Top Trump official invests in ETF tracking Democratic lawmaker trades

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

• NANC: -0.16%
• GOP: -0.52%
• ^GSPC: +0.05%
• QQQ: -1.12%

A senior 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.

Pedro Allende, Under Secretary for Science and Technology, purchased between $15,000 and $50,000 in shares of NANC (named after Nancy Pelosi), a Subversive ETFs product 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 initially flagged by the NOTUS news outlet, which posted the filing with the U.S. Office of Government Ethics online. The filing also shows that on the same day, Allende made other purchases of more standard investment vehicles, including a Vanguard ETF tracking the S&P 500 (^GSPC) and the Invesco QQQ Trust tracking the Nasdaq-100 (NQ=F).

"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."

Pedro Allende, Homeland Security undersecretary for the Science and Technology Directorate, testifies during an oversight hearing on Capitol Hill in January. (Heather Diehl/Getty Images)

The trade is notable also 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 and spent the Biden years 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 that 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, and the ETF's price has increased about 2% since then, according to Yahoo Finance data.

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

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

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