Also known as: MXACWICA Index (Bloomberg) · 751285 (MSCI code)
At a glance
- Weighting schemeFactor tilted
- Review frequencyQuarterly
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 11 fields | |||
| Climate assessment dimensions | GHG Intensity, Emissions Reduction Commitments, Carbon Risk Management Score, Revenue from Green Businesses | GHG Intensity — Scope 1+2+3 greenhouse gas intensity Emissions Reduction Commitments — science-based targets and credible emissions track record Carbon Risk Management ScoreOpen p.4 ↗ |
Companies are evaluated on GHG intensity, emissions-reduction commitments, carbon-risk management and revenue from green businesses. |
| Weighting approach | Tilting | Eligible companies are assessed and weighted based on the above four dimensions using a tilting approachOpen p.4 ↗ |
Eligible companies are weighted using a tilting approach based on the four climate-transition dimensions. |
| Capping mechanism | Issuer concentration and active sector exposure capping relative to the Parent Index | the Indexes apply a capping mechanism to limit issuer concentration and control active sector exposures relative to the Parent Index.Open p.4 ↗ |
The indexes apply capping to limit issuer concentration and control active sector exposures relative to the Parent Index. |
| Index name | MSCI Climate Action Indexes | The MSCI Climate Action Indexes1 (the ‘Indexes’) are designed to represent the performance of companies that have been assessed to be best positioned for the climate transitionOpen p.4 ↗ |
The official index family name is the MSCI Climate Action Indexes. |
| Index short name | Indexes | The MSCI Climate Action Indexes1 (the ‘Indexes’) are designed to represent the performance of companiesOpen p.4 ↗ |
The document refers to the MSCI Climate Action Indexes collectively as the “Indexes.” |
| Administrator | MSCI Limited and MSCI Deutschland GmbH | MSCI Indexes are administered by MSCI Limited and MSCI Deutschland GmbH.Open p.11 ↗ |
MSCI Limited and MSCI Deutschland GmbH administer the MSCI indexes. |
| Index family | MSCI Climate Action Indexes | The MSCI Climate Action Indexes1 (the ‘Indexes’) are designed to represent the performanceOpen p.4 ↗ |
The indexes belong to the MSCI Climate Action Indexes methodology family. |
| Parent index | Parent Index | Companies from the underlying parent index (the “Parent Index”) are evaluated on four dimensionsOpen p.4 ↗ |
The index family is constructed from constituents of an underlying parent index specified for each index variant. |
| Objective | The indexes are designed to represent the performance of companies assessed to be best positioned for the climate transition relative to their GICS sector peers. | The MSCI Climate Action Indexes1 (the ‘Indexes’) are designed to represent the performance of companies that have been assessed to be best positioned for the climate transition relative to their GICS®2 sector peersOpen p.4 ↗ |
The indexes aim to represent companies assessed as best positioned for the climate transition relative to their GICS sector peers. |
| Market classification | Custom | Companies from the underlying parent index (the “Parent Index”) are evaluated on four dimensionsOpen p.4 ↗ |
The methodology is parent-index based and does not specify a single market classification. |
| Index family type | Climate | Eligible companies are assessed and weighted based on the above four dimensions using a tilting approach that increases exposure to companies assessed as best positioned for the climate transitionOpen p.4 ↗ |
The index family is a climate index family using climate-transition, emissions, carbon-risk and green-business criteria. |
| M2 Universe · 6 fields | |||
| Eligible universe construction | The Eligible Universe is the Applicable Universe after applying the methodology's exclusion criteria. | The Eligible Universe is constructed from the Applicable Universe by excluding securities of companies based on the exclusion criteria below:Open p.5 ↗ |
Securities are excluded from the applicable Parent Index universe to form the eligible universe. |
| Universe liquidity and capacity objective | Using existing Parent Index constituents aims to provide sufficient liquidity and investment capacity. | This approach aims to provide an opportunity set with sufficient liquidity and investment capacity.Open p.5 ↗ |
The Parent Index universe is intended to provide an opportunity set with sufficient liquidity and investment capacity. |
| Data provider | MSCI Solutions LLC | The Indexes use company ratings and research provided by MSCI Solutions LLC (“MSCI Solutions”)4 to determine eligibility for index construction.Open p.5 ↗ |
