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NANC

Unusual Whales Subversive Democratic Trading ETF

This fund, which we like to refer to by its trade ticker, “NANC,” invests in equity securities purchased or sold by Democratic 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 Democratic Party, or their spouse. It’s not personal, just business.

Fund Information

Fund Inception 2/6/2023
Ticker NANC
Primary Exchange CBOE
CUSIP 886364199
Expense Ratio 0.74%
30 Day SEC Yield* As of 10/31/2025 0.17%

Fund Details

Name Value
Net Assets $262.12m
NAV $45.39
Shares Outstanding 5,775,000
Premium/Discount Percentage -0.06%
Closing Price $45.36
Median 30 Day Spread** 0.11%
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 Democratic Trading ETF NANC MKT 3.30 9.30 27.15 19.93 87.19 23.80 - - - 25.80 10/31/2025
Unusual Whales Subversive Democratic Trading ETF NANC NAV 3.22 9.13 26.76 19.97 86.99 23.71 - - - 25.75 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 Democratic Trading ETF NANC MKT 2.99 6.87 24.49 16.10 81.20 20.00 - - - 25.18 09/30/2025
Unusual Whales Subversive Democratic Trading ETF NANC NAV 3.03 6.87 24.35 16.23 81.15 20.04 - - - 25.17 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 NANC NVDA 67066G104 NVIDIA Corp 144,656.00 188.15 27,217,026.40 10.38 262122052.5 5775000 231
11/10/2025 NANC MSFT 594918104 Microsoft Corp 39,331.00 496.82 19,540,427.42 7.45 262122052.5 5775000 231
11/10/2025 NANC GOOG 02079K107 Alphabet Inc 51,793.00 279.7 14,486,502.10 5.53 262122052.5 5775000 231
11/10/2025 NANC AMZN 023135106 Amazon.com Inc 57,057.00 244.41 13,945,301.37 5.32 262122052.5 5775000 231
11/10/2025 NANC AAPL 037833100 Apple Inc 40,426.00 268.21 10,842,657.46 4.14 262122052.5 5775000 231
11/10/2025 NANC AXP 025816109 American Express Co 23,630.00 368.54 8,708,600.20 3.32 262122052.5 5775000 231
11/10/2025 NANC AORT 228903100 Artivion Inc 192,907.00 44.87 8,655,737.09 3.30 262122052.5 5775000 231
11/10/2025 NANC CRM 79466L302 Salesforce Inc 32,708.00 239.88 7,845,995.04 2.99 262122052.5 5775000 231
11/10/2025 NANC PM 718172109 Philip Morris International Inc 47,484.00 153.39 7,283,570.76 2.78 262122052.5 5775000 231
11/10/2025 NANC CRWD 22788C105 Crowdstrike Holdings Inc 13,180.00 539.81 7,114,695.80 2.71 262122052.5 5775000 231
11/10/2025 NANC NFLX 64110L106 Netflix Inc 6,101.00 1103.66 6,733,429.66 2.57 262122052.5 5775000 231
11/10/2025 NANC COST 22160K105 Costco Wholesale Corp 7,083.00 922.74 6,535,767.42 2.49 262122052.5 5775000 231
11/10/2025 NANC META 30303M102 Meta Platforms Inc 9,842.00 621.71 6,118,869.82 2.33 262122052.5 5775000 231
11/10/2025 NANC AMAT 038222105 Applied Materials Inc 26,159.00 230.07 6,018,401.13 2.30 262122052.5 5775000 231
11/10/2025 NANC LLY 532457108 Eli Lilly & Co 6,484.00 924.37 5,993,615.08 2.29 262122052.5 5775000 231
11/10/2025 NANC VMC 929160109 Vulcan Materials Co 19,684.00 286.81 5,645,568.04 2.15 262122052.5 5775000 231
11/10/2025 NANC SSNC 78467J100 SS&C Technologies Holdings Inc 55,088.00 84.25 4,641,164.00 1.77 262122052.5 5775000 231
