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The iShares S&P Global Water UCITS ETF provides equity exposure to the 50 largest companies globally involved in the water-related businesses.
The reference index is divided between regulated water utility companies and diverse industrial firms that have significant revenues generated from businesses related to water (e.g Pentair, a major manufacturer of water pumps and filters). The index's weighting scheme places a greater emphasis on firms whose primary focus is water-related business rather than the magnitude of water-related revenues. Therefore, many of the water industry's largest players--such as General Electric GE and Siemens SI--are not considered for inclusion in the index because their other business activities eclipse the relative importance of their water-related revenues. On account of these exclusions it can be argued that investing in this fund provides incomplete exposure to the overall water industry.