The indexes use company ratings and research from MSCI Solutions LLC to determine eligibility during index construction. |
| Security types | Other | The Applicable Universe includes all the existing constituents of the Parent Index.Open p.5 ↗ |
The universe is defined as Parent Index constituents, but the supplied sections do not identify the underlying security types. |
| Parent universe index | Parent Index | The Applicable Universe includes all the existing constituents of the Parent Index.Open p.5 ↗ |
The applicable universe consists of all existing constituents of the Parent Index. |
| Exclusions | companies with MSCI Controversies Score of 0 / Red Flag, companies involved in controversial weapons, tobacco producers or qualifying tobacco-related companies, thermal coal mining companies meeting the revenue threshold, oil sands companies meeting the revenue threshold, non-Proliferation Treaty nuclear weapons companies meeting the criteria, high GHG intensity or high potential emissions companies without approved science-based targets, low carbon-risk-management companies without approved science-based targets, companies not assessed on required MSCI sustainability and climate products, companies without emission intensity data | The Eligible Universe is constructed from the Applicable Universe by excluding securities of companies based on the exclusion criteria below:Open p.5 ↗ |
The eligible universe excludes companies failing controversies, business-involvement, emissions, carbon-risk, data-coverage and unrated-company screens. |
| M3 Eligibility screens · 11 fields | |||
| Controversies score threshold | Score: 0; Classification: Red Flag; Severity: Very Severe | A Red Flag indicates an ongoing, Very Severe controversy implicating a company directly through its actions, products, or operations.Open p.5 ↗ |
Companies involved in ongoing, very severe direct controversies classified as Red Flags, with an MSCI Controversies Score of 0, are excluded. |
| High emission threshold | Metric: GHG Intensity; Percentile: 95; Reference index: MSCI ACWI Index; Data exclusion: securities without emissions data | High Emission Threshold – GHG Intensity of the constituent(s) of the MSCI ACWI Index at the 95th percentile based on GHG Intensity.Open p.6 ↗ |
The high-emission threshold is the 95th percentile GHG intensity among MSCI ACWI Index constituents with emissions data. |
| High potential emission threshold | Metric: Total Potential Carbon Emissions excluding Metallurgical Coal; Percentile: 95; Reference index: MSCI ACWI Index; Scope: companies considered most likely to use fossil fuel reserves for energy applications | High Potential Emission Threshold – Total Potential Carbon Emissions excluding Metallurgical Coal of the constituent(s) of the MSCI ACWI Index at the 95th percentileOpen p.6 ↗ |
The high-potential-emission threshold is the 95th percentile total potential carbon emissions excluding metallurgical coal among relevant MSCI ACWI constituents. |
| Carbon risk management non constituent threshold | Group: non constituents; Rank threshold: lowest quartile; Relative to: GICS sector; Exception required: approved science-based targets | Non constituents: Securities ranked in the lowest quartile of their GICS sector based on their Carbon Risk Management Score.Open p.6 ↗ |
Non-constituents ranked in the lowest quartile of their GICS sector by Carbon Risk Management Score are excluded unless they have approved science-based targets. |
| Carbon risk management existing constituent threshold | Group: existing constituents; Rank threshold: lowest decile; Relative to: GICS sector; Exception required: approved science-based targets | Existing constituents: Securities ranked in the lowest decile of their GICS sector based on their Carbon Risk Management Score.Open p.6 ↗ |
Existing constituents ranked in the lowest decile of their GICS sector by Carbon Risk Management Score are excluded unless they have approved science-based targets. |
| Tobacco exclusion threshold | Producer exclusion: Yes; Revenue threshold (%): 5; Activities: Production, Distribution, Retail, Supply, licensing of tobacco related products | All companies deriving 5% or more aggregate revenue from the production, distribution, o retail, supply, and licensing of tobacco related products.Open p.14 ↗ |
Tobacco producers and companies deriving 5% or more aggregate revenue from qualifying tobacco-related activities are excluded. |
