editorial · removed The updated extraction no longer contains the front-matter title block for the MSCI Global Investable Market Indexes Methodology. No index construction, eligibility, weighting, review, or calculation rule is added, removed, or modified. Rated editorial: The change removes only a title/front-matter element. It does not state or alter any rule affecting index users or index outcomes, so it is non-substantive metadata or formatting removal.Model-written, for reference only. Open old p.1 ↗
Also known as: MXWD Index (Bloomberg) · 892400 (MSCI code) · .MIWD00000PUS (RIC)
At a glance
- Weighting schemeFree float market cap
- Review frequencyQuarterly
- Coverage targetLarge cap 70% · Standard 85% · IMI 99%
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 8 fields | |||
| Index name | MSCI ACWI | MSCI will postpone the implementation of the additions to and deletions from the MSCI ACWI®, as well as the changes in FIF and NOS with a combined impact on the country index of at least 50bpOpen p.116 ↗ |
The index-specific official English index name is MSCI ACWI. |
| Index short name | MSCI GIMI | Section 1 provides an introduction and background to the MSCI GIMI™ including the objectives and design of the indexes.Open p.11 ↗ |
The vendor's short name for the family is MSCI GIMI. |
| Administrator | MSCI | For over 50 years, MSCI has constructed the most widely used international equity indexes for institutional investors.Open p.12 ↗ |
MSCI is the index provider and administrator of the GIMI family. |
| Index family | MSCI Global Investable Market Indexes | This methodology book outlines MSCI’s index objectives and details the methodology employed to create and maintain the MSCI Global Investable Market Indexes.Open p.11 ↗ |
The indexes belong to the MSCI Global Investable Market Indexes family. |
| Objective | The MSCI global equity indexes have maintained their leading position because they have evolved over time to continue to appropriately reflect the international investable opportunity set of equities while addressing the changing and expanding investment interests of cross-border investors. | The MSCI global equity indexes have maintained their leading position because they have evolved over time to continue to appropriately reflect the international investable opportunity set of equities while addressing the changing and expanding investment interests of cross-border investors.Open p.12 ↗ |
MSCI GIMI measures the international investable opportunity set of equities for cross-border investors. |
| Market classification | Global | The Global Investable Equity Universe is the aggregation of all Market Investable Equity Universes.Open p.15 ↗ |
The family is global because it aggregates all Market Investable Equity Universes. |
| Size segment | Custom | MSCI enhanced its Standard Index methodology, by moving from a sampled multi-cap approach to an approach targeting exhaustive coverage with nonoverlapping size and style segments.Open p.12 ↗ |
The family covers multiple nonoverlapping size segments rather than a single tier. |
| Index family type | Market cap | First, the companies in the DM Equity Universe are sorted in descending order of full market capitalization and the cumulative coverage of the free float-adjusted market capitalization5 of the DM Equity Universe is calculated at each company.Open p.17 ↗ |
The family is a market-capitalization-based equity index family. |
| M2 Universe · 7 fields | |||
| Foreign listing eligibility | Representation: Securities may be represented by a local listing or a foreign listing, including depositary receipts; Conditions: The issuer's classified country must meet the Foreign Listing Materiality Requirement., The foreign listing must trade on an eligible stock exchange in an allowed developed, emerging or frontier market; New country waiting period: At least two Index Reviews | A security may be represented by a foreign listing only if the following conditions are met: The security is classified in a country that meets the Foreign Listing Materiality RequirementOpen p.16 ↗ |
Foreign listings are allowed only when the issuer's country meets the materiality requirement and the listing trades on an eligible exchange. |
| Developed Europe market treatment | DM Europe countries are aggregated into a single market for index construction purposes. | A market is equivalent to a single country, except in DM Europe, where all DM countries in Europe are aggregated into a single market for index construction purposes.Open p.15 ↗ |
Developed-market Europe is treated as one aggregated market, while individual country indexes are derived from the MSCI Europe Index. |
| Ineligible alert board reentry wait | 12 months | securities deleted due to inclusion on such boards (see deletion of existing index constituents below) may only be added back to the MSCI GIMI™ after 12 months from their deletion from the index provided that they have been removed from the ineligible alert board before the relevant equity universe cutoff date.Open p.82 ↗ |
Securities deleted because they joined an ineligible alert board may be added back only after 12 months and after removal from the board. |
| Markets | Developed markets, Emerging markets, Frontier markets, Standalone markets | All securities in the Equity Universe classified into a Developed Market (DM) make up the DM Equity Universe while all securities in the Equity Universe classified into an Emerging Market (EM) make up the EM Equity Universe.Open p.15 ↗ |
The family covers developed, emerging, frontier and standalone markets globally. |
| Security types | Common, A share, H share, Dr, CDR, REIT, Stapled, Foreign listing, Other | All listed equity securities, including Real Estate Investment Trusts (REITs)2 and certain income trusts listed in Canada 3 are eligible for inclusion in the Equity Universe.Open p.14 ↗ |
The universe includes listed common equities, REITs, stapled securities, depositary receipts, CDRs, China A and H shares, foreign listings and other equity-like securities such as eligible preferred shares. |
| Nationality rule | Each company is classified in one country, generally its country of incorporation when its primary listing is there; otherwise MSCI analyses secondary listings, shareholders, management, headquarters, operations and history. | Each company and its securities followed in the MSCI Equity Universe are classified in one and only one country. The country classification of a company is generally determined by the company’s country of incorporation and the primary listing of its securities.Open p.89 ↗ |
A company's country is generally determined by incorporation and primary listing, with additional criteria used when they differ. |
| Exclusions | Mutual funds, Exchange traded funds, Equity derivatives, Most investment trusts, Securities on ineligible alert boards | Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts are not eligible for inclusion in the Equity Universe.4Open p.14 ↗ |
Mutual funds, ETFs, equity derivatives, most investment trusts and securities on ineligible alert boards are excluded from the universe. |
| M3 Eligibility screens · 14 fields | |||
| Minimum float adjusted market capitalization | 0.5 fraction of Equity Universe Minimum Size Requirement | To be eligible for inclusion in a Market Investable Equity Universe, a security must have a free float-adjusted market capitalization equal to or higher than 50% of the Equity Universe Minimum Size Requirement.Open p.18 ↗ |
A security must have free float-adjusted market capitalization of at least 50% of the Equity Universe Minimum Size Requirement. |
| Final size segment float adjusted market capitalization | IMI: At least 50% of the Market Size-Segment Cutoff or the applicable Global Minimum Size Range boundary; Standard: At least 50% of the Market Size-Segment Cutoff or the applicable Global Minimum Size Range boundary | If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the IMI™, a security can be included in the IMI only if its free float-adjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the IMI.Open p.30 ↗ |
IMI and Standard Index additions must meet a 50% free float-adjusted market capitalization requirement relative to the cutoff or range boundary. |
| Low foreign inclusion factor large security exception | Foreign inclusion factor below: 0.15; Required float adjusted market capitalization: 1.8 times one-half of the Standard Index Interim Market Size-Segment Cutoff | New securities with a FIF lower than 0.15 are included in the Market Investable Equity Universe if their free float-adjusted market capitalization meets 1.8 times half of the Standard Index Interim Market Size-Segment Cutoff.Open p.39 ↗ |
A new security with a FIF below 0.15 may be included if its float-adjusted market capitalization meets 1.8 times half of the interim Standard cutoff. |
| Micro cap minimum size coverage | 0.998 cumulative free float-adjusted coverage ratio | The Micro Cap Minimum Size Requirement is derived using the same process as described in the Sub-section 2.2.3 targeting cumulative free float-adjusted market capitalization coverage of 99.8% of the Developed Markets Equity Universe (as defined in Sub-section 2.1).Open p.60 ↗ |
The Micro Cap Minimum Size Requirement targets 99.8% cumulative free float-adjusted coverage of the Developed Markets Equity Universe. |
| Frontier markets size requirement basis | The Frontier Markets Equity Universe Minimum Size Requirement uses the same derivation and update process but is based on the FM Equity Universe. | The Equity Universe Minimum Size Requirement for Frontier Markets is derived using the same steps described in sections 2.2.3 Equity Universe Minimum Size Requirement and 3.1.2.2 Updating the Equity Universe Minimum Size Requirement, but is based on the FM Equity Universe.Open p.64 ↗ |
Frontier Markets use the same minimum-size process as the main GIMI screens, based on the Frontier Markets Equity Universe. |
| Trading history | Minimum value: 3 months; Exceptions: Large IPOs and large primary or secondary offerings of non-index constituents are not subject to the requirement., Other new securities meeting the specified 1.8 times interim cutoff thresholds may be included | For an IPO to be eligible for inclusion in a Market Investable Equity Universe, the new issue must have started trading at least three months before the implementation of an Index Review.Open p.21 ↗ |
An IPO generally must have traded for at least three months before an Index Review, except for large IPOs and large offerings. |
| Liquidity screen | Metric: Liquidity ratio; Window: 12 months and 3 months; 3-month frequency assessed over the last four consecutive quarters; Threshold: New dm em: ATVR 12 month: 0.2; ATVR 3 month: 0.2; Frequency of trading 3 month: 0.9; Existing dm: ATVR 3 month: 0.05; Frequency of trading 3 month: 0.8; Existing em: ATVR 3 month: 0.05; Frequency of trading 3 month: 0.7; Frontier: ATVR 12 month: 0.025, 0.05, 0.15; Frequency of trading 12 month: 0.5; Micro: ATVR 12 month: 0.05; Frequency of trading 12 month: 0.5; Buffer for existing: Existing DM and EM IMI constituents use 5% 3-month ATVR with 80% and 70% frequency thresholds, respectively | To be eligible for inclusion in a Market Investable Equity Universe, a security must have at least one eligible listing (as defined in section 2.2.1) that meets the Minimum Liquidity Requirement defined below, measured by: Twelve month and 3-month Annual Traded Value Ratio (ATVR); Three month Frequency of Trading.Open p.18 ↗ |
New DM and EM securities need 20% ATVR and 90% frequency, with lower existing-constituent buffers and separate Frontier and Micro thresholds. |
| Minimum size | Metric: Full market cap; Threshold: The full market capitalization of the company at the rank where cumulative free float-adjusted market capitalization reaches 99% of the sorted DM Equity Universe; Scope: Applied at company level and used in both Developed and Emerging Markets | In order to be included in a Market Investable Equity Universe, a company must have the required minimum full market capitalization. This minimum full market capitalization is referred to as the Equity Universe Minimum Size Requirement.Open p.17 ↗ |
Companies must meet a full market capitalization threshold defined at 99% cumulative free float-adjusted coverage of the DM Equity Universe. |
| Minimum free float | 0.15 | In general, a security must have a FIF equal to or larger than 0.15 to be eligible for inclusion in a Market Investable Equity Universe. This rule is referred to as the Global Minimum Foreign Inclusion Factor Requirement.Open p.21 ↗ |
A security generally must have a Foreign Inclusion Factor of at least 0.15 to be eligible. |
| Foreign room | Market investable universe minimum: 0.15; IMI full weight minimum: 0.25; IMI partial adjustment: Foreign room range: 0.15, 0.25; Final FIF multiplier: 0.5 | For a security that is subject to a Foreign Ownership Limit (FOL) to be eligible for inclusion in a Market Investable Equity Universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 15%.Open p.22 ↗ |
Securities subject to foreign ownership limits need at least 15% foreign room; IMI inclusion at full weight requires 25%, with a 0.5 FIF adjustment from 15% to less than 25%. |
| Financial screens | United States-classified companies must file Form 10-K/10-Q to be eligible for the USA Investable Equity Universe. | Companies classified in the United States as per Appendix III: Country Classification of Securities, must file a Form 10-K/10-Q to be eligible for inclusion in the USA Investable Equity Universe.Open p.22 ↗ |
The stated financial screen is the U.S. Form 10-K/10-Q reporting requirement. |
| Business or ESG exclusions | Securities impacted by U.S. Executive Order 13959 and securities on the OFAC NS-CMIC List., Securities of companies on the Hong Kong SFC high shareholding concentration notices. | MSCI deleted the securities included in OFAC's NS-CMIC List from the MSCI GIMI as of the close of July 26, 2021.Open p.95 ↗ (not found verbatim in the PDF) |
The family excludes sanctions-impacted securities and Hong Kong securities with high shareholding concentration notices. |
| Suspension rule | China indexes new securities: Suspended on price cutoff: Excluded; Maximum consecutive suspension in past 12 months: 50 days; Micro cap non constituents: Ineligible if the latest 3-month ATVR is not calculated because of suspensions | In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the IMI™) from the investable equity universe if the securities: - - Are suspended on the Price Cutoff date, or Have been suspended for at least 50 days consecutively in the past 12 months66Open p.129 ↗ |
For China indexes, newly eligible securities suspended on the Price Cutoff date or for at least 50 consecutive days in the prior year are excluded; Micro Cap non-constituents are also ineligible when suspension prevents the 3-month ATVR. |
| Extreme price screen | Scope: Additions to the Standard Indexes; Excess return benchmark: Average IMI return of securities in the same country-sector, or the country IMI return when the country-sector has five or fewer IMI constituents; Thresholds by period: 5d: 1; 10d: 1; 15d: 1; 20d: 1; 25d: 2; 30d: 2; 35d: 2; 40d: 2; 45d: 4; 50d: 4; 55d: 4; 60d: 4; 90d: 5; 120d: 8; 150d: 15; 180d: 15; 250d: 25; Existing constituent rule: Existing IMI constituents with extreme price increase and FIF below 0.75 cannot migrate to Standard; they remain Small Cap or are deleted from Small Cap but retained in the investable universe based on 1.8 times cutoff tests | For additions to the Standard indexes, MSCI will evaluate the excess returns over specific monitoring periods against the relevant thresholds set out in the table below. A security that breaches the threshold of any period is considered to exhibit extreme price increase (EPI).Open p.31 ↗ |
Standard Index additions are rejected if excess returns breach 100% to 2500% thresholds over 5 to 250 monitoring days. |
| M4 Selection and constituent count · 10 fields | |||
| Industry classification standard | GICS | Under the GICS, each company is assigned uniquely to one Sub-Industry according to its principal business activity.Open p.33 ↗ |
Each company is assigned uniquely to one GICS Sub-Industry according to its principal business activity. |
| Size segment derivation | IMI equals Standard plus Small Cap; Standard equals Large Cap plus Mid Cap; Mid and Small Cap are derived as differences. | The IMI™, the Standard Index and the Large Cap Index are created first, while the Mid Cap Index is derived as the difference between the Standard Index and the Large Cap Index, and the Small Cap Index is derived as the difference between the IMI and the Standard Index.Open p.22 ↗ |
IMI, Standard, and Large Cap indexes are created first, while Mid Cap is Standard minus Large Cap and Small Cap is IMI minus Standard. |
| Minimum standard index constituents | Developed markets: 5; Emerging markets: 3; Frontier markets: 1 | a minimum number of five constituents will be maintained for a DM Standard Index, three constituents for an EM Standard Index, and one constituent for an FM Standard Index.Open p.88 ↗ |
Standard Market Indexes maintain at least five constituents in Developed Markets, three in Emerging Markets, and one in Frontier Markets. |
| Company level size segment classification | All securities of a company are classified in the same size-segment. | Since Size-Segment Indexes are based on company full market capitalization, all securities of a company are always classified in the same size-segment.Open p.26 ↗ |
Because size-segment indexes are based on company full market capitalization, all securities of a company belong to the same size-segment. |
| Global size integrity priority | Global size integrity takes priority over market coverage. | This process is designed to give priority to global size integrity over market coverage in situations where both objectives cannot be achieved simultaneously.Open p.26 ↗ |
When global size integrity and market coverage cannot both be achieved, the methodology gives priority to global size integrity. |
| Cutoff and count maintenance | Market size-segment cutoffs and Segment Number of Companies are maintained daily and updated at Index Reviews. | The Market Size-Segment Cutoffs and Segment Number of Companies are maintained daily, and updated at Index Reviews, additionally taking into account index stability and continuity rules.Open p.26 ↗ |
The Market Size-Segment Cutoffs and Segment Number of Companies are maintained daily and updated at Index Reviews using stability and continuity rules. |
| Review assignment priority | Current constituents and prior assignees that failed final investability requirements, provided they are at or above the market size-segment cutoff, Newly investable companies at or above the cutoff, Companies above the upper buffer threshold of the lower size-segment meeting the specified prior-status conditions, Current segment constituents or prior failed assignees in the segment's lower buffer, in descending capitalization order, up to the buffer threshold, Largest companies from the upper buffer of the next lower size-segment | During an Index Review, companies are assigned with the following priority to the Size- Segments until the Segment Number of Companies is achieved:Open p.43 ↗ |
At Index Reviews, companies are assigned to size segments in a specified stability-priority order until the Segment Number of Companies is reached. |
| Selection method | Rank by metric | The companies in the Market Investable Equity Universe are sorted in descending order of full market capitalization.Open p.25 ↗ |
Companies are ranked in descending order of full market capitalization to determine each market's size-segment cutoffs. |
| Ranking metrics | Name: Full company market capitalization; Direction: Descending; Step order: 1 | The companies in the Market Investable Equity Universe are sorted in descending order of full market capitalization.Open p.25 ↗ |
The ranking metric is full company market capitalization, sorted in descending order. |
| Target constituent count | Size segment: Large cap; Target (%): 70; Lower (%): 65; Upper (%): 75, Size segment: Standard; Target (%): 85; Lower (%): 80; Upper (%): 90, Size segment: IMI; Target (%): 99; Lower (%): 98.5; Upper (%): 100 | Large Cap Index: 70% ± 5%. Standard Index: 85% ± 5%. IMI™: 99%+1% or -0.5%.Open p.24 ↗ |
The size segments target free-float-adjusted market coverage of 70% for Large Cap, 85% for Standard, and 99% for IMI, with stated tolerances. |
| M5 Weighting and capping · 10 fields | |||
| Free float factor rounding | Free float range: Greater than 25 (%); Rounding increment (%): 2.5, Free float range: 5 to 25 (%); Rounding increment (%): 0.5, Free float range: Less than 5 (%); Rounding increment (%): 0.1 | For securities with free float greater than 25%, the FIF is equal to the estimated free float, rounded to the closest 2.5%.Open p.98 ↗ (not found verbatim in the PDF) |
FIFs are rounded to the nearest 2.5% for free float above 25%, 0.5% for free float from 5% to 25%, and 0.1% for free float below 5%. |
| Foreign inclusion factor change thresholds | Review frequency: Quarterly; Review months: February, May, August, November; Thresholds: Free float: Greater than 25 (%); Absolute change (%): 2.5, Free float: 5 to 25 (%); Absolute change (%): 0.5, Free float: Less than 5 (%); Absolute change (%): 0.1 | Changes in free float estimates and corresponding FIFs are reflected in the indexes on a quarterly basis at the February, May, August and November Index Reviews.Open p.47 ↗ |
Quarterly FIF/DIF changes for existing constituents require absolute free-float changes of at least 2.5%, 0.5%, or 0.1%, depending on the free-float range. |
| Limited investability factor | A Limited Investability Factor may be applied case by case for other foreign investment restrictions; adjusted free float equals foreign-available free float multiplied by the LIF. | In cases where MSCI applies a LIF, the free float adjusted for limited investability is defined as the product of the available free float for foreign investors and the LIF.Open p.100 ↗ |
When complex foreign investment restrictions cannot be captured by standard FIFs, MSCI may apply a Limited Investability Factor to the available foreign free float. |
| Index inclusion factor weight treatment | When applicable, the Index Inclusion Factor is applied in addition to FIF in index weights, but does not affect inclusion decisions, free-float market capitalization, ATVR, or foreign room. | The IIF, if applicable, will not be taken into consideration in the context of an index inclusion decision. However, it will be applied in addition to the FIF in the calculation of the security index weights.Open p.129 ↗ |
The Index Inclusion Factor affects security weights but is ignored when screening eligibility, free-float market capitalization, ATVR, or foreign room. |
| Depository receipt share and factor treatment | DR indexes use the maximum possible DR share count based on parent shares divided by the DR ratio and use the same FIF as the parent index constituent. | The NOS of the DRs in the MSCI DR Indexes is based on the maximum DRs that could be issued by dividing the number of shares of the Parent Index by the DR ratio (ratio between the common shares and the DRs).Open p.120 ↗ |
For DR Indexes, NOS reflects the maximum DRs that could be issued, while the DR's FIF equals the parent constituent's FIF. |
| Weighting scheme | Free float market cap | The free float-adjusted market capitalization is used to calculate the weights of the securities in the indexes.Open p.97 ↗ |
Securities are weighted by their free-float-adjusted market capitalization. |
| Free float factor | Method: Free float | For securities with free float greater than 25%, the FIF is equal to the estimated free float, rounded to the closest 2.5%.Open p.98 ↗ |
The Foreign Inclusion Factor generally equals estimated free float rounded to the nearest specified increment, rather than using fixed factor bands. |
| Domestic inclusion factor | For China A Onshore indexes, the Domestic Inclusion Factor adjusts market capitalization for free float available to domestic investors and is not subject to Foreign Ownership Limits. | MSCI free float-adjusts the market capitalization of each security using an adjustment factor referred to as the Domestic Inclusion Factor (DIF). The DIF is not subject to Foreign Ownership Limits (FOL).Open p.124 ↗ |
Domestic China A Onshore index market capitalization is DIF multiplied by full market capitalization; the DIF is not subject to FOLs. |
| Foreign ownership limit | FIF is the lesser of estimated foreign-investor free float and the FOL; existing constituents with less than 25% foreign room may receive stepped weight-reduction factors, reviewed quarterly. | For securities subject to FOLs, the estimated free float available to foreign investors is equal to the lesser of: Estimate of free float, as defined above. FOLOpen p.98 ↗ |
For FOL-affected securities, FIF uses the lesser of foreign-available free float and the FOL, and low foreign room can reduce an existing constituent's weight. |
| Shares outstanding | Share count: Total number of shares outstanding; Update frequency: Quarterly; Review months: February, May, August, November; Minimum absolute change shares: 1,000; Minimum relative change (%): 0.02 | Changes in NOS are generally updated on a quarterly basis at the February, May, August and November Index Reviews rather than at the time of the event, provided the absolute NOS change is at least 1,000 shares or relative NOS change is at least 0.02%.Open p.48 ↗ |
The Number of Shares is total shares outstanding and is generally updated quarterly at February, May, August, and November Index Reviews if the change is at least 1,000 shares or 0.02%. |
| M6 Review and rebalance schedule · 13 fields | |||
| Ongoing event related changes | implemented as they occur | Ongoing event-related changes. Changes of this type are generally implemented in the indexes as they occur.Open p.35 ↗ |
Ongoing event-related changes are generally implemented in the indexes as they occur. |
| Light rebalancing policy | Availability: may replace standard Index Review maintenance under market stress; Criteria reference: Appendix VIII; Decision bodies: MSCI Equity Index Committee, MSCI Index Policy Committee | The MSCI GIMI™ may follow light rebalancing rules (Light Rebalancing) at an Index Review if the criteria set in Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress are metOpen p.35 ↗ |
Under specified market-stress conditions, MSCI committees may replace the usual Index Review process with a light rebalancing. |
| Monthly full company market cap monitoring | Monthly | MSCI monitors the full company market capitalization (issuer level) of companies in the Market Investable Equity Universes on a monthly basis as a part of its ongoing maintenance.Open p.50 ↗ |
MSCI monitors the full company-level market capitalization of companies in the Market Investable Equity Universes monthly. |
| Corporate event announcement rule | Client announcement: prior to implementation; Public announcement: prior to implementation for additions and deletions | All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI GIMI™.Open p.58 ↗ |
Corporate-event changes, including additions and deletions, are announced to clients or publicly before they are implemented. |
| Market monitoring framework | Dimensions: Market functioning, Market liquidity, Data availability; Security liquidity basis: liquidity screening criteria required by relevant index methodologies; Market liquidity indicators: MSCI ACWI bid-ask spreads, MSCI ACWI volatility | The MSCI Market Monitoring Framework aims to continually assess the potential impact of market conditions on regular Index Reviews along three key dimensions: Market Functioning, Market Liquidity and Data Availability.Open p.107 ↗ |
The MSCI Market Monitoring Framework assesses market conditions for regular Index Reviews across market functioning, market liquidity and data availability, using MSCI ACWI bid-ask spreads and volatility for market liquidity. |
| Unexpected full trading day closure rule | Trigger: The primary stock market in a country fails to open and remains closed for the entire trading day on the review implementation date because of an unexpected market closure; Postponed changes: MSCI ACWI additions, MSCI ACWI deletions, foreign inclusion factor changes, number of shares changes; Minimum combined country index impact: 50 bp; Rescheduled implementation: At the close of the first business day, Monday to Friday, when the specific market reopens and closing prices are available; Multi country closure: MSCI evaluates the situation and may apply a different policy; Smaller country exception: MSCI may implement the Index Review changes using the closing price of the last day the market was open | In the event that the primary stock market in a country fails to open for trading and remains closed for the entire trading day on the implementation date of the review due to an unexpected market closure, MSCI will postpone the implementationOpen p.116 ↗ |
If a country's primary stock market is unexpectedly closed for the full trading day on a review implementation date, affected MSCI ACWI review changes with at least 50 bp combined country-index impact are postponed until the first business day the market reopens, subject to multi-country and smaller-country exceptions. |
| Review frequency | Quarterly | The objective of the Index Reviews is to systematically reassess the various dimensions of the Equity Universe for all markets on a fixed quarterly timetable.Open p.35 ↗ |
The MSCI GIMI size-segment indexes are reviewed on a fixed quarterly timetable. |
| Review types | Quarterly review, Ad hoc | Quarterly Index Reviews (Index Reviews) in February, May, August and November of the Size-Segment Indexes which include:Open p.35 ↗ |
Maintenance consists of scheduled Quarterly Index Reviews and ongoing event-related changes. |
| Review months | February, May, August, November | Quarterly Index Reviews (Index Reviews) in February, May, August and November of the Size-Segment Indexes which include:Open p.35 ↗ |
Quarterly Index Reviews occur in February, May, August and November. |
| Data cutoff rule | Equity universe cutoff: Review month: February; Cutoff: last business day of November, Review month: May; Cutoff: last business day of February, Review month: August; Cutoff: last business day of May, Review month: November; Cutoff: last business day of August; Liquidity cutoff: Review month: February; Cutoff: last business day of December, Review month: May; Cutoff: last business day of March, Review month: August; Cutoff: last business day of June, Review month: November; Cutoff: last business day of September; Price cutoff: Review month: February; Cutoff: any one of the last 10 business days of January, Review month: May; Cutoff: any one of the last 10 business days of April, Review month: August; Cutoff: any one of the last 10 business days of July, Review month: November; Cutoff: any one of the last 10 business days of October | Equity Universe Cutoff Date: the last business day of November for the February Index Review, the last business day of February for the May Index Review, the last business day of May for the August Index Review, and the last business day of August for the November Index Review.Open p.49 ↗ |
Each quarterly review uses separate equity-universe, liquidity and price cutoff dates in the preceding months. |
| Announcement rule | Lead time: At least two weeks; Lead time weeks: 2 | The results of the Index Reviews are announced at least two weeks in advance of their effective implementation dates, which are generally set at the close of the last business day of February, May, August and November.Open p.58 ↗ |
Index Review results are announced at least two weeks before their effective implementation dates. |
| Effective date rule | Timing: Close; Day: Last business day; Months: February, May, August, November | The results of the Index Reviews are announced at least two weeks in advance of their effective implementation dates, which are generally set at the close of the last business day of February, May, August and November.Open p.58 ↗ |
Review changes generally become effective at the close of the last business day of February, May, August and November. |
| Weight reset frequency | quarterly, with qualifying event-driven changes between reviews | - Updating Foreign Inclusion Factors (FIFs) and Number of Shares (NOS).Open p.35 ↗ |
Foreign Inclusion Factors, Number of Shares and foreign-room factors are updated at quarterly Index Reviews, with qualifying event-related changes implemented between reviews. |
| M7 Buffers and turnover control · 6 fields | |||
| Small cap entry buffer | Boundary multiplier: 1.5; Reference: Market Size-Segment Cutoff for the IMI; Inclusion limit: Non-current IMI constituents in the buffer are added only to replace current constituents that fell below the Small Cap Lower Buffer | In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI™. It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the IMI.Open p.43 ↗ |
A Small Cap Entry Buffer Zone at 1.5 times the IMI cutoff limits additions of non-current constituents to replacements for current constituents falling below the lower buffer. |
| Existing constituent free float buffer | General buffer: must meet two-thirds of the free-float market capitalization threshold; Small cap minimum FIF: 0.15; Standard low FIF rule: FIF below 0.15 must meet two-thirds of 1.8 times the minimum free-float-adjusted market capitalization; Standard lower buffer outcome: failures move to Small Cap unless another investable security meets Standard requirements | Existing constituents may remain in the size-segment indexes if they would otherwise fail the additional investability requirements for Free Float Market Capitalization described in Section 2.3.6.1 but still meet 2/3rd of the threshold.Open p.45 ↗ |
Existing constituents have relaxed free-float market capitalization requirements, including a minimum FIF of 0.15 for Small Cap and specified Standard Index exceptions. |
| Liquidity adjustment factor rule | Emerging markets standard index: Eligibility: fails liquidity requirements, weight above 10% in country index, float-adjusted market capitalization above 0.5 times Emerging Markets GMSR; Factor: 0.5; Frontier markets standard index: Eligibility: fails liquidity requirements, float-adjusted market capitalization above 0.5 times Frontier Markets GMSR, weight above 10% in country index or above 1% in Frontier Markets Composite Index; Factor: 0.5 | If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.Open p.39 ↗ |
Specified large Standard Index constituents that fail liquidity requirements may remain with a 0.5 Liquidity Adjustment Factor under Emerging or Frontier Markets rules. |
| Light rebalancing size buffer | Lower multiplier: 0.5; Upper multiplier: 1.8 | The buffer ranges at light rebalancings are set up to +80% above and down to -50% below the Market Size-Segment Cutoff between two size-segments.Open p.109 ↗ |
During light rebalancings, size-segment buffers are widened to 80% above and 50% below the cutoff. |
| Size segment buffer | Quarterly lower: 2/3; Quarterly upper: 1.5 | are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segmentsOpen p.43 ↗ |
At quarterly Index Reviews, size-segment buffer boundaries are set at two-thirds of and 1.5 times the cutoff between adjacent size segments. |
| Liquidity buffer existing | Developed markets: 12m ATVR minimum (%): 13.3; 3m ATVR minimum (%): 5; 3m frequency minimum (%): 80; Emerging markets: 12m ATVR minimum (%): 10; 3m ATVR minimum (%): 5; 3m frequency minimum (%): 70; Frontier average liquidity markets: 12m ATVR minimum (%): 10; Frontier low liquidity markets: 12m ATVR minimum (%): 3.33; Frontier very low liquidity markets: 12m ATVR minimum (%): 1; Frontier IMI 12m frequency minimum (%): 10 | An existing constituent of the IMI may remain in a Market Investable Equity Universe if its 12month ATVR falls below the Minimum Liquidity Requirement as long as it is above 2/3rd of the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 13.3% and 10%, respectively.Open p.37 ↗ (not found verbatim in the PDF) |
Existing constituents may remain with relaxed 12-month ATVR thresholds and, in Developed and Emerging Markets, specified 3-month ATVR and frequency-of-trading requirements. |
| M8 Corporate actions, IPOs, ad-hoc changes · 11 fields | |||
| Interim size segment cutoff rule | Update frequency: Daily; Ranking basis: company at the rank equal to the Segment Number of Companies; Data basis: previous trading day; Bounds: Global Minimum Size Range | On a daily basis, each Market Size-Segment Cutoff is set to be the full market capitalization of the company of the rank equal to the Segment Number of Companies for that Size- Segment in the Market Investable Equity Universe.Open p.51 ↗ |
For event-driven additions and reclassifications, MSCI updates interim size-segment cutoffs daily using prior-day data and bounds them by the Global Minimum Size Range. |
| Alert board deletion notice | Schedule: last business day of each month; Notice period: at least two full business days; Index review timing: coincides with Index Review effective date | Constituents of the MSCI GIMI™ that enter the alert boards listed in the table above will be deleted on the last business day of each month at market price with a notice period of at least two full business days.Open p.82 ↗ |
Alert-board constituents are deleted on the last business day of each month after at least two full business days' notice, or at the Index Review effective date during a review. |
