938175 1675000 67
11/10/2025 GOP ARMK 03852U106 Aramark 6,740.00 37.8 254,772.00 0.42 60938175 1675000 67
11/10/2025 GOP SPH 864482104 Suburban Propane Partners LP 14,003.00 18.29 256,114.87 0.42 60938175 1675000 67
11/10/2025 GOP DLTR 256746108 Dollar Tree Inc 2,386.00 105.74 252,295.64 0.41 60938175 1675000 67
11/10/2025 GOP ET 29273V100 Energy Transfer LP 15,095.00 16.45 248,312.75 0.41 60938175 1675000 67
11/10/2025 GOP WDAY 98138H101 Workday Inc 1,041.00 225.17 234,401.97 0.38 60938175 1675000 67
11/10/2025 GOP EPAM 29414B104 EPAM Systems Inc 1,304.00 175.3 228,591.20 0.38 60938175 1675000 67
11/10/2025 GOP ADSK 052769106 Autodesk Inc 752.00 297.18 223,479.36 0.37 60938175 1675000 67
11/10/2025 GOP COF 14040H105 Capital One Financial Corp 988.00 217.82 215,206.16 0.35 60938175 1675000 67
11/10/2025 GOP NUE 670346105 Nucor Corp 1,434.00 144.31 206,940.54 0.34 60938175 1675000 67
11/10/2025 GOP C 172967424 Citigroup Inc 2,043.00 100.79 205,913.97 0.34 60938175 1675000 67
11/10/2025 GOP TMUS 872590104 T-Mobile US Inc 954.00 207 197,478.00 0.32 60938175 1675000 67
11/10/2025 GOP GEN 668771108 GEN DIGITAL INC 7,260.00 25.77 187,090.20 0.31 60938175 1675000 67
11/10/2025 GOP SCHW 808513105 Charles Schwab Corp/The 1,900.00 95.24 180,956.00 0.30 60938175 1675000 67
11/10/2025 GOP NOW 81762P102 ServiceNow Inc 204.00 861.87 175,821.48 0.29 60938175 1675000 67
11/10/2025 GOP TRS 896215209 TriMas Corp 5,699.00 31.16 177,580.84 0.29 60938175 1675000 67
11/10/2025 GOP HSIC 806407102 Henry Schein Inc 2,440.00 71.9 175,436.00 0.29 60938175 1675000 67
11/10/2025 GOP CB H1467J104 Chubb Ltd 614.00 287.55 176,555.70 0.29 60938175 1675000 67
11/10/2025 GOP PRI 74164M108 Primerica Inc 685.00 252.63 173,051.55 0.28 60938175 1675000 67
11/10/2025 GOP HLI 441593100 Houlihan Lokey Inc 889.00 180.33 160,313.37 0.26 60938175 1675000 67
11/10/2025 GOP MMC 571748102 Marsh & McLennan Cos Inc 886.00 180.05 159,524.30 0.26 60938175 1675000 67
11/10/2025 GOP HUM 444859102 Humana Inc 629.00 252.04 158,533.16 0.26 60938175 1675000 67
11/10/2025 GOP DCI 257651109 Donaldson Co Inc 1,837.00 86.86 159,561.82 0.26 60938175 1675000 67
11/10/2025 GOP CLX 189054109 Clorox Co/The 1,429.00 107.36 153,417.44 0.25 60938175 1675000 67
11/10/2025 GOP SSD 829073105 Simpson Manufacturing Co Inc 887.00 170.76 151,464.12 0.25 60938175 1675000 67
11/10/2025 GOP CRWD 22788C105 Crowdstrike Holdings Inc 272.00 539.81 146,828.32 0.24 60938175 1675000 67
11/10/2025 GOP LUV 844741108 Southwest Airlines Co 4,517.00 32.45 146,576.65 0.24 60938175 1675000 67
11/10/2025 GOP CSCO 17275R102 Cisco Systems Inc 1,979.00 71.07 140,647.53 0.23 60938175 1675000 67
11/10/2025 GOP OXY 674599105 Occidental Petroleum Corp 3,441.00 41.31 142,147.71 0.23 60938175 1675000 67
11/10/2025 GOP FTNT 34959E109 Fortinet Inc 1,697.00 81.79 138,797.63 0.23 60938175 1675000 67
11/10/2025 GOP DVN 25179M103 Devon Energy Corp 4,223.00 33.7 142,315.10 0.23 60938175 1675000 67
11/10/2025 GOP AIT 03820C105 Applied Industrial Technologies Inc 548.00 258.92 141,888.16 0.23 60938175 1675000 67
11/10/2025 GOP VVV 92047W101 Valvoline Inc 4,181.00 31.56 131,952.36 0.22 60938175 1675000 67
11/10/2025 GOP CHTR 16119P108 Charter Communications Inc 573.00 219.86 125,979.78 0.21 60938175 1675000 67
11/10/2025 GOP PLXS 729132100 Plexus Corp 886.00 143.26 126,928.36 0.21 60938175 1675000 67
11/10/2025 GOP CNM 21874C102 Core & Main Inc 2,480.00 50.9 126,232.00 0.21 60938175 1675000 67