| Thermal coal mining exclusion threshold | Revenue threshold (%): 1; Included coals: Lignite, Bituminous, Anthracite, steam coal; Sales scope: sale to external parties | All companies deriving 1% or more revenue (either reported or estimated) from the mining o of thermal coalOpen p.14 ↗ |
Companies deriving 1% or more reported or estimated revenue from thermal coal mining and external sales are excluded. |
| Oil sands exclusion threshold | Revenue threshold (%): 5; Requirements: oil sands extraction revenue, ownership of oil sands reserves, disclosed evidence of extraction revenue | All companies deriving 5% or more revenue from oil sands extraction, which own oil sands reserves and disclose evidence of deriving revenue from oil sands extraction.Open p.14 ↗ |
Companies with oil sands reserves and disclosed extraction revenue deriving 5% or more revenue from oil sands extraction are excluded. |
| Unrated company rule | Required assessments: MSCI Controversies, MSCI Climate Change Metrics, MSCI Business Involvement Screening Research; Emission intensity required: Yes | Companies not assessed by MSCI Solutions on data for the following MSCI sustainability and climate products are not eligible for inclusion in the Indexes.Open p.8 ↗ |
Companies not assessed by MSCI Solutions on required controversies, climate-change or business-involvement data, and companies without emission intensity data, are ineligible. |
| Extended civilian firearms exclusion | For MSCI USA Extended Climate Action Index, producers of civilian firearms and small arms ammunitions for civilian markets are additionally excluded. | All companies classified as “Producer” of MSCI USA Extended firearms and small arms ammunitions for civilian MSCI USA IndexOpen p.22 ↗ |
The extended variant additionally excludes producers of civilian firearms and small-arms ammunition for civilian markets. |
| Business or ESG exclusions | Red Flag controversies / MSCI Controversies Score of 0, controversial weapons, Tobacco, thermal coal mining, oil sands, nuclear weapons tied to non-NPT signatory countries, high GHG intensity without approved science-based targets, high total potential emissions without approved science-based targets, low Carbon Risk Management Score without approved science-based targets, missing required MSCI sustainability or climate data, missing emission intensity data | All companies assessed as having involvement in controversies that are classified as Red Flags (MSCI Controversies Score of 0).Open p.5 ↗ |
Eligibility excludes severe controversies, specified controversial and climate-related business involvement, high-emissions companies and companies lacking required climate data or targets. |
| M4 Selection and constituent count · 4 fields | |||
| Security weighting basis | Eligible Universe securities are weighted at each Index Review by Parent Index weight multiplied by Tilt Score, then normalized to 100%. | At each Index Review, securities in the Eligible Universe are weighted by the product of their weight in the Parent Index and the Tilt Score.Open p.7 ↗ |
At each Index Review, securities in the Eligible Universe receive tilted weights equal to their Parent Index weight multiplied by their Tilt Score, normalized to 100%. |
| Tilt score construction | The Tilt Score starts from the sector-relative Scope 1+2+3 GHG Intensity quartile and may be increased by 2 for approved SBTi targets or top-quartile emissions reduction, or by 1 for fourth-quartile carbon risk management or green business score, subject to a ceiling of 4. | Each security is assigned an Intensity Score of 1, 2, 3 or 4 based on its sector relative Scope 1+2+3 GHG Intensity quartileOpen p.6 ↗ |
Each security starts with an Intensity Score from 1 to 4 and may receive a discrete Tilt Score uplift of 1 or 2, capped at 4. |
| Ranking tie break for scores | Within each GICS sector, GHG Intensity is ranked ascending and other ranking metrics descending; tied metric values are ranked by descending free float-adjusted market capitalization. | In case two securities have the same GHG Intensity, securities are ranked in descending order of free floatadjusted market capitalization.Open p.17 ↗ |
When sector-relative quartile scores are calculated, ties in the ranking metric are resolved by descending free float-adjusted market capitalization. |
| Sector relative scoring metrics | Name: GHG Intensity; Direction: Ascending; Step order: 1, Name: Green Business Revenue; Direction: Descending; Step order: 2, Name: Product Carbon Footprint Management Score or Carbon Emissions Management Score; Direction: Descending; Step order: 3, Name: Average Yearly Emissions Change, geometric average of the last 3 yearly changes; Window: last 4 years of emissions data; Direction: Descending; Step order: 4 | For each security in the Applicable Universe, the following security level scores are calculated as sector relative quartiles: Table 1 Quartile Score (1 to 4) Ranking MetricOpen p.16 ↗ |