11/10/2025 NANC DHI 23331A109 DR Horton Inc 29,571.00 144.77 4,280,993.67 1.63 262122052.5 5775000 231
11/10/2025 NANC DIS 254687106 Walt Disney Co/The 31,780.00 110.74 3,519,317.20 1.34 262122052.5 5775000 231
11/10/2025 NANC AVGO 11135F101 Broadcom Inc 8,922.00 349.43 3,117,614.46 1.19 262122052.5 5775000 231
11/10/2025 NANC JNJ 478160104 Johnson & Johnson 16,177.00 186.57 3,018,142.89 1.15 262122052.5 5775000 231
11/10/2025 NANC APG 00187Y100 API Group Corp 79,342.00 36.25 2,876,147.50 1.10 262122052.5 5775000 231
11/10/2025 NANC ABT 002824100 Abbott Laboratories 22,122.00 126.36 2,795,335.92 1.07 262122052.5 5775000 231
11/10/2025 NANC IBM 459200101 International Business Machines Corp 8,850.00 304.7 2,696,595.00 1.03 262122052.5 5775000 231
11/10/2025 NANC FGXXX 31846V336 First American Government Obligations Fund 12/01/2031 2,675,945.00 100 2,675,945.22 1.02 262122052.5 5775000 231
11/10/2025 NANC KO 191216100 Coca-Cola Co/The 27,467.00 70.55 1,937,796.85 0.74 262122052.5 5775000 231
11/10/2025 NANC VST 92840M102 Vistra Corp 10,198.00 191 1,947,818.00 0.74 262122052.5 5775000 231
11/10/2025 NANC NOW 81762P102 ServiceNow Inc 2,186.00 861.87 1,884,047.82 0.72 262122052.5 5775000 231
11/10/2025 NANC CVS 126650100 CVS Health Corp 23,015.00 78.99 1,817,954.85 0.69 262122052.5 5775000 231
11/10/2025 NANC TEM 88023B103 Tempus AI Inc 25,331.00 71.56 1,812,686.36 0.69 262122052.5 5775000 231
11/10/2025 NANC MU 595112103 Micron Technology Inc 7,455.00 237.92 1,773,693.60 0.68 262122052.5 5775000 231
11/10/2025 NANC PANW 697435105 Palo Alto Networks Inc 7,861.00 212.285 1,668,772.39 0.64 262122052.5 5775000 231
11/10/2025 NANC URI 911363109 United Rentals Inc 1,921.00 848.25 1,629,488.25 0.62 262122052.5 5775000 231
11/10/2025 NANC TCMD 87357P100 Tactile Systems Technology Inc 62,552.00 24.86 1,555,042.72 0.59 262122052.5 5775000 231
11/10/2025 NANC MS 617446448 Morgan Stanley 9,285.00 162.36 1,507,512.60 0.58 262122052.5 5775000 231
11/10/2025 NANC RTX 75513E101 RTX Corp 8,414.00 176.97 1,489,025.58 0.57 262122052.5 5775000 231
11/10/2025 NANC SOUN 836100107 SoundHound AI Inc 101,618.00 14.14 1,436,878.52 0.55 262122052.5 5775000 231
11/10/2025 NANC PLTR 69608A108 Palantir Technologies Inc 7,950.00 177.93 1,414,543.50 0.54 262122052.5 5775000 231
11/10/2025 NANC NOC 666807102 Northrop Grumman Corp 2,329.00 568.61 1,324,292.69 0.51 262122052.5 5775000 231
11/10/2025 NANC ACN G1151C101 Accenture PLC 5,409.00 245.76 1,329,315.84 0.51 262122052.5 5775000 231
11/10/2025 NANC HOOD 770700102 Robinhood Markets Inc 9,943.00 130.36 1,296,169.48 0.49 262122052.5 5775000 231
11/10/2025 NANC KKR 48251W104 KKR & Co Inc 10,445.00 121.32 1,267,187.40 0.48 262122052.5 5775000 231
11/10/2025 NANC LRCX 512807306 Lam Research Corp 7,566.00 159.35 1,205,642.10 0.46 262122052.5 5775000 231
11/10/2025 NANC WFC 949746101 Wells Fargo & Co 13,215.00 86.04 1,137,018.60 0.43 262122052.5 5775000 231
11/10/2025 NANC STX G7997R103 Seagate Technology Holdings PLC 3,959.00 279.35 1,105,946.65 0.42 262122052.5 5775000 231