11/10/2025 GOP IQV 46266C105 IQVIA Holdings Inc 616.00 210.46 129,643.36 0.21 60938175 1675000 67
11/10/2025 GOP QCOM 747525103 QUALCOMM Inc 757.00 170.89 129,363.73 0.21 60938175 1675000 67
11/10/2025 GOP KO 191216100 Coca-Cola Co/The 1,706.00 70.55 120,358.30 0.20 60938175 1675000 67
11/10/2025 GOP PWR 74762E102 Quanta Services Inc 278.00 445.01 123,712.78 0.20 60938175 1675000 67
11/10/2025 GOP DIS 254687106 Walt Disney Co/The 1,089.00 110.74 120,595.86 0.20 60938175 1675000 67
11/10/2025 GOP ABBV 00287Y109 AbbVie Inc 545.00 219.16 119,442.20 0.20 60938175 1675000 67
11/10/2025 GOP KLAC 482480100 KLA CORP 99.00 1193.37 118,143.63 0.19 60938175 1675000 67
11/10/2025 GOP UBSI 909907107 United Bankshares Inc/WV 3,226.00 36.55 117,910.30 0.19 60938175 1675000 67
11/10/2025 GOP ORCL 68389X105 Oracle Corp 479.00 239.26 114,605.54 0.19 60938175 1675000 67
11/10/2025 GOP OKE 682680103 ONEOK Inc 1,707.00 68.12 116,280.84 0.19 60938175 1675000 67
11/10/2025 GOP LPX 546347105 Louisiana-Pacific Corp 1,486.00 78.5 116,651.00 0.19 60938175 1675000 67
11/10/2025 GOP FBIN 34964C106 Fortune Brands Innovations Inc 2,176.00 49.72 108,190.72 0.18 60938175 1675000 67
11/10/2025 GOP SBUX 855244109 Starbucks Corp 1,302.00 85.57 111,412.14 0.18 60938175 1675000 67
11/10/2025 GOP BAC 060505104 Bank of America Corp 2,043.00 53.2 108,687.60 0.18 60938175 1675000 67
11/10/2025 GOP AA 013872106 Alcoa Corp 2,696.00 37.32 100,614.72 0.17 60938175 1675000 67
11/10/2025 GOP ARW 042735100 Arrow Electronics Inc 885.00 111.71 98,863.35 0.16 60938175 1675000 67
11/10/2025 GOP DOV 260003108 Dover Corp 548.00 180.33 98,820.84 0.16 60938175 1675000 67
11/10/2025 GOP PTC 69370C100 PTC Inc 544.00 176.11 95,803.84 0.16 60938175 1675000 67
11/10/2025 GOP PLUS 294268107 ePlus Inc 1,157.00 84.88 98,206.16 0.16 60938175 1675000 67
11/10/2025 GOP ST G8060N102 Sensata Technologies Holding PLC 3,091.00 31.02 95,882.82 0.16 60938175 1675000 67
11/10/2025 GOP ARLP 01877R108 Alliance Resource Partners LP 4,056.00 24.4 98,966.40 0.16 60938175 1675000 67
11/10/2025 GOP FCX 35671D857 Freeport-McMoRan Inc 2,312.00 39.81 92,040.72 0.15 60938175 1675000 67
11/10/2025 GOP GTES G39108108 Gates Industrial Corp PLC 4,104.00 22.12 90,780.48 0.15 60938175 1675000 67
11/10/2025 GOP FMAO 30779N105 Farmers & Merchants Bancorp Inc/Archbold OH 3,493.00 24.47 85,473.71 0.14 60938175 1675000 67
11/10/2025 GOP PAG 70959W103 Penske Automotive Group Inc 549.00 158.64 87,093.36 0.14 60938175 1675000 67
11/10/2025 GOP AMGN 031162100 Amgen Inc 274.00 320.2 87,734.80 0.14 60938175 1675000 67
11/10/2025 GOP ATR 038336103 AptarGroup Inc 685.00 116.22 79,610.70 0.13 60938175 1675000 67
11/10/2025 GOP NSIT 45765U103 Insight Enterprises Inc 889.00 91.21 81,085.69 0.13 60938175 1675000 67
11/10/2025 GOP ADBE 00724F101 Adobe Inc 221.00 326.95 72,255.95 0.12 60938175 1675000 67
11/10/2025 GOP LBRDK 530307305 Liberty Broadband Corp 1,228.00 50.73 62,296.44 0.10 60938175 1675000 67
11/10/2025 GOP PRGS 743312100 Progress Software Corp 1,294.00 42.29 54,723.26 0.09 60938175 1675000 67
11/10/2025 GOP SOLS 83443Q103 Solstice Advanced Materials Inc 335.00 47.49 15,909.15 0.03 60938175 1675000 67
11/10/2025 GOP GLIBK 36164V800 GCI Liberty Inc 243.00 33.305 8,093.12 0.01 60938175 1675000 67
11/10/2025 GOP FXFXX 31846V328 First American Treasury Obligations Fund 01/01/2040 3,243.00 100 3,242.77 0.01 60938175 1675000 67
11/10/2025 GOP Cash&Other Cash&Other Cash & Other -13,953.00 1 -13,953.48 -0.02 60938175 1675000 67
Download Full Holdings