Security-level scores use sector-relative quartile rankings of GHG Intensity, Green Business Revenue, carbon risk management metrics, and average yearly emissions change. |
| M5 Weighting and capping · 6 fields | |||
| Tilted weight formula | Security Tilted Weight = Tilt Score × Weight in the Parent Index, normalized to 100%. | 𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑦 𝑇𝑖𝑙𝑡𝑒𝑑 𝑊𝑒𝑖𝑔ℎ𝑡= 𝑇𝑖𝑙𝑡 𝑆𝑐𝑜𝑟𝑒∗𝑊𝑒𝑖𝑔ℎ𝑡 𝑖𝑛 𝑡ℎ𝑒 𝑃𝑎𝑟𝑒𝑛𝑡 𝐼𝑛𝑑𝑒𝑥 The above weights are then normalized to 100%.Open p.7 ↗ |
Before capping, each security's tilted weight is its Tilt Score multiplied by its Parent Index weight, with all tilted weights normalized to 100%. |
| Issuer cap rule | Each issuer's weight is capped at its Parent Index issuer weight plus 2 percentage points. | A company's weight in the Index may not exceed its weight in the Parent Index by more than 2%.Open p.21 ↗ |
A company's index weight may not exceed its Parent Index weight by more than 2 percentage points. |
| Sector tolerance band | Relative to: Parent Index sector weight; Lower deviation (%): -5; Upper deviation (%): 5 | The weight of any GICS Sector in the Index may not deviate by more than ±5% from its weight in the Parent Index.Open p.21 ↗ |
Each GICS sector weight must remain within plus or minus 5 percentage points of its weight in the Parent Index. |
| Capping algorithm | Issuer and sector constraints are applied simultaneously by calculating deviation ratios, adjusting the most binding violation to its bound, redistributing excess weight proportionally, and repeating until all ratios are at or below 1 or the maximum cycle count is reached. | The constraint with the highest deviation ratio is identified as the most binding violation and adjusted to its permitted bound.Open p.21 ↗ |
The capping process iteratively corrects the most binding issuer or sector deviation, redistributes released weight, and stops when constraints are satisfied or the maximum cycles are reached. |
| Weighting scheme | Factor tilted | At each Index Review, securities in the Eligible Universe are weighted by the product of their weight in the Parent Index and the Tilt Score.Open p.7 ↗ |
The index uses Parent Index weights tilted by each security's Tilt Score before capping. |
| Cap application timing | At review | At each Index Review, the tilted weights (as determined in Section 2.4.1) are then subject to issuer and sector level capping as per the below criteriaOpen p.7 ↗ |
Issuer and sector capping are applied at each Index Review. |
| M6 Review and rebalance schedule · 8 fields | |||
| Quarterly review scope | Quarterly reviews reassess existing constituents' Controversies Score Eligibility and Controversial Business Involvement Eligibility; excluded constituents are deleted and remaining weights are renormalized to 100%. | During quarterly reviews, the ‘Controversies Score Eligibility’ and ‘Controversial Business Involvement Eligibility’ of existing constituents are reviewed.Open p.9 ↗ |
At quarterly reviews, only controversies and controversial-business involvement eligibility of existing constituents are reviewed, and remaining weights are renormalized after deletions. |
| Review frequency | Quarterly | The Indexes are reviewed on a semi-annual basis12, as of the close of the last business day of May and November, coinciding with the May and November Index ReviewOpen p.9 ↗ |
The indexes undergo both semi-annual and quarterly scheduled reviews, resulting in quarterly review frequency. |
| Review types | Semi annual review, Quarterly review, Ad hoc | The Indexes are reviewed on a semi-annual basis12, as of the close of the last business day of May and NovemberOpen p.9 ↗ |
The indexes have May and November semi-annual reviews, February and August quarterly reviews, plus ongoing event-related maintenance. |
| Review months | February, May, August, November | as of the close of the last business day of May and November, coinciding with the May and November Index ReviewOpen p.9 ↗ |
Scheduled reviews occur in February, May, August, and November. |
| Data cutoff rule | For semi-annual reviews, MSCI Solutions data is generally as of the end of the month preceding the review; for quarterly reviews, MSCI Controversies and Business Involvement Screening Research data is as of that month-end. | In general, MSCI uses MSCI Solutions data (including MSCI Climate Change Metrics, MSCI Sustainable Impact Metrics, MSCI Controversies and MSCI Business Involvement Screening Research) as of the end of the month preceding the Index ReviewsOpen p.9 ↗ |