11/10/2025 NANC ARMK 03852U106 Aramark 28,011.00 37.8 1,058,815.80 0.40 262122052.5 5775000 231
11/10/2025 NANC PINS 72352L106 Pinterest Inc 37,962.00 27.09 1,028,390.58 0.39 262122052.5 5775000 231
11/10/2025 NANC CVLT 204166102 Commvault Systems Inc 7,490.00 127.44 954,525.60 0.36 262122052.5 5775000 231
11/10/2025 NANC HCA 40412C101 HCA Healthcare Inc 1,917.00 476.61 913,661.37 0.35 262122052.5 5775000 231
11/10/2025 NANC COF 14040H105 Capital One Financial Corp 4,090.00 217.82 890,883.80 0.34 262122052.5 5775000 231
11/10/2025 NANC PGR 743315103 Progressive Corp/The 3,952.00 217.27 858,651.04 0.33 262122052.5 5775000 231
11/10/2025 NANC HD 437076102 Home Depot Inc/The 2,238.00 371.11 830,544.18 0.32 262122052.5 5775000 231
11/10/2025 NANC WMT 931142103 Walmart Inc 7,941.00 102.59 814,667.19 0.31 262122052.5 5775000 231
11/10/2025 NANC IDXX 45168D104 IDEXX Laboratories Inc 1,124.00 708.45 796,297.80 0.30 262122052.5 5775000 231
11/10/2025 NANC CSCO 17275R102 Cisco Systems Inc 10,903.00 71.07 774,876.21 0.30 262122052.5 5775000 231
11/10/2025 NANC C 172967424 Citigroup Inc 7,225.00 100.79 728,207.75 0.28 262122052.5 5775000 231
11/10/2025 NANC ABBV 00287Y109 AbbVie Inc 3,386.00 219.16 742,075.76 0.28 262122052.5 5775000 231
11/10/2025 NANC ELAN 28414H103 Elanco Animal Health Inc 32,206.00 21.49 692,106.94 0.26 262122052.5 5775000 231
11/10/2025 NANC GLW 219350105 Corning Inc 7,677.00 85.48 656,229.96 0.25 262122052.5 5775000 231
11/10/2025 NANC V 92826C839 Visa Inc 1,921.00 336.02 645,494.42 0.25 262122052.5 5775000 231
11/10/2025 NANC MAR 571903202 Marriott International Inc/MD 2,160.00 291.16 628,905.60 0.24 262122052.5 5775000 231
11/10/2025 NANC DELL 24703L202 Dell Technologies Inc 4,299.00 146.7 630,663.30 0.24 262122052.5 5775000 231
11/10/2025 NANC PG 742718109 Procter & Gamble Co/The 4,158.00 146.98 611,142.84 0.23 262122052.5 5775000 231
11/10/2025 NANC VRT 92537N108 Vertiv Holdings Co 3,332.00 179.8 599,093.60 0.23 262122052.5 5775000 231
11/10/2025 NANC AMGN 031162100 Amgen Inc 1,904.00 320.2 609,660.80 0.23 262122052.5 5775000 231
11/10/2025 NANC BAC 060505104 Bank of America Corp 11,328.00 53.2 602,649.60 0.23 262122052.5 5775000 231
11/10/2025 NANC SBUX 855244109 Starbucks Corp 6,999.00 85.57 598,904.43 0.23 262122052.5 5775000 231
11/10/2025 NANC JPM 46625H100 JPMORGAN CHASE & CO. 1,904.00 314.21 598,255.84 0.23 262122052.5 5775000 231
11/10/2025 NANC FWONK 531229755 Liberty Media Corp-Liberty Formula One 5,551.00 102 566,202.00 0.22 262122052.5 5775000 231
11/10/2025 NANC AMD 007903107 Advanced Micro Devices Inc 2,406.00 233.54 561,897.24 0.21 262122052.5 5775000 231
11/10/2025 NANC TMUS 872590104 T-Mobile US Inc 2,626.00 207 543,582.00 0.21 262122052.5 5775000 231
11/10/2025 NANC SCHW 808513105 Charles Schwab Corp/The 5,548.00 95.24 528,391.52 0.20 262122052.5 5775000 231
11/10/2025 NANC OSK 688239201 Oshkosh Corp 4,265.00 121.46 518,026.90 0.20 262122052.5 5775000 231
11/10/2025 NANC BK 064058100 Bank of New York Mellon Corp/The 4,762.00 109.64 522,105.68 0.20 262122052.5 5775000 231
