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February 07, 2023 at 12:28 PM
Americans convinced the country’s powers-that-be enjoy some sort of edge when it comes to investing now have an easy way to piggyback the personal portfolios of lawmakers.
Two new exchange-traded funds are launching Tuesday that will mirror the stock trades of members of U.S. Congress.
The Unusual Whales Subversive Democratic ETF (ticker NANC) and the Unusual Whales Subversive Republican ETF (KRUZ) are equity-based portfolios built using the financial disclosures from members of each party — and their spouses.
The ETFs are looking to capitalize on the controversy surrounding stock transactions — some very profitable — made by lawmakers or those closest to them over the past few years.
That has powered a number of bills designed to overhaul or update the 2012 law governing such disclosures, which have largely stalled despite bipartisan support. Current rules state that members of Congress must disclose any transactions valued at more than $1,000 within 45 days.
“We believe members of Congress have more information than the rest of us, and if they can trade on that information, we should be able to do the same,” Subversive Capital Advisor’s Christian Cooper, portfolio manager of both funds, said in a press release. “Now we can.”
