Democratic Large Cap Core ETF
DEMZ
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- Democratic Large Cap Core ETF (DEMZ) is an exchange-traded fund that tracks the Democratic Large Cap Core Index, a subset of the S&P 500 comprising large-cap U.S. companies and their management that direct at least 75% of political contributions to Democratic candidates and political action committees. The ETF offers investors exposure to a blend of sectors including information technology (approximately 43%), communication services, financials, industrials, health care, consumer discretionary, consumer staples, real estate, and materials; top holdings include Apple Inc., NVIDIA Corp., Microsoft Corp., Meta Platforms Inc., and Lam Research Corp. DEMZ provides daily liquidity on the Nasdaq Stock Exchange with a net expense ratio of 0.45%, total net assets of around $50 million, and no front-end or deferred loads. Sponsored by Reflection Asset Management LLC and co-managed by Exchange Traded Concepts LLC under The Advisors' Inner Circle Fund III, an open-ended investment company domiciled in the United States, DEMZ launched on November 2, 2020, coinciding with the U.S. presidential election. The fund excludes fossil-fuel companies due to their predominant support for Republican causes and emphasizes firms aligned with Democratic values for potential long-term profitability. It serves institutional and retail investors seeking politically themed large-cap core equity exposure, with shares available through major brokerages. In recent developments, the index underlying DEMZ transitioned from the DEMZ Political Contribution Index to the Democratic Large Cap Core Index, reflecting refined methodology while maintaining focus on S&P 500 contributors. As of late 2025, the portfolio consists of approximately 46 holdings with a median 30-day bid-ask spread supporting efficient trading, and the fund has demonstrated performance characteristics mirroring the S&P 500's risk profile amid sector-heavy weighting in technology leaders. No major acquisitions, funding rounds, or strategic alliances have been announced in the past 1-2 years, with operations centered in the U.S. and headquarters tied to the sponsor in New York.