Holdings are subject to change.

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(877) 291-4040
[email protected]
234 W. Florida St., Suite 203, Milwaukee, WI 53204

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Before investing you should carefully consider each Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus available on this website. Please read the prospectus and summary prospectus carefully before you invest.

For standardized performance, risks and holdings go to: www.subversiveetfs.com/nanc and www.subversiveetfs.com/gop.
As of 03.21.2025, KRUZ changed its ticker to GOP

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (877-291-4040).

Risks: There are risks associated with investing in the Funds, including possible loss of principal. The evaluations and assumptions of Tidal Investments LLC (the “Adviser”) regarding issuers, securities, and other factors may not successfully achieve the Funds’ investment objectives given actual market conditions. Foreign investing involves currency, political and economic risks. Investments in emerging markets, real estate, currency, fixed income and alternative investments include additional risks. Dividends are not guaranteed and a company currently paying dividends may cease paying dividends at any time. Diversification does not eliminate the risk of experiencing investment losses.

There are limited number of institutional investors that are authorized to purchase and redeem shares from the Funds; there are additional costs of buying or selling shares; shares of the Funds may be bought and sold in the secondary market at market prices; it is possible legislation or regulation could be enacted that limits, restricts, or prevents Congresspeople and/or their spouses from trading; there is a delay given the STOCK act, within 30 days of purchasing the security; equity securities in the Funds may experience sudden, unpredictable drops in value or long periods of decline in value; the Funds may invest in securities of small- and mid-capitalization companies and thus be more volatile given Congresspeople’s trading patterns; there is likely a high portfolio turnover rate which may subject to higher tax liability; and the Funds are recently organized with limited operating histories.

Magnificent 7 (Mag 7): Refers to a group of seven high-performing, influential stocks in the technology sector.

Basis Point: A standard measure for interest rates and other percentages in finance. One basis point equals 1/100th of 1%, or 0.01%.

Republican Party Investing Risk. The pattern of investing by members of the Republican Party and their family members are often a reflection of committees on which a Congressperson sits and the types of companies or trade associations lobbying members of those Congresspeople. Accordingly, the Fund’s investments may emphasize the sectors that are representative of the committees on which Congresspersons who are members of the Republican Party may sit

High Portfolio Turnover Risk. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

Ethics in Government Act (EIGA) Risk. In implementing the Fund’s principal investment strategies, the Adviser obtains and uses information derived by the Data Provider from Periodic Transaction Reports (PTRs) to manage the composition and weighting of securities in the Fund’s portfolio. PTRs are made available online by the EIGA, which makes it unlawful for “any person to obtain or use a [PTR] … for any commercial purpose, other than by news and communications media for dissemination to the general public[.]”. Absent a determination as to whether the Adviser’s review and analysis of data to implement the Fund’s investment strategies constitutes “obtain[ing] or us[ing]” a PTR for a prohibited “commercial purpose,” the Fund is subject to the risk that the Adviser and/or the Fund may face legal consequences if the Adviser’s implementation of the Fund’s investment strategies is prohibited by the EIGA, which could potentially include monetary penalties and other liabilities or injunctions or similar orders, any or all of which could adversely impact the Fund and its shareholders 

Reporting Delay Risk. Members of Congress are required to report certain securities transactions (purchases, sales or exchanges of assets covered by the STOCK Act) totaling over $1,000 within 30 days of purchasing those securities or becoming aware of such a transaction, but have up to 45 days to submit such reports. Accordingly, the Fund will not purchase or sell securities at the same time as members of Congress. As a result, the Fund may purchase a security at a higher price or sell a security at a lower price than it would have if purchased or sold at the same time as the member of Congress. The Fund would also hold a security for a period of time even though the Congressperson no longer holds the security, which may negatively affect the Fund’s performance.

Other Investment Companies Risk. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies.

Please see each Fund’s prospectus for discussion of pertinent risks.

The Unusual Whales Subversive Democratic Trading ETF and Unusual Whales Subversive Republican Trading ETF are distributed by Foreside Fund Services, LLC (Foreside). Foreside is not affiliated with Tidal Investments LLC.