Review data is generally taken as of the end of the month preceding the index review. |
| Announcement rule | Pro forma indexes are generally announced nine business days before the effective date. | The pro forma Indexes are in general announced nine business days before the effective date.Open p.9 ↗ |
Pro forma indexes are generally announced nine business days before the effective date. |
| Effective date rule | Changes are effective as of the close of the last business day of February, May, August, and November, coinciding with the corresponding MSCI Global Investable Market Indexes reviews. | as of the close of the last business day of May and November, coinciding with the May and November Index Review of the MSCI Global Investable Market Indexes.Open p.9 ↗ |
Scheduled changes are effective as of the close of the last business day of the review month. |
| Rebalance frequency | Quarterly | as of the end of the month preceding the Index Reviews for the rebalancing of the Indexes.Open p.9 ↗ |
The indexes are rebalanced at the February, May, August, and November reviews. |
| M7 Buffers and turnover control · 1 field | |||
| Turnover minimization objective | Corporate-event treatment is designed to minimize turnover outside index reviews. | The general treatment of corporate events in the Indexes aims to minimize turnover outside of Index Reviews.Open p.9 ↗ |
The general treatment of corporate events aims to minimize turnover outside scheduled index reviews. |
| M8 Corporate actions, IPOs, ad-hoc changes · 7 fields | |||
| Security characteristic changes | A security remains in the index after changes in country, sector, size segment, or other characteristics, with continued inclusion reassessed at the subsequent review. | A security will continue to be an Index constituent if there are changes in characteristics (country, sector, size segment, etc.) Reevaluation for continued inclusion in the Index will occur at the subsequent Index Review.Open p.10 ↗ |
Changes in security characteristics do not by themselves cause removal; continued inclusion is reassessed at the next index review. |
| Parent index deletion timing | Deletions from the Parent Index are reflected simultaneously in the index. | Parent Index deletions will be reflected simultaneously.Open p.9 ↗ |
When a constituent is deleted from the Parent Index, the deletion is reflected simultaneously in this index. |
| Fast entry | Timing: New securities added to the Parent Index, including IPOs and other early inclusions, are not added between index reviews | A new security added to the Parent Index (such as IPO and other early inclusions) will not be added to the Index.Open p.9 ↗ |
There is no fast entry into these indexes: a new Parent Index addition such as an IPO or other early inclusion is not added to the index. |
| Ad-hoc deletion | Acquisition, Delisting, Other | Parent Index deletions will be reflected simultaneously.Open p.9 ↗ |
Securities are removed between reviews when deleted from the Parent Index, when acquired by a non-index constituent, or when they meet quarterly exclusion criteria. |
| Replacement policy | None | No new securities will be added (except where noted below) to the Index between Index Reviews.Open p.9 ↗ |
No replacement security is added between reviews; weights are renormalized after deletions. |
| Merger spinoff rules | Spin-offs of an existing constituent are added at event implementation and reassessed at the next review; in mergers or acquisitions, the acquirer's post-event weight reflects shares used as deal consideration, cash proceeds are invested across the index, and a constituent acquired by a non-constituent is deleted without adding the acquirer. | All securities created as a result of the spin-off of an existing Index constituent will be added to the Index at the time of event implementation.Open p.9 ↗ |
Spin-offs are added at implementation and reviewed later, while mergers adjust the acquirer's weight for share consideration, distribute cash proceeds across the index, and delete a constituent acquired by a non-constituent. |
| Corporate actions guide ref | MSCI Corporate Events Methodology book | Further detail and illustration regarding specific treatment of corporate events relevant to this Index can be found in the MSCI Corporate Events Methodology bookOpen p.10 ↗ |
Further corporate-event treatment is provided in the MSCI Corporate Events Methodology book. |
