Index

The product of market capitalization AND democracy scores.

Index Details

As of 03/31/2021

Index NameDemocracy Investments International Index
Index CalculatorSolactive AG
Weighting MethodSingle Factor
RebalanceQuarterly
Weighted Avg.$85 Billion
Median Market Cap$8 Billion
Number of Holdings2,523

Index Description and Objectives

Our starting universe is the Solactive GBS Global Markets ex US Index, which is a large and mid-cap international equity market cap weighted index in both developed and emerging markets. While this index is very similar to MSCI and FTSE All Country World ex-United States Indexes, Solactive is a respected world leader in low-cost fixed fee stock indices.

The index is then re-weighted by the security’s country of risk leveraging the Economist’s Democracy Index.

Our proprietary methodology results in the Democracy Investments International Index, which has higher weightings in democratic countries and lower weightings in authoritarian countries.

% Country Weight in Index versus Starting Universe

This data represents the change in percent of the country weights in the Democracy Investments International Index compared to the Solactive GBS Global Markets ex US Index as baseline.

  • Norway+31%
  • Sweden+24%
  • New Zealand+24%
  • Canada+24%
  • Finland+23%
  • Faroe Islands+23%
  • Denmark+23%
  • Ireland+21%
  • Netherlands+20%
  • Australia+20%
  • Taiwan+20%
  • Switzerland+18%
  • Luxembourg+16%
  • Germany+16%
  • U.K.+14%
  • Chile+11%
  • Austria+9%
  • Japan+9%
  • Spain+9%
  • South Korea+7%
  • France+7%
  • Portugal+6%
  • Israel+5%
  • Italy+4%
  • Czech Republic+3%
  • Cyprus+1%
  • Belgium+1%
  • Greece-1%
  • Malaysia-4%
  • South Africa-6%
  • Colombia-6%
  • Argentina-7%
  • Brazil-7%
  • Poland-8%
  • India-11%
  • Hungary-12%
  • Philippines-12%
  • Peru-13%
  • Indonesia-16%
  • Papua New Guinea-18%
  • Mexico-19%
  • Thailand-19%
  • Singapore-19%
  • Hong Kong-25%
  • Turkey-40%
  • Pakistan-42%
  • Kuwait-49%
  • Russia-56%
  • Qatar-57%
  • Egypt-61%
  • United Arab Emirates-64%
  • Macau-70%
  • China-70%
  • Saudi Arabia-72%

Source: Solactive GBS Global Markets ex US Index reweighted with The Economist’s Democracy Index (2020) to create new country weightings in the Democracy Investments International Index.

Top Holdings Comparison

Before and after Democracy Weighting

Before Democracy Weighting

Solactive GBS Global Markets ex US Index

As of 2022-01-23

1Taiwan Semiconductor ManufacturingTaiwan1.81%
2TencentChina1.58%
3AlibabaChina1.51%
4Samsung ElectronicsSouth Korea1.37%
5NestleSwitzerland1.18%
6Roche HoldingSwitzerland0.91%
7NovartisSwitzerland0.84%
8ASML HoldingNetherlands0.83%
9Toyota MotorJapan0.67%
10LVMHFrance0.64%
11AIA GroupHong Kong0.58%
12UnileverU.K.0.54%
13TotalFrance0.53%
14ShopifyU.S.A.0.50%
15SonyJapan0.50%

After Democracy Weighting

Democracy Investments International Index

As of 2022-01-23

1Taiwan SemiconductorTaiwan2.16%
2Samsung ElectronicsSouth Korea1.47%
3NestleSwitzerland1.40%
4Roche HoldingSwitzerland1.08%
5ASML HoldingNetherlands1.00%
6NovartisSwitzerland0.99%
7Toyota MotorJapan0.73%
8LVMHFrance0.69%
9ShopifyU.S.A.0.62%
10UnileverU.K.0.62%
11Royal Bank of CanadaCanada0.61%
12SAPGermany0.57%
13AstrazenecaU.K.0.56%
14TotalFrance0.56%
15SonyJapan0.55%

Source: Democracy Investments analysis leveraging The Economist’s Democracy Index (2019-2020) to re-weight the Solactive GBS Global Markets ex-US Index; holdings are subject to change.

Top 12 Countries Before and After

% Weight in Indexes by Country

As of 2022-01-23

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Weights by Sector

As of 2022-01-23

IssuePortfolioBenchmarkDifference
Financials18.67%18.96%-0.29%
Industrials13.37%12.32%1.05%
Information Technology13.32%12.23%1.09%
Consumer Discretionary11.22%12.89%-1.67%
Health Care9.51%8.88%0.63%
Materials8.96%8.54%0.42%
Consumer Staples8.63%8.23%0.40%
Communication Services5.87%7.13%-1.26%
Energy4.84%4.90%0.06%
Utilities3.21%3.13%0.09%
Real Estate2.40%2.80%-0.40%

Source: Democracy Investments Index Provider analysis (2020); Sum of the weightings may not equal 100% due to rounding.

Portfolio Composition

As of 03/31/2021

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Market Capitalization

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Investment Style

Source: Democracy Investments Index Provider analysis (2020); Sum of the weightings may not equal 100% due to rounding.

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Risk Disclosure and Important Information

Carefully consider the fund's investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s summary or full prospectus, which may be obtained at www.democracyinvestments.com. Please read the prospectus carefully before investing. A hard copy of the prospectus can be requested by calling 877-PRO-DMCY (877-776-3629) or emailing DemocracyETF@seic.com.

Investing involves risk, including the possible loss of principal. There is no guarantee or assurance that the methodology used to create the Index will result in the Fund achieving positive investment returns or outperforming other investment products.

The fund is subject to the risks associated with International investments, which may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic, or political instability in other nations; emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume; and investments in smaller companies typically exhibit higher volatility.

The funds are distributed by SEI Investments Distribution Co, which is not affiliated with Democracy Investment Management LLC.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

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