A pair of exchange-traded funds that would mirror the personal portfolios of members of Congress may be coming soon.
The Unusual Whales Subversive Democratic Trading ETF (ticker NANC) and the Unusual Whales Subversive Republican Trading ETF (KRUZ) would analyze the financial disclosure of lawmakers from both parties and their spouses and dependent children to construct a portfolio of between 500 and 600 holdings, according to a regulatory filing Thursday. When a position is reported as sold, the ETFs will offload the security as well.
The proposed funds would tap into a controversy over stock transactions made by lawmakers that sparked a flurry of bills to overhaul or update a 2012 law that governs disclosure, which have largely stalled despite bipartisan support. Currently, members of Congress are required to disclose any securities transactions valued at more than $1,000 within 45 days.
‘Enforcement 40’ for 2020
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