At a glance
DEMZ charges 0.45% a year, above the 0.25% average of the 8 funds most like it (the 8th cheapest of 9). It has $66.8M in assets, the 8th largest of that group; it paid 0.87% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +24.8% a year. At its worst it fell 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 47.0% of the fund, out of 43 in all.
The short version
Democratic Large Cap Core ETF (DEMZ) is an actively managed fund from Reflection Asset Management. It holds 40 to 60 S&P 500 companies that send at least 75% of their political contributions to Democrats, weighted to keep returns close to the S&P 500's. It offers a values-based version of a large-cap core fund, but its 0.45% fee is far above the 0.02% SPDR Portfolio S&P 500 ETF, and it leans heavily on technology.
Price history
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DEMZ +10.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DEMZ official prospectus, to Dec 31, 2025 | — | +19.45% | — | +14.40% | — | — |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | +14.42% | — | — |
| DEMZ price data to Oct 27, 2026 | +12.7% | +10.5% | +24.8% | +12.1% | — | +14.2% |
- Over the year to Oct 27, 2026, DEMZ returned +10.5%, 4th of 9 among similar funds.
- Its 5-year annualized return was +12.1%.
- Its worst full calendar year was 2022 (-19.0%); its best was 2023 (+24.4%).
- The deepest fall in its price history was 27.2% (Dec 29, 2021 to Oct 12, 2022), recovered by Dec 26, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.7% | — |
| 2025 | +19.9% | +19.45% |
| 2024 | +22.9% | +23.44% |
| 2023 | +24.4% | +24.47% |
| 2022 | -19.0% | -19.04% |
| 2021 | — | +31.85% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.6% over that stretch · deepest drop along the way 26.7%, back to its old high 14.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4200 | +121.1% |
| 2024 | $0.1900 | -29.6% |
| 2023 | $0.2700 | +17.4% |
| 2022 | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 43 securities; the ten largest made up 47.05% of assets.
| Holding | Weight | |
|---|---|---|
| LAM RESEARCH CORPORATION | 5.56% | |
| KLA CORPORATION | 5.47% | |
| ADVANCED MICRO DEVICES, INC. | 4.90% | |
| MICROSOFT CORPORATION | 4.73% | |
| NVIDIA CORPORATION | 4.70% | |
| APPLE INC. | 4.70% | |
| NORDSON CORPORATION | 4.50% | |
| ALPHABET INC. | 4.25% | |
| AMPHENOL CORPORATION | 4.21% | |
| LOEWS CORPORATION | 4.04% | |
| XYLEM INC. | 3.86% | |
| META PLATFORMS, INC. | 3.81% | |
| COSTCO WHOLESALE CORPORATION | 3.72% | |
| KIMCO REALTY CORPORATION. | 2.49% | |
| ARISTA NETWORKS, INC. | 2.47% |
By country
United States 99.38%By asset type
Stocks 99.38%By sector
Sectors of the companies held, for the 76% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $5.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.88%, +4.24%, +9.52%.
How it works
Reflection Asset Management manages DEMZ actively rather than tracking an index, aiming to keep returns close to the S&P 500's. The starting pool is S&P 500 companies that sent at least 75% of their political contributions in an election cycle, including senior executives' donations, to Democratic Party candidates and political action committees. Blue ETFs, Inc. compiles this list from Federal Election Commission (FEC) data. State and local donations, which the FEC doesn't track, don't count.
A financial model sets the weights. It profiles each company's sector, earnings and how it moves with the others over the trailing 18 months, then picks the mix designed to track the S&P 500 most closely. No stock can be added above 5%, and no sector may differ from its S&P 500 weight by more than 5% at the start of each quarter. Holdings can drift above 5%; Lam Research was 5.6% as of June 30, 2026.
Rebalancing follows the S&P 500's quarterly schedule. Stocks dropped from the S&P 500 are sold without waiting for a rebalance. A company that slips below the 75% threshold is sold at the next rebalance, the only time new S&P 500 members are bought. DEMZ expects to own 40 to 60 companies and held 43 as of June 30, 2026, with 47% in the top 10.
What it really costs
- DEMZ charges 0.45% a year, versus an average of 0.25% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DEMZ | $46 | $144 | $252 | $567 |
In a retirement portfolio
It is built to track the S&P 500 closely, so it could fill the U.S. large-cap stock slot for investors who want their holdings screened on political giving.
