KRUZ — Unusual Whales Subversive Republican Trading ETF

KRUZ Fund Overview

KRUZ — Unusual Whales Subversive Republican 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: $33.72M
• 1-year return: 28.4%
• Ticker: KRUZ
• SEC CIK: 0001650149
• SEC series ID: S000078921
• Share class ID: C000239711

KRUZ Investment Objective and Strategy

Unusual Whales Subversive Republican 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 Republican Trading ETF (the Fund or the Republican 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 Republican 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 Republican Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Republican Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Republican 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 Republican U.S.

Congresspeople and their family members (hereinafter referred to collectively as Republican 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 Republican 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 Republican 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 Republican 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 Republican U.S. Congresspeople while in office, equity securities acquired by Republican 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 Republican 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 Republican U.S.

Congresspeople. When multiple PTRs are made available on the same day by different Republican 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.

KRUZ Holdings

Top 10 holdings of Unusual Whales Subversive Republican Trading ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all KRUZ holdings

KRUZ Portfolio Allocation

Asset-class allocation of Unusual Whales Subversive Republican Trading ETF by percentage of net assets, from the latest SEC N-PORT filing.

KRUZ Performance

Total returns for KRUZ (as of 2026-10-01), from SEC filings.

KRUZ Risk Information

Risk metrics for KRUZ, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 12.5%

KRUZ Costs and Fees

KRUZ costs about $83 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.83%
• Gross expense ratio: 0.83%
• Portfolio turnover: 46%
• Brokerage commissions: 2.29 bps of average net assets (SEC N-CEN)

KRUZ Cashflows

Over the 12 months to 2024-09, Unusual Whales Subversive Republican Trading ETF had net inflows of $25.92M, from monthly SEC N-PORT filings.

KRUZ Debt Constituents

No individual debt constituents are reported in Unusual Whales Subversive Republican Trading ETF's latest SEC N-PORT filing.

KRUZ Prospectus and SEC Filings

Official Unusual Whales Subversive Republican Trading ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-01-26
• Prospectus (485BPOS) — filed 2023-02-01
• Portfolio holdings (N-PORT) — filed 2024-11-21
• Portfolio holdings (N-PORT) — filed 2024-08-29
• Portfolio holdings (N-PORT) — filed 2024-05-30
• Annual census (N-CEN) — filed 2024-12-16
• Annual census (N-CEN) — filed 2023-12-14

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

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.