WBAT is passively managed to provide exposure to the global battery & energy storage solutions value chain. The index divides the value chain into four segments: (i) raw materials, (ii) manufacturing, (iii) enablers or building block components, and (iv) emerging technologies. The selection universe also includes companies which introduce or service innovative technologies. Eligible companies must derive at least 50% revenue from any of the value chain segments or from innovation. To select securities, the index ranks companies based on an intensity rating that indicates a companys involvement in the battery & energy storage solutions value chain, and a composite risk score which combines quality and momentum factors. The four value chain segments are initially weighted equally in the portfolio. Securities within each segment are then weighted according to an adjusted intensity rating, subject to a 3.5% single issuer cap. The index reconstitutes and rebalances semi-annually.