11/10/2025 NANC BALL 058498106 Ball Corp 10,728.00 48.98 525,457.44 0.20 262122052.5 5775000 231
11/10/2025 NANC PWR 74762E102 Quanta Services Inc 1,190.00 445.01 529,561.90 0.20 262122052.5 5775000 231
11/10/2025 NANC F 345370860 Ford Motor Co 40,559.00 13.21 535,784.39 0.20 262122052.5 5775000 231
11/10/2025 NANC ANET 040413205 Arista Networks Inc 3,808.00 134.65 512,747.20 0.20 262122052.5 5775000 231
11/10/2025 NANC BLK 09290D101 Blackrock Inc 489.00 1082.2 529,195.80 0.20 262122052.5 5775000 231
11/10/2025 NANC ST G8060N102 Sensata Technologies Holding PLC 15,846.00 31.02 491,542.92 0.19 262122052.5 5775000 231
11/10/2025 NANC INTU 461202103 Intuit Inc 725.00 648.85 470,416.25 0.18 262122052.5 5775000 231
11/10/2025 NANC MO 02209S103 Altria Group Inc 7,919.00 58.03 459,539.57 0.18 262122052.5 5775000 231
11/10/2025 NANC TJX 872540109 TJX Cos Inc/The 3,347.00 144.61 484,009.67 0.18 262122052.5 5775000 231
11/10/2025 NANC ALL 020002101 Allstate Corp/The 2,160.00 202.29 436,946.40 0.17 262122052.5 5775000 231
11/10/2025 NANC SYY 871829107 Sysco Corp 6,041.00 75.18 454,162.38 0.17 262122052.5 5775000 231
11/10/2025 NANC CAT 149123101 Caterpillar Inc 727.00 563.1 409,373.70 0.16 262122052.5 5775000 231
11/10/2025 NANC TT G8994E103 Trane Technologies PLC 956.00 434.5 415,382.00 0.16 262122052.5 5775000 231
11/10/2025 NANC MDT G5960L103 Medtronic PLC 4,529.00 92.2 417,573.80 0.16 262122052.5 5775000 231
11/10/2025 NANC MA 57636Q104 Mastercard Inc 737.00 551.97 406,801.89 0.16 262122052.5 5775000 231
11/10/2025 NANC DPZ 25754A201 Domino's Pizza Inc 984.00 410.18 403,617.12 0.15 262122052.5 5775000 231
11/10/2025 NANC MHK 608190104 Mohawk Industries Inc 3,588.00 108.69 389,979.72 0.15 262122052.5 5775000 231
11/10/2025 NANC BX 09260D107 Blackstone Inc 2,619.00 145.94 382,216.86 0.15 262122052.5 5775000 231
11/10/2025 NANC AMCR G0250X107 Amcor PLC 47,154.00 8.37 394,678.98 0.15 262122052.5 5775000 231
11/10/2025 NANC CL 194162103 Colgate-Palmolive Co 4,537.00 78.76 357,334.12 0.14 262122052.5 5775000 231
11/10/2025 NANC VZ 92343V104 Verizon Communications Inc 8,889.00 40.03 355,826.67 0.14 262122052.5 5775000 231
11/10/2025 NANC MMC 571748102 Marsh & McLennan Cos Inc 1,923.00 180.05 346,236.15 0.13 262122052.5 5775000 231
11/10/2025 NANC MCHP 595017104 Microchip Technology Inc 6,024.00 56.28 339,030.72 0.13 262122052.5 5775000 231
11/10/2025 NANC PEP 713448108 PepsiCo Inc 2,407.00 142.95 344,080.65 0.13 262122052.5 5775000 231
11/10/2025 NANC MRK 58933Y105 Merck & Co Inc 3,869.00 86.28 333,817.32 0.13 262122052.5 5775000 231
11/10/2025 NANC PFE 717081103 Pfizer Inc 13,558.00 24.43 331,221.94 0.13 262122052.5 5775000 231
11/10/2025 NANC LOW 548661107 Lowe's Cos Inc 1,476.00 233.16 344,144.16 0.13 262122052.5 5775000 231
11/10/2025 NANC CI 125523100 Cigna Group/The 1,192.00 264.58 315,379.36 0.12 262122052.5 5775000 231
11/10/2025 NANC MCD 580135101 McDonald's Corp 1,028.00 299.66 308,050.48 0.12 262122052.5 5775000 231
11/10/2025 NANC ZBH 98956P102 ZIMMER BIOMET HOLDINGS INC 3,334.00 88.5 295,059.00 0.11 262122052.5 5775000 231
