HDAW looks for large and mid cap equities outside the US with sustainable high dividend income and quality characteristics but excludes REITs. The fund tracks an MSCI index that screens high-yielding firms for quality factors like dividend consistency, return on equity, debt/equity ratio, and recent price movements. These screens are designed to avoid companies with over-sized yields that can't be maintained. Issuer weights are capped at 5%. HDAW is rebalanced semi-annually. Prior to Feb. 13, 2018, HDAW tracked a similar index with a currency hedge, the MSCI ACWI ex US High Dividend Yield US Dollar Hedged Index.