NFRA vs DEM overlap

NFRA and DEM overlap 1.4% by weight, across 9 shared holdings.

NFRADEM

Pick 2 to 4 ETFs.

1.4%

overlap by weight, across 9 shared holdings

NFRA1.4% of the fund is in shared holdings, of 179

DEM2.6% of the fund is in shared holdings, of 516

Top shared holdings

Holding	NFRA	DEM	Overlap
Aero del Pacif-BGAPB	0.42%	0.55%	0.42%
Aero del Sures-BASURB	0.23%	0.73%	0.23%
Grupo AeroportuaOMAB	0.17%	0.28%	0.17%
RUMO SARAIL3	0.18%	0.17%	0.17%
Copasa MG - ORDCSMG3	0.12%	0.25%	0.12%
Westports HoldinWPRTS	0.08%	0.17%	0.08%
Jiangsu Expres-H177	0.08%	0.13%	0.08%
Aguas Andinas-aAGUAS/A	0.05%	0.12%	0.05%
Petronas Gas BHDPTG	0.04%	0.19%	0.04%

Overlap by weight adds up the smaller weight of each holding the funds share, so 100% means identical portfolios. Long securities only: derivatives and cash vehicles are left out. Sources: NFRA, SEC Form N-PORT, July 31, 2026; DEM, SEC Form N-PORT, June 30, 2026.

institutions report holding both, of 446 holding any

NFRA85.0% of its 13F dollars, 46.5% of its 144 holders

DEM70.8% of its 13F dollars, 18.2% of its 369 holders

Largest institutions holding both

Firm	NFRA	DEM
Northern Trust Corp.	$2.1B	$1.6M
Morgan Stanley	$21.6M	$557.4M
Bank of America Corp.	$9.0M	$392.6M
Wells Fargo & Company	$202K	$174.6M
LPL Financial LLC	$1.8M	$115.8M
Creative Planning	$359K	$115.3M
UBS Group AG	$1.3M	$105.4M
Envestnet Asset Management Inc.	$12.8M	$75.7M
Royal Bank of Canada	$244K	$39.5M
Raymond James Financial Inc.	$1.5M	$35.8M
JPMorgan Chase & Co	$593K	$36.0M
Cetera Investment Advisers	$805K	$32.0M
Commonwealth Equity Services, LLC	$454K	$25.6M
Wealth Enhancement Advisory Services, LLC	$2.5M	$23.4M
Kestra Advisory Services, LLC	$499K	$23.4M

This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.

Who owns them: NFRA institutional holders, DEM institutional holders.

Frequently asked questions

How much do NFRA and DEM overlap?

1.4% by weight, with 9 holdings in common, using holdings for NFRA as of July 31, 2026 and DEM as of June 30, 2026. The largest shared position is GAPB.

Do institutions hold both NFRA and DEM?

67 Form 13F filers report positions in both, out of 446 that report either one.

How is overlap by weight worked out?

For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.