(Reuters) - An exchange-traded fund that follows the stock trades of Democratic lawmakers has seen sharp gains since its launch last year, outperforming a Republican-oriented fund, on the back of big bets on megacap technology companies.

The $49 million Subversive Unusual Whales Democratic ETF, the ticker of which is a play on the name of former Democratic Speaker Nancy Pelosi, has surged nearly 35% since its launch on Feb. 7 last year.