UBW is an ETF that provides a core diversified exposure across Global equity markets ex Australia and aims to replicate the performance of the MSCI World ex Australia ex Tobacco ex Controversial Weapons Index, by physically holding the shares within the underlying Index. The index captures large and mid-cap representation across 22 of 23 developed markets countries (excluding Australia). With approximately 1,550 constituents, the Index covers approximately 85% of the free float-adjusted market capitalization in each country.