For Immediate Release

Democracy Investments Acquires Exclusive Global License for The Economist’s Democracy Index

March 15, 2021

SAN FRANCISCO, March 17, 2021 /PRNewswire/ -- Democracy Investments, a new company focused on promoting democracy by influencing capital flows in financial markets, has entered an exclusive global license agreement with the publisher of “The Economist,” The Economist Group, LTD, for the use of their Democracy Index.

Julie Cane, Democracy Investments CEO, proposed the licensing arrangement to The Economist Group when she and her team envisioned the long-term impact the partnership could have. According to Julie, “Democracy has been in decline globally in recent years. Our goal is to reverse this trend and heighten awareness about the dangers of passive investment in authoritarian countries. This agreement will enable Democracy Investments to provide a new international equity index re-weighted toward democracies and away from authoritarian states.”

According to Joan Hoey, Economist Editor, “The Democracy Index, produced annually by The Economist Intelligence Unit, is a robust, independent measure of the state of democracy globally. Our index provides a comprehensive picture of trends in democracy across 167 countries, allowing comparisons across countries and between time periods since the start of the index in 2006. Despite the global ‘democracy recession’ of recent years, 68 countries have improved their scores over the lifetime of the index. This shows that democratic progress is possible even when the overall global trend is one of decline.” The 2020 Democracy Index winners and losers can be downloaded here.

Julie and her team believe the Economist’s Democracy Index is the most objective and transparent measure of democracy in existence. A country’s democracy score can range from 0-10 and is a composite of sixty indicators, which are grouped into five categories: electoral process and pluralism, functioning of government, political participation, political culture, and civil liberties.

Chief Economist Richard Rikoski adds, “We are allocating capital based on democracy scores to lessen the cost of capital for democracies and to increase it for authoritarian states. By making investment proportional to democracy scores and never dropping investment in a nation to zero, we hope to maintain a market-based incentive for democratic reforms.”

Today’s announcement comes as Democracy Investments prepares to launch the index-based strategy on March 30, 2021. Stay informed on this and other developments at

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 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

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.

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