| M10 Governance, change policy, disclosure · 2 fields | |||
| Methodology set documents | Description of methodology set, MSCI Corporate Events Methodology, MSCI Fundamental Data Methodology, MSCI Index Calculation Methodology, MSCI Index Glossary of Terms, MSCI Index Policies, MSCI Global Industry Classification Standard (GICS) Methodology, MSCI Global Investable Market Indexes Methodology, MSCI Global ex Controversial Weapons Indexes Methodology, ESG Factors In Methodology | The Indexes are governed by a set of methodology and policy documents (“Methodology Set”), including the present index methodology document as mentioned below: Description of methodology set – www.msci.com/index/methodology/latest/ReadMe MSCI Corporate Events MethodologyOpen p.23 ↗ |
The indexes are governed by a Methodology Set comprising the listed methodology and policy documents. |
| Methodology set access channel | MSCI website index methodology search page | The Methodology Set for the Index can also be accessed from MSCI’s webpage https://www.msci.com/index-methodology in the section ‘Search Methodology by Index Name or Index Code’.Open p.23 ↗ |
The Methodology Set can be accessed on MSCI's webpage by searching the index name or index code. |
Open points · 36Model-written, for reference
- 1No specific index code, ISIN, Bloomberg/Refinitiv/Wind ticker, launch date, base date, base value or calculation currency was stated.
- 2The methodology version and publication date were not stated in the supplied body text.
- 3No explicit minimum trading history, ATVR/liquidity threshold, minimum market capitalisation, minimum free float, foreign room, voting rights, minimum share price, financial-health screen, suspension rule or extreme-price-increase screen was stated for this climate methodology.
- 4The document refers generically to a Parent Index; the supplied sections identify MSCI USA Index only for the MSCI USA Extended Climate Action variant and do not provide a complete list of parent indexes, markets, exchanges, boards or security types.
- 5Benchmark regulatory status (regulated, significant or non-significant) was not stated.
- 6Stated intended uses such as ETFs, derivatives or other investment products were not provided.
- 7No explicit selection-method classification, standalone constituent selection process, target constituent count, reserve list, or industry-neutrality rule is stated in sections M4-M5.
- 8No fixed single-issuer percentage cap independent of Parent Index weight is stated; the issuer cap is Parent Index issuer weight plus 2%.
- 9No aggregate group cap, country cap, free-factor methodology, domestic inclusion factor, foreign ownership limit treatment, shares-outstanding source, or divisor adjustment rule is stated in sections M4-M5.
- 10The maximum number of capping cycles is referenced but not numerically specified.
- 11No rank buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review is stated.
- 12No deletion price or price used for early deletion is stated.
- 13No numerical threshold or implementation timing for share or free-float changes between reviews is stated.
- 14No explicit capped-weight or factor-weight reset frequency is stated, apart from scheduled rebalancing references.
- 15Fast-entry size threshold and excluded boards are not stated; the document only says IPOs and other early Parent Index additions are not added.
- 16Calculation returns: formula type not stated.
- 17Calculation returns: price source not stated.
- 18Calculation returns: calculation frequency not stated.
- 19Calculation returns: published level precision not stated.
- 20Calculation returns: return variants not stated.
- 21Calculation returns: withholding tax basis not stated.
- 22Calculation returns: dividend treatment not stated.
- 23Calculation returns: divisor adjustment events not stated.
- 24Calculation returns: market disruption rule not stated.
- 25Calculation returns: recalculation policy not stated.
- 26Governance change: oversight body not stated.
- 27Governance change: discretion points not stated.
- 28Governance change: methodology review frequency not stated.
- 29Governance change: external review not stated.
- 30Governance change: material change definition not stated.
- 31Governance change: consultation procedure not stated.
- 32Governance change: notice period not stated.
- 33Governance change: error correction policy not stated.
- 34Governance change: constituents published not stated.
- 35Governance change: cessation policy not stated.
- 36Not coveredM9 Calculation and return variants: not covered by this edition
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