White Paper

Democracy Investments International Index

May 06, 2021

Dr. Richard Rikoski

Democracy Investments

Executive Summary

The Democracy Investments International Index is a new international equity index designed to encourage economic growth among democracies and political reform among authoritarian states. It combines the Solactive GBS Global Markets Ex-US index with the Democracy Index published by The Economist to create a democracy weighed stock index. Relative to the benchmark, the resulting index has a larger proportion of investment in democracies and a smaller proportion in authoritarian states. This capital allocation strategy, applied at scale, will encourage economic growth in democracies, hinder economic growth in authoritarian states, and create a market-based incentive for political reform. The incentive structure is simple, transparent, proportional, and credible.

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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