| Corporate event index review amendment window | Event completion window: Index Review Price Cutoff Date through one month after Index Review effective date; Amendment deadline: five business days before Index Review effective date; Announcement: separate announcement with the Index Review or corporate event announcement | In such situation and if the completion date of the corporate event is effective between the Index Review Price Cutoff Date and one month after the Index Review effective date, MSCI may amend the Index Review result and announcement to consider the impact of the corporate event, in order to avoid potential reverse turnover.Open p.57 ↗ |
Corporate events occurring around an Index Review may cause MSCI to amend announced review changes until five business days before the effective date to avoid reverse turnover. |
| Frontier markets delayed corporate events | deferred to the following scheduled Index Review when public information is insufficient and no PAF is necessary | However, changes resulting from corporate events in the Frontiers Market countries that could not be implemented on or near the effective dates – especially due to insufficient or lack of publicly available information – and where no price adjustment factor (PAF) is necessary, are implemented at the following regularly scheduled Index Reviews.Open p.67 ↗ |
In Frontier Markets, corporate events that cannot be implemented on or near their effective dates because of insufficient public information and that require no PAF are implemented at the next Index Review. |
| Additional securities monthly introduction | Identification deadline: tenth business day of the month; Introduction date: third business day of the following month; NOS FIF weights affected: No; Share class and alternate listing updates: third business day of the month | Additional securities of existing index constituents identified by the tenth business day of a given month will be introduced on the third business day of the following month.Open p.50 ↗ |
Additional securities of existing constituents identified by the tenth business day of a month are introduced on the third business day of the following month without changing NOS, FIF or weights. |
| Fast entry | Size threshold: significant in size; numerical threshold not stated in the supplied sections; Timing: after the close of the company’s tenth day of trading | Significantly large IPOs are included in the indexes after the close of the company’s tenth day of trading.Open p.35 ↗ |
Significantly large IPOs may be added early after the close of the company’s tenth day of trading. |
| Ad-hoc deletion | Delisting, Prolonged suspension, Risk warning, Acquisition, Bankruptcy, Free float drop, Other | Securities of companies that file for bankruptcy, companies that file for protection from their creditors and/or are suspended and for which a return to normal business activity and trading is unlikely in the near future.Open p.55 ↗ |
Early deletion may result from bankruptcy, delisting, prolonged suspension, specified corporate events, FIF declines, alert-board entry or share-class conversions. |
| Merger spinoff rules | Timing: generally at the time of the event; Significant market cap change: Increase (%): 50; Decrease (%): 33; Classification: Post-event full company market capitalization is compared with Interim Size-Segment Cutoffs and investability screens; Event continuation eligibility: Non-index companies involved in an event may be immediately included despite trading-history, liquidity and minimum foreign-room screens; Spin offs: Spun-off securities are considered at the event and Standard or Small Cap additions require float-adjusted market capitalization of at least 50% of the respective cutoff; Style industry: Style and industry are reviewed on addition or upward Small-to-Standard migration; a spun-off security generally inherits the parent's style unless its segment differs; Uncertain events: MSCI determines the appropriate implementation and announces it before changes become effective | These changes generally are reflected in the indexes at the time of the event.Open p.50 ↗ |
Mergers, acquisitions and spin-offs are generally implemented when the event occurs, with significant 50% upward or 33% downward market-cap changes triggering interim size-segment reassessment. |
| Deletion price | Bankruptcy or delisting: primary exchange price, then OTC or equivalent market price, then lowest system price 0.00001; Alert board: market price, or lowest system price if the security does not trade | Such securities are deleted using the primary exchange price (or when the primary exchange price is unavailable, over-thecounter or the equivalent market price when such a price is available and deemed relevant,Open p.55 ↗ |
Delisting-related deletions use the primary exchange price with specified fallback prices, while alert-board deletions use market price and the lowest system price if trading does not occur. |
| Share or float change threshold | General threshold: implementation threshold defined in the MSCI Corporate Events Methodology; Number of shares de minimis (%): 1; Deferred changes: subsequent Index Review; Immediate fol foreign room decreases: as soon as possible when mandatory sales or purchase prohibitions apply; FIF below 0 15: deletion unless the specified Standard Index float-adjusted market capitalization exception is met | Such changes in Number of Shares and/or FIF that meet the implementation threshold defined in the MSCI Corporate Events Methodology, are implemented simultaneously with the event.Open p.52 ↗ |
Interim NOS or FIF changes meeting the Corporate Events Methodology threshold are implemented with the event, while sub-1% share updates are deferred and forced FOL or foreign-room reductions are reflected immediately. |
| Corporate actions guide ref | Name: MSCI Corporate Events Methodology; Url: https://www.msci.com/indexmethodology | The technical details relating to the handling of specific corporate event types can be found in the MSCI Corporate Events Methodology book available at: https://www.msci.com/indexmethodology.Open p.50 ↗ |
Detailed handling of specific corporate event types is provided in the separate MSCI Corporate Events Methodology book. |
| M9 Calculation and return variants · 10 fields | |||
| General index calculation methodology reference | MSCI Index Calculation Methodology, available at https://www.msci.com/index-methodology | The MSCI Index Calculation Methodology book describes MSCI’s general Index calculation methodology for the MSCI Equity Indexes.Open p.34 ↗ |
General calculation rules for MSCI Equity Indexes are described in the separate MSCI Index Calculation Methodology. |
| Foreign board price selection | Frequency: Quarterly; Criteria: relative liquidity, foreign ownership availability | MSCI regularly monitors the relative liquidity and foreign ownership availability of constituents with separate domestic and foreign board quotations to determine whether prices for these constituents should reflect the domestic or foreign board quotations.Open p.106 ↗ |
MSCI reviews constituents with separate domestic and foreign board quotations quarterly and selects the domestic or foreign price based on relative liquidity and foreign ownership availability. |
| Suspended securities index review policy | Index Review changes for IMI and Micro Cap constituents are postponed when the affected securities are suspended on the day before implementation., Postponed changes are implemented after two full business days, excluding the resumption day, once trading restarts., If securities remain suspended two months after the effective date, postponed changes are cancelled and, if still warranted, are implemented at the review following resumption., Additions of Chinese securities are cancelled rather than postponed if suspended before implementation and are re-evaluated at the next Index Review. | MSCI will postpone the implementation of Index Review changes for IMI™ constituents, as well as Micro Cap constituents, when the affected securities are suspended 54 on the day prior to the effective implementation date55 of the Index Review.Open p.115 ↗ |
Suspended IMI or Micro Cap review changes are postponed and implemented after resumption, cancelled after two months if suspension continues, while suspended Chinese security additions are cancelled and re-evaluated at the next review. |
| China A share rebalancing FX | CNY | For example, the issuer market capitalization of a company used as part of the rebalancing for the CNY or CNH based indexes would be the same and would be based on the CNY exchange rate.Open p.128 ↗ |
For China A share rebalancing, issuer market capitalization is based on the onshore CNY exchange rate for both CNY and CNH based indexes. |
| China index calculation currencies | MSCI China Inclusion Index and MSCI China A Indexes use Stock Connect listings and offshore CNH., MSCI China Inclusion RMB Index and MSCI China A RMB Indexes use local listings and onshore CNY. | The MSCI China Inclusion Index is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).Open p.134 ↗ |
Stock Connect-based China inclusion and China A indexes use CNH, while RMB indexes using local China A listings use CNY. |
| Price source | country-specific end-of-day prices per MSCI Index Calculation Methodology | For a full updated list of prices used in MSCI’s end of day index calculations by country, please refer to the MSCI Index Calculation Methodology that can be found at: https://www.msci.com/index-methodologyOpen p.106 ↗ |
MSCI uses country-specific prices in its end-of-day index calculations, with the updated list maintained in the MSCI Index Calculation Methodology. |
| Calculation frequency | End of day | For a full updated list of prices used in MSCI’s end of day index calculations by country, please refer to the MSCI Index Calculation Methodology that can be found at: https://www.msci.com/index-methodologyOpen p.106 ↗ |
MSCI calculates the indexes using end-of-day prices. |
| Withholding tax basis | country of incorporation of the companies in the Parent Indexes; same rate as the Parent Indexes | MSCI uses companies’ country of incorporation of the Parent Indexes to determine the relevant dividend withholding tax rate applied to the DR in calculating the gross and net dividends. Consequently, for DR the withholding tax rates will be the same one used for the Parent Indexes.Open p.122 ↗ |
For depositary receipts, MSCI determines the dividend withholding tax rate from the company's country of incorporation used in the Parent Indexes and applies the same rate as those Parent Indexes. |
| Dividend treatment | DR cash dividends are reinvested on the ex-date of the DR dividend | As per the MSCI Index Calculation Methodology, cash dividends paid to DR constituents are reinvested in the MSCI DR indexes on the ex-date of the DR dividend.Open p.122 ↗ |
Cash dividends paid to depositary-receipt constituents are reinvested in the MSCI DR indexes on the ex-date of the DR dividend. |
| Market disruption rule | If a security does not trade on Monday but traded on the previous Saturday and/or Sunday, the weekend price is carried forward to Monday., For a scheduled market holiday on the implementation date, the change is effective on the next business day using the previous business day's close., MSCI changes the implementation date if markets representing more than 20% of ACWI market capitalization are expected to be closed or illiquid., For an unexpected full-day primary-market closure, additions, deletions and FIF/NOS changes with at least 50bp country impact are postponed until the first reopened business day with closing prices., For smaller countries, MSCI may implement changes using the closing price of the last day the market was open., A suspension or closure shorter than one full trading day does not postpone the GIMI review implementation., For an intraday outage, MSCI determines the country pricing policy case by case based on outage timing, duration, exchange information and other market information. | In the event that a security is not traded on a Monday but was traded on the previous Saturday and/or Sunday, the security will have the latter price carried forward to the Monday.Open p.106 ↗ |
MSCI carries weekend prices forward to Monday, applies next-business-day and prior-close rules for scheduled holidays, postpones specified changes for full unexpected closures depending on impact and reopening prices, does not postpone for shorter suspensions, and sets outage prices case by case. |
| M10 Governance, change policy, disclosure · 2 fields | |||
| Discretion points | When unexpected closures affect more than one country, MSCI evaluates the situation and may apply a different policy., For smaller countries during unexpected closures, MSCI may use the closing price of the last day the market was open., During an intraday market outage, MSCI determines the relevant country pricing policy case by case. | In the event of unexpected closures of stock markets in more than one country, MSCI will evaluate the situation and may apply a different policy.Open p.116 ↗ |
MSCI may exercise judgment for multi-country unexpected closures, smaller-country closures, and intraday market outages. |
| Change announcement | regular client communication channels, Reuters Pages MSCIA and following, Bloomberg MSCN | MSCI will communicate all decisions taken with respect to market outages during the day through the regular client communication channels as well as via Reuters (Pages MSCIA and following) and Bloomberg (MSCN).Open p.116 ↗ |
MSCI communicates intraday market-outage decisions through regular client channels, Reuters pages MSCIA and following, and Bloomberg MSCN. |
Open points · 45Model-written, for reference
- 1No official index code, ISIN, or Bloomberg, Refinitiv, Wind or local ticker is provided in the sections.
- 2No launch date, base date, base value or calculation currency is stated.
- 3No methodology version label or methodology edition date is printed.
- 4No benchmark regulatory status such as regulated, significant or non-significant is stated.
- 5No explicit intended uses such as ETF underlying or derivatives benchmark are stated.
- 6No stated limitations of the index are provided.
- 7The Appendix I tables containing the complete country, exchange and board lists are truncated, so complete lists cannot be extracted.
- 8No parent index or parent universe index is identified beyond the MSCI Equity Universe.
- 9No minimum share price or minimum unrestricted shareholder voting-rights threshold is stated.
- 10No general profitability or balance-sheet financial screens are stated; only the U.S. Form 10-K/10-Q reporting requirement was found.
- 11A general suspension rule for all markets at Index Reviews was not found; the provided suspension rules are China-specific and Micro Cap-specific.
- 12The current numeric Global Minimum Size Reference values are not provided in the general methodology sections.
- 13No explicit tie-break rule was found for companies or securities with identical full market capitalization.
- 14No sector or industry neutrality/balancing rule for size-segment selection was found; GICS is used for classification and derived indexes.
- 15No reserve list or pre-ranked candidate pool for ad-hoc replacements was found.
- 16No single-constituent, aggregate group, sector, or country weight caps were stated.
- 17No capping application timing was stated because no capping rule was provided.
- 18No explicit divisor or Price Adjustment Factor continuity rule was found.
- 19Numerical rank-based entry and exit ranks for a rank buffer are not stated.
- 20No maximum index turnover percentage or constituent-count cap per Index Review is stated.
- 21The numerical IPO size threshold is not provided; the document refers to section 6 of the MSCI Corporate Events Methodology.
- 22No reserve list or general replacement policy for ad-hoc deletions is stated; event-driven continuation replacements are described only for specific corporate events.
- 23The stock boards excluded from fast entry are not specified.
- 24The numeric implementation threshold for interim Number of Shares and Foreign Inclusion Factor changes is not provided; it is defined in the MSCI Corporate Events Methodology.
- 25No separate weight-rebalancing frequency distinct from the quarterly Index Review is stated.
- 26The publication channel for Index Review results is not specified.
- 27Formula type (divisor, chain linked, or base value) is not stated.
- 28The specific price-source convention, such as last trade, closing auction, or reference price when there is no trade, is not stated beyond the external country list.
- 29No real-time calculation interval or published index-level precision is stated.
- 30The explicit set of published return variants (PR, GTR, and NTR) is not stated; gross and net dividends are mentioned only for DR indexes.
- 31General dividend treatment for non-DR equity securities is not stated.
- 32Withholding tax basis is specified only for DR indexes and not for all GIMI variants.
- 33The complete list of events triggering divisor or Price Adjustment Factor changes is not stated.
- 34The general policy for recalculating or restating published index levels is not stated.
- 35Methodology review frequency is not stated.
- 36External review, consultation procedure, and material-change definition are not stated.
- 37Notice period for methodology changes is not stated.
- 38A general error correction and restatement policy is not stated.
- 39Whether and how often constituent lists are published is not stated.
- 40The policy for discontinuing or ceasing the index is not stated.
- 41The disclosed communication channels are specifically for intraday market-outage decisions, and broader general disclosure channels are not stated.
- 42No separate ACWI short name, index code, ISIN, or Bloomberg, Refinitiv, Wind or local vendor ticker is stated.
- 43No ACWI launch date, base date, base value, calculation currency, methodology version or methodology date is stated.
- 44No ACWI-specific market or country list, exchange or board list, constituent count, parent index, weight cap or inclusion-factor rule is stated.
- 45No ACWI-specific size-segment classification, benchmark type, intended use, reserve list or cessation policy is stated.
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v2026.02 → v2026.08 127 changes: ● 10 major ● 20 minor · 97 editorial
View:editorial · modified The outline replaces the full name "MSCI Global Investable Market Indexes" with the trademarked abbreviation "MSCI GIMI™" in Section 1. It also changes the stated last-update date from February 2026 to August 2026 and removes the November 2025 document footer. No index construction, maintenance, eligibility, weighting, or calculation rule is changed. Rated editorial: No substantive index rule changed; the revision is limited to a trademarked abbreviation, document-update metadata, and removal of a footer. The August 2026 update date does not state an effective date for any methodology change.Model-written, for reference only. Open p.11 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.12 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.14 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.15 ↗
minor · modified The disclosed Equity Universe Minimum Size Requirement was updated from the February 2026 Index Review level to the August 2026 level. The minimum full market capitalization rose from USD 507 million to USD 585 million for Developed and Emerging Markets, and from USD 13 million to USD 14 million for Frontier Markets. Rated minor: The Equity Universe Minimum Size Requirement, an eligibility threshold under M3, changed numerically for both Developed/Emerging Markets and Frontier Markets, affecting which companies meet the minimum-size screen. Because this is an M1–M5 eligibility change, the materiality is minor.Model-written, for reference only. Open p.17 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.18 ↗
minor · modified The minimum foreign-room requirement itself is unchanged at 15%, but the updated section adds an India-specific eligibility restriction: securities on the NSDL/CDSL official list for which the Red flag or Breach limit has been reached would not be considered. In the supplied text, the inserted sentence is spliced directly into the following sentence beginning with “For a security.” Rated minor: The change adds a new eligibility condition affecting Indian securities that appear on the NSDL/CDSL Red flag or Breach list, so it changes the set of securities that may be considered. This is an M3 eligibility matter, for which the materiality ceiling is minor.Model-written, for reference only. Open p.21 ↗
minor · modified The updated text removes the specific provision excluding Indian securities on the NSDL/CDSL official list when the Red flag or Breach limit has been reached, while retaining the general exclusion for securities subject to foreign-ownership purchase restrictions. It also replaces “MSCI Global Investable Market Indexes” and “Investable Market Index” with “GIMI™” and “IMI™/IMI,” respectively, and moves the size-segment derivation paragraph without changing that rule. Rated minor: The deleted NSDL/CDSL Red flag or Breach limit rule was an eligibility exclusion affecting inclusion in the Market Investable Equity Universe, so its removal is substantive. Because this concerns universe/eligibility within M1-M5, the materiality is minor. The trademark abbreviation and paragraph relocation alone would be editorial changes.Model-written, for reference only. Open p.22 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.24 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.24 ↗
minor · modified The methodology refreshes the Global Minimum Size Reference values from the January 16, 2026/February 2026 cycle to the July 20, 2026/August 2026 cycle. For DM Standard Indexes, the 85% coverage threshold rises from USD 15.20 billion to USD 16.28 billion, changing the DM range from USD 7.60–17.48 billion to USD 8.14–18.72 billion and the EM range from USD 3.80–8.74 billion to USD 4.07–9.36 billion. The coverage percentages, EM one-half rule, and 0.5–1.15 range multiplier remain unchanged; “DM Investable Market Index” is restyled as “DM IMI™.” Rated minor: The substantive change is the update of numeric Global Minimum Size Reference thresholds, ranges, and reference data used for size-segment eligibility. These are M4 selection/eligibility inputs, so the materiality ceiling is minor; the underlying formula and percentage rules are unchanged, and the IMI™ abbreviation is a non-substantive trademark/style change.Model-written, for reference only. Open p.24 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.25 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.29 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.30 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.30 ↗
minor · modified The updated EPI rule introduces a Foreign Inclusion Factor exemption: securities with a FIF of at least 0.75 are not subject to EPI screens. It also specifies that non-IMI constituents exhibiting EPI with a FIF below 0.75 are ineligible for Standard Index addition but remain in the market investable universe. The EPI monitoring periods and return thresholds are unchanged. Rated minor: The EPI eligibility rule changed by adding a FIF threshold of 0.75 and conditioning ineligibility on securities being non-IMI constituents with FIF below 0.75. This changes the set of securities affected by an eligibility screen under M3, so it is substantive but capped at minor.Model-written, for reference only. Open p.31 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.32 ↗
editorial · modified The section title was abbreviated from “MSCI Global Investable Markets Indexes” to “MSCI GIMI™ Indexes,” and the residual text “Markets Indexes” was removed. No index construction, selection, weighting, calculation, or other substantive rule was changed. Rated editorial: This is a title/trademark and presentation change: the full name is replaced by the abbreviated GIMI™ name and a stray heading fragment is deleted. No rule, threshold, formula, affected-security set, or index-user action changed.Model-written, for reference only. Open p.32 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.32 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.33 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.35 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.35 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.36 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.37 ↗
editorial · modified The updated section replaces "Investable Market Indexes" with "IMI" and adds a trademark symbol to "GIMI™," while reflowing text and relocating a footnote. All liquidity thresholds, listing-priority rules, and the 0.5 Liquidity Adjustment Factor requirements remain unchanged. Rated editorial: No substantive liquidity, eligibility, listing-selection, or adjustment-factor rule changed. The updates are terminology/trademark changes, formatting, and text reflow, so the change is an editorial.Model-written, for reference only. Open p.37 ↗
minor · modified The updated document deletes footnote 20, which defined how the Interim Market Size-Segment Cutoff is calculated during an Index Review. The removed text specified use of post-review Number of Shares and Foreign Inclusion factors, no limitation by the Global Minimum Size Range, and a floor at the Equity Universe Minimum Size Requirement. The main formula for the Initial Segment Number of Companies is otherwise unchanged. Rated minor: The deletion removes a substantive rule governing how the Interim Market Size-Segment Cutoff is calculated and bounded, including its Equity Universe Minimum Size Requirement floor, so it may affect index-user expectations. Because the changed rule concerns the M4 selection/cutoff framework rather than calculation, reviews, buffers, corporate actions, or governance, the materiality ceiling is minor.Model-written, for reference only. Open p.40 ↗
minor · modified The updated section adds footnote 20 defining the Interim Market Size-Segment Cutoff during an Index Review. It must use post-review Number of Shares and Foreign Inclusion factor, is not limited by the Global Minimum Size Range, and is floored at the Equity Universe Minimum Size Requirement. Other differences are formatting, line-break, diagram, and footnote-placement changes. Rated minor: The change adds a substantive rule governing the interim cutoff used when adjusting the Segment Number of Companies, including its inputs, absence of a Global Minimum Size Range limit, and a minimum-size floor. This can affect selection expectations, so it is not an editorial; because the changed item is M4 selection, the ceiling is minor.Model-written, for reference only. Open p.40 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.43 ↗
major · modified The update removes the footnote specifying different buffer-zone boundaries at “light” rebalancings: one half of and 1.8 times the Market Size-Segment Cutoff. The remaining changes are terminology, trademark, hyphenation, and footnote-placement edits and do not alter the standard 2/3 and 1.5 times buffer boundaries. Rated major: The deleted footnote established separate light-rebalancing buffer thresholds of 0.5x and 1.8x, changing the M7 buffer and turnover-control rule that determines migration between size segments. The other edits are naming, trademark, hyphenation, or formatting changes only.Model-written, for reference only. Open p.43 ↗
major · modified The updated text adds a provision stating that at “light” rebalancings, size-segment buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff. The surrounding investability-requirements sentence is unchanged but split by the inserted footnote. Rated major: The change adds explicit numeric buffer thresholds for “light” rebalancings, which affects size-segment migration and turnover control. This is a substantive buffers rule and therefore major under M7.Model-written, for reference only. Open p.44 ↗
editorial · added Editorial change: wording only, no rule changed. Open p.45 ↗
editorial · modified The section was renumbered and retitled as the minimum foreign-room requirement, with the general existing-constituent free-float buffer and extreme-price-increase paragraphs removed from this section as part of the split. The foreign-room adjustment factor, quarterly review, 12-month upward-adjustment waiting period, and related monitoring rules remain substantively unchanged. Rated editorial: This is a structural section split and renumbering: general existing-constituent eligibility language was moved out of the narrowed foreign-room section, while the foreign-room adjustment rules themselves were not changed. Formatting, trademark notation, and footnote reflow do not affect index user obligations.Model-written, for reference only. Open p.45 ↗
minor · added A new rule excludes existing IMI constituents with an extreme price increase and FIF below 0.75 from migration into the Standard Indexes. Their treatment depends on 1.8x market-capitalization cutoff tests: smaller constituents remain Small Caps, while larger constituents are deleted from the Small Cap Index, retained in the investable universe, and reconsidered at the next Index Review. Rated minor: This adds substantive eligibility and selection criteria for migration between Small Cap and Standard Indexes, including a FIF threshold and 1.8x capitalization tests. Because the change concerns M3 eligibility/selection rather than calculation or review mechanics, the materiality ceiling is minor.Model-written, for reference only. Open p.47 ↗
minor · modified The FIF review replaces the prior single free-float change threshold of more than 1% for existing constituents with tiered thresholds based on the security’s free float: at least 2.5% for free float above 25%, 0.5% for free float from 5% to 25%, and 0.1% for free float below 5%. The exceptions to these thresholds are also revised to cover size-segment migrations, deletions from the IMI in connection with Micro Cap additions, and FOL-driven FIF changes, while retaining corrections. Rated minor: The rule governing when FIF/DIF changes are implemented at quarterly Index Reviews changes from one 1% threshold to three numeric free-float thresholds and revises the affected exception categories. This changes constituent weighting inputs, placing it in M5; under the materiality rules, M5 changes are capped at minor.Model-written, for reference only. Open p.47 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.49 ↗
editorial · modified The updated text replaces "Investable Market Indexes" with the abbreviated trademark form "IMI™ Indexes," adds a space before footnote marker 30, and includes the footnote reference directing readers to section 3.2.7 for significant IPOs. The methodology for calculating and applying Interim Market Size-Segment Cutoffs is unchanged. Rated editorial: No cutoff rule, input, threshold, frequency, or corporate-action treatment changed. The update only uses the IMI™ abbreviation/trademark, formats a footnote marker, and adds a cross-reference to where significant IPOs are described; cross-reference and trademark changes are editorial.Model-written, for reference only. Open p.51 ↗
editorial · modified The methodology title is abbreviated from “MSCI Global Investable Market Indexes Methodology” to “MSCI GIMI™ Methodology” (and subsequently “MSCI GIMI Methodology”). The text also removes a footnote/cross-reference artifact (“30 As described in section 3.2.7”), restoring the sentence to “When subsequent public disclosure…”. No implementation thresholds, timing, deletion rules, or NOS/FIF treatment changes. Rated editorial: No index rule changes: the updates are a methodology-name abbreviation/trademark change and removal of a footnote/cross-reference and layout artifact. The referenced sections, 1% NOS threshold, FIF 0.15 deletion condition, and implementation timing remain unchanged.Model-written, for reference only. Open p.52 ↗
editorial · modified The revised section replaces the spelled-out Global Investable Market Indexes and Investable Market Index terminology with GIMI™ and IMI™, and it adjusts paragraph/table formatting. The 50% increase and 33% decrease triggers, FIF and float-adjusted capitalization conditions, size-segment migration rules, and deletion criteria remain unchanged. Rated editorial: No corporate-action size-migration rule, threshold, trigger, eligibility condition, or affected security set changed. The differences are index-name abbreviation/trademark changes, sentence and paragraph breaks, and table-layout adjustments, which are editorial-level under the materiality rules.Model-written, for reference only. Open p.52 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.55 ↗
major · modified The updated section renames MSCI Global Investable Market Indexes as “MSCI GIMI™” and inserts a line break, which are presentational changes. More importantly, it deletes former footnote 33 stating a minimum float-adjusted market capitalization requirement for Standard Index constituents with a post-event FIF below 0.15. No effective date for the change is stated in the text. Rated major: The substantive change is the removal of the post-event minimum float-adjusted market capitalization threshold for Standard Index constituents with a FIF below 0.15. This changes an explicit numeric condition governing early deletions in corporate-event scenarios, an M8 matter, and is therefore major; the GIMI™ abbreviation and formatting are editorial-only changes.Model-written, for reference only. Open p.55 ↗
major · modified The updated section abbreviates the index name to MSCI GIMI™ and adds footnote 33. The new footnote establishes a special minimum float-adjusted market capitalization requirement when a Standard Index constituent has a post-event FIF below 0.15, equal to two-thirds of 1.8 times one-half of the Standard Index Interim Size-Segment Cutoff. Rated major: The change adds a substantive post-event numeric trigger and minimum market-capitalization formula for low-FIF Standard Index constituents, altering expectations for corporate-action-driven early inclusion. This falls under M8 corporate actions and ad-hoc changes, so it is major; the GIMI™ abbreviation itself is only a trademark/formatting change.Model-written, for reference only. Open p.56 ↗
major · modified The updated methodology adds an exception to the existing five-business-day deadline for amending Index Review changes. If new information emerges after that deadline but before the Index Review effective date, MSCI may make amendments on shorter notice to minimize turnover or avoid replicability issues. Rated major: A new rule permits post-deadline, short-notice amendments to Index Review changes based on newly emerging information. This changes the timing and conditions for corporate-event-driven ad hoc changes, which falls under M8, so the materiality is major.Model-written, for reference only. Open p.57 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.58 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.59 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.59 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.61 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.63 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.65 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.65 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.67 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.68 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.70 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.72 ↗
minor · modified The developed-markets eligible exchange table adds Texas Stock Exchange under the USA, marked with footnote (6). The new footnote states that listings on this exchange are eligible for the MSCI Indexes from July 06, 2026. Other table changes appear to be formatting or line-break adjustments. Rated minor: This changes M2 eligibility by adding Texas Stock Exchange as an eligible exchange for securities listed in the USA, thereby affecting the set of securities that may be considered. Eligibility changes are capped at minor.Effective: 2026-07-06Model-written, for reference only. Open p.72 ↗
minor · modified The updated Emerging Markets eligible-markets table adds "Taiwan Innovation Board" to the Taiwan market segments. The other differences are primarily line-break and table-layout reformatting. Rated minor: The change adds Taiwan Innovation Board to the set of eligible market segments, affecting index universe/eligibility under M2. The applicable ceiling for M1-M5 changes is minor; no effective date is stated.Model-written, for reference only. Open p.73 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.82 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.82 ↗
major · modified The surveillance-board lookback period for India ASM, Korea Investment Alert/Investment Risk, and Taiwan Disposition Board securities now starts at the current Index Review Price Cutoff Date rather than the previous one. Indonesia Watchlist Board Criteria 10 is separately retained under the previous cutoff date. The affected securities remain ineligible for IMI additions and Standard/Small Cap size-segment migrations at that review and are re-evaluated at the next review. Rated major: The change alters the monitoring trigger period, and therefore which securities entering designated surveillance boards are blocked from IMI additions or size-segment migrations, while preserving the prior lookback for Indonesia. This is a substantive M8 ad-hoc/index-review treatment rule, so the item ceiling is major; the IMI™ trademark notation alone is immaterial.Model-written, for reference only. Open p.83 ↗
