- Business
- Unusual Whales Subversive Republican Trading ETF (KRUZ), now trading under the ticker GOP following a change effective March 21, 2025, is an actively managed exchange-traded fund that invests primarily in equity securities of publicly traded companies purchased or sold by Republican members of the U.S. Congress and their families, as disclosed pursuant to the Stop Trading on Congressional Knowledge Act (STOCK Act) of 2012. The fund offers investors exposure to a diversified portfolio across diversified sectors, market capitalizations, growth and value stocks, and large-cap blend strategies, with approximately 160 holdings benchmarked against the S&P 500 Index; it features a net expense ratio of 0.83%, assets under management of around $54 million, and a dividend yield of 0.58%. Launched on February 7, 2023, and listed on the Cboe BZX Exchange, Inc., the ETF is issued through Tidal ETF Trust (formerly Tidal ETF Trust I), with Tidal Investments LLC serving as the adviser and portfolio manager, and Subversive Capital Advisor LLC as the sub-adviser.
The fund targets retail and institutional investors interested in politically themed strategies tied to Republican congressional trading patterns, operating within the North American developed markets and strategy/theme-focused ETF category. Tidal Financial Group, headquartered across offices in New York, Chicago, Milwaukee, West Palm Beach, and Detroit with over 165 specialists managing more than 350 ETFs and $50 billion in AUM, provides comprehensive platform services including product planning, operations, marketing, and distribution. Subversive Capital Advisor LLC, the sub-adviser founded around 2013 and based in New York, NY, specializes in mission-driven public market investing with approximately $31 million in discretionary AUM across investment companies.
In a significant recent development, Tidal Financial Group announced the ticker symbol change from KRUZ to GOP on March 18, 2025, to better reflect the fund's Republican-focused strategy amid heightened political relevance under the current Republican administration, with no alterations to investment objectives, strategy, or management. This rebranding enhances brand recognition for the "Grand Old Party" themed ETF without impacting portfolio composition or operations. The fund continues to emphasize transparency in congressional trading disclosures, positioning it as a niche vehicle in the politically influenced investment landscape.