DEMZ's record is short. Its price history starts in February 2021, so it was not around for the 2008 crisis or the 2020 crash. It fell 26.7% in the 2022 bear market. Its deepest drop, 27.2%, ran from December 29, 2021, to October 12, 2022. From that low, it took about 14.5 months to get back to its old high, on December 26, 2023. Its worst calendar year was 2022, at -19.04%. A retiree who sold shares in late 2022 would have locked in those losses.
It pays little income: the yield was 0.87% as of October 27, 2026, paid once a year. In the SEC's standard $10,000 example, costs total $567 over 10 years. Its 0.45% fee is above the 0.25% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want returns close to the S&P 500 but only in companies sending at least 75% of their FEC-reported political giving to Democrats.
- Investors comfortable with a 43-stock fund that had at least 45% in technology as of June 30, 2026, led by Lam Research and KLA.
- Long-term holders who don't need income from this holding, since it yielded 0.87% as of October 27, 2026, paid once a year.
Look elsewhere if
- Cost-conscious investors: the 0.45% expense ratio compares with 0.02% for the SPDR Portfolio S&P 500 ETF and a 0.25% average for similar funds.
- Investors who want all 500 S&P stocks, not 43 holdings with 47% of assets in the top ten as of June 30, 2026.
- Investors wary of small funds: net assets were $66.8 million as of June 30, 2026, ranking 8th of 9 similar funds by size.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DEMZ this fund | — | 0.45% | $66.8M | +10.5% | +24.8% |
| QTOP iShares Nasdaq Top 30 Stocks ETF | 35% | 0.2% | $300.0M | +16.1% | — |
| QQQ Invesco QQQ Trust Series I | 32% | 0.2% | $490.10B | +8.8% | +24.0% |
| QFLR Innovator Nasdaq-100 Managed Floor ETF | 32% | 0.89% | $524.3M | +4.1% | — |
| IVW iShares S&P 500 Growth ETF | 30% | 0.18% | $74.97B | +7.0% | +25.2% |
| VOOG Vanguard S&P 500 Growth ETF | 29% | 0.07% | $27.12B | +9.4% | +27.5% |
| SPYM SPDR Portfolio S&P 500 ETF | 26% | 0.02% | $153.92B | +11.5% | +22.0% |
| DYNF iShares U.S. Equity Factor Rotation Active … | 25% | 0.27% | $38.61B | +10.7% | +24.9% |
Questions investors ask
Does DEMZ only invest in companies that donate to Democrats?
Largely, yes. It starts with S&P 500 companies that direct at least 75% of their FEC-reported political contributions in an election cycle to Democratic candidates and Democratic political action committees. Disclosed giving by senior managers counts. The list comes from Blue ETFs, Inc. and is updated every quarter. Giving the FEC doesn't track, such as donations in state and local races or to 501(c)(3) charities, is left out, so the screen sees only part of a company's political activity.
What's the difference between DEMZ and SPYM?
SPYM, the SPDR Portfolio S&P 500 ETF, owns the whole S&P 500 and charges 0.02% a year. DEMZ owned 43 politically screened S&P 500 stocks as of June 30, 2026, and charges 0.45%. The two funds share about 26% of their holdings. DEMZ returned 10.5% over one year through October 27, 2026. SPYM returned 12.4% through October 30, 2026. Over three years, DEMZ averaged 24.8% a year and SPYM averaged 23.6%.
Has DEMZ beaten the S&P 500?
Over five years it roughly matched the index. According to its prospectus, DEMZ returned 14.4% a year over the five years through December 31, 2025, compared with 14.42% for the S&P 500, which has no fees taken out. In 2025 alone it did better, 19.45% against 17.88%. Its calendar-year returns ranged from 31.85% in 2021 to -19.04% in 2022. Because it owns only a small slice of the index, its results can drift from the S&P 500's.
Does DEMZ pay dividends?
Yes, but not much, and only once a year. Its yield over the past 12 months was 0.87% as of October 27, 2026, or about $0.42 per share. The fund's goal is long-term growth, not income. Its holdings lean toward technology stocks, which tend to pay small dividends or none. Investors who need steady cash from their portfolio would have to get it from other holdings.
What are DEMZ's top holdings?
As of June 30, 2026, the largest holdings were Lam Research (5.6%), KLA (5.5%), Advanced Micro Devices (4.9%), Microsoft (4.7%), Nvidia (4.7%) and Apple (4.7%). Next came Nordson, Alphabet, Amphenol and Loews. The top ten made up 47% of the 43-stock fund, and technology was at least 45% of assets. The prospectus lists information technology sector risk, so a slump in chip and software stocks could hurt the fund.