Do funds based on holdings/trades of members of the U.S. Congress and their families beat the market? To investigate, we look at performances of two recently introduced exchange-traded funds (ETF):
- Unusual Whales Subversive Democratic Trading ETF (NANC) - invests primarily in stocks held by Democratic members of Congress and/or their families per public disclosure filings.
- Unusual Whales Subversive Republican Trading ETF (KRUZ) - invests primarily in stocks held by Republican members of Congress and/or their families per public disclosure filings.
We use SPDR S&P 500 ETF Trust (SPY) as a benchmark. Using monthly dividend-adjusted prices for NANC, KRUZ and SPY during February 2023 (NANC and KRUZ inception) through May 2025, we find that:
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