minor · modified The update increases the full and float market-cap thresholds used in the market classification Size and Liquidity Requirements for Frontier, Emerging, and Developed Markets, in both entry and maintenance requirements. It also updates the World Bank high-income GNI reference from USD 13,935 in 2024 to USD 14,375 in 2025, and changes the stated minimum-in-use review from February 2026 to August 2026. ATVR requirements, company counts, and market accessibility criteria are unchanged. Rated minor: The changed rules are the numeric market-classification eligibility thresholds: market-cap requirements and the Developed Market GNI per-capita reference. These changes can affect whether a country meets classification criteria, so they are substantive; because they concern universe/eligibility criteria under M1-M5, the materiality ceiling is minor. No exact calendar effective date is stated.Model-written, for reference only. Open p.84 ↗
minor · modified The list of markets subject to minimum-constituent index continuity rules has been updated from the February 2026 Index Review to the August 2026 Index Review. Within the affected frontier markets, Hungary is replaced by Peru; New Zealand and Egypt remain listed for developed and emerging markets, respectively. Rated minor: The minimum-constituent continuity rule itself is unchanged, but the published set of markets to which it is applied changes: Hungary is removed and Peru added. This affects market/security selection under M1-M5, so the appropriate ceiling is minor.Model-written, for reference only. Open p.88 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.90 ↗
editorial · modified The illustrative example of the two-Index-Review lag is rolled forward from February/August 2026 to August 2026/February 2027. The reported review result is updated from no additional markets qualifying in February 2026 to no additional markets qualifying in August 2026. Index names are also abbreviated with GIMI™/IMI™ trademarks; the eligibility thresholds, Frontier Markets exception, two-review lag, and country list are unchanged. Rated editorial: The substantive Foreign Listing Materiality Requirement—including the 5% and 0.05% thresholds, Frontier Markets exception, two-Index-Review lag, and eligible-country list—does not change. The revised dates only refresh an illustrative example and report that no new markets qualified, so no security set or user action changes; trademark abbreviation is nominal.Model-written, for reference only. Open p.93 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.95 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.95 ↗
minor · modified For securities subject to foreign ownership limits, the methodology no longer adjusts the FOL downward for foreign non-free-float shareholdings. The foreign-investor free float is now the lower of the estimated free float and the unadjusted FOL, and the prior applicability note for countries where foreign room is not monitored was removed. Rated minor: The FOL free-float rule changed substantively from using an FOL reduced by foreign non-free-float stakes, with a country-monitoring condition, to using the unadjusted FOL. This can affect free float and therefore index weighting; the change is within M5, so the materiality is minor.Model-written, for reference only. Open p.97 ↗
minor · modified The FIF methodology replaces the prior >15% / <15% split with three free-float bands: >25%, 5–25%, and <5%. Rounding changes to 2.5%, 0.5%, and 0.1% respectively, with the upper band now rounded to the nearest increment rather than rounded up, and FOLs are rounded to 0.1%. For securities with a LIF, both adjusted free float and FOL are now rounded to 0.1%, replacing the prior tiered 5%/1% treatment. Rated minor: The changed rule is Foreign Inclusion Factor rounding and free-float banding, including new breakpoints, finer rounding increments, and removal of upper-band round-up treatment. This changes a weighting input for affected securities, so it is substantive; because the item is M5 weighting, the materiality ceiling is minor. The “insure” to “ensure” change is merely editorial.Model-written, for reference only. Open p.98 ↗
editorial · modified The core free-float-adjusted market capitalization formula is unchanged, but the illustrative tables are revised. The non-FOL example adds a third company and changes sample FIFs and adjusted capitalizations; the FOL example now uses two companies, a "Rounded Free Float" line and 33.33% foreign ownership limits, while omitting the prior foreign-strategic-adjustment rows and the special footnote. Rated editorial: The operative product formula is unchanged. The revisions affect hypothetical example companies, sample inputs and outputs, and displayed calculation lines, but no explicit weighting rule, threshold, formula, condition, or affected set of securities is added or removed; therefore no substantive M5 rule change can be named.Model-written, for reference only. Open p.101 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.103 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.103 ↗
minor · modified The FIF methodology for depository receipts whose underlying shares are not available for trading is replaced beginning with the May 2026 Index Review. New additions will use the lower of (i) the higher of adjusted 13F ownership or capital-raising float and (ii) free float under the current MSCI Free Float Data Methodology. Existing constituents will transition in phases, with a midpoint adjustment in May 2026 and full application of the new approach from November 2026 if enhanced transparency remains unavailable. Rated minor: The changed rule is the FIF calculation for DRs with unavailable underlying shares: it introduces adjusted 13F ownership, removes the prior DR NOS/total NOS comparison for existing constituents, and adds a phased transition. This affects security-level FIFs and therefore index weights, placing it in M5 with a ceiling of minor.Model-written, for reference only. Open p.105 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.107 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.107 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.108 ↗
editorial · modified The substantive communication-date and light-rebalancing policy is unchanged. The only update renumbers the two footnotes at the end of the section from 46 and 47 to 47 and 48. Rated editorial: No index rule changed; only footnote numbering changed from 46/47 to 47/48. Footnote or cross-reference renumbering is explicitly non-substantive and therefore editorial, even though the section relates to M6.Model-written, for reference only. Open p.108 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.109 ↗
major · modified The light-rebalancing rule for Small Cap-to-Standard migration after an extreme price increase has been narrowed: the updated text makes ineligibility conditional on having a FIF below 0.75, whereas the previous text applied the bar to all existing IMI constituents exhibiting an extreme price increase. The explicit statement that such migrants would be retained as Small Cap constituents was removed and replaced by a cross-reference to the detailed treatment. Other edits are IMI naming/trademark changes, formatting, and footnote renumbering. Rated major: The changed rule is eligibility for Small Cap-to-Standard migration during a light rebalancing after an extreme price increase. Adding the numeric condition “FIF less than 0.75” introduces a substantive trigger affecting which securities may migrate, and this is an M7 item; the IMI trademark/name changes and footnote renumbering are non-substantive.Model-written, for reference only. Open p.109 ↗
minor · modified The light-rebalancing addition rule narrows the exclusion for securities with extreme price increases. Under the updated methodology, such securities are ineligible only when their FIF is less than 0.75, whereas the previous text excluded all securities exhibiting extreme price increases. The abbreviation of "Investable Market Indexes" to "IMI™," footnote renumbering, and sentence relocation are formatting changes. Rated minor: This changes an eligibility/selection rule for securities added during light rebalancings by introducing a numeric FIF threshold of 0.75, thereby changing the set of affected securities. Because it concerns M4 eligibility/selection, the materiality ceiling is minor; the trademark, footnote, and ordering changes are non-substantive patches.Model-written, for reference only. Open p.112 ↗
editorial · modified The section was reworded to use the abbreviated trademarked terms "IMI™" and "GIMI™" instead of "Investable Market Indexes" and "GIMI." The liquidity thresholds, alternative-listing priority, Emerging Markets retention condition, and Liquidity Adjustment Factor rules were unchanged; footnotes were renumbered from 50–52 to 51–53. Rated editorial: No substantive index rule changed: the ATVR and Frequency of Trading thresholds, listing-priority rules, 10%/0.5-times retention condition, and 0.5 Liquidity Adjustment Factor treatment remain the same. The update only abbreviates and adds trademarks to index names, removes a stray heading word, and renumbers footnotes, so it is an editorial.Model-written, for reference only. Open p.113 ↗
editorial · modified The updated section makes no substantive change to the trading-suspension policy. It adds the ™ symbol to IMI and renumbers the associated footnote references from 53–55 to 54–56, including a minor spacing adjustment before a footnote marker. Rated editorial: No rule governing postponement, cancellation, resumption, timing, or affected securities changed. The only differences are a trademark symbol, footnote spacing, and footnote renumbering, which are non-substantitive presentation changes.Model-written, for reference only. Open p.115 ↗
editorial · modified The footnote/reference numbers in this section are shifted by one (53–55 become 54–56). The fragmentary closing note is also changed from “Non-current IMI constituent” to “Non-current IMIT constituent.” The operative market-closure and suspended-security review rules are unchanged. Rated editorial: The changes are footnote renumbering and a terminology/typographical alteration in a fragmentary note. No operative rule, threshold, trigger, affected-security set, calculation treatment, or review schedule is changed, so the update is editorial.Model-written, for reference only. Open p.115 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.116 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.116 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.117 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.122 ↗
editorial · modified The updated text abbreviates “MSCI Global Investable Market Indexes Methodology” to “MSCI GIMI™ Methodology” and renumbers the associated footnotes. The described indexes, country coverage, DIF treatment, and free-float review references remain unchanged; the remaining differences are line reflows. Rated editorial: No index rule, eligibility criterion, country universe, weighting input, or calculation condition changed. The update only abbreviates and trademarks the methodology name, shifts footnote numbers, and reformats line breaks, all of which are non-substantive.Model-written, for reference only. Open p.123 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.123 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.123 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.124 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.124 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.124 ↗
editorial · modified The updated version only reformats the MSCI China Indexes share-class table by collapsing line breaks and renumbers the associated footnotes from 59–62 to 60–63. The described index universes, share classes, inclusion factors, and eligibility treatment remain unchanged. Rated editorial: No index rule changed: securities affected, eligibility, share classes, inclusion factors, and calculations are unchanged. The only differences are table line wrapping and footnote/cross-reference renumbering, which are expressly editorial-level changes.Model-written, for reference only. Open p.125 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.127 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.127 ↗
editorial · modified The methodology name is abbreviated from "MSCI Global Investable Market Indexes" to "MSCI GIMI™," with a trademark symbol added. The text also reflects footnote-number and typographic spacing changes. The definition of the integrated MSCI China Equity Universe and the related China A-share exclusions are unchanged. Rated editorial: No index-universe, eligibility, selection, or weighting rule changed. The update is an abbreviation/trademark presentation change for the same methodology, plus footnote-number and spacing/typography adjustments, so it is an editorial.Model-written, for reference only. Open p.128 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.128 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.129 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.129 ↗
minor · modified The updated methodology adds a special measurement rule for China A shares that are current constituents of the MSCI China All Shares IMI™. For these securities, the relevant assessment uses free float-adjusted market capitalization before application of the adjustment factor, within the low-FIF Size-Segment investability requirements. Rated minor: The change adds an eligibility-assessment rule for current MSCI China All Shares IMI constituents, specifying the market-capitalization measure used before the adjustment factor. This affects how affected China A shares are assessed for Size-Segment investability, so it is substantive; as an M3 eligibility change, the materiality is minor.Model-written, for reference only. Open p.130 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.131 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.134 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.136 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.136 ↗
minor · added The updated document adds Appendix XVIII, which introduces the MSCI Southbound Indexes and states that they aim to measure the performance of securities available through Southbound Trading under the Stock Connect Program. Rated minor: A new index-identity and scope statement was added for the MSCI Southbound Indexes, defining the market and securities they are intended to measure. This is an M1 identity/universe-related change, so its materiality ceiling is minor.Model-written, for reference only. Open p.138 ↗
minor · added A new index construction rule states that the MSCI Southbound Indexes select all constituents from the MSCI China Indexes, MSCI Hong Kong Indexes, and the Hong Kong listing of HSBC, provided they are available for both buying and selling through Stock Connect Southbound Trading. This introduces a selection and eligibility condition for index membership. Rated minor: The added text defines the Southbound Indexes' constituent selection rule and dual-trading eligibility condition, affecting the set of eligible securities. This is a substantive M4 selection/eligibility change, which is capped at minor.Model-written, for reference only. Open p.138 ↗
major · added A new Index Maintenance rule states that MSCI Southbound Indexes are updated at each Index Review to include eligible constituents from the MSCI China Indexes, MSCI Hong Kong Indexes, and the Hong Kong listing of HSBC that can be both bought and sold through Stock Connect Southbound Trading. The eligibility determination is made nine business days before the Index Review effective date. Rated major: The added rule establishes the Index Review update process for Southbound Index constituents and sets a substantive determination cutoff of nine business days before the effective date. Because this concerns index maintenance and review timing under M6, the materiality is major.Model-written, for reference only. Open p.138 ↗
major · added A new "Ongoing Event Related Changes" section sets out ad-hoc maintenance rules for MSCI Southbound Indexes. Additions are prohibited between Index Reviews, deletions from MSCI China and MSCI Hong Kong Indexes are reflected simultaneously, and Stock Connect eligibility is reviewed daily. Constituents losing eligibility for both buying and selling are removed after two days' notice, excluding market holidays, with a special rule when the implementation date coincides with a holiday. Rated major: The added section introduces substantive ad-hoc deletion, daily eligibility monitoring, notice-period, and holiday-implementation rules affecting index constituents between scheduled reviews. These are corporate-action/ad-hoc-change rules within M8, so the change is major.Model-written, for reference only. Open p.138 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.139 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.139 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.139 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.140 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.140 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.142 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.142 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.143 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.143 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.144 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.144 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.144 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.145 ↗
editorial · modified The updated transition timeline abbreviates "Global Investable Market Indexes" to "GIMI™" and "Investable Market Indexes" to "IMI™," with trademark symbols added. Some table text is also reflowed onto separate lines. No transition dates, actions, eligibility criteria, or methodology requirements are changed. Rated editorial: No index rule, date, threshold, formula, security set, or required action changes. The edits only replace spelled-out brand names with abbreviations and trademark symbols and reformat existing text; trademark and formatting changes are editorial-level.Model-written, for reference only. Open p.145 ↗
editorial · modified The appendix was renumbered from XIX to XX, the heading was shortened from "Index Review" to "Review," and "MSCI Global Investable Market Indexes" was replaced by the trademarked abbreviation "MSCI GIMI™." The substantive historical description of the transition to Quarterly Comprehensive Index Reviews is unchanged. Rated editorial: No index rule, schedule, threshold, formula, or affected security set changed. The updates are limited to appendix renumbering, a shortened heading, and an abbreviation/trademark change, so the change is an editorial.Model-written, for reference only. Open p.148 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.148 ↗
editorial · modified The appendix was renumbered from XX to XXI, the opening label was changed from "Methodology" to "Indexes Methodology," and "MSCI Global Investable Market Indexes Methodology" was abbreviated to "MSCI GIMI™ Methodology." The document footer was also removed. No index rule, threshold, date, or constituent treatment was changed. Rated editorial: No substantive index rule changed; the substantive eligibility, consolidation, rebalancing, and 2.5% ATVR provisions remain identical. The update consists of appendix renumbering, wording/formatting changes, use of the GIMI trademark abbreviation, and footer removal, all of which are editorial items.Model-written, for reference only. Open p.149 ↗
major · modified The updated change history adds 2026 methodology entries covering FIF implementation, free-float rounding and depository-receipt treatment, a new MSCI Southbound Index section, market-eligibility table updates, Extreme Price Increase exemptions, corporate-event-related review reversals, ineligible-alert-board monitoring, light-rebalancing treatment, and China index maintenance. The update also replaces fuller index names with IMI™/GIMI™ and adds formatting line breaks, which are non-substantive branding/format changes. Rated major: The update adds substantive rule disclosures, including changes to free-float rounding/calculation treatment and reversal of index reviews due to ongoing corporate events. These fall within calculation and corporate-action/ad-hoc maintenance categories (M8/M9), which set the materiality ceiling at major. The IMI™/GIMI™ trademark abbreviations and line-break/section-splitting changes are patches, but they do not offset the substantive methodology updates.Model-written, for reference only. Open p.150 ↗
editorial · added A new "Contact us" section was added, providing MSCI company information, regional telephone contact numbers, the MSCI website and contact page, and a link to the formal index-complaint process. No index methodology rule, eligibility criterion, calculation, or review process was changed. Rated editorial: The change adds administrative contact and complaint-disclosure information only. It does not add, remove, or modify an index rule affecting users, and it does not alter notice periods or consultation obligations.Model-written, for reference only. Open p.190 ↗
editorial · added The updated document adds a “Notice and disclaimer” section covering MSCI’s intellectual-property rights, permitted use restrictions, AI-use limitations, warranties, liability disclaimers, investment-advice disclaimers, performance caveats, conflicts, and governing law. It does not add or alter any index construction, eligibility, selection, weighting, review, or calculation rule. Rated editorial: The change adds a legal and proprietary-rights notice rather than an index methodology rule. It belongs to M10 governance/disclosure and does not alter notice periods, consultation obligations, index identity, universe, eligibility, selection, weighting, reviews, corporate actions, or calculation, so it is an editorial.Model-written, for reference only. Open p.191 ↗
other removed Front matter
--- Front matter (2026-10-02_735fbfb9)
+++ /dev/null
@@ -1,2 +0,0 @@
-Index Methodology
-MSCI Global Investable Market Indexes Methodology Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes MSCI Global Investable Market Indexes Methodology | November 2025
other modified Outline of the Methodology Booksimilarity 96%
--- Outline of the Methodology Book (2026-10-02_735fbfb9)
+++ Outline of the Methodology Book (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
This methodology book outlines MSCI’s index objectives and details the methodology employed to create and maintain the MSCI Global Investable Market Indexes.
-Section 1 provides an introduction and background to the MSCI Global Investable Market Indexes including the objectives and design of the indexes.
+Section 1 provides an introduction and background to the MSCI GIMI™ including the objectives and design of the indexes.
Section 2 details the principles and the methodology used for index construction. This includes the investability requirements and the size-segmentation methodology used in constructing the indexes.
Section 3 describes the maintenance principles employed for reflecting the evolution of the markets in a timely fashion while providing index stability and controlling turnover.
Section 4 details the principles and the methodology used for MSCI All Cap Indexes construction.
@@ -7,5 +7,4 @@
Section 6 details the principles and the methodology used for MSCI Standalone Market Indexes construction.
The Appendices contain details on equity market coverage, country classification of securities, free float definition and estimation, and other attributes.
For more information on the terms used throughout this methodology document please refer to the MSCI Index Glossary on MSCI's website: https://www.msci.com/index-methodology.
-This book was last updated in February 2026.
-MSCI Global Investable Market Indexes Methodology | November 2025
+This book was last updated in August 2026.
M1 modified 1 Introduction to the MSCI GIMI™ (was 1 Introduction to the MSCI Global Investable Market Indexes)similarity 98%
--- 1 Introduction to the MSCI Global Investable Market Indexes (2026-10-02_735fbfb9)
+++ 1 Introduction to the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -2,18 +2,17 @@
The MSCI global equity indexes have maintained their leading position because they have evolved over time to continue to appropriately reflect the international investable opportunity set of equities while addressing the changing and expanding investment interests of cross-border investors.
Developments in international equity markets and investment management processes have led many investors to desire very broad coverage and size-segmentation of the international equity markets.
To address these desires and continue to meet our index construction and maintenance objective, after a thorough consultation with members of the international investment community, MSCI enhanced its Standard Index methodology, by moving from a sampled multi-cap approach to an approach targeting exhaustive coverage with nonoverlapping size and style segments.
-The MSCI Standard and MSCI Small Cap Indexes, along with the other MSCI equity indexes based on them, transitioned to the Global Investable Market Indexes methodology described in this methodology book.
+The MSCI Standard and MSCI Small Cap Indexes, along with the other MSCI equity indexes based on them, transitioned to the GIMI™ methodology described in this methodology book.
The transition was completed at the end of May 2008.
The MSCI Standard Indexes are composed of the MSCI Large Cap and Mid Cap Indexes.
-The MSCI Global Small Cap Index transitioned to the MSCI Small Cap Index resulting from the Global Investable Market Indexes methodology and contains no overlap with constituents of the transitioned MSCI Standard Indexes.
-Together, the relevant MSCI Large Cap, Mid Cap and Small Cap Indexes make up the MSCI Investable Market Index for each country, composite, sector, and style index that MSCI offers.
-Based on transparent and objective rules, the Global Investable Market Indexes are intended to provide: Exhaustive coverage of the investable opportunity set with non-overlapping size and style segmentation.
+The MSCI Global Small Cap Index transitioned to the MSCI Small Cap Index resulting from the GIMI methodology and contains no overlap with constituents of the transitioned MSCI Standard Indexes.
+Together, the relevant MSCI Large Cap, Mid Cap and Small Cap Indexes make up the MSCI IMI™ for each country, composite, sector, and style index that MSCI offers.
+Based on transparent and objective rules, the GIMI are intended to provide: Exhaustive coverage of the investable opportunity set with non-overlapping size and style segmentation.
A strong emphasis on investability and replicability of the indexes through the use of size and liquidity screens.
Size segmentation designed to achieve an effective balance between the objectives of global size integrity and country diversification.
An innovative maintenance methodology that provides a superior balance between index stability and reflecting changes in the opportunity set in a timely way.
-A complete and consistent set of Size-Segment Indexes, with Standard, Large Cap, Mid Cap, Small Cap, and Investable Market Indexes.
-In addition to the innovations listed above, the Global Investable Market Indexes methodology retained many of the features of the original methodology, such as:
-The use of a building block approach to permit the creation and calculation of meaningful composites.
+A complete and consistent set of Size-Segment Indexes, with Standard, Large Cap, Mid Cap, Small Cap, and IMI.
+In addition to the innovations listed above, the GIMI methodology retained many of the features of the original methodology, such as: The use of a building block approach to permit the creation and calculation of meaningful composites.
The creation of sector and industry indexes using the Global Industry Classification Standard (GICS®).
Minimum free float requirements for eligibility and free float-adjusted capitalization weighting to appropriately reflect the size of each investment opportunity and facilitate the replicability of the Indexes.
Timely and consistent treatment of corporate events and synchronized rebalancings, globally.
M4 modified 2 Constructing the MSCI GIMI™ (was 2 Constructing the MSCI Global Investable Market Indexes)similarity 96%
--- 2 Constructing the MSCI Global Investable Market Indexes (2026-10-02_735fbfb9)
+++ 2 Constructing the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-The MSCI Global Investable Markets Indexes are constructed and maintained at an individual Market1 level.
-Constructing the MSCI Global Investable Market Indexes involves the following steps: Defining the Equity Universe for each Market.
+The MSCI GIMI™ are constructed and maintained at an individual Market1 level.
+Constructing the MSCI GIMI involves the following steps: Defining the Equity Universe for each Market.
Determining the Market Investable Equity Universe for each Market.
Determining market capitalization size-segments for each Market.
Applying Index Continuity Rules for the Standard Index.
3 unchanged sections
- M2 2.1 Defining the Equity Universe
- M2 2.1.1 Identifying Eligible Equity Securities
- M2 2.1.2 Country Classification of Eligible Securities
M3 modified 2.2 Determining the Market Investable Equity Universessimilarity 98%
--- 2.2 Determining the Market Investable Equity Universes (2026-10-02_735fbfb9)
+++ 2.2 Determining the Market Investable Equity Universes (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
A Market Investable Equity Universe for a market is derived by: Identifying eligible listings for each security in the Equity Universe, and Applying investability screens to individual companies and securities in the Equity Universe that are classified in that market.
A market is equivalent to a single country, except in DM Europe, where all DM countries in Europe are aggregated into a single market for index construction purposes.
-Subsequently, individual DM Europe country indexes within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the Global Investable Market Indexes methodology.
+Subsequently, individual DM Europe country indexes within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the GIMI™ methodology.
The Global Investable Equity Universe is the aggregation of all Market Investable Equity Universes.
The DM Investable Equity Universe is the aggregation of all the Market Investable Equity Universes for Developed Markets
2 unchanged sections
- M3 2.2.1 Identifying Eligible Listings
- M3 2.2.2 Applying Investability Screens
M3 modified 2.2.3 Equity Universe Minimum Size Requirement
--- 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_735fbfb9)
+++ 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_9ff15223)
@@ -15,6 +15,6 @@
240,000 190,000 4.68% 5 AF c
235,000 95,000 4.98% 6 GG a 230,000 230,000 5.73% 7 AH 225,000 225,000 6.45% 8 a AL d
210,000 210,000 7.13% 9 … … … … … … … … … … .. .. .. .. .. WWW f 1,000 250 98.99% 8,007 XYZ 150 130 99.00% 8,008 g YYY f 125 125 99.01% 8,009 ZZZZ f 100 100 99.01% 8,010 … … … … … Total 31,000,000 100.00%
-At the time of the February 2026 Index Review, the Equity Universe Minimum Size Requirement was USD 507 million for the Developed and Emerging Markets while it was USD 13 million for the Frontier Markets.
+At the time of the August 2026 Index Review, the Equity Universe Minimum Size Requirement was USD 585 million for the Developed and Emerging Markets while it was USD 14 million for the Frontier Markets.
Companies with full market capitalizations below this level are not included in any Market Investable Equity Universe.
The Equity Universe Minimum Size Requirement is reviewed and, if necessary revised, at Index Reviews.
1 unchanged section
- M3 2.2.4 Equity Universe Minimum Float-Adjusted Market Capitalization Requirement
M3 modified 2.2.5 DM and EM Minimum Liquidity Requirementsimilarity 96%
--- 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_735fbfb9)
+++ 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_9ff15223)
@@ -18,17 +18,17 @@
Foreign listing in a different geographical region9.
Concerning the level of a stock price, there may be liquidity issues for securities trading at a very high stock price.
Hence, a limit of USD 10,000 has been set and securities with stock prices above USD 10,000 fail the liquidity screening.
-This rule applies only for non-constituents of the MSCI Global Investable Market Indexes.
-Consequently, current constituents of the MSCI Global Investable Market Indexes would remain in the index if the stock price passes the USD 10,000 threshold.
+This rule applies only for non-constituents of the MSCI GIMI™.
+Consequently, current constituents of the MSCI GIMI would remain in the index if the stock price passes the USD 10,000 threshold.
Details on the calculation of ATVR and FOT are available in the MSCI Liquidity Data Methodology10 at www.msci.com/index-methodology.
In some circumstances, MSCI may apply relevant adjustments to the liquidity values at the time of the regular Index Reviews, in those cases where the ATVR11 and/or Frequency of Trading are the decisive elements for a security impacting the Market Investable Universe.
-For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the Investable Market Index are not eligible for the Market Investable Equity Universe.
+For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the IMI™ are not eligible for the Market Investable Equity Universe.
In the cases of large public offerings that significantly increase a security’s free floatadjusted market capitalization and liquidity, MSCI may use trading volumes after the public offering.
When determining the potential re-addition of a security that was deleted in the prior 12months, MSCI may adjust ATVR values by excluding the trading volumes of the month during which the deletion of the security was announced and implemented.
In case of an increase in a security’s FIF from zero to non-zero effective at an upcoming regular Index Review or during the relevant ATVR calculation period (e.g. due to an increase in FOL or in any adjustment factor), MSCI may adjust ATVR values by applying the updated FOL or adjustment factor during the ATVR calculation period where the FIF was zero.
+In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
9 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
10 Liquidity values published in the MSCI Index monthly product files currently does not consider certain adjustments such as trading volumes on Saturdays and/or Sundays.
11 Notes on ATVR calculation: - Trading volumes and prices for liquidity computation will only be captured from eligible exchange, including USA and Canada.
In general, MSCI uses free float-adjusted security market capitalization after the application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors).
-ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
-In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.
+ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.
2 unchanged sections
- M3 2.2.6 Global Minimum Foreign Inclusion Factor Requirement
- M3 2.2.7 Minimum Length of Trading Requirement
M3 modified 2.2.8 Minimum Foreign Room Requirement11Fsimilarity 81%
--- 2.2.8 Minimum Foreign Room Requirement11F (2026-10-02_735fbfb9)
+++ 2.2.8 Minimum Foreign Room Requirement11F (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
This investability screen is applied at the individual security level.
-For a security that is subject to a Foreign Ownership Limit (FOL) to be eligible for inclusion in a Market Investable Equity Universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 15%.
+12 Indian securities included in the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached would not be considered for the For a security that is subject to a Foreign Ownership Limit (FOL) to be eligible for inclusion in a Market Investable Equity Universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 15%.
For more information on the adjustment applied to securities within the Market Investable Equity Universe that have foreign room less than 25%, please refer to Sub-section 2.3.6.2 for details.
1 unchanged section
- M3 2.2.9 Financial Reporting Requirement
M4 modified 2.3 Defining Market Capitalization Size-Segments for Each Marketsimilarity 89%
--- 2.3 Defining Market Capitalization Size-Segments for Each Market (2026-10-02_735fbfb9)
+++ 2.3 Defining Market Capitalization Size-Segments for Each Market (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-Once a Market Investable Equity Universe is defined, it is segmented into the following sizebased indexes: Investable Market Index (Large + Mid + Small) Standard Index (Large + Mid) Large Cap Index Mid Cap Index Small Cap Index The structure of the MSCI Global Investable Market Indexes in each market is depicted below.
-12 Indian securities included in the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached would not be considered for the inclusion in Market Investable Equity Universe.
+Once a Market Investable Equity Universe is defined, it is segmented into the following sizebased indexes: Investable Market Index (Large + Mid + Small) Standard Index (Large + Mid) Large Cap Index Mid Cap Index Small Cap Index The structure of the MSCI GIMI™ in each market is depicted below.
+The IMI™, the Standard Index and the Large Cap Index are created first, while the Mid Cap Index is derived as the difference between the Standard Index and the Large Cap Index, and the Small Cap Index is derived as the difference between the IMI and the Standard Index.
+inclusion in Market Investable Equity Universe.
More generally, based on information available from the country regulatory authority, for securities where further purchase are restricted due to foreign ownership restriction, the securities would not be considered for the inclusion in Market Investable Equity Universe.
-The Investable Market Index, the Standard Index and the Large Cap Index are created first, while the Mid Cap Index is derived as the difference between the Standard Index and the Large Cap Index, and the Small Cap Index is derived as the difference between the Investable Market Index and the Standard Index.
