EWL tracks a market-cap-weighted index of Swiss stocks. It captures 85% of the publicly available market, composed of large- and midcap stocks. The cap-weighting means that the fund tilts to large-caps but ensures diversification by applying investment limits under the current US Internal Revenue Code on regulated investment companies of no more than 25% of value to a single issuer, and the sum of the weights of all issuers with more than 5% not exceeding 50% of total assets. The index is reviewed quarterly to reflect changes in the markets in a timely manner and rebalanced semiannually.
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