Unusual Whales Subversive Democratic Trading ETF
Data updated: 2024-12-16
C000239710 — Unusual Whales Subversive Democratic Trading ETF. United States Large Cap Blend / Core Equity. Holdings, fees, performance and SEC filings.
C000239710 Fund Overview
Unusual Whales Subversive Democratic Trading ETF is a US ETF managed by Series Portfolios Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Series Portfolios Trust
- Category: United States Large Cap Blend / Core Equity
- Assets under management: $175.67M
- 1-year return: 40.1%
- SEC CIK: 0001650149
- SEC series ID: S000078920
- Share class ID: C000239710
C000239710 Investment Objective and Strategy
Unusual Whales Subversive Democratic Trading ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Series Portfolios Trust.
Investment objective
The Unusual Whales Subversive Democratic Trading ETF (the Fund or the Democratic Trading Fund) seeks to achieve long-term capital appreciation.
Principal investment strategy
The Fund is an actively managed diversified exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in equity securities of publicly traded companies that sitting Democratic members of United States Congress and/or their families also have reported to have invested in through public disclosure filings made by such Congresspersons pursuant to the Stop Trading on Congressional Knowledge Act (STOCK Act). Members of Congress are permitted to actively trade stocks, options and other financial assets, including securities of companies that may be affected by the outcomes of legislative and executive meetings in which those members of Congress participated. Congresspeople (Senators and members of the House of Representatives) and/or their families are then required to report these transactions on STOCK Act filings, known as Periodic Transaction Reports (PTRs).
PTRs are filed with either the Senate Office of Public Records or the Clerk of the House of Representatives and made available online pursuant to the Ethics in Government Act (EIGA), as amended. PTRs are due within 30 days from when a Congressperson or their spouse becomes aware of a transaction, but no later than 45 days from the date of the transaction. The Fund will focus on the equity securities purchased or sold by members of Congress who are registered members of the Democratic Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Democratic Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Democratic Party). Subversive Capital Advisor LLC (Subversive or the Adviser), the Funds investment adviser, will obtain and use information derived by others from PTRs filed by Democratic U.S.
Congresspeople and their family members (hereinafter referred to collectively as Democratic U.S. Congresspeople) to determine which equity securities of publicly traded companies, and how much of each equity security, to select for the Fund. After establishing an initial portfolio, the Fund will typically buy or sell a security when a position is reported as being bought or sold by Democratic U.S. Congresspeople. The Fund will base its purchases and sales of equity securities of publicly traded companies on trades reported in the PTRs by Democratic U.S. Congresspeople while in office. Because PTRs report a range of transaction values, the Adviser will adjust the relative composition of the Funds portfolio based on the midpoint of these ranges. To create the Funds initial portfolio, the Adviser will obtain and use information derived by others from PTRs filed by Democratic U.S.
Congresspeople for the past 3 years. Purchases made during that time will be netted against any sales of the same security to create an initial portfolio of equity securities. As the investment thesis of the Fund is to track the trading activity of Democratic U.S. Congresspeople while in office, equity securities acquired by Democratic U.S. Congresspeople prior to his or her swearing in (or the 3-year lookback period) are not considered when creating the initial portfolio. To the extent a Democratic U.S. Congressperson sells equity securities that were acquired prior to his or her swearing in, the Adviser will not adjust the Funds portfolio. Under normal circumstances, the Fund will invest in a portfolio of between 500 and 600 equity securities. However, the number and size of positions held by the Fund will vary based on the number of positions traded by Democratic U.S.
Congresspeople. When multiple PTRs are made available on the same day by different Democratic U.S. Congresspeople, trades of the same equity securities will be netted for purposes of adjusting the Funds portfolio. Trades reported in an individual PTR as bought and sold are excluded. The Fund will also exclude transactions in the securities underlying of any reported options contract trades. In addition to equity securities, the Fund will also transact in sector specific mutual funds and ETFs reported to have been traded on PTRs, but will exclude broad-based mutual fund and ETF trades. The Adviser may also refrain from making de minimis trades (trades representing 1% of the overall portfolio), as such trades will have little to no economic impact on the Funds performance. In an effort to achieve its goals, the Fund may engage in active and frequent trading.
C000239710 Holdings
Top 10 holdings of Unusual Whales Subversive Democratic Trading ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| NVIDIA Corp | 11.60% |
| Microsoft Corp | 8.34% |
| Amazon.com Inc | 4.56% |
| Apple Inc | 4.28% |
| Alphabet Inc | 4.16% |
| Salesforce Inc | 4.15% |
| American Express Co | 2.97% |
| Costco Wholesale Corp | 2.92% |
| Philip Morris International In | 2.67% |
| Eli Lilly & Co | 2.66% |
C000239710 Portfolio Allocation
Asset-class allocation of Unusual Whales Subversive Democratic Trading ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.9% |
| Cash & Equivalents | 0.2% |
C000239710 Performance
Total returns for C000239710 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 40.1% |
C000239710 Risk Information
Risk metrics for C000239710, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.1%
C000239710 Costs and Fees
C000239710 costs about $76 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.76%
- Gross expense ratio: 0.76%
- Portfolio turnover: 44%
- Brokerage commissions: 2.42 bps of average net assets (SEC N-CEN)
C000239710 Cashflows
Over the 12 months to 2024-09, Unusual Whales Subversive Democratic Trading ETF had net inflows of $151.21M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-09 | $6.65M |
| 2024-08 | $3.77M |
| 2024-07 | $30.25M |
| 2024-06 | $31.43M |
| 2024-05 | $12.96M |
| 2024-04 | $13.50M |
C000239710 Debt Constituents
No individual debt constituents are reported in Unusual Whales Subversive Democratic Trading ETF's latest SEC N-PORT filing.
C000239710 Prospectus and SEC Filings
Official Unusual Whales Subversive Democratic Trading ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.