In order to create size-segments that can be meaningfully aggregated into composites, the individual Market Size-Segments need to balance the following two objectives: Achieving Global Size Integrity by ensuring that, within a given size-segment of a composite index, only companies of comparable and relevant sizes are included across all markets.
This can be measured by looking at a size-segment cutoff relative to a free float-adjusted market capitalization coverage target based on the Global Investable Equity Universe.
Achieving Consistent Market Coverage by ensuring that each market’s size-segment is represented in its proportional weight in the composite universe.
@@ -9,7 +9,8 @@
It is not possible to achieve both of these objectives consistently and simultaneously across all markets.
Therefore, to balance these objectives, the methodology sets a minimum size cutoff for each size-segment in each market using: A size range for all markets derived from a free float-adjusted target market capitalization of the Global Investable Equity Universe, together with A target free float-adjusted coverage range set within each individual Market Investable Equity Universe.
The intersection of these ranges specifies a Size and Coverage Target Area as depicted below.
-This is done for each of the three size-segment indexes, namely the Investable Market Index, the Standard Index, and the Large Cap Indexes.
+This is done for each of the three size-segment indexes, namely the IMI, the Standard Index, and the Large Cap Indexes.
Full Market Capitalization
Size and Coverage Size Range Target Area
-Cumulative Free Float- Coverage Adjusted Range Market Coverage Creating the Size-Segment Indexes in each market involves the following steps: Defining the Market Coverage Target Range for each size-segment Determining the Global Minimum Size Range for each size-segment Determining the Market Size-Segment Cutoffs and associated Segment Number of Companies Assigning companies to the size-segments Applying final size-segment investability requirements
+Cumulative Free Float- Coverage Adjusted Range Market Coverage
+Creating the Size-Segment Indexes in each market involves the following steps: Defining the Market Coverage Target Range for each size-segment Determining the Global Minimum Size Range for each size-segment Determining the Market Size-Segment Cutoffs and associated Segment Number of Companies Assigning companies to the size-segments Applying final size-segment investability requirements
M4 modified 2.3.1 Defining the Market Coverage Target Range for Each Size-Segmentsimilarity 97%
--- 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment (2026-10-02_735fbfb9)
+++ 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
To define the Size-Segment Indexes for a market, the following free float-adjusted market capitalization Market Coverage Target Ranges are applied to the Market Investable Equity Universe: Large Cap Index: 70% ± 5%.
Standard Index: 85% ± 5%.
-Investable Market Index: 99%+1% or -0.5%.
+IMI™: 99%+1% or -0.5%.
The Mid Cap Index market coverage in each market is derived as the difference between the market coverage of the Standard Index and the Large Cap Index in that market.
-The Small Cap Index market coverage in each market is derived as the difference between the free float-adjusted market capitalization coverage of the Investable Market Index and the Standard Index in that market.
+The Small Cap Index market coverage in each market is derived as the difference between the free float-adjusted market capitalization coverage of the IMI and the Standard Index in that market.
M4 modified 2.3.2 Determining the Global Minimum Size Range for Each Size-Segmentsimilarity 96%
--- 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment (2026-10-02_735fbfb9)
+++ 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment (2026-10-02_9ff15223)
@@ -1 +1,2 @@
-The Global Minimum Size Range for each size-segment is determined by defining a Global Minimum Size Reference for Large Cap, Standard, and Investable Market Indexes, and specifying a range of 0.5 times to 1.15 times those References.
+The Global Minimum Size Range for each size-segment is determined by defining a Global Minimum Size Reference for Large Cap, Standard, and IMI™ Indexes, and specifying a range of
+0.5 times to 1.15 times those References.
M4 modified 2.3.2.1 Defining the Global Minimum Size Referencesimilarity 97%
--- 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_735fbfb9)
+++ 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_9ff15223)
@@ -1,12 +1,13 @@
The Global Minimum Size Reference for the Large Cap, Standard, and Investable Market sizesegments are derived in a similar manner to the derivation of the Equity Universe Minimum Size as follows: First, the companies in the DM Investable Equity Universe are sorted in descending order of full market capitalization and the cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe is calculated at each company.
-Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen: - DM Large Cap Index: 70% coverage - DM Standard Index: 85% coverage - DM Investable Market Index: 99% coverage
+Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen:
+- DM Large Cap Index: 70% coverage - DM Standard Index: 85% coverage - DM IMI™: 99% coverage
For Emerging Markets, the Global Minimum Size Reference is set at one-half the corresponding level of full market capitalization used for the Developed Markets for each size-segment.
-The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on January 16, 2026 data, are set forth below.
-The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 15.20 billion.
+The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on July 20, 2026 data, are set forth below.
+The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 16.28 billion.
This level, therefore, defines the Global Minimum Size Reference for DM Standard Indexes.
Applying the range of
-0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 7.60 billion to USD 17.48billion for the DM Standard Indexes.
-The EM range for the Standard Indexes, therefore, is USD 3.80 billion to USD 8.74 billion.
-Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Size Global Minimum Size Global Minimum Size Coverage Reference Reference (50% of DM) Reference Feb-26 Feb-26 Feb-26 Universe
-Large Cap 70% 49,097 24,548 1,181 Mid Cap 85% 15,198 7,599 452 Small Cap 99% 1,158 579 32
-All market caps are in USD millions. Data as of the close of January 16, 2026 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
+0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 8.14 billion to USD 18.72 billion for the DM Standard Indexes.
+The EM range for the Standard Indexes, therefore, is USD 4.07 billion to USD 9.36 billion.
+Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Global Minimum Size Global Minimum Coverage Size Reference Reference (50% of DM) Size Reference Aug-26 Aug-26 Aug-26 Universe
+Large Cap 70% 53,878 26,939 1,283 Mid Cap 85% 16,276 8,138 473 Small Cap 99% 1,234 617 31
+All market caps are in USD millions. Data as of the close of July 20, 2026 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
M4 modified 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffssimilarity 99%
--- 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-02_735fbfb9)
+++ 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-02_9ff15223)
@@ -1,16 +1,15 @@
Segment Cutoffs The Market Size-Segment Cutoffs are derived by identifying a size cutoff which falls within, or as close as possible to, the Size and Coverage Target Area for that size-segment.
For each size-segment, for each market, this is achieved as follows: The companies in the Market Investable Equity Universe are sorted in descending order of full market capitalization.
The cumulative free float-adjusted capitalization coverage of the Market Investable Equity Universe is calculated at each company.
-MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - Investable Market Index: 99%
-If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
+MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - IMI™: 99% If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
segment at that point in time. - The number of companies with full market capitalization greater than or equal to the relevant company provides
the Segment Number of Companies, which will be used to maintain the indexes over time. If it is not, then: - The number of companies is decreased until the full market capitalization of the smallest company in the size-
segment is equal or higher than the lower bound of the Global Minimum Size Range for that size-segment. Or, - The number of companies is increased to include all companies with a full market capitalization higher than the
upper bound of the Global Minimum Size Range for that size-segment. - The full market capitalization of the last company defines the Market Size-Segment Cutoff for that segment and
the Segment Number of Companies is set to this company’s rank.
This process is designed to give priority to global size integrity over market coverage in situations where both objectives cannot be achieved simultaneously.
-For the Investable Market Index, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
-At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the Investable Market Indexes.
+For the IMI™, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
+At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the IMI.
Since Size-Segment Indexes are based on company full market capitalization, all securities of a company are always classified in the same size-segment.
As a result, there may be more securities than companies in a given size-segment.
The Market Size-Segment Cutoffs and Segment Number of Companies are maintained daily, and updated at Index Reviews, additionally taking into account index stability and continuity rules.
2 unchanged sections
- M4 2.3.4 Assigning Companies to the Size-Segments
- M4 2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example
M3 modified 2.3.6 Applying Final Size-Segment Investability Requirementssimilarity 95%
--- 2.3.6 Applying Final Size-Segment Investability Requirements (2026-10-02_735fbfb9)
+++ 2.3.6 Applying Final Size-Segment Investability Requirements (2026-10-02_9ff15223)
@@ -1 +1 @@
-To enhance the replicability of Size-Segment Indexes, additional size-segment investability requirements are set for the Investable Market and the Standard Indexes.
+To enhance the replicability of Size-Segment Indexes, additional size-segment investability requirements are set for the IMI™ and the Standard Indexes.
M3 modified 2.3.6.1 Minimum Free Float Market Capitalization Requirementsimilarity 96%
--- 2.3.6.1 Minimum Free Float Market Capitalization Requirement (2026-10-02_735fbfb9)
+++ 2.3.6.1 Minimum Free Float Market Capitalization Requirement (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the Investable Market Index, a security can be included in the Investable Market Index only if its free floatadjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the Investable Market Index.
-In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the Investable Market Index, the security’s free floatadjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the Investable Market Index.
-In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the Investable Market Index, the security’s free float-adjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the Investable Market Index.
+If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the IMI™, a security can be included in the IMI only if its free float-adjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the IMI.
+In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the IMI, the security’s free float-adjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the IMI.
+In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the IMI, the security’s free floatadjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the IMI.
If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the Standard Index, a security can be included in the Standard Index only if its free float-adjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the Standard Index.
In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the Standard Index, the security’s free float-adjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the Standard Index.
In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the Standard Index, the security’s free float-adjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the Standard Index.
-Any company excluded from the Standard Index based on this rule is also excluded from the Investable Market Index.
+Any company excluded from the Standard Index based on this rule is also excluded from the IMI.
For a security with a Foreign Inclusion Factor (FIF) lower than 0.15 to be included in the Standard Market Index, its free float-adjusted market capitalization must be at least 1.8 times the minimum free float-adjusted market capitalization required for the Standard Index.
Please refer to the Section 3.1.6.2 for details on assessing conformity with the Final Size-Segment Investability Requirements for existing constituents.
M3 modified 2.3.6.2 Minimum Foreign Room Requirementsimilarity 98%
--- 2.3.6.2 Minimum Foreign Room Requirement (2026-10-02_735fbfb9)
+++ 2.3.6.2 Minimum Foreign Room Requirement (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-For a security that is subject to a Foreign Ownership Limit (FOL) to be included in the Investable Market Index at its entire free-float adjusted market capitalization, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 25%.
+For a security that is subject to a Foreign Ownership Limit (FOL) to be included in the IMI™ at its entire free-float adjusted market capitalization, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 25%.
If a security's foreign room is less than 25% and equal to or higher than 15%, MSCI will use an adjustment factor of 0.5 to reflect the actual level of foreign room to adjust the security's final foreign inclusion factor (FIF).
As described in Sub-Section 2.2.8, securities will not be eligible for inclusion in a Market Investable Equity Universe if the foreign room is less than 15%.
The adjustment factor will be applied to the security actual FIF to arrive at the final FIF of the security.
-Conformity with the minimum free float-adjusted market capitalization requirements for Investable Market Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor.
+Conformity with the minimum free float-adjusted market capitalization requirements for IMI constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor.
M3 modified 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increasesimilarity 62%
--- 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase (2026-10-02_735fbfb9)
+++ 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase (2026-10-02_9ff15223)
@@ -1,8 +1,9 @@
-Securities that exhibit extreme price increase will not be eligible for addition into the Standard Indexes but will continue to be considered as part of the market investable universe.
-Such securities would be re-evaluated for Standard Index inclusion in the subsequent Index Review using Standard Index inclusion criteria, including the return-based thresholds for extreme price increase as described below.
-For additions to the Standard indexes, MSCI will evaluate their excess returns for specific monitoring periods against relevant thresholds as per the below table.
-A security that breaches the threshold of any period is considered to exhibit extreme price increase.
-Monitoring Periods and Thresholds for Extreme Price Increase Period* 5D 10D 15D 20D 25D 30D 35D 40D 45D 50D 55D 60D Excess Returns 100% 100% 100% 100% 200% 200% 200% 200% 400% 400% 400% 400% Threshold Period* 90D 120D 150D 180D 250D Excess Returns 500% 800% 1500% 1500% 2500% Threshold * Number of days (Mon-Fri) prior to the price cutoff date of the Index Review ** The extended measurement period of 90D, 120D, 150D, 180D and 250D is effective from May 2024 Index Review
-Excess return is calculated as the difference between the return of a security for the relevant period and the average return of IMI constituents belonging to the same country-sector where the security is classified (in terms of country of classification and GICS classification at the sector level).
+For additions to the Standard indexes, MSCI will evaluate the excess returns over specific monitoring periods against the relevant thresholds set out in the table below.
+A security that breaches the threshold of any period is considered to exhibit extreme price increase (EPI).
+Excess return is calculated as the difference between the return of a security for the relevant period and the average return of IMI™ constituents belonging to the same country-sector where the security is classified (in terms of country of classification and GICS classification at the sector level).
For country-sectors that have five or less IMI constituents, the relevant country IMI return is used instead.
+Monitoring Periods and Thresholds for Extreme Price Increase: Period* 5D 10D 15D 20D 25D 30D 35D 40D 45D 50D 55D 60D Excess Returns 100% 100% 100% 100% 200% 200% 200% 200% 400% 400% 400% 400% Threshold Period* 90D 120D 150D 180D 250D Excess 500% 800% 1500% 1500% 2500% Returns Threshold * Number of days (Mon-Fri) prior to the price cutoff date of the Index Review ** The extended measurement period of 90D, 120D, 150D, 180D and 250D is effective from May 2024 Index Review
+Securities with a Foreign Inclusion Factor (FIF) of at least 0.75 are not subject to EPI screens.
+Non-constituents of the IMI that exhibit EPI with a FIF below 0.75 and meet all other Standard Index inclusion requirements will not be added to the Standard Index and will be retained in the market investable universe.
+In all cases where a security is not added to the Standard Index due to EPI, it will be reevaluated for Standard Index inclusion at the subsequent Index Review using Standard Index inclusion criteria, including the return-based thresholds for Extreme Price Increase as described above.
IPOs that do not meet the minimum length of trading requirements but meet all other criteria for Standard Index inclusion are not subject to this requirement.
M4 modified 2.4 Index Continuity Rules
--- 2.4 Index Continuity Rules (2026-10-02_735fbfb9)
+++ 2.4 Index Continuity Rules (2026-10-02_9ff15223)
@@ -6,5 +6,5 @@
index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5 - The securities are added to the Standard Index in order to reach five constituents for a Developed Market or three
for an Emerging Market in the ranking order determined in the step above Please note that the index continuity rules are applicable only to the Standard Market Indexes.
Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may have as little as one constituent.
-Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI methodology.
+Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI™ methodology.
Similarly, MSCI may resume calculation of such indexes if over time some companies become eligible for inclusion.
M4 modified 2.5 Constructing and Calculating the Individual MSCI GIMI™ Indexes (was 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes)similarity 0%
--- 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes (2026-10-02_735fbfb9)
+++ 2.5 Constructing and Calculating the Individual MSCI GIMI™ Indexes (2026-10-02_9ff15223)
@@ -1 +0,0 @@
-Markets Indexes
M4 modified 2.5.1 Market Size-Segment Indexessimilarity 98%
--- 2.5.1 Market Size-Segment Indexes (2026-10-02_735fbfb9)
+++ 2.5.1 Market Size-Segment Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
After companies are allocated to their respective Size-Segments (section 2.3.4) and securities are reviewed for complying with the Final Size-Segment Requirements (section 2.3.6), the final list of constituents for each of the Market Size-Segment Indexes is determined.
-The MSCI Investable Market Indexes are composed of the MSCI Standard Indexes and the MSCI Small Cap Indexes.
+The MSCI IMI™ Indexes are composed of the MSCI Standard Indexes and the MSCI Small Cap Indexes.
The MSCI Standard Indexes are further subdivided into the MSCI Large Cap and the MSCI Mid Cap Indexes.
-For example, the MSCI USA IMI, MSCI USA Index, MSCI USA Large Cap Index, MSCI USA Mid Cap Index, MSCI USA Small Cap Index.
+For example, the MSCI USA IMI™, MSCI USA Index, MSCI USA Large Cap Index, MSCI USA Mid Cap Index, MSCI USA Small Cap Index.
1 unchanged section
- M4 2.5.2 Composite Indexes12F
M4 modified 2.5.3 GICS®-Based Indexes (was 2.5.3 GICS-Based Indexes)similarity 77%
--- 2.5.3 GICS-Based Indexes (2026-10-02_735fbfb9)
+++ 2.5.3 GICS®-Based Indexes (2026-10-02_9ff15223)
@@ -2,13 +2,12 @@
To this end, MSCI has designed, in conjunction with S&P Dow Jones Indices, the Global Industry Classification Standard (GICS).
The GICS currently consists of 11 Sectors, 25 Industry Groups, 74 Industries and 163 Sub-Industries.
Under the GICS, each company is assigned uniquely to one Sub-Industry according to its principal business activity.
-Narrower Indexes may be derived from each MSCI Market, Regional or Composite Indexes based on the industry classification of each company as defined by the Global Industry Classification Standard (GICS).
-The indexes may contain securities belonging to specific Sectors, Industry Groups, Industries, Sub-Industries or a combination of these.
-For example,
13 Composite Indexes covered in this section refer to market capitalization weighted indexes created by combining individual Market Indexes.
14 Please refer to Appendix II for the MSCI Market Classification Framework.
15 The MSCI World Index is made up of all the Markets Indexes classified as Developed Markets.
16 All Countries include both Developed Markets and Emerging Markets Indexes.
-MSCI Japan Energy Index, MSCI Japan Media Index, MSCI Japan Financials Index.
+Narrower Indexes may be derived from each MSCI Market, Regional or Composite Indexes based on the industry classification of each company as defined by the Global Industry Classification Standard (GICS).
+The indexes may contain securities belonging to specific Sectors, Industry Groups, Industries, Sub-Industries or a combination of these.
+For example, MSCI Japan Energy Index, MSCI Japan Media Index, MSCI Japan Financials Index.
Also, indexes can be created by combining the country grouping described in Sub-section 2.5.2 above with GICS classification.
As an illustration, the MSCI EM Asia Utilities Index is a GICSbased Index carved out of a broader Composite Regional Index.
2 unchanged sections
- M4 2.5.4 Other Indexes
- M9 2.5.5 Calculating the MSCI GIMI™
M6 modified 3 Maintaining the MSCI GIMI™ (was 3 Maintaining the MSCI Global Investable Market Indexes)similarity 99%
--- 3 Maintaining the MSCI Global Investable Market Indexes (2026-10-02_735fbfb9)
+++ 3 Maintaining the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-The MSCI Global Investable Market Indexes are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve: Index continuity, Continuous investability of constituents and replicability of the indexes, and Index stability and low index turnover.
+The MSCI GIMI™ indexes are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve: Index continuity, Continuous investability of constituents and replicability of the indexes, and Index stability and low index turnover.
In particular, index maintenance involves: Quarterly Index Reviews (Index Reviews) in February, May, August and November of the Size-Segment Indexes which include: - Updating the indexes on the basis of a fully refreshed Equity Universe. - Taking buffer rules into consideration for migration of securities across size and style segments. - Updating Foreign Inclusion Factors (FIFs) and Number of Shares (NOS).
Ongoing event-related changes.
Changes of this type are generally implemented in the indexes as they occur.
Significantly large IPOs are included in the indexes after the close of the company’s tenth day of trading.
-Any index constructed on the basis of the GIMI methodology may be subject to potential concentration and other limitations resulting from changes in the underlying markets.
+Any index constructed on the basis of the GIMI™ methodology may be subject to potential concentration and other limitations resulting from changes in the underlying markets.
Any such potential limitations of an existing methodology may be assessed as part of the Index Review process.
M6 modified 3.1 Quarterly Index Reviewssimilarity 99%
--- 3.1 Quarterly Index Reviews (2026-10-02_735fbfb9)
+++ 3.1 Quarterly Index Reviews (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
The objective of the Index Reviews is to systematically reassess the various dimensions of the Equity Universe for all markets on a fixed quarterly timetable.
An Index Review involves a comprehensive review of the Size-Segment Indexes.
During each Index Review, the Equity Universe is updated and the Global Minimum Size Range is recalculated for each size-segment.
-Then, the following index maintenance activities are undertaken for each market: Updating the Market Investable Equity Universe Recalculating the Global Minimum Size References and Global Minimum Size Ranges Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs Assigning companies to the size-segments taking into account buffer zones Assessing conformity with Final Size-Segment Investability Requirements The MSCI Global Investable Market Indexes may follow light rebalancing rules (Light Rebalancing) at an Index Review if the criteria set in Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress are met
+Then, the following index maintenance activities are undertaken for each market: Updating the Market Investable Equity Universe Recalculating the Global Minimum Size References and Global Minimum Size Ranges Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs Assigning companies to the size-segments taking into account buffer zones Assessing conformity with Final Size-Segment Investability Requirements The MSCI GIMI™ may follow light rebalancing rules (Light Rebalancing) at an Index Review if the criteria set in Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress are met
1 unchanged section
- M2 3.1.1 Updating the Equity Universe
M3 modified 3.1.2 Updating the Market Investable Equity Universessimilarity 97%
--- 3.1.2 Updating the Market Investable Equity Universes (2026-10-02_735fbfb9)
+++ 3.1.2 Updating the Market Investable Equity Universes (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
-During each Index Review, the Market Investable Equity Universes are updated by: Reviewing the list of countries in which securities may be represented by foreign listings Evaluating each security that is not a constituent of the Investable Market Indexes for investability using the same investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
-Existing constituents of the Investable Market Indexes, on the other hand, are evaluated using buffers around these investability requirements as explained below.
+During each Index Review, the Market Investable Equity Universes are updated by: Reviewing the list of countries in which securities may be represented by foreign listings Evaluating each security that is not a constituent of the IMI™ indexes for investability using the same investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
+Existing constituents of the IMI indexes, on the other hand, are evaluated using buffers around these investability requirements as explained below.
2 unchanged sections
- M3 3.1.2.1 Eligibility of Foreign Listings
- M3 3.1.2.2 Updating the Equity Universe Minimum Size Requirement
M3 modified 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalizationsimilarity 99%
--- 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization (2026-10-02_735fbfb9)
+++ 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
The Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement is calculated as 50% of the updated Equity Universe Minimum Size Requirement.
-Non constituents of the IMI are evaluated relative to this updated threshold, whereas all existing constituents will not be evaluated relative to this investability requirement.
+Non constituents of the IMI™ indexes are evaluated relative to this updated threshold, whereas all existing constituents will not be evaluated relative to this investability requirement.
M7 modified 3.1.2.4 Minimum Liquidity Requirement for Existing Constituentssimilarity 90%
--- 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_735fbfb9)
+++ 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,18 +1,18 @@
-Non constituents of the Investable Market Indexes are evaluated relative to the thresholds described in section 2.2.5.
-An existing constituent of the Investable Market Indexes may remain in a Market Investable Equity Universe if its 12-month ATVR falls below the Minimum Liquidity Requirement as long as it is above 2/3rd of the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 13.3% and 10%, respectively.
-In addition, in order to remain in the Investable Market Indexes the existing constituent must have: The 3-month ATVR of at least 5%;
+Non constituents of the IMI™ indexes are evaluated relative to the thresholds described in
+section 2.2.5.
+An existing constituent of the IMI may remain in a Market Investable Equity Universe if its 12month ATVR falls below the Minimum Liquidity Requirement as long as it is above 2/3rd of the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 13.3% and 10%, respectively.
+In addition, in order to remain in the IMI the existing constituent must have: The 3-month ATVR of at least 5%;
The 3-month Frequency of Trading of at least 80% for Developed Markets and 70% for Emerging Markets.
If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17 Foreign listing in the same geographical region18 Foreign listing in a different geographical region19.
Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above two times the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 40% and 30%, respectively.
Such changes from a foreign listing to a local listing for existing index constituents will only be considered when data from previous twelve months is available for calculation of the 12-month ATVR.
If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
-However, MSCI would apply a
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or;
17 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
18 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
19 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
-Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or;
-Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or;
+Would maintain the security in the GIMI™ and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or;
Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
0.5 if none of the above conditions are met.
5 unchanged sections
- M3 3.1.2.5 Global Minimum Foreign Inclusion Factor Requirement
- M3 3.1.2.6 Minimum Foreign Room Requirement
- M3 3.1.2.7 Minimum Length of Trading Requirement
- M4 3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Ranges
- M4 3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs
M4 modified 3.1.4.1 Determining Initial Segment Number of Companiessimilarity 80%
--- 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_735fbfb9)
+++ 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_9ff15223)
@@ -2,5 +2,3 @@
If the Interim Market Size-Segment Cutoff is below the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the sum of: The number of companies in the updated Investable Equity Universe with the full company market capitalization equal or above the lower bound of the Global Minimum Size Range and;
The number of companies in the updated Investable Equity Universe that were also part of the corresponding Size-Segments prior to the Index Review with the full market capitalization below the Global Minimum Size Range, but equal to or above the Interim Market Size-Segment Cutoff.
This Initial Segment Number of Companies takes into account the newly eligible companies as well as deletions from the updated Investable Equity Universe.
-20 The Interim Market Size-Segment Cutoff during an Index Review is calculated the same way as the Interim Market Size- Segment Cutoffs, which are reported daily, however the Number of Shares and Foreign Inclusion factor post Index Review are used in the calculations and the value is not limited by the Global Minimum Size Range.
-Furthermore, if the Interim Market Size-Segment Cutoff is lower than the Equity Universe Minimum Size Requirement, then the Interim Market Size-Segment Cutoff is set to the Equity Universe Minimum Size Requirement.
M4 modified 3.1.4.2 Changes in the Segment Number of Companiessimilarity 91%
--- 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_735fbfb9)
+++ 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_9ff15223)
@@ -1,10 +1,13 @@
-The full market capitalization of the company ranked in the updated Market Investable Equity Universe at the Initial Segment Number of Companies and the cumulative free float-adjusted market capitalization coverage at this company rank are used to verify that the Initial Segment Number of Companies falls either: within the Size and Coverage Target Area for the Size-Segment Index or within the Lower or Upper Size Range Boundary Proximity Areas, which span from 0.5 times to 0.575 times and from one time to 1.15 times the Global Minimum Size Reference respectively (please refer to the diagram below for more details).
+The full market capitalization of the company ranked in the updated Market Investable Equity Universe at the Initial Segment Number of Companies and the cumulative free float-adjusted market capitalization coverage at this company rank are used to verify that the Initial Segment Number of Companies falls either: within the Size and Coverage Target Area for the Size-Segment Index or
+20 The Interim Market Size-Segment Cutoff during an Index Review is calculated the same way as the Interim Market Size- Segment Cutoffs, which are reported daily, however the Number of Shares and Foreign Inclusion factor post Index Review are used in the calculations and the value is not limited by the Global Minimum Size Range.
+Furthermore, if the Interim Market Size-Segment Cutoff is lower than the Equity Universe Minimum Size Requirement, then the Interim Market Size-Segment Cutoff is set to the Equity Universe Minimum Size Requirement.
+within the Lower or Upper Size Range Boundary Proximity Areas, which span from 0.5 times to 0.575 times and from one time to 1.15 times the Global Minimum Size Reference respectively (please refer to the diagram below for more details).
If it does, the Segment Number of Companies post Index Review becomes equal to this Initial Segment Number of Companies, and the full market capitalization corresponding to the smallest company in the Segment Number of Companies becomes the Market Size-Segment Cutoff for that market and is used in this Index Review.
The Segment Number of Companies is also equal to the Initial Segment Number of Companies in the cases when the full company market capitalization of the company corresponding to the Initial Segment Number of Companies is above the Global Minimum Size Range and there are no investable companies between this company and the upper boundary of the Global Minimum Size Range.
-Changing Segment Number of Companies Full Market Capitalization Nb. of Companies 1.15x GMSR Upper Size Range Boundary Proximity Area GMSR
+Changing Segment Number of Companies
+Full Market Capitalization Nb. of Companies 1.15x GMSR Upper Size Range Boundary Proximity Area GMSR
0.575X GMSR Low er Size Range Boundary Proximity Area 0.50X GMSR
-80% 85%
-90% Cumulative Free Float-Adjusted Market Coverage
+90% 80% 85% Cumulative Free Float-Adjusted Market Coverage
Additions No Changes Deletions
If the Initial Segment Number of Companies falls outside of the size and coverage target area, the Initial Segment Number of Companies is changed to bring it closer to the area.
In making this change, consideration is given to index stability and index turnover, which may impact the ability of Market Size-Segment Cutoffs to fall within the Size and Coverage Target range.
@@ -21,12 +24,11 @@
Size-Segment Cutoff into compliance with the Size and Coverage Target Area.
Only the companies with full company market capitalization lower than the lower limit of the Upper Size Range Boundary Proximity Area can be removed.
22 - If this reduction brings the Market Size-Segment Cutoff into compliance with the Global Minimum Size Range, or
-removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size Range, no further adjustment is necessary. - If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at
-most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the Initial Segment Number of Companies and the lower bound.
+removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size -
+Range, no further adjustment is necessary. If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the -
+Initial Segment Number of Companies and the lower bound.
+In market segments with a small number of companies, the deletion of the first two companies is not subject to the limits described above.
+22 - When a limit is placed on the decrease in the number of companies, as explained above, the full market
+capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range. In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.
21 This step is implemented even if it brings the Market Size-Segment Cutoff from below the lower boundary of the Market Coverage Target Range to above the upper boundary of the Market Coverage Target Range.
22 A company with full market capitalization within the Global Minimum Size Range is not removed if the removal would bring the Market Size-Segment Cutoff from above the upper boundary of the Market Coverage Target Range to below the lower boundary of the Market Coverage Target Range.
-- In market segments with a small number of companies, the deletion of the first two companies is not subject to
--
-the limits described above.
-22 When a limit is placed on the decrease in the number of companies, as explained above, the full market capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range.
-In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.
M4 modified 3.1.5 Assigning Companies to Appropriate Size-Segments
--- 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_735fbfb9)
+++ 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_9ff15223)
@@ -1,7 +1,8 @@
During an Index Review, companies are assigned with the following priority to the Size- Segments until the Segment Number of Companies is achieved: Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during last Index Review that failed the Final Size-Segment Investability Requirements, greater than or equal to the Market Size-Segment Cutoff.
Newly investable companies with a full market capitalization greater than or equal to the Market Size-Segment Cutoff.
Companies greater than the upper buffer threshold 23 of the lower Size-Segment that are: - Currently in the lower Size-Segment Index or - Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability
-Requirement or - Investable companies during last Index Review that were not assigned to any Size-Segment.
+-
+Requirement or Investable companies during last Index Review that were not assigned to any Size-Segment.
Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during the last Index Review that failed the Final Size-Segment Investability Requirements, in the lower buffer of the Size-Segment in descending capitalization order, until the threshold of the buffer is reached.
The largest companies from the upper buffer of the next lower size-segment.
Once companies have been assigned to the Standard, Large and Investable Market Segments, companies are then assigned to the Mid and Small Cap Segments.
M7 modified 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexessimilarity 92%
--- 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_735fbfb9)
+++ 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_9ff15223)
@@ -1,12 +1,11 @@
-Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment
-23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
+Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
An existing constituent is generally allowed to remain in its current size-segment even if its full market capitalization falls below (above) the Market Size-Segment Cutoff that defines the lower (upper) boundary of its segment, as long as its company full market capitalization falls within a buffer zone below (above) the Market Size-Segment Cutoff.
-The buffer zones at Index Reviews are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
-In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI.
-It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the Investable Market Index.
+The buffer zones at Index Reviews
+23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
+In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI™.
+It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the IMI.
The inclusion in the Small Cap Indexes of all non-current constituents of the IMI above the Investable Market Size-Segment Cutoff could lead to an excessively large number of additions of small companies.
-Consequently, noncurrent constituents of the IMI within the Small Cap Entry Buffer Zone which are assigned to the Small Cap Segment are included in the Small Cap Indexes only to the extent that they replace current constituents which have fallen below the Small Cap Lower Buffer.
-The remaining companies are not included in the Investable Market Indexes but are still taken into account to determine the Segment Number of Companies.
+Consequently, non-current constituents of the IMI within the Small Cap Entry Buffer Zone which are assigned to the Small Cap Segment are included in the Small Cap Indexes only to the extent that they replace current constituents which have fallen below the Small Cap Lower Buffer.
+The remaining companies are not included in the IMI indexes but are still taken into account to determine the Segment Number of Companies.
Index Review Buffers
Large Cap Mid Cap Upper Buffer (+50%) Large Cap Lower Buffer (-33%) Mid Cap Small Cap Upper Buffer (+50%) Mid Cap/Standard Lower Buffer (-33%) Small Cap Small Cap Entry Buffer (+50%) Small Cap Lower Buffer (-33%)
-24 At “light” rebalancings, the buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff between two size-segments.
1 unchanged section
- M3 3.1.6 Assessing Conformity with Final Size-Segment Investability Requirements
M3 modified 3.1.6.1 For New Constituentssimilarity 94%
--- 3.1.6.1 For New Constituents (2026-10-02_735fbfb9)
+++ 3.1.6.1 For New Constituents (2026-10-02_9ff15223)
@@ -1,5 +1,7 @@
Once companies are assigned to each size-segment, the securities of companies in each segment are evaluated for conformity with the additional size-segment investability requirements for each size-segment.
-The securities of newly eligible companies and of companies migrating from the lower segment are required to meet the additional investability requirements as described in Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
+The securities of newly eligible companies and of companies migrating from the lower segment are required to meet the additional investability
+24 At “light” rebalancings, the buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff between two size-segments.
+requirements as described in Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
In addition, IPOs eligible for early inclusion according to Sub-section 3.2.7, and for which the effective date of inclusion is either 5 days before the effective date of the Index Review or 3 days after, will be made effective to coincide with the Index Review.
For example, when the effective date of inclusion of the IPO is November 28 (3 business days before December 1), while the effective date of the Index Review is December 1, the IPO will be added effective December 1.
For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.
M7 added 3.1.6.2 Minimum Free Float Market Capitalization Requirement for Existing Constituents
--- /dev/null
+++ 3.1.6.2 Minimum Free Float Market Capitalization Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -0,0 +1,7 @@
+Existing constituents may remain in the size-segment indexes if they would otherwise fail the additional investability requirements for Free Float Market Capitalization described in Section
+2.3.6.1 but still meet 2/3rd of the threshold.
+Existing constituents of the Small Cap Index must have a FIF that is equal to or larger than 0.15 to remain in the index.
+Existing constituents of the Standard Index with FIF of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index.
+Existing Standard Index constituents in the lower buffer that fail the additional investability requirements of the Standard Index are moved to the Small Cap Index.
+However, if the company has other investable securities that meet the additional investability requirements of the Standard Index, the company is retained in the Standard Size-Segment and the securities failing the final size-segment investability requirements are not included in any of the indexes within the MSCI GIMI™.
+Any other Standard Index constituent that fails these requirements is not included in any of the indexes within the MSCI GIMI.
M5 modified 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents (was 3.1.6.2 For Existing Constituents)similarity 72%
--- 3.1.6.2 For Existing Constituents (2026-10-02_735fbfb9)
+++ 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,14 +1,6 @@
-Existing constituents may remain in the size-segment indexes if they would otherwise fail the additional investability requirements for Free Float Market Capitalization described in Section
-2.3.6.1 but still meet 2/3rd of the threshold.
-Existing constituents of the Small Cap Index must have a FIF that is equal to or larger than 0.15 to remain in the index.
-Existing constituents of the Standard Index with FIF of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index.
-Existing Standard Index constituents in the lower buffer that fail the additional investability requirements of the Standard Index are moved to the Small Cap Index.
-However, if the company has other investable securities that meet the additional investability requirements of the Standard Index, the company is retained in the Standard Size-Segment and the securities failing the final size-segment investability requirements are not included in any of the indexes within the MSCI Global Investable Market Indexes.
-Any other Standard Index constituent that fails these requirements is not included in any of the indexes within the MSCI Global Investable Market Indexes.
-Existing IMI constituents that exhibit extreme price increase (as per section 2.3.6.3) will not be eligible for migration into the Standard Indexes.
-Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
Current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
-The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
+The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below:
+Post-review adjustment factor
foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25%
room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
0.5
@@ -18,18 +10,19 @@
0.25 0 Current adjustment factor = 0.25 1
0.5
0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI™ Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
That is, existing constituents of the IMI Index with FIF (before the application of the adjustment factor) of greater than or equal to 0.15 must meet 2/3rd of the minimum free float-adjusted market capitalization required for the Standard or Small Cap Index to remain in the Standard or Small Cap Index, respectively.
Existing constituents of the Standard Index with FIF (before the application of the adjustment factor) of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index to remain in the Standard Index.
Conformity with the minimum free float-adjusted market capitalization requirements for noncurrent IMI constituents will be assessed using the free float-adjusted market capitalization after the application of the adjustment factor.
+Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
+Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
+For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily
25 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
In case of India, MSCI monitors securities appearing on the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached on a daily basis.
MSCI deletes securities from the MSCI India Indexes that are (i) Appearing on the Breach list (ii) Appearing on the Red Flag/Caution list and have foreign room below 3.75% by giving 2 business days’ notice.
In the case of Mexico, MSCI monitors the foreign investments under the Neutral Trust Program (NTP).
The NTP structure mandates foreign investors to acquire shares only through it.
MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
-26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
-Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
-For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
+26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
For example, to be considered for the May Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the February Index Review.
During a regular Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL27 until five business days before the effective date of that Index Review.
M3 added 3.1.6.4 Treatment of Existing Constituents that Exhibit Extreme Price Increase
--- /dev/null
+++ 3.1.6.4 Treatment of Existing Constituents that Exhibit Extreme Price Increase (2026-10-02_9ff15223)
@@ -0,0 +1,2 @@
+Existing IMI™ constituents that exhibit extreme price increase with a FIF below 0.75 will not be eligible for migration into the Standard Indexes and will be treated based on their market capitalization relative to the Standard Index Market Size-Segment Cutoffs: Existing IMI constituents whose full market capitalization is below 1.8 times the Standard Index Market Size-Segment Cutoff, or whose free float-adjusted market capitalization is below 1.8 times one-half of the Standard Index Market Size-Segment Cutoff, will be retained as Small Cap constituents.
+Existing IMI constituents whose full market capitalization is at least 1.8 times the Standard Index Market Size-Segment Cutoff, and whose free float-adjusted market capitalization is at least 1.8 times one-half of the Standard Index Market Size-Segment Cutoff, will not be added to the Standard Index and will be deleted from the Small Cap Index, while being retained in the market investable universe, to be re-evaluated for Standard Index inclusion at the next Index Review.
M5 modified 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs)similarity 57%
--- 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) (2026-10-02_735fbfb9)
+++ 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) (2026-10-02_9ff15223)
@@ -1,12 +1,14 @@
During an Index Review, changes in FIFs can result from events that occurred or were not captured in the course of the previous quarter covering changes in all aspects of shareholder information used to estimate free float.
Changes in free float estimates and corresponding FIFs are reflected in the indexes on a quarterly basis at the February, May, August and November Index Reviews.
-All FIF changes are reflected in the indexes provided the change in free float is more than 1% or in cases of corrections.
-In addition, all FIF changes are reflected for additions to the Standard/Small Cap Size-Segments, additions to the Micro Cap Index and deletions from the Standard Size-Segment as part of the Index Review.
+All FIF changes are reflected for existing index constituents subject to the following: For securities with free float greater than 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 2.5%
+27 Applicable only for securities still subject to FOLs.
+For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
+In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
+For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
+For securities with free float between 5% and 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.5% For securities with free float less than 5%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.1%
+In addition, the above mentioned thresholds would not be applicable and all FIF changes are reflected for: Additions to the Standard/Small Cap Size-Segments, including migrations between these two size-segments as part of the Index Review Additions to the Micro Cap Index, including deletions from the IMI™ as part of the Index Review FOL change resulting in a FIF change;
+In case of corrections.
FIF changes are implemented as part of a given Index Review if the changes take place prior to the Price Cutoff Date (as defined in Sub-Section 3.1.9) of that Index Review.
In cases of changes effective after the Price Cutoff Date, the implementation would generally be postponed to the next closest Index Review.
MSCI may implement the changes as part of a given Index Review even if they are effective after the Price Cutoff Date.
Such changes may be announced by MSCI until 3 business days before the Index Review effective date.
-27 Applicable only for securities still subject to FOLs.
-For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
-In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
-For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
1 unchanged section
- M5 3.1.8 Index Review of Changes in Number of Shares (NOS)
M6 modified 3.1.9 Date of Data Used for Index Reviewssimilarity 86%
--- 3.1.9 Date of Data Used for Index Reviews (2026-10-02_735fbfb9)
+++ 3.1.9 Date of Data Used for Index Reviews (2026-10-02_9ff15223)
@@ -1,15 +1,20 @@
The standard data cutoff dates for the Index Reviews are as follows: Equity Universe Cutoff Date: the last business day of November for the February Index Review, the last business day of February for the May Index Review, the last business day of May for the August Index Review, and the last business day of August for the November Index Review.
-This is the relevant cutoff date for: - Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe; - Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2:
-Updating the Equity Universe Minimum Size Requirement;
+This is the relevant cutoff date for: - -
+Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe;
+Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2: Updating the Equity Universe Minimum Size Requirement;
Liquidity Cutoff Date: the last business day of December for the February Index Review, the last business day of March for the May Index Review, the last business day of June for the August Index Review, and the last business day of September for the November Index Review.
This is the relevant cutoff date for data used for the liquidity calculations, such as ATVRs and frequency of trading.
Price Cutoff Date: any one of the last 10 business days28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
-This is the relevant cutoff date for:
-28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days. For example, if the effective date of the November 2024 Index - Prices used for calculating market capitalization; - -
-Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
+This is the relevant cutoff date for: - Prices used for calculating market capitalization; - Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); - Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing 29.
As a general rule, price movements after the Price Cutoff Date will not impact the results of the Index Review.
-However, in cases of extraordinary events or news related to a specific company identified as a migration between the size-segments or as an addition to the IMI based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
+However, in cases of extraordinary events or news related to a specific company
+28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days.
+For example, if the effective date of the November 2024 Index Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
+28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
+29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI™.
+Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open.
+identified as a migration between the size-segments or as an addition to the IMI™ based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
In such instances, the company would either be maintained in its current sizesegment or not added to the IMI.
Examples of such extraordinary events or news are allegations of fraud, falsification of accounting data or news on a takeover bid resulting in a significant reduction (or increase) in company’s market capitalization between the Index Review Price Cutoff Date and the announcement date or/and in its suspension for an undetermined period.
Market cap fluctuations or suspensions of trading after the Index Review announcement date typically would not result in the reversion of an already announced decision on the company’s size-segment allocation.
@@ -17,10 +22,6 @@
MSCI monitors the full company market capitalization (issuer level) of companies in the Market Investable Equity Universes on a monthly basis as a part of its ongoing maintenance.
The full company market capitalization is the aggregate security market capitalization of all listed securities of an issuer that are included in the MSCI Equity Universe, as well as all unlisted securities of such issuer that exhibit characteristics of equity securities.
Full company market capitalization = Σ (Number of shares of listed security lines*Price) + Σ (Number of shares of unlisted security lines*Price of reference listed security line*Conversion factor).
-Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
-28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
-29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI.
-Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open.
The conversion factor is an estimate of the economic value of the unlisted shares relative to the economic value (i.e., price) of the reference listed shares.
Generally, MSCI uses publicly available information such as the exchange ratio of unlisted shares to the listed shares, relative dividend rights or relative par value, among others, to derive this conversion factor.
Unlisted securities with no economic rights are not included in the computation of full company level market capitalization.
1 unchanged section
- M8 3.2 Ongoing Event-Related Changes
M8 modified 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenancesimilarity 98%
--- 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_735fbfb9)
+++ 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_9ff15223)
@@ -1,6 +1,7 @@
-For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
-To derive this number the following steps are followed: The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the Investable Market Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
+For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs 30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
+To derive this number the following steps are followed: The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the IMI™ Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
On a daily basis, each Market Size-Segment Cutoff is set to be the full market capitalization of the company of the rank equal to the Segment Number of Companies for that Size- Segment in the Market Investable Equity Universe.
The Interim Market Size-Segment Cutoff is set to: - The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. - The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper
-
bound. The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range. The daily values for the Market Size-Segment Cutoffs, the Segment Number of Companies and the Global Minimum Size Range are based on data from the previous trading day.
+30 As described in section 3.2.7
1 unchanged section
- M8 3.2.2 Updating the Segment Number of Companies
M8 modified 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituentssimilarity 98%
--- 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituents (2026-10-02_735fbfb9)
+++ 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,9 +1,8 @@
In between the regularly scheduled Quarterly Index Reviews (QIR), certain corporate events may lead to changes in the number of shares and/or FIF of an existing Index constituent.
Such changes in Number of Shares and/or FIF that meet the implementation threshold defined in the MSCI Corporate Events Methodology, are implemented simultaneously with the event.
-However, if the implementation threshold is not met, such changes are considered for implementation at a subsequent Index Review, subject to the rules applicable for the Index Reviews in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
+However, if the implementation threshold is not met, such changes are considered for implementation at a subsequent Index Review, subject to the rules applicable for the Index Reviews in accordance with section 3.1.7 or 3.1.8 of the MSCI GIMI™ Methodology.
The post event Number of Shares and/or FIF is estimated based on the terms of the event as per the guidelines available in the MSCI Corporate Events Methodology and any publicly available information on the post event shareholding structure.
-When subsequent public
-30 As described in section 3.2.7 disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
+When subsequent public disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI GIMI Methodology.
Pending NOS and/or float changes, if any, including any change in shareholder structure and/or FOLs, are implemented simultaneously with the event.
Note that if the number of shares update is smaller than + or -1% on a post-event number of shares basis, it will be implemented at a subsequent Index Review.
Decreases in FOLs or Foreign Room in which foreign investors are obliged to immediately sell shares in the market or when further purchases are no longer allowed will be reflected in the indexes as soon as possible.
M8 modified 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Eventsimilarity 95%
--- 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event (2026-10-02_735fbfb9)
+++ 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event (2026-10-02_9ff15223)
@@ -1,15 +1,19 @@
-Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the Global Investable Market Indexes and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
+Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the GIMI™ and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
A significant market capitalization change is defined as an increase of 50% or greater, or a decrease of 33% or more, relative to the company’s full market capitalization before the event.
The company’s post-event full market capitalization is then compared to the Interim Size- Segment Cutoffs in order to determine the classification of that security in the appropriate sizesegment.
The final decision is taken at the time of the completion of the event or, if the event is not effective yet, at the time of the confirmed announcement and is based on the latest market information available at the time of the analysis, including the latest NOS, FIF, and market prices.
In addition, the securities must pass the investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
-Moreover, to be added to the Investable Market Index, the securities must meet the minimum foreign room requirement for the Investable Market Index described in Sub-section 2.3.6.2: Minimum Foreign Room Requirement.
-The post-event Size-Segment of the security, following a significant corporate event, is determined based on the rules outlined in the table below. Security is deleted from MSCI Indexes if it fails to meet any of the criteria outlined below.
+Moreover, to be added to the IMI™, the securities must meet the minimum foreign room requirement for the IMI described in Sub-section 2.3.6.2: Minimum Foreign Room Requirement.
+The post-event Size-Segment of the security, following a significant corporate event, is determined based on the rules outlined in the table below.
+Security is deleted from MSCI Indexes if it fails to meet any of the criteria outlined below.
Pre-Event Post event
Size- Company Full Market Security Security Float Adjusted Market Size- Segment Capitalization31 FIF Capitalization Segment32
> 0.15 > 2/3* 0.5* Standard Cutoff > Standard Cutoff Standard < 0.15 > 1.8 * 2/3*0.5*Standard Cutoff Standard < Standard Cutoff & > 0.15 > 0.5* Small Cap Cutoff Small Cap > Small Cap Cut off < Small Cap Cutoff & > 0.15 > 0.5 * Micro Cap Cutoff Micro Cap > USD 10 Million
-> 0.15 > 0.5* Standard Cutoff > 1.5*Standard Cutoff Standard < 0.15 >1.8 * 0.5 * Standard Cutoff Small Cap > 0.15 > 0.5* Standard Cutoff Standard < 1.5*Standard Cutoff & > Standard Cutoff > 0.15 < 0.5* Standard Cutoff Small Cap
+Small Cap > 1.5*Standard Cutoff > 0.15 > 0.5* Standard Cutoff Standard
31Interim Size-Segment cut off are used at the time of the event. 32 Securities added to Standard Indexes are added to Large Cap or Mid Cap segment based on Company Full Market Capitalization.
+< 0.15 >1.8 * 0.5 * Standard Cutoff
+> 0.15 > 0.5* Standard Cutoff Standard
+< 1.5*Standard Cutoff & > 0.15 < 0.5* Standard Cutoff Small Cap > Standard Cutoff
< 0.15 >1.8 * 0.5 * Standard Cutoff Standard
< Standard Cutoff & > 0.15 > 2/3* 0.5* Small Cap Cutoff Small Cap > Small Cap Cut off < Small Cap Cutoff & > 0.15 Micro Cap > USD 10 Million
A World Micro Cap Index constituent is not considered for a size-segment migration to the Small Cap Index or Standard Index due to a significant market capitalization increase at the time of the event but at Index Reviews.
M8 modified 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Eventsimilarity 98%
--- 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event (2026-10-02_735fbfb9)
+++ 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-When a non-index constituent or a World Micro Cap Index constituent is added to the MSCI Global Investable Market Indexes due to a corporate event, or when a constituent of the MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the industry classification of the security is reviewed and implemented simultaneously with the event.
+When a non-index constituent or a World Micro Cap Index constituent is added to the MSCI GIMI™ due to a corporate event, or when a constituent of the MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the industry classification of the security is reviewed and implemented simultaneously with the event.
In addition, in case of a spin off where the industry classification of the spunoff security is reviewed based on the above rules, the industry classification of the parent security is also systematically reviewed and implemented simultaneously with the event.
-The industry classification is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size-Segment Index (with the Large and Mid- Cap Indexes being considered as one size index) or migrates to a lower size-segment.
-Similarly, when a non-index constituent or a World Micro Cap Index constituent is added to the MSCI Global Investable Market Indexes due to a corporate event, or when a constituent of MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the Style Segment of the security is reviewed and implemented simultaneously with the event.
+The industry classification is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size-Segment Index (with the Large and Mid-Cap Indexes being considered as one size index) or migrates to a lower size-segment.
+Similarly, when a non-index constituent or a World Micro Cap Index constituent is added to the MSCI GIMI due to a corporate event, or when a constituent of MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the Style Segment of the security is reviewed and implemented simultaneously with the event.
A spun-off security is generally assigned the same Style Segment as of the parent security unless it is included in a different Size-Segment Index from the parent security and/or the parent security migrates to a different Size Segment Index at the time of the event.
The Style Segment is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size Segment Index (with the Large and Mid-Cap Indexes being considered as one Size Segment Index) or migrates to a lower size-segment.
No style characteristics are assigned to the constituents of the World Micro Cap Indexes.
M8 modified 3.2.6 Early Deletions of Existing Index Constituentssimilarity 93%
--- 3.2.6 Early Deletions of Existing Index Constituents (2026-10-02_735fbfb9)
+++ 3.2.6 Early Deletions of Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-Securities may be considered for early deletions from MSCI Global Investable Market Indexes due to one of the following scenarios: Securities of companies that file for bankruptcy, companies that file for protection from their creditors and/or are suspended and for which a return to normal business activity and trading is unlikely in the near future.
+Securities may be considered for early deletions from MSCI GIMI™ due to one of the following scenarios: Securities of companies that file for bankruptcy, companies that file for protection from their creditors and/or are suspended and for which a return to normal business activity and trading is unlikely in the near future.
Companies that fail stock exchange’s listing requirements resulting in announcements of delisting from the relevant stock exchange(s)Such securities are deleted using the primary exchange price (or when the primary exchange price is unavailable, over-thecounter or the equivalent market price when such a price is available and deemed relevant, or if such over-the counter price or equivalent market price is unavailable, the lowest system price (0.00001), as soon as practicable).
-Securities may also be considered for an early deletion due to a corporate event when: The Foreign Inclusion Factor (FIF) of the security decreases or is expected to decrease below 0.1533.
+Securities may also be considered for an early deletion due to a corporate event when:
+The Foreign Inclusion Factor (FIF) of the security decreases or is expected to decrease below 0.1533.
The Foreign Inclusion Factor (FIF) decreases for an existing constituent of the Standard Index with a FIF already lower than 0.15.
Security is suspended for a prolonged period as defined in section 5.1.1 of MSCI Corporate Events Methodology.
A constituent company acquires or merges with a non-index constituent company or spins-off another company and is no longer eligible to be maintained.
-33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
A constituent’s share class converts into another share class resulting in the deletion of one or more share classes from the indexes.
If a constituent company is involved in a large corporate event with significant market capitalization change, the securities of the constituent company might be early deleted from the indexes simultaneously with the event as discussed in Sub-section 3.2.4 above.
M8 modified 3.2.7 Early Inclusions of Non-Index Constituents and IPOssimilarity 96%
--- 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-02_735fbfb9)
+++ 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-02_9ff15223)
@@ -1,11 +1,12 @@
-When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI Global Investable Market Indexes, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and 2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
-Such non-index constituents are treated as a continuation of index constituents and are subject to foreign room thresholds as defined in
-section 3.1.6.2 applicable for existing constituents.
+When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI GIMI™, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and
+2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
+Such non-index constituents are treated as a continuation of index constituents and are subject to foreign room thresholds as defined in section 3.1.6.2 applicable for existing constituents.
For example, if a non-index constituent company acquires or merges with a constituent company, the post-event company may replace the constituent company.
In addition, if a constituent’s share class is converted into another share class that is new or currently not in the index, this new share class can be included in the index to replace the current share class.
However, when an index constituent is distributing rights to acquire a non-index constituent at a subscription price, MSCI does not include the non-index constituent at the time of the event, especially if the post-event information of the new entity is not complete and publicly available.
Such non-index constituents are generally included in the same size-segment and, since they are considered to be a continuation of the index constituents.
However, if the difference between the post-event market capitalization of the non-index constituents and the respective index constituents is deemed significant, a size-segment review is performed and the postevent entity is added to the appropriate size-segment in accordance with the rules applicable to index constituent as discussed in Sub-section 3.2.4.
+33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
Securities spun-off from existing constituents are also considered for inclusion at the time of the event.
The spun-off securities are included in the appropriate Size-Segment Indexes by comparing the company’s post-event full market capitalization with the Interim Market Size- Segment Cutoff.
In addition, the free float-adjusted market capitalization of securities added to the Standard Index must be at least 50% of the Standard Index Interim Size-Segment Cutoff.
M8 modified 3.2.8 Corporate Events Affecting the Index Reviewsimilarity 94%
--- 3.2.8 Corporate Events Affecting the Index Review (2026-10-02_735fbfb9)
+++ 3.2.8 Corporate Events Affecting the Index Review (2026-10-02_9ff15223)
@@ -3,5 +3,6 @@
Some corporate events, such as, but not limited to, additions to or deletions from the Indexes or corporate events that trigger a significant market capitalization change relative to the company’s full market capitalization before the event (increase of 50% or greater, or decrease of 33% or more), or corporate events that trigger a significant change in the float of the security or decrease in the Foreign Ownership Limit and Foreign room, may have an impact on the index changes announced at the time of the Index Reviews, such as migration, addition and deletion.
In such situation and if the completion date of the corporate event is effective between the Index Review Price Cutoff Date and one month after the Index Review effective date, MSCI may amend the Index Review result and announcement to consider the impact of the corporate event, in order to avoid potential reverse turnover.
MSCI may amend the Index Review changes until five business days before the Index Review effective date.
+In certain scenarios where new information emerges after this five-business-day deadline but prior to the Index Review effective date, MSCI may amend the Index Review changes on shorter notice in order to minimize turnover or avoid replicability issues.
To communicate these amendments, a separate announcement will be sent to the clients either with the Index Review announcement or with the corporate event announcement depending on the announcement date of the event.
MSCI reserves the right to handle specific cases differently if more appropriate.
1 unchanged section
- M6 3.3 Announcement Policy
M8 modified 3.3.1 Ongoing Event-Related Changessimilarity 94%
--- 3.3.1 Ongoing Event-Related Changes (2026-10-02_735fbfb9)
+++ 3.3.1 Ongoing Event-Related Changes (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI Global Investable Market Indexes.
-All additions and deletions of constituents of the MSCI Global Investable Market Indexes resulting from corporate events are also publicly announced prior to their implementation.
+All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI GIMI™.
+All additions and deletions of constituents of the MSCI GIMI resulting from corporate events are also publicly announced prior to their implementation.
Please refer to section 8 of the MSCI Corporate Events methodology for more information on the MSCI general announcement policy for corporate events.
1 unchanged section
- M6 3.3.2 Global Industry Classification Standard (GICS)
M1 modified 4 MSCI All Cap Indexessimilarity 89%
--- 4 MSCI All Cap Indexes (2026-10-02_735fbfb9)
+++ 4 MSCI All Cap Indexes (2026-10-02_9ff15223)
@@ -1 +1 @@
-This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’. The calculation of the MSCI All Cap Indexes is currently limited to Developed Markets.
+This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’. The calculation of the MSCI All Cap Indexes is currently limited to Developed Markets.
M4 modified 4.1 Constructing the MSCI All Cap Indexessimilarity 93%
--- 4.1 Constructing the MSCI All Cap Indexes (2026-10-02_735fbfb9)
+++ 4.1 Constructing the MSCI All Cap Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-The MSCI All Cap Indexes encompass all constituents of the MSCI Global Investable Market Indexes as well as securities allocated to the MSCI Micro Cap Indexes.
-The construction of the MSCI Global Investable Market Indexes is described in detail in previous sections.
-Constructing the MSCI All Cap Indexes involves the following steps: Constructing Global Investable Market Indexes as described in earlier sections.
+The MSCI All Cap Indexes encompass all constituents of the MSCI GIMI™ as well as securities allocated to the MSCI Micro Cap Indexes.
+The construction of the MSCI GIMI is described in detail in previous sections.
+Constructing the MSCI All Cap Indexes involves the following steps: Constructing GIMI as described in earlier sections.
Constructing a Micro Cap Index for each market as described below.
-Aggregating the Global Investable Market Indexes with the Micro Cap Indexes.
-The Micro Cap Size-Segment is constructed by including all securities which are not part of the Global Investable Market Indexes and meet the following requirements: Micro Cap Maximum Size Requirement.
+Aggregating the GIMI with the Micro Cap Indexes.
+The Micro Cap Size-Segment is constructed by including all securities which are not part of the GIMI and meet the following requirements: Micro Cap Maximum Size Requirement.
Micro Cap Minimum Size Requirement.
Micro Cap Minimum Liquidity Requirement.
Global Minimum Foreign Inclusion Factor Requirement.
7 unchanged sections
- M3 4.1.1 Micro Cap Maximum Size Requirement
- M3 4.1.2 Micro Cap Minimum Size Requirement
- M3 4.1.3 Micro Cap Minimum Liquidity Requirement
- M3 4.1.4 Global Minimum Foreign Inclusion Factor Requirement
- M3 4.1.5 Minimum Length of Trading Requirement
- M3 4.1.6 Financial Reporting Requirement
- M6 4.2 Maintaining the MSCI All Cap Indexes
M6 modified 4.2.1 Quarterly Index Reviewssimilarity 96%
--- 4.2.1 Quarterly Index Reviews (2026-10-02_735fbfb9)
+++ 4.2.1 Quarterly Index Reviews (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-As described in Section 3, during each Index Review, the Equity Universe is updated and all size-segments of the Global Investable Market Indexes are reviewed.
-The following index maintenance activities are undertaken as part of the Index Review for the Micro Cap Size- Segment: Updating the Micro Cap Minimum Size Requirement.
+As described in Section 3, during each Index Review, the Equity Universe is updated and all size-segments of the GIMI™ are reviewed.
+The following index maintenance activities are undertaken as part of the Index Review for the Micro Cap Size-Segment: Updating the Micro Cap Minimum Size Requirement.
Assigning companies to the Micro Cap Size-Segment taking into account size and liquidity buffer zones.
6 unchanged sections
- M3 4.2.1.1 Updating the Micro Cap Minimum Size Requirement
- M4 4.2.1.2 Assigning Companies to the Micro Cap Size-Segment
- M8 4.2.2 Ongoing Event-Related Changes
- M1 5 MSCI Frontier Markets Indexes
- M1 5.1 Frontier Markets Definition
- M6 5.1.1 Updating MSCI Frontier Markets Index Coverage
M4 modified 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexessimilarity 93%
--- 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_735fbfb9)
+++ 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’.
+Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’.
The methodology used to construct the MSCI Frontier Markets Indexes is similar, but not identical, to the construction of the indexes for Developed and Emerging Markets.
One of the prime differences is in the calculation of size requirements including the Equity Universe Minimum Size Requirement and Global Minimum Size References.
