ETF Evaluator: Subversive S&P 500 Redacted ETF () Follow This ETF

Subversive S&P 500 Redacted ETF Overview

Subversive S&P 500 Redacted ETF (XXSP) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Tidal Investments LLC launched the ETF in 2026.

The investment seeks capital appreciation. The fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a portfolio consisting of exposure to the equity securities of the companies included in the S&P 500 Index, other than the equity securities of the Excluded Enterprises (defined below). The S&P 500 Index includes approximately 500 of the largest U.S. companies listed on U.S. stock exchanges based on market capitalization. It is non-diversified.

About Subversive S&P 500 Redacted ETF (XXSP)

There are 3 members of the management team with an average tenure of 0.06 years: Dan Weiskopf (2026), Cory Reed (2026) and Stephen Foy (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.

Subversive S&P 500 Redacted ETF has 503 securities in its portfolio. The top 10 holdings constitute 37.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Subversive S&P 500 Redacted ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Subversive S&P 500 Redacted ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.3% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Subversive S&P 500 Redacted ETF has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $2 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

XXSP Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Subversive S&P 500 Redacted ETF expense ratio is below average compared to funds in the Large Blend category. Subversive S&P 500 Redacted ETF has an expense ratio of 0.30%, which is 28% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Subversive S&P 500 Redacted ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 151% for the Large Blend category.

Recently, in the month of October 2026, Subversive S&P 500 Redacted ETF returned 0.0%, which earned it a grade of NA, as the Large Blend category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Subversive S&P 500 Redacted ETF has a trailing yield of 0.00%, which is below the 1.41% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

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