11/10/2025 NANC UPS 911312106 United Parcel Service Inc 2,875.00 95.95 275,856.25 0.11 262122052.5 5775000 231
11/10/2025 NANC VRTX 92532F100 Vertex Pharmaceuticals Inc 734.00 409.47 300,550.98 0.11 262122052.5 5775000 231
11/10/2025 NANC ORCL 68389X105 Oracle Corp 1,190.00 239.26 284,719.40 0.11 262122052.5 5775000 231
11/10/2025 NANC KLAC 482480100 KLA CORP 245.00 1193.37 292,375.65 0.11 262122052.5 5775000 231
11/10/2025 NANC QCOM 747525103 QUALCOMM Inc 1,681.00 170.89 287,266.09 0.11 262122052.5 5775000 231
11/10/2025 NANC Q 74743L100 Qnity Electronics Inc 3,012.00 92.31 278,037.72 0.11 262122052.5 5775000 231
11/10/2025 NANC SYK 863667101 Stryker Corp 726.00 356.03 258,477.78 0.10 262122052.5 5775000 231
11/10/2025 NANC NVS 66987V109 Novartis AG 2,147.00 126.35 271,273.45 0.10 262122052.5 5775000 231
11/10/2025 NANC GD 369550108 General Dynamics Corp 720.00 346.34 249,364.80 0.10 262122052.5 5775000 231
11/10/2025 NANC PENN 707569109 Penn Entertainment Inc 18,285.00 14.54 265,863.90 0.10 262122052.5 5775000 231
11/10/2025 NANC TXN 882508104 Texas Instruments Inc 1,676.00 160.55 269,081.80 0.10 262122052.5 5775000 231
11/10/2025 NANC UBER 90353T100 Uber Technologies Inc 2,892.00 91.99 266,035.08 0.10 262122052.5 5775000 231
11/10/2025 NANC CTVA 22052L104 Corteva Inc 4,284.00 64.15 274,818.60 0.10 262122052.5 5775000 231
11/10/2025 NANC CMCSA 20030N101 Comcast Corp 8,639.00 27.35 236,276.65 0.09 262122052.5 5775000 231
11/10/2025 NANC AFL 001055102 Aflac Inc 2,142.00 114.09 244,380.78 0.09 262122052.5 5775000 231
11/10/2025 NANC FITB 316773100 Fifth Third Bancorp 5,712.00 42.87 244,873.44 0.09 262122052.5 5775000 231
11/10/2025 NANC DD 26614N102 DuPont de Nemours Inc 6,024.00 39.8 239,755.20 0.09 262122052.5 5775000 231
11/10/2025 NANC ECL 278865100 Ecolab Inc 952.00 256.13 243,835.76 0.09 262122052.5 5775000 231
11/10/2025 NANC AME 031100100 AMETEK Inc 1,193.00 196.29 234,173.97 0.09 262122052.5 5775000 231
11/10/2025 NANC UNH 91324P102 UnitedHealth Group Inc 725.00 324.21 235,052.25 0.09 262122052.5 5775000 231
11/10/2025 NANC AMP 03076C106 Ameriprise Financial Inc 476.00 459.83 218,879.08 0.08 262122052.5 5775000 231
11/10/2025 NANC IT 366651107 Gartner Inc 952.00 230.57 219,502.64 0.08 262122052.5 5775000 231
11/10/2025 NANC ROP 776696106 Roper Technologies Inc 476.00 447.05 212,795.80 0.08 262122052.5 5775000 231
11/10/2025 NANC NKE 654106103 NIKE Inc 3,344.00 61.09 204,284.96 0.08 262122052.5 5775000 231
11/10/2025 NANC BBWI 070830104 Bath & Body Works Inc 8,415.00 22.91 192,787.65 0.07 262122052.5 5775000 231
11/10/2025 NANC KMX 143130102 CarMax Inc 5,238.00 32.36 169,501.68 0.06 262122052.5 5775000 231
11/10/2025 NANC Cash&Other Cash&Other Cash & Other -24,990.00 1 -24,989.68 -0.01 262122052.5 5775000 231
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%.

Democratic Party Investing Risk. The pattern of investing by members of the Democratic 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 Democratic 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.