-Further, there are three
+Further, there are three levels of minimum liquidity requirements – very low, low, and average – to accommodate the
34 E.g. Luxembourg or Cyprus. These countries are part of the developed markets universe. Given their modest size these markets are not included in the MSCI World Index.
-levels of minimum liquidity requirements – very low, low, and average – to accommodate the divergent liquidity levels in Frontier Markets.
+divergent liquidity levels in Frontier Markets.
See Appendix X for the countries that fall under each classification.
-More specifically, the methodological differences between the index construction for Frontier Markets countries and for countries constituting the MSCI ACWI Index are found in the following: Calculation of the Equity Universe Minimum Size Requirement Calculation of the Global Minimum Size Reference Liquidity requirements resulting from categorization of Frontier Markets into very low, low or average liquidity markets Index Continuity Rules Implementation of Corporate Events In addition, the size segmentation into Large Cap and Mid Cap of the Standard Index is not offered for Frontier Markets with the exception of the MSCI Gulf Cooperation Council (GCC) Countries Indexes.
+More specifically, the methodological differences between the index construction for Frontier Markets countries and for countries constituting the MSCI ACWI® Index are found in the following: Calculation of the Equity Universe Minimum Size Requirement Calculation of the Global Minimum Size Reference Liquidity requirements resulting from categorization of Frontier Markets into very low, low or average liquidity markets Index Continuity Rules Implementation of Corporate Events In addition, the size segmentation into Large Cap and Mid Cap of the Standard Index is not offered for Frontier Markets with the exception of the MSCI Gulf Cooperation Council (GCC) Countries Indexes.
More details on the methodological differences are described below.
3 unchanged sections
- M3 5.2.1 Equity Universe Minimum Size Requirement
- M4 5.2.2 Global Minimum Size Reference
- M3 5.2.3 FM Minimum Liquidity Requirement
M3 modified 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets
--- 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-02_735fbfb9)
+++ 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
In order to account for the differences in liquidity patterns across Frontier Markets, each Frontier Market is categorized as a very low, low or average liquidity market.
-The corresponding minimum liquidity requirement levels are set at 2.5%, 5% or 15% 12‐ month ATVR, respectively.
+The corresponding minimum liquidity requirement levels are set at 2.5%, 5% or 15% 12‐month ATVR, respectively.
In addition, a minimum level of 50% of 12-month Frequency of Trading is required for the inclusion of a security in an Investable Market Equity Universe of a Frontier Market for all liquidity categories.
This rule is referred to as the Frontier Markets Minimum Liquidity Requirement.
The categorization of each country is reviewed during the Index Reviews.
-For each Frontier Market MSCI considers the following factors: The proportion of the country’s IMI (in terms of number of constituents and weight) deleted from the index due to failing the liquidity requirements The proportion of the country’s Equity Universe (in terms of number of constituents and weight) not included in the IMI due to failing the liquidity requirements, and how it compares to other Frontier Markets The average liquidity level for the country’s Equity Universe, and how it compares to other Frontier Markets The country’s historical liquidity level trends and how they compare to other Frontier Markets The size and number of constituents in the country IMI Index relative to other Frontier Markets
+For each Frontier Market MSCI considers the following factors: The proportion of the country’s IMI™ (in terms of number of constituents and weight) deleted from the index due to failing the liquidity requirements The proportion of the country’s Equity Universe (in terms of number of constituents and weight) not included in the IMI due to failing the liquidity requirements, and how it compares to other Frontier Markets The average liquidity level for the country’s Equity Universe, and how it compares to other Frontier Markets The country’s historical liquidity level trends and how they compare to other Frontier Markets The size and number of constituents in the country IMI Index relative to other Frontier Markets
M7 modified 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents
--- 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_735fbfb9)
+++ 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,12 +1,12 @@
-During Index Reviews, existing constituents of the IMI in average and low liquidity markets may remain in a Market Investable Universe if their 12‐ month ATVR stays above 2/3rd of the minimum level requirement of 15% for average liquidity markets and 5% for low liquidity markets.
-Existing constituents of the IMI in very low liquidity markets may remain in a Market Investable Universe if their 12‐ month ATVR stays above 1%.
-Furthermore, in order to remain in the Investable Market Indexes (IMI), a constituent of the MSCI Frontier Markets IMI will need to have a 12-month Frequency of Trading of at least 10%, applicable to all liquidity categories.
+During Index Reviews, existing constituents of the IMI™ in average and low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 2/3rd of the minimum level requirement of 15% for average liquidity markets and 5% for low liquidity markets.
+Existing constituents of the IMI in very low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 1%.
+Furthermore, in order to remain in the IMI, a constituent of the MSCI Frontier Markets IMI will need to have a 12-month Frequency of Trading of at least 10%, applicable to all liquidity categories.
If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing35 Foreign listing in the same geographical region36 Foreign listing in a different geographical region37.
Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above 30% for average liquidity markets or 15% for low liquidity and very low liquidity markets, respectively.
In addition, the local listing needs to have a 12-month Frequency of Trading of at least 50%.
If an existing constituent of a Standard Index in Frontier Markets fails to meet the liquidity requirements, but its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Frontier Markets and its weight is either: More than 10% in the respective country index or More than 1% in the Frontier Markets Composite Index, then such constituent will remain in the index.
-However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet at least half of the liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet at least half of the liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or Would maintain the security in the GIMI™ and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
0.5 if none of the above conditions are met
35 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
36 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
M4 modified 5.2.4 Index Continuity Rules
--- 5.2.4 Index Continuity Rules (2026-10-02_735fbfb9)
+++ 5.2.4 Index Continuity Rules (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
If after the application of the index construction methodology, a Standard Index does not contain any security, then the largest security by free float-adjusted market capitalization among the securities included in the Market Investable Equity Universe is added to the Standard Index.
At subsequent Index Reviews, if after the application of the index maintenance methodology a Standard Index does not contain any security, then the following process is applied: The securities included in the updated Market Investable Equity Universe are identified, These securities are ranked by descending free float-adjusted market capitalization, however in order to increase index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5, The first security in the ranking order determined in the step above is added to the Standard Index.
Please note that the index continuity rules are applicable only to the Standard Market Indexes.
-Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may be discontinued if there are no constituents left in accordance with the MSCI GIMI methodology.
+Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may be discontinued if there are no constituents left in accordance with the MSCI GIMI™ methodology.
Similarly, MSCI may resume calculation of such indexes if over time some companies become eligible for inclusion.
2 unchanged sections
- M8 5.2.5 Implementation of Corporate Events
- M1 6 MSCI Standalone Market Indexes
M1 modified 6.1 Creation of Standalone Market Indexes for Newly Eligible Marketssimilarity 99%
--- 6.1 Creation of Standalone Market Indexes for Newly Eligible Markets (2026-10-02_735fbfb9)
+++ 6.1 Creation of Standalone Market Indexes for Newly Eligible Markets (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
MSCI will consider the creation of Standalone Market Indexes for countries not currently covered by MSCI during the May Index Review.
These markets must demonstrate a relative openness and accessibility for foreign investors and are not undergoing a period of extreme economic or political instability.
A Standalone Market Standard Index may be created for countries having a minimum of two companies with securities meeting the requirements for the Frontier Markets Standard Index.
-A Standalone Market Investable Market Index (IMI) may be created for a market having a minimum of one company with securities meeting the requirements for the Frontier Markets Standard Index, and a minimum of two companies with securities meeting the requirements for the Frontier Markets Small Cap Index.
+A Standalone Market IMI™ may be created for a market having a minimum of one company with securities meeting the requirements for the Frontier Markets Standard Index, and a minimum of two companies with securities meeting the requirements for the Frontier Markets Small Cap Index.
MSCI also considers the availability and accuracy of market data when deciding on the potential creation of Standalone Market Indexes for countries not currently covered by MSCI.
The creation of such MSCI Standalone Market Indexes would generally not require a client consultation.
5 unchanged sections
- M1 6.2 Classification of Other Markets as Standalone
- M6 6.3 Maintaining Standalone Market Indexes
- M4 6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexes
- M4 6.4.1 Inclusion of Newly Eligible Markets
- M4 6.4.2 Re-inclusion of Markets in the MSCI Composite Indexes
M4 modified 6.5 Treatment of Discontinued Standalone Market Indexes
--- 6.5 Treatment of Discontinued Standalone Market Indexes (2026-10-02_735fbfb9)
+++ 6.5 Treatment of Discontinued Standalone Market Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
Standalone Market Indexes may be discontinued if fewer than the required minimum number of securities are eligible for inclusion when applying a given methodology to a market (including index continuity rules).
-MSCI may resume calculation of the Large, Mid, or Small Cap Standalone Indexes if over time a security becomes eligible and as long as the Standard and IMI Standalone Indexes are not discontinued.
+MSCI may resume calculation of the Large, Mid, or Small Cap Standalone Indexes if over time a security becomes eligible and as long as the Standard and IMI™ Standalone Indexes are not discontinued.
If the Standard and IMI Standalone Indexes are discontinued, all of the other size-segment indexes are also discontinued.
MSCI may resume calculation once the market meets the requirements described in Section 6.1: Creation of Standalone Market Indexes for Newly Eligible Markets.
1 unchanged section
- other APPENDICES
M2 modified Appendix I: Equity Markets and Universesimilarity 92%
--- Appendix I: Equity Markets and Universe (2026-10-02_735fbfb9)
+++ Appendix I: Equity Markets and Universe (2026-10-02_9ff15223)
@@ -1 +1 @@
-The tables below provide a list of Stock Exchanges, Market Segments and Eligible Security Classes that MSCI uses as the basis of the construction of the MSCI Global Investable Market Indexes.
+The tables below provide a list of Stock Exchanges, Market Segments and Eligible Security Classes that MSCI uses as the basis of the construction of the MSCI GIMI™.
M2 modified Eligible Markets (Developed Markets)similarity 98%
--- Eligible Markets (Developed Markets) (2026-10-02_735fbfb9)
+++ Eligible Markets (Developed Markets) (2026-10-02_9ff15223)
@@ -1,14 +1,12 @@
Country Name Stock Exchange Market Segment Eligibility of Foreign Listings AUSTRALIA Australian Securities Exchange ASX Official Market - Prime Market AUSTRIA Vienna Stock Exchange - Standard Market Continuous Euronext Growth Market BELGIUM Euronext Brussels - Regulated Market Toronto Stock Exchange - CANADA - Cboe Canada (2) NEO-L Nasdaq Copenhagen Main Market DENMARK First North Growth Market
-- Nasdaq First North Growth Market – Denmark First North Premier Growth Market Nasdaq Helsinki Main Market FINLAND First North Growth Market
-- Nasdaq First North Growth Market – Finland First North Premier Growth Market Euronext Growth Market FRANCE Euronext Paris - Regulated Market Basic Board GERMANY Deutsche Börse Xetra - EU Regulated market Open Market Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3) Euronext Growth Market IRELAND Euronext Dublin - Regulated Market ISRAEL Tel Aviv Stock Exchange - Yes Euronext Growth Market Global Equity Market (1) ITALY Borsa Italiana - Regulated Market Market for Investment Vehicle (2) Growth Market Prime Market Tokyo Stock Exchange Standard Market JAPAN Tokyo Pro (2)
-- Main Market Nagoya Stock Exchange Next Market Premier Market NETHERLANDS Euronext Amsterdam Regulated Market Yes NEW ZEALAND New Zealand Stock Exchange Main Board - Euronext Expand NORWAY Euronext Oslo Børs Euronext Growth Market (2)
-- Regulated Market PORTUGAL Euronext Lisbon Regulated Market - Catalist SINGAPORE Singapore Exchange Yes Main Board Madrid Stock Exchange Mercado Continuo SPAIN Growth Companies
-- BME Growth SOCIMI Nasdaq Stockholm Main Market Nordic Growth Market Main Regulated Market Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market Spotlight Stock Exchange - Blue Chip Shares Mid-/Small-Cap Shares SIX Swiss Exchange Secondary Listing Shares SWITZERLAND Sparks Shares
-- Sponsored Foreign Shares (1) SME Main Market BX Swiss Sponsored Shares Admission to Trading Only (1) UNITED KINGDOM London Stock Exchange AIM
-- Main Market (4) New York Stock Exchange - Capital Market Nasdaq Stock Market Global Market USA Global Select Market
-- NYSE American - NYSE Arca - Cboe BZX Exchange -
+- Nasdaq First North Growth Market – Denmark First North Premier Growth Market Nasdaq Helsinki Main Market FINLAND - First North Growth Market Nasdaq First North Growth Market – Finland First North Premier Growth Market Euronext Growth Market FRANCE
+Euronext Paris - Regulated Market Basic Board GERMANY Deutsche Börse Xetra EU Regulated market
+- Open Market Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3) Euronext Growth Market IRELAND Euronext Dublin - Regulated Market ISRAEL Tel Aviv Stock Exchange - Yes Euronext Growth Market Global Equity Market (1) ITALY Borsa Italiana - Regulated Market Market for Investment Vehicle (2) Growth Market Prime Market Tokyo Stock Exchange Standard Market JAPAN Tokyo Pro (2)
+- Main Market Nagoya Stock Exchange Next Market Premier Market NETHERLANDS Euronext Amsterdam Regulated Market Yes NEW ZEALAND New Zealand Stock Exchange Main Board - Euronext Expand NORWAY Euronext Oslo Børs - Euronext Growth Market (2) Regulated Market PORTUGAL Euronext Lisbon Regulated Market - Catalist SINGAPORE Singapore Exchange Yes Main Board Madrid Stock Exchange Mercado Continuo SPAIN Growth Companies
+- BME Growth SOCIMI Nasdaq Stockholm Main Market Nordic Growth Market Main Regulated Market Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market Spotlight Stock Exchange - Blue Chip Shares Mid-/Small-Cap Shares SIX Swiss Exchange Secondary Listing Shares SWITZERLAND - Sparks Shares Sponsored Foreign Shares (1) SME Main Market BX Swiss Sponsored Shares Admission to Trading Only (1) UNITED KINGDOM London Stock Exchange AIM
+- Main Market (4) New York Stock Exchange - Capital Market Nasdaq Stock Market Global Market Global Select Market USA - NYSE American - NYSE Arca - Cboe BZX Exchange - Texas Stock Exchange (6) -
(1) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment.
(2) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review.
(3) Hong Kong Chapter 21 Investment Companies are not eligible for inclusion for the MSCI Global Investable Market Indexes as part of August 2022 Index Review.
(4) Listings on this market segment are evaluated on a case-by-case basis in accordance with Section 2.1.1: Identifying Eligible Equity Securities.
-(5) Eligibility of Foreign Listings effective November 2024 Index Review
+(5) Eligibility of Foreign Listings effective November 2024 Index Review (6) Listings on this exchange are eligible for the MSCI Indexes from July 06, 2026.
M2 modified Eligible Markets (Emerging Markets)similarity 99%
--- Eligible Markets (Emerging Markets) (2026-10-02_735fbfb9)
+++ Eligible Markets (Emerging Markets) (2026-10-02_9ff15223)
@@ -1,52 +1,8 @@
Country Name Stock Exchange Market Segment Eligibility of Foreign Listings
-Level 1
-Level 2 BRAZIL (8) B3 (Brasil Bolsa Balcão) Yes Novo Mercado
-Traditional
-CHILE Santiago Stock Exchange - -
-ChiNext Shenzhen Stock Exchange Main Board
-Shenzhen Stock Exchange - Hong Kong Stock Connect -
-Main Board CHINA (1) Shanghai Stock Exchange Yes STAR Market
-Shanghai Stock Exchange - Hong Kong Stock Connect -
-Growth Enterprise Market Stock Exchange of Hong Kong Main Board
-Global Market (2) COLOMBIA Colombian Stock Exchange - Local Market
-Free Market (2)
-CZECH REPUBLIC Prague Stock Exchange
-- Prime Market
-Standard Market
-EGYPT Egyptian Exchange Main Market -
-GREECE Athens Stock Exchange Main Market -
-Beta Market (5)
-BSE Xtend HUNGARY Budapest Stock Exchange - Prime Market
-Standard Market
-Main Board National Stock Exchange SME Board (7) INDIA - Main Board Mumbai Stock Exchange SME Board
-Acceleration Board (7)
-Development Board INDONESIA Indonesia Stock Exchange - Main Board
-New Economy Board (6)
-KOSPI Market KOREA Korea Exchange - KOSDAQ Market
-Main Market KUWAIT(4) Boursa Kuwait - Premier Market
-ACE Market MALAYSIA Bursa Malaysia - Main Market
-Equity Segment MEXICO Mexican Stock Exchange - Global Market Segment (2)
-Risk Capital Segment PERU Lima Stock Exchange Yes Securities Market
-PHILIPPINES Philippine Stock Exchange Main Board -
-Main Market
-POLAND Warsaw Stock Exchange - New Connect
-Parallel Market
-Main Market QATAR Qatar Stock Exchange - Venture Market
-Main Market SAUDI ARABIA (3) Saudi Exchange - Nomu - Parallel Market (5)
-AltX SOUTH AFRICA Johannesburg Stock Exchange - Main Board
-Taiwan Stock Exchange TWSE Main Board TAIWAN - Taipei Exchange TPEx Main Board
-mai THAILAND Stock Exchange of Thailand - SET
-STAR Market
-Main Market TURKEY Borsa Istanbul - SubMarket (5)
-Structured Products and Funds Market
-Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES
-- Dubai Financial Market -
-Nasdaq Dubai -
-(1) For a more detailed description of the MSCI universe, please refer to Appendix III
-(2) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment
-(3) Reclassified from Standalone Markets to Emerging markets at the May 2019 Index Review
-(4) Reclassified from Frontier Markets to Emerging markets at the November 2020 Index Review
-(5) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review
-(6) Listings on this market segment are eligible for the MSCI Indexes as part of the Feb 2023 Index Review
-(7) Listings on these market segments are eligible for the MSCI Indexes as part of the August 2024 Index Review
-(8) Eligibility of Foreign Listings effective August 2024 Index Review
+Level 1 Level 2 BRAZIL (8) B3 (Brasil Bolsa Balcão) Yes Novo Mercado Traditional CHILE Santiago Stock Exchange - ChiNext Shenzhen Stock Exchange Main Board Shenzhen Stock Exchange - Hong Kong Stock Connect Main Board CHINA (1) Shanghai Stock Exchange Yes STAR Market Shanghai Stock Exchange - Hong Kong Stock Connect Growth Enterprise Market Stock Exchange of Hong Kong Main Board Global Market (2) COLOMBIA Colombian Stock Exchange - Local Market Free Market (2) CZECH REPUBLIC Prague Stock Exchange Prime Market
+- Standard Market EGYPT Egyptian Exchange Main Market - GREECE Athens Stock Exchange Main Market - Beta Market (5) BSE Xtend HUNGARY
+Budapest Stock Exchange - Prime Market Standard Market Main Board National Stock Exchange SME Board (7) INDIA - Main Board Mumbai Stock Exchange SME Board Acceleration Board (7) Development Board INDONESIA Indonesia Stock Exchange - Main Board New Economy Board (6) KOSPI Market KOREA Korea Exchange - KOSDAQ Market Main Market KUWAIT(4) Boursa Kuwait - Premier Market ACE Market MALAYSIA Bursa Malaysia
+- Main Market Equity Segment MEXICO Mexican Stock Exchange - Global Market Segment (2) Risk Capital Segment PERU Lima Stock Exchange
+Yes Securities Market PHILIPPINES Philippine Stock Exchange Main Board - Main Market POLAND Warsaw Stock Exchange - New Connect Parallel Market Main Market QATAR Qatar Stock Exchange - Venture Market Main Market SAUDI ARABIA (3) Saudi Exchange - Nomu - Parallel Market (5) AltX SOUTH AFRICA Johannesburg Stock Exchange - Main Board TWSE Main Board Taiwan Stock Exchange TAIWAN - Taiwan Innovation Board Taipei Exchange TPEx Main Board mai THAILAND Stock Exchange of Thailand
+- SET STAR Market Main Market TURKEY Borsa Istanbul - SubMarket (5) Structured Products and Funds Marke Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES - Dubai Financial Market - Nasdaq Dubai -
+(1) For a more detailed description of the MSCI universe, please refer to Appendix III (2) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment (3) Reclassified from Standalone Markets to Emerging markets at the May 2019 Index Review (4) Reclassified from Frontier Markets to Emerging markets at the November 2020 Index Review (5) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review (6) Listings on this market segment are eligible for the MSCI Indexes as part of the Feb 2023 Index Review (7) Listings on these market segments are eligible for the MSCI Indexes as part of the August 2024 Index Review (8) Eligibility of Foreign Listings effective August 2024 Index Review
9 unchanged sections
- M2 Eligible Markets (Frontier Markets)
- M2 Eligible Markets (Standalone Markets)
- M2 Eligible Classes of Securities for Stock Exchanges in Developed Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Emerging Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Frontier Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Standalone Markets
- M2 REITs
- M2 Canadian Income Trusts
- M3 Ineligible Alert Boards
M3 modified Non-Index Constituents
--- Non-Index Constituents (2026-10-02_735fbfb9)
+++ Non-Index Constituents (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
Non-index constituents included in the alert boards listed in the table above are not eligible for inclusion in the MSCI Equity Universe.
-In order to minimize potential reverse turnover, securities deleted due to inclusion on such boards (see deletion of existing index constituents below) may only be added back to the MSCI GIMI after 12 months from their deletion from the index provided that they have been removed from the ineligible alert board before the relevant equity universe cutoff date.
+In order to minimize potential reverse turnover, securities deleted due to inclusion on such boards (see deletion of existing index constituents below) may only be added back to the MSCI GIMI™ after 12 months from their deletion from the index provided that they have been removed from the ineligible alert board before the relevant equity universe cutoff date.
For example, securities that are deleted due to becoming part of an ineligible alert board as part of the May 2014 Index Review will only be eligible for inclusion in the MSCI GIMI as part of the May 2015 Index Review if they have been removed from the ineligible alert board by the end of February 2015.
M8 modified Deletion of Existing Index Constituents
--- Deletion of Existing Index Constituents (2026-10-02_735fbfb9)
+++ Deletion of Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-Constituents of the MSCI GIMI that enter the alert boards listed in the table above will be deleted on the last business day of each month at market price with a notice period of at least two full business days.
+Constituents of the MSCI GIMI™ that enter the alert boards listed in the table above will be deleted on the last business day of each month at market price with a notice period of at least two full business days.
During an Index Review, the deletion of a security that enters an ineligible alert board will be made to coincide with the effective date of the Index Review.
In addition, MSCI may reverse the addition of any company that may enter the alert boards in order to avoid potential reverse turnover.
In the event the securities do not trade on the implementation date of the deletion, MSCI would amend the deletion price from market price to lowest system price.
M8 modified Other Casessimilarity 84%
--- Other Cases (2026-10-02_735fbfb9)
+++ Other Cases (2026-10-02_9ff15223)
@@ -1 +1,2 @@
-During Index Reviews, securities that enter any of the following boards during the period starting from the previous Index Review Price Cutoff Date (as defined in section 3.1.9) until three business days before the current Index Review effective date are subject to the following treatment: India Short Term and Long Term Additional Surveillance Measure (ASM) Indonesia Watchlist Board due to Criteria 10 Korea Investment Alert Issue and Investment Risk Issue Taiwan Disposition Board In such cases, after the application of all the relevant index review criteria including investability screens and size segmentation determination, MSCI will not implement the following index movement for those securities: additions to IMI and size-segment migrations between the Standard and Small Cap Indexes Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.
+During Index Reviews, securities that enter any of the following boards during the period starting from the current Index Review Price Cutoff Date (as defined in section 3.1.9) until three business days before the current Index Review effective date are subject to the following treatment: India Short Term and Long Term Additional Surveillance Measure (ASM) Korea Investment Alert Issue and Investment Risk Issue Taiwan Disposition Board In such cases, after the application of all the relevant index review criteria including investability screens and size segmentation determination, MSCI will not implement the following index movement for those securities: additions to IMI™ and size-segment migrations between the Standard and Small Cap Indexes Securities that enter Indonesia Watchlist Board due to Criteria 10 are subject to the same treatment but monitored starting from the previous Index Review Price Cutoff Date (as defined in section 3.1.9) until three business days before the current Index Review effective date.
+Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.
M1 modified Appendix II: Market Classification Frameworksimilarity 99%
--- Appendix II: Market Classification Framework (2026-10-02_735fbfb9)
+++ Appendix II: Market Classification Framework (2026-10-02_9ff15223)
@@ -2,7 +2,7 @@
The approach used by MSCI aims to reflect the views and practices of the international investment community by striking a balance between a country’s economic development and the accessibility of its market while preserving index stability.
The MSCI Market Classification Framework consists of following three criteria: Economic Development, Size and Liquidity Requirements as well as Market Accessibility.
In order to be classified in a given investment universe, a country must meet the requirements of all three criteria as described in the table below.
-Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 226 mm USD 3,800 mm USD 7,599 mm Security size (float market cap) ** USD 113 mm USD 1,900 mm USD 3,800 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 226 mm USD 3,800 mm USD 7,599 mm Security size (float market cap) ** USD 113 mm USD 1,900 mm USD 3,800 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2024 GNI per capita of USD 13,935 (World Bank, Atlas method) ** Minimum in use for the February 2026 Index Review, updated on a quarterly basis
+Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 236 mm USD 4,069 mm USD 8,138 mm Security size (float market cap) ** USD 118 mm USD 2,034 mm USD 4,069 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 236 mm USD 4,069 mm USD 8,138 mm Security size (float market cap) ** USD 118 mm USD 2,034 mm USD 4,069 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2025 GNI per capita of USD 14,375 (World Bank, Atlas method) ** Minimum in use for the August 2026 Index Review, updated on a quarterly basis
The Economic Development criterion is only used in determining the classification of Developed Markets while that distinction is not relevant between Emerging and Frontier Markets given the very wide variety of development levels within each of these two universes.
The Size and Liquidity Requirements are based on the minimum investability requirements for the MSCI Global Standard Indexes.
The Size and Liquidity Entry Requirements are used for evaluating markets for reclassification, requiring a minimum number of companies meeting Standard Index criteria over each of the last eight Index Reviews.
2 unchanged sections
- M1 Advanced Frontier Markets
- M1 Market Accessibility Measures
M4 modified Markets Under Index Continuitysimilarity 99%
--- Markets Under Index Continuity (2026-10-02_735fbfb9)
+++ Markets Under Index Continuity (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a minimum number of five constituents will be maintained for a DM Standard Index, three constituents for an EM Standard Index, and one constituent for an FM Standard Index.
-The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the February 2026 Index Review.
-Developed Markets Emerging Markets Frontier Markets New Zealand Egypt Serbia Hungary
+The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the August 2026 Index Review.
+Developed Markets Emerging Markets Frontier Markets New Zealand Egypt Serbia Peru
3 unchanged sections
- M2 Appendix III: Country Classification of Securities
- M2 General Framework
- M2 Other Cases
M2 modified Country Specific Cases
--- Country Specific Cases (2026-10-02_735fbfb9)
+++ Country Specific Cases (2026-10-02_9ff15223)
@@ -18,6 +18,6 @@
Australia: The MSCI Australia universe includes companies incorporated in Papua New Guinea that are listed on the Australian Securities Exchange.
40 Greece: The MSCI Greece universe includes companies incorporated in Cyprus that are listed on the Athens Exchange.41 Countries subject to economic sanctions: MSCI does not cover certain countries for which significant economic sanctions are applied.
Examples of such countries as of February 2018 are Cuba, Democratic Republic of the Congo, Libya, North Korea, Iran, Iraq, Somalia, Sudan and Syria.
-Companies that are classified to and/or incorporated in such countries are not eligible for inclusion in the MSCI Global Investable Market Indexes.
-MSCI regularly assesses eligibility of new markets and communicates their potential inclusion in the MSCI GIMI in advance of implementation.
+Companies that are classified to and/or incorporated in such countries are not eligible for inclusion in the MSCI GIMI™.
+MSCI regularly assesses eligibility of new markets and communicates their potential inclusion in the MSCI GIMI™ in advance of implementation.
39 Companies resulting from reverse merger but are later listed through a formal IPO will be considered eligible. 40 Effective since the November 2015 Index Review. 41 Effective since the May 2009 Index Review.
1 unchanged section
- M2 Change in Country Classification
M3 modified Appendix IV: Foreign Listing Materiality Requirementsimilarity 98%
--- Appendix IV: Foreign Listing Materiality Requirement (2026-10-02_735fbfb9)
+++ Appendix IV: Foreign Listing Materiality Requirement (2026-10-02_9ff15223)
@@ -1,14 +1,14 @@
-Securities may be represented in the MSCI Global Investable Market Indexes by a listing in the country where they are classified (i.e. “local listing”).
-In addition, securities may also be represented by a listing in a different country (i.e. “foreign listing”) in certain MSCI Country Investable Market Indexes (IMI) within the MSCI Global Investable Market Indexes.
+Securities may be represented in the MSCI GIMI™ by a listing in the country where they are classified (i.e. “local listing”).
+In addition, securities may also be represented by a listing in a different country (i.e. “foreign listing”) in certain MSCI Country IMI™ Indexes within the MSCI GIMI.
Foreign listings may become eligible to represent securities only from the countries that meet the Foreign Listing Materiality Requirement.
This requirement is applied at the time of Index Reviews to the countries that do not yet include securities represented by foreign listings.
In order to assess whether a country meets the Foreign Listing Materiality Requirement, the following steps are undertaken: Apply Index Review index maintenance rules described in Sub-section 3.1 to determine which securities represented by a foreign listing would be included in the MSCI Country IMI if foreign listings were eligible from that country.
-Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - 5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 42, and - 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI.
+Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - 5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 42, and - 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI™.
The second condition is not applied to Frontier Markets countries.
Once a country meets the Foreign Listing Materiality Requirement at a given Index Review, foreign listings will become eligible from this country after two Index Reviews.
-For example, foreign listings will become eligible for a country at the August 2026 Index Review once that country meets the Foreign Listing Materiality Requirement at the February 2026 Index Review.
+For example, foreign listings will become eligible for a country at the February 2027 Index Review once that country meets the Foreign Listing Materiality Requirement at the August 2026 Index Review.
Then, foreign listings will remain eligible even if the aggregate market capitalization of securities represented by foreign listings decreases over time below the materiality thresholds.
The following table provides the list of countries for which securities may be represented by foreign listings:
-42 Securities represented by foreign listings are included in the free float-adjusted market capitalization of the MSCI Country IMI for the purpose of this calculation.
+42 Securities represented by foreign listings are included in the free float-adjusted market capitalization of the MSCI Country IMI™ for the purpose of this calculation.
