DEMZ
Democratic Large Cap Core ETF
DEMZ tracks an index of US large-cap companies whose employees are highly supportive of Democratic candidates.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
41.1 M
ASSETS UNDER MGMT
45 bp
EXPENSES
Fund Basics
| Fund sponsor | Reflection Asset Management, LLC |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 02, 2020 |
| Assets (mns) | $41 |
| Expense ratio | 45 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| LOEWS CORP | 5.2 % |
| APPLE INC | 5.2 % |
| MICROSOFT CORP | 4.9 % |
| COSTCO WHOLESALE CORP | 4.7 % |
| NVIDIA CORP | 4.4 % |
| AMPHENOL CORP-CL A | 3.8 % |
| INTL BUSINESS MACHINES CORP | 3.5 % |
| META PLATFORMS INC | 3.1 % |
| WALT DISNEY CO/THE | 2.7 % |
| DANAHER CORP | 2.7 % |
Constituent Breakdown
| Number of holdings | 51 |
| Herfindahl-Hirschman Index | 271 |
| Wgt avg mkt cap (mns) | $609,373 |
| Large cap (>$10bn) | 97.1% |
| Mid cap ($2-10bn) | 1.9% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 95.2 % |
 |
BERMUDA | 2.0 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 23.8% | 28.7% | 20.6% | 9.0% | -- | -- | 14.8% | Volatility | 13.8% | 13.2% | 15.6% | 18.9% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.08 | 100% |
| MSCI EAFE | 0.94 | 74% |
| MSCI Emg Mkts | 0.69 | 39% |
Liquidity Measures
| Avg. volume (000) | 5 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.25% |
| ADV of underlying (mns) | $77,831 |
Technical Indicators
| Recent close | $36.61 |
| 30d moving avg. | $37.16 |
| Annualized volatility | 19.0% |
| Relative strength (RSI) | 48 |
| Short interest (ETF) | 1.2% |
| Short interest (underlying) | 2.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. DEMZ |
Expenses vs. DEMZ |
ALTAR Score™ vs. DEMZ |
|---|---|---|---|---|
| IGM | iShares Expanded Tech Sector ETF | 37.8% | -4 bp | +0.1% |
| MGK | Vanguard Mega Cap Growth ETF | 36.0% | -38 bp | +0.0% |
| IYW | iShares U.S. Technology ETF | 35.5% | -5 bp | +0.2% |
| QQQ | Invesco QQQ Trust Series I | 34.8% | -25 bp | +0.2% |
| QQQM | Invesco NASDAQ 100 ETF | 34.7% | -30 bp | +0.3% |
| PSET | Principal Quality ETF | 34.6% | -30 bp | +1.2% |
| VUG | Vanguard Growth ETF | 34.5% | -41 bp | -0.2% |
| QUAL | iShares MSCI USA Quality Factor ETF | 34.4% | -30 bp | +1.2% |
| GGUS | Marketbeta Russell 1000 Growth Equity ETF | 33.8% | -33 bp | +0.2% |
| QTOP | iShares Nasdaq Top 30 Stocks ETF | 33.6% | -25 bp | +0.3% |
Risk and Returns: DEMZ vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/27/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
DEMZ
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
DEMZ
4.2%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.6%. DEMZ's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places DEMZ in the 29th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
DEMZSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| DEMZ (45 bp) Percentile rank | 48 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DEMZ | 45.0 | 24.8 | 69.8 |
| Peer Avg. | 37.9 | 14.4 | 52.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .