EWA tracks a market-cap-weighted index of Australian stocks. As the index includes companies of any capitalization, it captures about 85% of the publicly available market, excluding most small-caps. The index includes securities that are Australian according to the MSCIs country classification, together with companies that are headquartered or listed and carry out most of their operations in the country. The fund typically engages in securities lending, which brings revenues to the fund, at the cost of slight counterparty risk. The index is reviewed quarterly starting every February with semi-annual index reviews in May and November.
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