Countries for which foreign listings are eligible Argentina Israel Peru Bahrain Jordan Romania Botswana Kazakhstan Singapore Brazil Lebanon Slovenia China Mauritius Sweden Hong Kong Netherlands Ukraine Iceland Panama (*) (*) The MSCI Panama Index was launched as a Standalone Market Index as part of the May 2017 Index Review and currently includes only foreign listings.
-At the February 2026 Index Review, no additional markets met the Foreign Listing Materiality Requirement.
+At the August 2026 Index Review, no additional markets met the Foreign Listing Materiality Requirement.
M3 modified Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959
--- Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-02_735fbfb9)
+++ Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
U.S. Executive Order 13959
The U.S.
Executive Order 13959 dated November 12, 2020 which Prohibits Transactions by U.S.
-Persons in Certain Chinese Companies (the Order), along with clarification from the Office of Foreign Assets Control (OFAC), results in the deletion from / non-inclusion in the MSCI GIMI of relevant impacted securities.
+Persons in Certain Chinese Companies (the Order), along with clarification from the Office of Foreign Assets Control (OFAC), results in the deletion from / non-inclusion in the MSCI GIMI™ of relevant impacted securities.
On January 5, 8 and 26, 2021, MSCI deleted securities impacted by the Order from the MSCI GIMI.
Following the amendment of the Order on June 3, 2021, OFAC has published the Non- SDN Chinese Military-Industrial Complex Companies List (NS-CMIC List) and related security tickers.
MSCI deleted the securities included in OFAC's NS-CMIC List from the MSCI GIMI as of the close of July 26, 2021.
M3 modified MSCI J-Series Indexes
--- MSCI J-Series Indexes (2026-10-02_735fbfb9)
+++ MSCI J-Series Indexes (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-The MSCI J-Series Indexes follow the MSCI GIMI Methodology but do not apply the treatment of investment sanctions related to the Order.
+The MSCI J-Series Indexes follow the MSCI GIMI™ Methodology but do not apply the treatment of investment sanctions related to the Order.
Therefore, the MSCI J-Series Indexes will retain the securities deleted from the MSCI GIMI due to the investment sanctions related to the Order.
MSCI J-Series Indexes are available upon request for clients subscribing to standard and custom indexes impacted by the Order.
3 unchanged sections
- M3 MSCI China A Onshore Indexes
- M5 Appendix VI: Free Float Definition and Estimation Guidelines
- M5 Defining and Estimating Free Float
M5 modified Calculation of Free Floatsimilarity 88%
--- Calculation of Free Float (2026-10-02_735fbfb9)
+++ Calculation of Free Float (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
Securities Not Subject to Foreign Ownership Limits (FOLs) For securities not subject to FOLs, the free float of a security is estimated as its total number of shares outstanding less shareholdings classified as non-free float.
Non-Free Float Shareholdings (%) = Number of Shares Classified as Non-Free Float divided by the Total Number of Shares
-Free Float (%) = 100% minus Non-Free Float Shareholdings (%) Securities Subject to FOLs For securities subject to FOLs, the estimated free float available to foreign investors is equal to the lesser of: Estimate of free float, as defined above.
-FOL adjusted for non-free float stakes held by foreign investors*. * It is applicable only to companies classified in countries for which foreign room is not monitored Free Float for Foreign Investors (%) = Lower of: 100% minus Non-Free Float Shareholdings, including Domestic and Foreign Shareholdings FOL minus Foreign Non-Free Float Shareholdings
+Free Float (%) = 100% minus Non-Free Float Shareholdings (%) Securities Subject to FOLs For securities subject to FOLs, the estimated free float available to foreign investors is equal to the lesser of: Estimate of free float, as defined above. FOL
+Free Float for Foreign Investors (%) = Lower of: 100% minus Non-Free Float Shareholdings, including Domestic and Foreign Shareholdings FOL
M5 modified Assigning a Free Float-Adjustment Factorsimilarity 94%
--- Assigning a Free Float-Adjustment Factor (2026-10-02_735fbfb9)
+++ Assigning a Free Float-Adjustment Factor (2026-10-02_9ff15223)
@@ -1,9 +1,11 @@
MSCI free float-adjusts the market capitalization of each security using an adjustment factor referred to as the Foreign Inclusion Factor (FIF).
-Securities with Free Float Greater Than 15% and Not Subject to FOLs For securities with free float greater than 15%, the FIF is equal to the estimated free float, rounded up to the closest 5%.
-Securities with Free Float Less than 15% and Not Subject to FOLs For securities with free float less than 15%, the FIF is equal to the estimated free float, rounded to the closest 1%.
-Securities Subject to FOLs For securities subject to FOLs, the FIF is equal to the lesser of: Estimated free float available to foreign investors, - Rounded up to the closest 5%, if the free float is greater than 15%. - Rounded to the closest 1%, if the free float is less than 15%.
-FOL rounded to the closest 1%.
-Securities Affected by Other Foreign Investment Restrictions In the case where other foreign investment restrictions exist, which materially limit the ability of international investors to freely invest in a particular equity market, sector or security, a Limited Investability Factor (LIF) may be applied to insure that the investability objectives of the MSCI Indexes can be achieved.
+Securities with Free Float Greater Than 25% and Not Subject to FOLs For securities with free float greater than 25%, the FIF is equal to the estimated free float, rounded to the closest 2.5%.
+Securities with Free Float between 5% and 25% and Not Subject to FOLs For securities with free float between 5% and 25%, the FIF is equal to the estimated free float, rounded to the closest 0.5%.
+Securities with Free Float less Than 5% and Not Subject to FOLs For securities with free float less than 5%, the FIF is equal to the estimated free float, rounded to the closest 0.1%.
+Securities Subject to FOLs For securities subject to FOLs, the FIF is equal to the lesser of: Estimated free float available to foreign investors, - Rounded to the closest 2.5%, if the free float is greater than 25%. - Rounded to the closest 0.5%, if the free float between 5% and 25%.
+- Rounded to the closest 0.1%, if the free float is less than 5%
+FOL rounded to the closest 0.1%.
+Securities Affected by Other Foreign Investment Restrictions In the case where other foreign investment restrictions exist, which materially limit the ability of international investors to freely invest in a particular equity market, sector or security, a Limited Investability Factor (LIF) may be applied to ensure that the investability objectives of the MSCI Indexes can be achieved.
There is typically no simple way to account for these types of investability limitations in a benchmark, as they tend to be subtle and complex, and may affect different market participants in different ways.
For example, such restrictions may involve a complex process of investor validation and qualification, restrictions on funds transfer, individual investment quota limits and various complex administrative requirements.
While instituted at a country level these restrictions may have different consequences depending on the characteristics of the investor, including legal status, size of assets under management or date of application.
@@ -12,9 +14,9 @@
Therefore, where deemed necessary, a LIF will be determined and applied based on an extensive, case-by-case analysis 43.
The application of this LIF permits a more accurate comparison of constituent markets and securities that have more complex and subtle restrictions on the investment process to markets and securities where investment limitations can be appropriately reflected in their standard FIFs.
In cases where MSCI applies a LIF, the free float adjusted for limited investability is defined as the product of the available free float for foreign investors and the LIF.
-Free Float-Adjusted for Limited Investability = Free Float for Foreign Investors times the LIF Therefore, for securities subject to other foreign investment restrictions, the Foreign Inclusion Factor is equal to the lesser of: Estimated free float-adjusted for limited investability, - Rounded up to the closest 5%, if the free float-adjusted for limited investability is greater than 15%. - Rounded to the closest 1%, if the free float-adjusted for limited investability is less than 15%.
-FOL rounded to the closest 1%.
+Free Float-Adjusted for Limited Investability = Free Float for Foreign Investors times the LIF Therefore, for securities subject to other foreign investment restrictions, the Foreign Inclusion Factor is equal to the lesser of: Estimated free float-adjusted for limited investability rounded to the closest 0.1%
43 For example- In Iceland, MSCI applies a LIF of 0 due to investability issues in Fisheries companies.
+FOL adjusted for limited investability rounded to the closest 0.1%.
Foreign Room For a security that is subject to a Foreign Ownership Limit (FOL), in determining eligibility for index inclusion and in determining an affected constituent’s weight in an index, MSCI will additionally take into consideration the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”).
In general, securities with low foreign room may be in some instances not eligible for index inclusion or subject to a weight reduction through the application of an adjustment factor.
For more details, please refer to Subsections 2.3.6.2 and 3.1.6.
M5 modified Calculating the Free Float-Adjusted Market Capitalizationsimilarity 88%
--- Calculating the Free Float-Adjusted Market Capitalization (2026-10-02_735fbfb9)
+++ Calculating the Free Float-Adjusted Market Capitalization (2026-10-02_9ff15223)
@@ -1,23 +1,7 @@
The free float-adjusted market capitalization of a security is calculated as the product of the FIF and the security’s full market capitalization. Free Float-Adjusted Market Capitalization = FIF times the Security’s Full Market Capitalization
The following examples illustrate the calculation of the free float-adjusted market capitalization of securities with and without FOLs.
-Example: Calculating Free Float-Adjusted Market Capitalization: Securities Not Subject to FOLs Company A Company B Total number of shares outstanding 10,000,000 10,000,000 Number of shares classified as non-free float 4,300,000 8,760,000 Non-free float shareholding (%) 43.0% 87.6% Free float (%) 57.0% 12.4% Foreign Inclusion Factor (FIF)
-0.60
-0.12 Market price ($) 500 500 Full market capitalization ($ mm) 5,000 5,000 Free float-adjusted market capitalization ($ mm) 3,000 600 Example: Calculating Free Float-Adjusted Market Capitalization: Securities Subject to FOLs Company C Company D* Company E Total number of shares outstanding 10,000,000 10,000,000 10,000,000 All shares classified as non-free float 8,760,000 4,000,000 4,000,000 – those held by foreign investors as strategic 1,000,000 1,000,000 – Total non-free float shareholdings (%)
+Example: Calculating Free Float-Adjusted Market Capitalization: Securities Not Subject to FOLs Company A Company B Company C Total number of shares outstanding 10,000,000 10,000,000 10,000,000 Number of shares classified as non-free float 4,300,000 8,760,000 9,641,000 Non-free float shareholding (%) 43.0% 87.6% 96.41% Free float (%) 57.0% 12.4% 3.59% Foreign Inclusion Factor (FIF) 0.575 0.125 0.036 Market price ($) 500 500 500 Full market capitalization ($ mm) 5,000 5,000 5,000 Free float-adjusted market capitalization ($ mm) 2,875 625 180
+Example: Calculating Free Float-Adjusted Market Capitalization: Securities Subject to FOLs Company D Company E Total number of shares outstanding 10,000,000 10,000,000 All shares classified as non-free float 8,760,000 4,000,000 – those held by foreign investors as strategic 1,000,000 1,000,000 Total non-free float shareholdings (%)
87.6
-40.0
-40.0 Free float (%)
-12.4
-60.0
-60.0 Foreign ownership limit (%)
-33.3
-33.3
-33.3 Foreign strategic shareholding (%)
-10.0
-10.0
-0.0 Foreign ownership limit less the foreign strategic shareholding (%)
-23.3
-23.3
-33.3 Foreign Inclusion Factor (FIF)
-0.12
-0.25
-0.33 Market price ($) 500 500 500 Full market capitalization ($ mm) 5,000 5,000 5,000 Free float-adjusted market capitalization ($ mm) 600 1,250 1,650 *This example is applicable only to companies classified in countries for which foreign room cannot be monitored
+43.0 Free float (%)
+12.4 57 Rounded Free Float 0.125 0.575 Foreign ownership limit (%) 33.33 33.33 Foreign Inclusion Factor (FIF) 0.125 0.333 Market price ($) 500 500 Full market capitalization ($ mm) 5,000 5,000 Free float-adjusted market capitalization ($ mm) 625 1,665
M3 modified Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues
--- Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-02_735fbfb9)
+++ Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-02_9ff15223)
@@ -1,8 +1,8 @@
-Issues Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI.
+Issues Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI™.
Such securities will remain ineligible until sufficient public disclosure is made by the issuing companies confirming an increase in free float that results in a Foreign Inclusion Factor equal to or larger than 0.15, following the SFC high shareholding concentration notice.
-Constituents of the MSCI GIMI included on the SFC high shareholding concentration notices will be deleted on a quarterly basis coinciding with the regular Index Reviews.
+Constituents of the MSCI GIMI™ included on the SFC high shareholding concentration notices will be deleted on a quarterly basis coinciding with the regular Index Reviews.
At each regular Index Review MSCI will reflect the SFC high shareholding concentration notices until the Price Cutoff Date (as defined in section 3.1.9).
-Constituents of the MSCI GIMI added to the SFC high shareholding concentration notices after the Price Cutoff Date will be deleted from the IMI at the next Index Review, unless such deletion is warranted as part of the ongoing Index Review based on other index inclusion criteria, such as size or liquidity.
+Constituents of the MSCI GIMI added to the SFC high shareholding concentration notices after the Price Cutoff Date will be deleted from the IMI™ at the next Index Review, unless such deletion is warranted as part of the ongoing Index Review based on other index inclusion criteria, such as size or liquidity.
Index Review changes, including increasing free float-adjusted market capitalization or migration of such security will be cancelled.
Additions of newly eligible securities to the MSCI GIMI as part of a regular Index Reviews may be revised until five business days before the Index Review effective date if such newly eligible companies were added to the SFC high shareholding concentration notices after the Index Review Price Cutoff Date.
In order to avoid potential reverse turnover, MSCI may review eligibility of companies included on the SFC high shareholding concentration notice until five business days before the Index Review effective date if sufficient public disclosure is made available by the company that confirms an increase in free float resulting in a Foreign Inclusion Factor equal to or larger than
M5 modified Treatment of Non-Voting Depositary Receipts in Thailandsimilarity 97%
--- Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-02_735fbfb9)
+++ Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-02_9ff15223)
@@ -13,10 +13,9 @@
The company full market capitalization is calculated based on the price45 of the Local Line.
Foreign Inclusion Factor.
The free float distribution between the Foreign Line and the Local Line is determined as follows: If Foreign Line is not included in If Foreign Line is included in Index Index FIF (Local Line) = Minimum (DIF, NVDR FIF (Foreign Line) = Minimum (DIF, FOL limit – NVDR strategic holdings) FOREIGN strategic shareholding) FIF (Local Line) = Minimum (DIF – FIF (Foreign Line), NVDR limit – NVDR strategic holdings)
-Foreign Room. Foreign room is assessed for the Local Line relative to the NVDR issuance limits in line with the quarterly review of foreign room described in section 3.1.6.2.
+Foreign Room. Foreign room is assessed for the Local Line relative to the NVDR issuance limits in line with the quarterly review of foreign room described in section 3.1.6.2. Foreign Lines are not monitored for low foreign room since Foreign Lines have secondary market trading.
44 Financial institutions including banks and finance companies that accept deposits from the public 45 This will result in changes to the company full market capitalization of BANGKOK BANK and KASIKORNBANK.
The changes in the company full market capitalization were reflected in the MSCI product files effective April 16, 2019.
-Foreign Lines are not monitored for low foreign room since Foreign Lines have secondary market trading.
Early Inclusions.
MSCI will not include the Foreign Line in the MSCI Indexes at the time of IPOs or other early inclusions.
This is to provide sufficient time to evaluate liquidity of Foreign Lines in the secondary market.
M5 modified Treatment of Depository Receipts where Underlying Shares are Not Available for Tradingsimilarity 56%
--- Treatment of Depository Receipts where Underlying Shares are Not Available for Trading (2026-10-02_735fbfb9)
+++ Treatment of Depository Receipts where Underlying Shares are Not Available for Trading (2026-10-02_9ff15223)
@@ -1,4 +1,7 @@
-Trading Starting from the May 2024 Index Review, MSCI will apply the below approach to calculate the Foreign Inclusion Factor (FIF) for Depository Receipts (DRs) where underlying shares are not available for trading.
-For additions to the MSCI Global Investable Market Indexes, including the MSCI ACWI IMI Index, the MSCI Frontier Markets IMI, the MSCI China All Shares IMI and relevant MSCI J-Series Indexes, the FIF will be calculated as the lower of: the FIF derived based on publicly disclosed capital raising activities at the time of listing and any subsequent offerings; or the FIF computed on the basis of the MSCI Free Float Data Methodology.
-For securities added to the indexes using the capital raising method, MSCI will continue to review such securities using the capital raising method in the subsequent Index Reviews.
-For existing constituents of the MSCI Global Investable Market Indexes, including the MSCI ACWI IMI Index, the MSCI Frontier Markets IMI, the MSCI China All Shares IMI and relevant MSCI J-Series Indexes, the FIF will be calculated as the lower of: the ratio of Depository Number of Shares (NOS)/Total NOS (wherever such data is available); or the FIF computed on the basis of the MSCI Free Float Data Methodology.
+Trading Starting from the May 2026 Index Review, MSCI will apply the below approach to calculate the Foreign Inclusion Factor (FIF) for Depository Receipts (DRs) where underlying shares are not available for trading.
+FIF for such DRs will be calculated as the lower of46: (i) the higher of adjusted 13F ownership or float derived from capital raising activities at listing and any subsequent offerings; or (ii) the free float calculated in accordance with the current MSCI Free Float Data Methodology
+46 For existing constituents the change to new methodology will be done in a phased manner starting May 2026 Index Review.
+As part of the May 2026 Index Review, where the current FIF exceeds the value determined on the basis of the new approach, MSCI will set the FIF at the midpoint between these two values.
+For new index additions, this new approach will be applied upon index inclusion starting from the May 2026 Index Review.
+MSCI will continue to monitor issuer disclosures and the availability of transparency regarding DRs in circulation.
+In the continued absence of enhanced transparency, starting from the November 2026 Index Review, MSCI will determine the FIF using the new approach for existing index constituents.
3 unchanged sections
- M9 Appendix VII: Price Source for Securities
- M9 Markets open on Saturday and/or Sunday
- M6 Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress
M6 modified MSCI Market Monitoring Framework
--- MSCI Market Monitoring Framework (2026-10-02_735fbfb9)
+++ MSCI Market Monitoring Framework (2026-10-02_9ff15223)
@@ -1 +1 @@
-The MSCI Market Monitoring Framework aims to continually assess the potential impact of market conditions on regular Index Reviews along three key dimensions: Market Functioning, Market Liquidity and Data Availability. – Market Liquidity: monitoring of security liquidity which is based on liquidity screening criteria required by relevant index methodologies and market liquidity based on MSCI ACWI bid-ask spreads and MSCI ACWI volatility – Market Functioning: monitoring of unexpected market closures or market disruptions – Data Availability: monitoring of company and market data required to conduct Index Reviews
+The MSCI Market Monitoring Framework aims to continually assess the potential impact of market conditions on regular Index Reviews along three key dimensions: Market Functioning, Market Liquidity and Data Availability. – Market Liquidity: monitoring of security liquidity which is based on liquidity screening criteria required by relevant index methodologies and market liquidity based on MSCI ACWI® bid-ask spreads and MSCI ACWI® volatility – Market Functioning: monitoring of unexpected market closures or market disruptions – Data Availability: monitoring of company and market data required to conduct Index Reviews
1 unchanged section
- M6 Potential Switch to a Light Rebalancing during Index Reviews
M6 modified “Light” Rebalancing
--- “Light” Rebalancing (2026-10-02_735fbfb9)
+++ “Light” Rebalancing (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-In the context of the MSCI GIMI, “light” rebalance refers to implementing the index maintenance methodology as described further in this section in place of the usual Index Review index maintenance rules described in Section 3.2.
+In the context of the MSCI GIMI™, “light” rebalance refers to implementing the index maintenance methodology as described further in this section in place of the usual Index Review index maintenance rules described in Section 3.2.
For the other MSCI index methodologies, MSCI would implement Quarterly Index Review (QIR) index maintenance methodology if such are defined in the respective index methodology books.
For methodologies which rebalance annually or where QIRs are not defined, MSCI would proceed as per the normal rebalancing schedule.
If the upcoming scheduled rebalance is already a QIR, then no change to the process would occur.
M6 modified Market Monitoring Period and Criteria
--- Market Monitoring Period and Criteria (2026-10-02_735fbfb9)
+++ Market Monitoring Period and Criteria (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
MSCI sets the last ten business days of the month prior to the announcement date of an Index Review as the “market monitoring period.” If within the “market monitoring period”, one of the following two conditions related to the Market Liquidity and Market Functioning pillars of the Market Monitoring Framework is met, a review by the relevant MSCI Index Committee(s) whether or not to switch to a “light rebalancing” would be triggered: - Market Liquidity, for any 3 days within the “market monitoring period”
-MSCI ACWI-weighted bid-ask spread, measured as index market capitalizationo weighted bid-ask spread ( [ask-bid] / ask )46, breaching 0.19% AND o MSCI ACWI volatility, measured as the annualized standard deviation47 of the daily o returns of the MSCI ACWI over the past 10 business days, breaching 0.55 - OR - Market Functioning
-o Unexpected full day or partial stock exchange closures impacting 20% of MSCI ACWI constituents cumulatively over the “market monitoring period”
+MSCI ACWI®-weighted bid-ask spread, measured as index market capitalizationo weighted bid-ask spread ( [ask-bid] / ask )47, breaching 0.19% AND o MSCI ACWI® volatility, measured as the annualized standard deviation48 of the daily o returns of the MSCI ACWI® over the past 10 business days, breaching 0.55 - OR - Market Functioning
+o Unexpected full day or partial stock exchange closures impacting 20% of MSCI ACWI® constituents cumulatively over the “market monitoring period”
M6 modified Communication Date and Policy
--- Communication Date and Policy (2026-10-02_735fbfb9)
+++ Communication Date and Policy (2026-10-02_9ff15223)
@@ -4,4 +4,4 @@
MSCI would no longer consider a potential switch to a “light” rebalancing after the “market monitoring period” and would proceed with the scheduled Index Review.
Over time, MSCI may review the thresholds used in the MSCI Market Monitoring Framework.
Any resulting changes would be made public in the relevant index methodology documentation well in advance of the “market monitoring period”.
-46 MSCI uses the closing bid/ask as provided by its data source. If these are unavailable, then the most recent bid/ask prices are used instead. 47 The 10-day standard deviation of daily returns is annualized by multiplying it by the square root of 260.
+47 MSCI uses the closing bid/ask as provided by its data source. If these are unavailable, then the most recent bid/ask prices are used instead. 48 The 10-day standard deviation of daily returns is annualized by multiplying it by the square root of 260.
M6 modified Index Review of the MSCI GIMI™ under Light Rebalancing (was Index Review of the MSCI GIMI under Light Rebalancing)similarity 99%
--- Index Review of the MSCI GIMI under Light Rebalancing (2026-10-02_735fbfb9)
+++ Index Review of the MSCI GIMI™ under Light Rebalancing (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
Light rebalancings aim to ensure that the indexes continue to be an accurate reflection of the evolving equity marketplace during conditions of market stress.
This is achieved by a timely reflection of significant market driven changes that were not captured in the index at the time of their actual occurrence but are significant enough to be reflected before the next Index Review.
-Light rebalancings may result in: Additions or deletions due to migration to another Size-Segment Index Addition of significant new investable companies to the Standard Index Deletion of companies from the Investable Market Indexes due to low liquidity Changes in FIFs and in NOS.
+Light rebalancings may result in: Additions or deletions due to migration to another Size-Segment Index Addition of significant new investable companies to the Standard Index Deletion of companies from the IMI™ due to low liquidity Changes in FIFs and in NOS.
The buffer zones used to manage the migration of companies from one segment to another are wider than those used in the Index Reviews.
M7 modified Size-Segment Migrations during Light Rebalancingssimilarity 96%
--- Size-Segment Migrations during Light Rebalancings (2026-10-02_735fbfb9)
+++ Size-Segment Migrations during Light Rebalancings (2026-10-02_9ff15223)
@@ -11,34 +11,35 @@
The largest companies from the upper buffer of the next lower size-segment.
However, companies that would migrate from the lower Size-Segment Index but are below the lower bound of the Global Minimum Size Range, as well as companies that would migrate from upper Size-Segment but are above the upper bound of the Global Minimum Size Range, are retained in their current Size-Segment.
The Segment Number of Companies is increased or decreased accordingly.
-Once companies have been assigned to the Standard, Large and Investable Market Indexes, companies are then assigned to the Mid and Small Cap Indexes.
+Once companies have been assigned to the Standard, Large and IMI™ Indexes, companies are then assigned to the Mid and Small Cap Indexes.
The Mid Cap Index comprises the companies that are in the Standard Index but not the Large Cap Index.
-The Small Cap Index comprises the companies that are in the Investable Market Index but not in the Standard Index.
+The Small Cap Index comprises the companies that are in the IMI but not in the Standard Index.
Assessing Conformity with Final Size-Segment Investability Requirements Once the securities are assigned to the appropriate Size-Segment Indexes, the securities that migrate from the Small Cap Indexes to the Standard Indexes are evaluated for compliance with the additional investability requirements for the Standard Index.
Please refer to Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
-Existing IMI constituents that exhibit extreme price increase (as per section 2.3.6.3) will not be eligible for migration into the Standard Indexes.
-Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
+Existing IMI constituents that exhibit extreme price increase with a FIF less than 0.75 will not be eligible for migration into the Standard Indexes.
+Detailed treatments are described in Sub-
+section 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase.
Similar to the foreign room treatment during Index Reviews, current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25% room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
0.5
-0.25 0 Current adjustment factor = 0.5
-1
+0.25 0 Current adjustment factor = 0.5 1
0.5
0.5
0.25 0 Current adjustment factor = 0.25 1
0.5
0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 048.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 049.
Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
(For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL51 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9: Date of Data Used for Index Review.
For example, to be considered for the February Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the November Index Review.
-48 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
+During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to
+49 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
In case of India, MSCI monitors securities appearing on the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached on a daily basis.
MSCI deletes securities from the MSCI India Indexes that are (i) Appearing on the Breach list (ii) Appearing on the Red Flag/Caution list and have foreign room below 3.75% by giving 2 business days’ notice.
In the case of Mexico, MSCI monitors the foreign investments under the Neutral Trust Program (NTP).
The NTP structure mandates foreign investors to acquire shares only through it.
MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
-During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL49 until five business days before the effective date of that Index Review.
-Securities that are part of the Market Investable Equity Universe, but did not meet additional investability requirements at the previous Index Review are not added to the Investable Market Indexes as part of the light rebalancing, unless they meet the criteria outlined in Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings.
+monitor any potential increased foreign room due to an increase in FOL50 until five business days before the effective date of that Index Review.
+Securities that are part of the Market Investable Equity Universe, but did not meet additional investability requirements at the previous Index Review are not added to the IMI Indexes as part of the light rebalancing, unless they meet the criteria outlined in Addition of Companies Currently not Constituents of the IMI Indexes during Light Rebalancings.
M4 modified Addition of Companies Currently not Constituents of the IMI™ during Light Rebalancings (was Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings)similarity 88%
--- Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_735fbfb9)
+++ Addition of Companies Currently not Constituents of the IMI™ during Light Rebalancings (2026-10-02_9ff15223)
@@ -1,10 +1,10 @@
-Light Rebalancings Securities that are currently not constituents of the Investable Market Indexes and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase are not eligible for inclusion into the Standard Indexes.
+Securities that are currently not constituents of the IMI™ and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase with a FIF less than 0.75 are not eligible for inclusion into the Standard Indexes.
Please refer to section 2.3.6.3 for more details.
These companies are assigned to the Large Cap Index if their full market capitalization exceeds the Interim Market Size-Segment Cutoff for the Large Cap Size-Segment; they are assigned to the Mid Cap Index otherwise.
In addition, IPOs eligible for early inclusion according to Sub-section 3.2.7, and for which the effective date of inclusion is either 5 days before the effective date of the Index Review or 3 days after, will be made effective to coincide with the Index Review.
For example, when the effective date of inclusion of the IPO is August 29 (3 business days before September 1), while the effective date of the Index Review is September 1, the IPO will be added effective September 1.
-49 Applicable only for securities still subject to FOLs.
+For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.
+50 Applicable only for securities still subject to FOLs.
For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
-For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.
M3 modified Deletion of Companies Currently Constituents of the IMI™ during Light Rebalancings (was Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings)similarity 82%
--- Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_735fbfb9)
+++ Deletion of Companies Currently Constituents of the IMI™ during Light Rebalancings (2026-10-02_9ff15223)
@@ -1,9 +1,8 @@
-Rebalancings Existing constituents of the Investable Market Indexes can remain in the Investable Market Indexes only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing50 Foreign listing in the same geographical region51 Foreign listing in a different geographical region52 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
-However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor; or
-50 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
-51 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
+Existing constituents of the IMI™ can remain in the IMI only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing51 Foreign listing in the same geographical region52 Foreign listing in a different geographical region53 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor; or Would maintain the security in the GIMI™ and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews; or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
+0.5 if none of the above conditions are met.
+51 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
+52 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
-52 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
-Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews; or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
-0.5 if none of the above conditions are met.
+53 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
4 unchanged sections
- M5 Changes in FIF and NOS during Light Rebalancings
- M6 Date of Data Used for Light Rebalancings
- M6 Index Maintenance for the Micro Cap Size-Segment during Light Rebalancings
- M9 Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviews
M9 modified Policy Regarding Trading Suspensions for Individual Securities during Index Reviews
--- Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-02_735fbfb9)
+++ Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-Reviews MSCI will postpone the implementation of Index Review changes for IMI constituents, as well as Micro Cap constituents, when the affected securities are suspended53 on the day prior to the effective implementation date54 of the Index Review.
+Reviews MSCI will postpone the implementation of Index Review changes for IMI™ constituents, as well as Micro Cap constituents, when the affected securities are suspended 54 on the day prior to the effective implementation date55 of the Index Review.
The postponed Index Review changes will be implemented by giving two full business days (excluding the trading resumption day) after the securities starts trading.
Index Review changes include: Additions to, deletions from or migrations between the MSCI Large Cap, MSCI Mid Cap, MSCI Small Cap and MSCI Micro Cap Indexes Changes in Foreign Inclusion Factor (FIF), Domestic Inclusion Factor (DIF), Number of Shares (NOS) or style for the relevant current and pro forma IMI and Micro Cap constituents All Index Review changes that are postponed due to suspension will be cancelled two months after the effective date of the Index Review if the securities are still suspended and will be implemented at the Index Review following the securities’ resumption of trading if still warranted.
-Additions of Chinese securities to all MSCI Indexes55 (including pro forma MSCI China Indexes, MSCI China A Inclusion Indexes, MSCI China All Shares Indexes and MSCI China A Onshore Indexes) will be cancelled instead of postponed if the securities are suspended on the day prior to the effective implementation of the Index Review.
