HAWX offers no-frills exposure to global stocks outside the US, with a currency hedge for US investors. The Underlying Index is 100% hedged to the USD by selling each foreign non-USD currency forward at the one-month forward rate, with the hedge being reset monthly by MSCI. HAWX tracks the USD-hedged version of the MSCI ACWI ex USA Index. It adds OTC forward contracts for the forex hedge, all in all offering a straightforward basket of currency-hedged stocks. Sibling fund ACWX tracks the unhedged version of the index.