Trump DHS official buys over $15,000 in NANC ETF tracking Democratic lawmakers' trades

By Ben Werschkul · Washington Correspondent Thu, July 23, 2026 at 6:12 AM PDT · 3 min read

A top official at President Trump's Department of Homeland Security recently invested in an exchange-traded fund (ETF) designed to mirror the portfolios of congressional Democrats, according to a financial disclosure.

Under Secretary for Science and Technology Pedro Allende purchased between $15,000 and $50,000 in shares of NANC — a Subversive ETFs product named after Nancy Pelosi that tracks the trading of Democratic lawmakers and invites traders to "invest like the oligarchy."

The disclosure from Allende appears to be the first trade of its kind by a top government official. It was first noticed by the NOTUS news outlet, which posted the filing with the U.S. Office of Government Ethics online. The filing also shows a series of other purchases by Allende on the same day, including more standard investment vehicles such as:

• A Vanguard ETF tracking the S&P 500 (^GSPC)
• The Invesco QQQ Trust tracking the Nasdaq-100 (NQ=F)

'A Validation of What We're Doing'

"It's a validation of what we're doing," said Dan Weiskopf, co-portfolio manager of the NANC fund and another ETF that mirrors Republican portfolios.

"When I see somebody in the government using the product to reflect how they want to be invested," he added, it demonstrates that they "also believe that members of Congress have insightful information."

A Republican Official Investing in Democratic Trading Patterns

The trade is notable because Allende is a longtime Republican official who chose to invest in the opposition party's trading patterns.

Allende worked at the Departments of Homeland Security, Energy, and Labor during Trump's first term. During the Biden years, he served in Florida at the Florida Department of Management Services, where he was appointed by Gov. Ron DeSantis.

In a statement, a spokesperson for the Department of Homeland Security said:

"Allende's transaction is consistent with rules allowing government officials to invest in diversified and widely held ETFs such as this one, and it was reviewed and cleared by DHS ethics officials as part of their regular review of periodic transaction reports."

The spokesperson did not respond to additional questions from Yahoo Finance, including whether Homeland Security Secretary Markwayne Mullin was comfortable with the purchase and how long Allende would keep the holdings.

Growing Options to Invest Like Lawmakers

Allende's purchase was made on May 15. Since then, the ETF's price has increased by approximately 2%, according to Yahoo Finance data.

The fund mirrors trades by Democratic lawmakers and is heavily focused on technology stocks. Its top three holdings are currently:

• Nvidia (NVDA)
• Google (GOOG, GOOGL)
• Microsoft (MSFT)

Subversive ETFs also offers a Republican-focused ETF that trades under the ticker GOP.