+Additions of Chinese securities to all MSCI Indexes56 (including pro forma MSCI China Indexes, MSCI China A Inclusion Indexes, MSCI China All Shares Indexes and MSCI China A Onshore Indexes) will be cancelled instead of postponed if the securities are suspended on the day prior to the effective implementation of the Index Review.
The inclusion of the security will be re-evaluated at the next Index Review.
M9 modified Policy Regarding Market Closures during Index Reviews
--- Policy Regarding Market Closures during Index Reviews (2026-10-02_735fbfb9)
+++ Policy Regarding Market Closures during Index Reviews (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
During Index Reviews, the following principles apply in case of market closures on the day of implementation. As a reminder, the effective implementation date for each Index Reviews is as of the close of the last business day of February, May, August and November.
-53 The suspension status is taken as per the close of the regular trading time of the relevant stock exchange.
-54 In cases where the Index Review effective date falls on a Tuesday, the postponement for suspended securities in indexes calculated from Sunday to Thursday will be reviewed on Sunday.
+54 The suspension status is taken as per the close of the regular trading time of the relevant stock exchange.
+55 In cases where the Index Review effective date falls on a Tuesday, the postponement for suspended securities in indexes calculated from Sunday to Thursday will be reviewed on Sunday.
For details on the Sunday – Thursday Index Calculation Methodology, refer to Appendix XII of the MSCI Index Calculation Methodology.
-55 Non-current IMI constituent
+56 Non-current IMIT constituent
1 unchanged section
- M9 Market Closures Due to Scheduled Stock Market Holidays
M9 modified Unexpected Full Trading Day Market Closuressimilarity 97%
--- Unexpected Full Trading Day Market Closures (2026-10-02_735fbfb9)
+++ Unexpected Full Trading Day Market Closures (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-In the event that the primary stock market in a country fails to open for trading and remains closed for the entire trading day on the implementation date of the review due to an unexpected market closure, MSCI will postpone the implementation of the additions to and deletions from the MSCI All Countries World Index (ACWI), as well as the changes in FIF and NOS with a combined impact on the country index of at least 50bp, resulting from the Index Review of the MSCI Global Investable Market Indexes for that specific country index.
+In the event that the primary stock market in a country fails to open for trading and remains closed for the entire trading day on the implementation date of the review due to an unexpected market closure, MSCI will postpone the implementation of the additions to and deletions from the MSCI ACWI®, as well as the changes in FIF and NOS with a combined impact on the country index of at least 50bp, resulting from the Index Review of the MSCI GIMI™ for that specific country index.
MSCI will implement the above changes as a result of the Index Review for that country as of the close of the first business day (Monday to Friday) that the specific market reopens for trading and closing prices are available.
In the event of unexpected closures of stock markets in more than one country, MSCI will evaluate the situation and may apply a different policy.
For smaller countries, however, in the event of unexpected market closures, MSCI reserves the right to implement the Index Review changes using the closing price of the last day the market was open.
M9 modified Unexpected Market Closures of Less Than a Full Trading Daysimilarity 91%
--- Unexpected Market Closures of Less Than a Full Trading Day (2026-10-02_735fbfb9)
+++ Unexpected Market Closures of Less Than a Full Trading Day (2026-10-02_9ff15223)
@@ -1 +1 @@
-The trading suspensions of less than one full trading day will not trigger any postponement of the implementation of the Index Review of the MSCI Global Investable Market Indexes.
+The trading suspensions of less than one full trading day will not trigger any postponement of the implementation of the Index Review of the MSCI GIMI™.
2 unchanged sections
- M9 Market Outage during the Trading Day
- M4 Appendix X: Updating the Global Minimum Size References and Ranges
M4 modified General Principles for Updating the Global Minimum Size References and Ranges
--- General Principles for Updating the Global Minimum Size References and Ranges (2026-10-02_735fbfb9)
+++ General Principles for Updating the Global Minimum Size References and Ranges (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The Investable Market Index Global Minimum Size Reference for Developed Markets is the full company market capitalization of the company at the same rank that determined the Investable Market Index Global Minimum Size Reference at the previous Index Review (that is not a light rebalancing) as long as the cumulative free float-adjusted market capitalization coverage of the existing DM Investable Equity Universe at that rank is between 99% and 99.25%.
+The IMI™ Global Minimum Size Reference for Developed Markets is the full company market capitalization of the company at the same rank that determined the IMI Global Minimum Size Reference at the previous Index Review (that is not a light rebalancing) as long as the cumulative free float-adjusted market capitalization coverage of the existing DM Investable Equity Universe at that rank is between 99% and 99.25%.
If the coverage at that rank is not between 99% and 99.25%, the rank is reset to the first company that reaches a cumulative free float-adjusted representation of not less than 99% (if below) or not more than 99.25% (if above) and the Global Minimum Size Reference is recalculated.
The Standard Index Global Minimum Size Reference for Developed Markets is the full company market capitalization of the company ranked at the same rank that determined the Standard Index Global Minimum Size Reference at the previous Index Review (that is not a light rebalancing) as long as the cumulative free float-adjusted market capitalization coverage of the existing DM Investable Equity Universe at that rank is between 85 and 87%.
If the coverage at that rank is not between 85% and 87%, the rank is reset to that company that reaches a cumulative free float-adjusted representation of not less than 85% (if below) or not more than 87% (if above) and the Global Minimum Size Reference is calculated.
9 unchanged sections
- M3 Appendix XI: Frontier Markets Country Classification
- M1 Appendix XII: MSCI DR Indexes
- M4 Constructing the MSCI DR Indexes
- M6 Maintaining the MSCI DR Indexes
- M5 Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes
- M6 Quarterly Listing Reviews
- M5 Index Review of Changes in NOS and in FIF
- M8 Ongoing Event Related Changes
- M8 Additions and Deletions due to Corporate Events
M8 modified IPOs
--- IPOs (2026-10-02_735fbfb9)
+++ IPOs (2026-10-02_9ff15223)
@@ -1 +1 @@
-DRs of IPOs which are significant in size and included early in the MSCI Global Standard Indexes according to Sub‐ section 3.2.7, will be simultaneously included in the MSCI DR Indexes.
+DRs of IPOs which are significant in size and included early in the MSCI Global Standard Indexes according to Sub‐section 3.2.7, will be simultaneously included in the MSCI DR Indexes.
3 unchanged sections
- M9 Dividend Reinvestment for DRs Indexes
- M9 Withholding tax
- M9 Dividend Fees Payable by DR Holders
M1 modified Appendix XIII: MSCI Domestic Indexessimilarity 97%
--- Appendix XIII: MSCI Domestic Indexes (2026-10-02_735fbfb9)
+++ Appendix XIII: MSCI Domestic Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
The MSCI Domestic Indexes are designed to represent the performance of the domestic equity markets of certain countries.
-Most of the MSCI Domestic Indexes are based on the MSCI Global Investable Market Indexes Methodology.
+Most of the MSCI Domestic Indexes are based on the MSCI GIMI™ Methodology.
The indexes use the Domestic Inclusion Factor (DIF) as the free float adjustment factor for the market capitalization of each security.
-MSCI defines the free float of a security as the proportion of tradable shares outstanding that are deemed to be available for purchase in the public equity markets by domestic investors56.
+MSCI defines the free float of a security as the proportion of tradable shares outstanding that are deemed to be available for purchase in the public equity markets by domestic investors57.
In practice, limitations on free float available to domestic investors also include strategic and other shareholdings and these are not considered as part of available free float.
-Free float of MSCI GIMI and MSCI Domestic indexes are reviewed, as defined in Sub-Section 3.1.7 based on the date of data defined in Sub-Section
-3.1.9.
-Please see Appendix VI for details on MSCI Free Float Definition and Estimation Guidelines.
-Currently, MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available for China57, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Canada, Korea and Australia58.
+Free float of MSCI GIMI and MSCI Domestic indexes are reviewed, as defined in Sub-Section 3.1.7 based on the date of data defined in Sub-Section 3.1.9.
+Please see
+Appendix VI for details on MSCI Free Float Definition and Estimation Guidelines.
+Currently, MSCI Domestic Indexes based on the MSCI GIMI Methodology are available for China58, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Canada, Korea and Australia59.
M1 modified MSCI China A Onshore Indexessimilarity 94%
--- MSCI China A Onshore Indexes (2026-10-02_735fbfb9)
+++ MSCI China A Onshore Indexes (2026-10-02_9ff15223)
@@ -1 +1 @@
-The MSCI China A Onshore Indexes, referred to as the MSCI China A Indexes prior to March 1, 2018, are part of the MSCI Domestic Indexes. The MSCI China A Onshore Indexes are based on the MSCI Global Investable Market Indexes, with the following methodology adaptations:
+The MSCI China A Onshore Indexes, referred to as the MSCI China A Indexes prior to March 1, 2018, are part of the MSCI Domestic Indexes. The MSCI China A Onshore Indexes are based on the MSCI GIMI™, with the following methodology adaptations:
M2 modified Equity Universe
--- Equity Universe (2026-10-02_735fbfb9)
+++ Equity Universe (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
For the MSCI China A Onshore Indexes, the universe is defined as all China A shares listed on the Shanghai and Shenzhen Stock Exchanges.
In general, all listed equity securities, or listed securities that exhibit characteristics of equity securities, except investment trusts, mutual funds and equity derivatives, are eligible for inclusion in the universe.
Securities with a “ST” or “*ST” status are excluded from the Equity Universe (see Appendix I for more details).
-56 For the MSCI Saudi Arabia Domestic Index, the DIF is calculated from the perspective of a GCC regional investor.
-57 The domestic China Index is known the MSCI China A Onshore Index.
-58 The domestic Australia and Korea Indexes are known as the MSCI Australian Shares Indexes and the MSCI Korean Shares Indexes respectively.
+57 For the MSCI Saudi Arabia Domestic Index, the DIF is calculated from the perspective of a GCC regional investor.
+58 The domestic China Index is known the MSCI China A Onshore Index.
+59 The domestic Australia and Korea Indexes are known as the MSCI Australian Shares Indexes and the MSCI Korean Shares Indexes respectively.
M3 modified Equity Universe Minimum Sizesimilarity 92%
--- Equity Universe Minimum Size (2026-10-02_735fbfb9)
+++ Equity Universe Minimum Size (2026-10-02_9ff15223)
@@ -1 +1 @@
-The Equity Universe Minimum Size applied to the MSCI China A Indexes are based on the Global Minimum Size Reference of the Emerging Markets under the MSCI Global Investable Market Indexes Methodology.
+The Equity Universe Minimum Size applied to the MSCI China A Indexes are based on the Global Minimum Size Reference of the Emerging Markets under the MSCI GIMI™ Methodology.
M5 modified Assigning a Free Float-Adjustment Factorsimilarity 98%
--- Assigning a Free Float-Adjustment Factor (2026-10-02_735fbfb9)
+++ Assigning a Free Float-Adjustment Factor (2026-10-02_9ff15223)
@@ -2,4 +2,4 @@
In practice, limitations on free float available to domestic investors also include strategic and other shareholdings that are not considered part of available free float.
MSCI free float-adjusts the market capitalization of each security using an adjustment factor referred to as the Domestic Inclusion Factor (DIF).
The DIF is not subject to Foreign Ownership Limits (FOL).
-Currently, the index market capitalization of securities in the MSCI China A Onshore Indexes is determined as Domestic Inclusion Factor * Security Full Market Capitalization as in the MSCI Global Investable Market Indexes.
+Currently, the index market capitalization of securities in the MSCI China A Onshore Indexes is determined as Domestic Inclusion Factor * Security Full Market Capitalization as in the MSCI GIMI™.
1 unchanged section
- M3 Investment Sanctions Related to U.S. Executive Order 13959
M3 modified MSCI K-Series Indexessimilarity 97%
--- MSCI K-Series Indexes (2026-10-02_735fbfb9)
+++ MSCI K-Series Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
The MSCI K-Series Indexes are parallel versions of the MSCI China A Onshore Indexes that exclude relevant securities impacted by the investment sanctions related to the Order.
-The treatment of investment sanctions related to the Order in the MSCI K-Series Indexes mirrors the treatment of such sanctions in the MSCI Global Investable Market Indexes, as described in Appendix V: Treatment of Investment Sanctions Related to U.S.
+The treatment of investment sanctions related to the Order in the MSCI K-Series Indexes mirrors the treatment of such sanctions in the MSCI GIMI™, as described in Appendix V: Treatment of Investment Sanctions Related to U.S.
Executive Order 13959.
Any changes to the list of securities impacted by this treatment would be publicly announced.
1 unchanged section
- M1 Appendix XIV: MSCI China Indexes
M1 modified MSCI China Indexes Offering
--- MSCI China Indexes Offering (2026-10-02_735fbfb9)
+++ MSCI China Indexes Offering (2026-10-02_9ff15223)
@@ -1,24 +1,17 @@
-Share Class Domestic MSCI China Indexes P Foreign Connect Index Free Float B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe MSCI China All Shares Index
-L/M/S Onshore FIF MSCI China A International Index L/M/S Onshore FIF MSCI China Indexes
-L/M Connect 20% FIF MSCI China A Inclusion Index
-L/M Connect FIF MSCI China A Inclusion RMB Index
-L/M Onshore FIF MSCI China A Index
-L/M Connect FIF MSCI China A RMB Index
-L/M Onshore FIF Domestic China A Shares Equity Universe MSCI China A Onshore Index
-L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
+Share Class Domestic MSCI China Indexes P Foreign Connect Index Free Float B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe MSCI China All Shares Index L/M/S Onshore FIF MSCI China A International Index L/M/S Onshore FIF MSCI China Indexes L/M Connect 20% FIF MSCI China A Inclusion Index L/M Connect FIF MSCI China A Inclusion RMB Index L/M Onshore FIF MSCI China A Index L/M Connect FIF MSCI China A RMB Index L/M Onshore FIF Domestic China A Shares Equity Universe MSCI China A Onshore Index L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
CDRs are not included in the MSCI China A Onshore Index, MSCI China A Index, MSCI China A Inclusion Index and MSCI China A International Index.
The MSCI China All Shares Indexes are built on the basis of the integrated China Equity Universe, including China A shares.
The MSCI China All Shares Indexes are designed to represent the opportunity set of China share classes.
They will be used as the basis for the construction of the MSCI China Indexes, included in Emerging Markets, subject to additional screening and inclusion factors, as well as the newly launched MSCI China A Indexes, which reflect only securities available through the Stock Connect program.
The MSCI China A International Indexes are constructed to represent the performance of the China A shares component of the MSCI China All Shares Indexes.
These indexes include China A shares regardless of their eligibility for trading through the Stock Connect program.
-For more details on the MSCI China All Shares and MSCI China A International Indexes, please refer to the MSCI China All Shares Indexes Methodology59.
+For more details on the MSCI China All Shares and MSCI China A International Indexes, please refer to the MSCI China All Shares Indexes Methodology60.
The MSCI China Indexes are designed to represent the performance of the Chinese securities that are included in the MSCI Emerging Markets Indexes.
In addition to the Red-chips, P-chips, B shares, H shares and foreign listings, Stock Connect eligible Large Cap and Mid Cap China A shares and CDRs are included at 20% of their actual free float-adjusted market capitalization using the Stock Connect listing.
-59 Available on https://www.msci.com/index-methodology Following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index in the November 2019 Index Review, the MSCI China A Indexes60 represent the performance of the China A shares portion of the MSCI China Index.
+60 Available on https://www.msci.com/index-methodology Following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index in the November 2019 Index Review, the MSCI China A Indexes61 represent the performance of the China A shares portion of the MSCI China Index.
The MSCI China A Indexes are calculated using the Stock Connect listing based on the offshore RMB exchange rate (CNH), while the MSCI China A RMB Indexes are variants of the MSCI China A Indexes that are calculated using China A local listings based on the onshore RMB exchange rate (CNY).
-The MSCI China A Inclusion Indexes61 represent the China A share portion of the MSCI China Index and are identical to the MSCI China A Indexes following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index.
+The MSCI China A Inclusion Indexes62 represent the China A share portion of the MSCI China Index and are identical to the MSCI China A Indexes following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index.
These indexes are also calculated using the CNH and CNY rates similar to the MSCI China A Indexes.
-In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes 62 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
+In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes 63 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
Until March 1 2018, these indexes were named the MSCI China A Indexes.
-60 Please refer to Appendix XVII for more details. 61 Please refer to Appendix XVI for more details. 62 Please refer to Appendix XII for more details on the MSCI China A Onshore Indexes.
+61 Please refer to Appendix XVII for more details. 62 Please refer to Appendix XVI for more details. 63 Please refer to Appendix XII for more details on the MSCI China A Onshore Indexes.
M6 modified Appendix XV: Index Maintenance of the MSCI China Indexessimilarity 98%
--- Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-02_735fbfb9)
+++ Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-02_9ff15223)
@@ -1 +1 @@
-This section has been updated in January 202063.
+This section has been updated in January 202064.
1 unchanged section
- other Inclusion of China A Shares in the MSCI China Indexes
M6 modified Index Maintenance of the MSCI China Indexessimilarity 95%
--- Index Maintenance of the MSCI China Indexes (2026-10-02_735fbfb9)
+++ Index Maintenance of the MSCI China Indexes (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’ as it describes only the points specific to maintenance of the MSCI China Indexes.
+This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’ as it describes only the points specific to maintenance of the MSCI China Indexes.
The MSCI China All Shares Indexes are the basis for the construction of the MSCI China Indexes included in Emerging Markets, subject to additional screening and inclusion factors.
-63 The MSCI China Indexes in this section refers to the MSCI China Indexes included in the MSCI Emerging Markets Indexes.
+64 The MSCI China Indexes in this section refers to the MSCI China Indexes included in the MSCI Emerging Markets Indexes.
M2 modified Integrated MSCI China Equity Universesimilarity 99%
--- Integrated MSCI China Equity Universe (2026-10-02_735fbfb9)
+++ Integrated MSCI China Equity Universe (2026-10-02_9ff15223)
@@ -7,12 +7,12 @@
MSCI China All Shares
Intra-quarter changes due to Corporate Events Full China Universe
Integrated MSCI China Equity Universe
-The MSCI China Indexes will be maintained using the MSCI Global Investable Market Indexes
-methodology under the Emerging Market framework. They will be constructed on the basis of
-the integrated MSCI China Equity Universe comprised of A‐ shares, CDRs64 and B‐ shares
-listed in China, H‐ shares, Red‐ chips, and P‐ chips listed in Hong Kong and foreign listings
-listed outside China or Hong Kong, identical to the universe used for the construction of the
-MSCI China All Shares Index.
+The MSCI China Indexes will be maintained using the MSCI GIMI™ methodology under the
+Emerging Market framework. They will be constructed on the basis of the integrated MSCI
+China Equity Universe comprised of A‐shares, CDRs 65 and B‐shares listed in China, H‐
+shares, Red‐chips, and P‐chips listed in Hong Kong and foreign listings listed outside China
+or Hong Kong, identical to the universe used for the construction of the MSCI China All Shares
+Index.
While all share classes from the integrated China Equity Universe will be included in the
construction of the MSCI Investable Equity Universe, as well as in the process of allocation of
companies into the Size-Segments, China A shares of companies allocated to the Small Cap
M9 modified Calculation of Market Capitalization
--- Calculation of Market Capitalization (2026-10-02_735fbfb9)
+++ Calculation of Market Capitalization (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
For the purpose of index rebalancing, the security market capitalization of all the China A shares in the integrated China equity universe will be converted to US Dollars using onshore RMB
-64 CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in this section.
+65 CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in this section.
exchange rate (CNY) regardless whether CNY or CNH rate is used for index calculation. For example, the issuer market capitalization of a company used as part of the rebalancing for the CNY or CNH based indexes would be the same and would be based on the CNY exchange rate.
1 unchanged section
- M5 Impact of the Index Inclusion Factor for the Index Construction
M3 modified Investability Requirementssimilarity 98%
--- Investability Requirements (2026-10-02_735fbfb9)
+++ Investability Requirements (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
-In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the Investable Market Indexes) from the investable equity universe if the securities: - - Are suspended on the Price Cutoff date, or Have been suspended for at least 50 days consecutively in the past 12 months65 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
+In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the IMI™) from the investable equity universe if the securities: - - Are suspended on the Price Cutoff date, or Have been suspended for at least 50 days consecutively in the past 12 months66 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
China A shares of companies will be assessed based on their current status in the MSCI China All Shares Indexes for this requirement, subject to the relevant buffer rules.
M4 modified Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments
--- Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments (2026-10-02_735fbfb9)
+++ Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
Segments The Market Size-Segment Cutoffs and the Size-Segment allocation of companies are based on the integrated MSCI China Investable Equity Universe.
China A shares of companies will be assessed based on their current status in the MSCI China All Shares Indexes for this requirement, subject to the relevant buffer rules.
After this step, allocation to Size-Segments within the MSCI China Indexes is identical to the MSCI China All Shares Indexes.
-65 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review)
+66 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review)
1 unchanged section
- M5 Foreign Ownership Limits and Foreign Room
M3 modified Assessing Conformity with Final Size-Segment Investability Requirementssimilarity 95%
--- Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-02_735fbfb9)
+++ Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
Like for any other market, once companies are assigned to each Size-Segment, the securities of companies are evaluated for conformity with the additional Size-Segment Investability Requirements for each Size-Segment.
However, in addition to the requirements described in the relevant sections, such as Section 2.3.6 and 3.1.6, China A shares are further screened on the basis of their Stock Connect eligibility, Size-Segment allocation status, as well additional full company market capitalization requirements.
More specifically, during Index Reviews, China A shares that are non-current constituents of the MSCI China Index and assigned to the Large Cap or Mid Cap Size-Segments must meet the following requirements to be added to the MSCI China Index: - 1.0x the Standard Cutoff in terms of company full market capitalization - 0.5x the Standard Cutoff in terms of security FIF-adjusted market capitalization
-Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of o Security FIF-adjusted Market Capitalization - Stock Connect eligibility
+Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of o Security FIF-adjusted Market Capitalization China A shares that are current constituents of the MSCI China All Shares IMI™ will o be assessed using the free float-adjusted market capitalization before the application of the adjustment factor - Stock Connect eligibility
China A shares assigned to Small Cap Size-Segment will not be added to the MSCI China Indexes.
China A shares that are existing constituents of the MSCI China Index must meet the requirements specified in Section 3.1.6 and remain Stock Connect eligible to be retained in the MSCI China Index.
Stock Connect Eligibility China A Shares that are eligible for both buy and sell under either the Shanghai Connect or the Shenzhen Connect program will be eligible for inclusion to the MSCI China Index.
2 unchanged sections
- M4 Additions of China A Shares during Light Rebalancings
- M6 Stock Connect Daily Limit Breach
M8 modified Ongoing Event Related Changes
--- Ongoing Event Related Changes (2026-10-02_735fbfb9)
+++ Ongoing Event Related Changes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI Methodology and the MSCI Corporate Events Methodology.
+The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI™ Methodology and the MSCI Corporate Events Methodology.
In order to reflect accessibility of securities trading on Stock Connect and keep the MSCI Indexes replicable, methodologies were enhanced in order to more accurately reflect the investment process of Stock Connect investors, especially for cases when Stock Connect is closed but the onshore Chinese domestic market is trading.
Details of the treatment of Stock Connect China A shares can be found in Appendix VII of the MSCI Corporate Events Methodology.
This section provides details on specific Corporate Events treatment of China A Stock Connect securities in the MSCI China Indexes in relation to their status in MSCI China All Shares.
@@ -14,7 +14,7 @@
As another example, if a merger between an existing Large Cap China A share constituent of the MSCI China Index and a Small Cap China A share not represented in the MSCI China Index results in a new security that qualifies for the Large Cap size-segment, the new security will be included in the MSCI China Index.
Furthermore, migrations of China A shares to the Large Cap or Mid Cap Size-Segment from the Small Cap Size-Segment of the MSCI China All Shares Indexes outside regular Index Reviews will not be added to the MSCI China Index.
However, migrations of China A shares from the Large Cap or Mid Cap Size-Segment to the Small Cap Size-Segment of MSCI China All Shares Indexes outside of regular Index Reviews will be simultaneously deleted from the MSCI China Index.
-For example, if a China A share constituent of the MSCI China All Shares IMI is migrating from Small Cap to Large Cap or Mid Cap due to a corporate event, the China A share security will not be added to the MSCI China Index at the time of the implementation of the corporate event and will be considered for inclusion in the following Index Review for MSCI China Index.
+For example, if a China A share constituent of the MSCI China All Shares IMI™ is migrating from Small Cap to Large Cap or Mid Cap due to a corporate event, the China A share security will not be added to the MSCI China Index at the time of the implementation of the corporate event and will be considered for inclusion in the following Index Review for MSCI China Index.
However, if a China A share constituent of the MSCI China All shares IMI is migrating from Large Cap or Mid Cap to Small Cap due to a corporate event, the China A share security will be deleted from the Large Cap or Mid Cap Size-Segment of MSCI China Index at the time of the implementation of the corporate event.
Calculation of the Interim Market Size-Segment Cutoffs The Interim Market Size-Segment Cutoffs are calculated based on the integrated MSCI China Investable Equity Universe.
The Interim Size-Segment Cutoffs for the MSCI China Indexes and the MSCI China All Shares Indexes will be the same starting from June 1 2018.
2 unchanged sections
- M1 Appendix XVI: MSCI China A Inclusion Indexes
- M4 Index Construction
M6 modified Index Maintenance
--- Index Maintenance (2026-10-02_735fbfb9)
+++ Index Maintenance (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
The constituents of the MSCI China A Inclusion Index are derived from the MSCI China Index at each Index Review by including only the China A shares component.
Following the inclusion of Mid Cap China A shares, the MSCI China A Inclusion Indexes are identical to the MSCI China A Indexes.
-The ongoing event-related changes to the MSCI China A Inclusion Index follow the MSCI GIMI Methodology.
+The ongoing event-related changes to the MSCI China A Inclusion Index follow the MSCI GIMI™ Methodology.
For more information on the details of the implementation of ongoing event related changes, please refer to section 3.2 of the MSCI GIMI Methodology and the MSCI Corporate Events Methodology.
1 unchanged section
- M9 Index Calculation
M1 modified Appendix XVII: MSCI China A Indexes
--- Appendix XVII: MSCI China A Indexes (2026-10-02_735fbfb9)
+++ Appendix XVII: MSCI China A Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The MSCI China A Indexes66 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
+The MSCI China A Indexes67 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
The MSCI China A Indexes are designed for global investors accessing the China A shares market through the Stock Connect program.
The MSCI China A RMB Indexes are designed for domestic China investors and have the same constituents as the MSCI China A Indexes.
Currently, MSCI calculates the Standard as well as the Large Cap and the Mid Cap Size Segment Indexes for both the MSCI China A and the MSCI China A RMB Indexes.
2 unchanged sections
- M4 Index Construction
- M6 Index Maintenance
M8 modified Ongoing Event Related Changes
--- Ongoing Event Related Changes (2026-10-02_735fbfb9)
+++ Ongoing Event Related Changes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI Methodology and the MSCI Corporate Events Methodology.
+The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI™ Methodology and the MSCI Corporate Events Methodology.
In order to reflect accessibility of securities trading on Stock Connect and keep the MSCI Indexes replicable, methodologies were enhanced in order to more accurately reflect the investment process of Stock Connect investors, especially for cases when Stock Connect is closed but the onshore Chinese domestic market is trading.
Details of the treatment of Stock Connect China A shares can be found in Appendix VIII of the MSCI Corporate Events Methodology.
-66 The MSCI China A Onshore Indexes were previously known as the MSCI China A Indexes prior to March 1, 2018. Please refer to Appendixes XII and XIV of the MSCI GIMI Methodology for more details on the MSCI China A Onshore Indexes.
+67 The MSCI China A Onshore Indexes were previously known as the MSCI China A Indexes prior to March 1, 2018. Please refer to Appendixes XII and XIV of the MSCI GIMI™ Methodology for more details on the MSCI China A Onshore Indexes.
1 unchanged section
- M9 Index Calculation
M1 added Appendix XVIII: MSCI Southbound Indexes
--- /dev/null
+++ Appendix XVIII: MSCI Southbound Indexes (2026-10-02_9ff15223)
@@ -0,0 +1 @@
+The MSCI Southbound Indexes aim to measure the performance of the securities available via the Southbound Trading of the Stock Connect Program.
M4 added Index Construction
--- /dev/null
+++ Index Construction (2026-10-02_9ff15223)
@@ -0,0 +1 @@
+The MSCI Southbound Indexes select all constituents from the MSCI China Indexes, the MSCI Hong Kong Indexes and the Hong Kong listing of HSBC that are available for both buying and selling through the Southbound Trading of the Stock Connect Program.
M6 added Index Maintenance
--- /dev/null
+++ Index Maintenance (2026-10-02_9ff15223)
@@ -0,0 +1,2 @@
+The constituents of the MSCI Southbound Indexes are updated at each Index Review to include constituents of the MSCI China Indexes, the MSCI Hong Kong Indexes and the Hong Kong listing of HSBC that are available for both buying and selling through the Southbound Trading of the Stock Connect Program.
+This determination is made nine business days before the Index Review effective date.
M8 added Ongoing Event Related Changes
--- /dev/null
+++ Ongoing Event Related Changes (2026-10-02_9ff15223)
@@ -0,0 +1,6 @@
+As the Stock Connect Program eligibility information may not be available at the time of listing of a new security, the MSCI Southbound Indexes do not allow additions between two Index Reviews.
+Deletions from the MSCI China and MSCI Hong Kong Indexes are also deleted simultaneously from the MSCI Southbound Indexes.
+Additionally, Stock Connect Program eligibility is also reviewed daily for existing index constituents.
+Existing index constituents that are no longer eligible for both buying and selling on the Southbound Trading of the Stock Connect Program are deleted from the MSCI Southbound Indexes by giving two days’ notice, excluding market holidays.
+Where the implementation date coincides with a market holiday, the deletion effective date is deferred until it is not immediately preceded by a market holiday.
+More details relating to the handling of specific corporate event types can be found in the MSCI Corporate Events Methodology book available at: https://www.msci.com/index methodology.
other modified Appendix XIX: Transition to the MSCI GIMI™ Methodology (was Appendix XVIII: Transition to the MSCI GIMI Methodology)similarity 97%
--- Appendix XVIII: Transition to the MSCI GIMI Methodology (2026-10-02_735fbfb9)
+++ Appendix XIX: Transition to the MSCI GIMI™ Methodology (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-MSCI transitioned the current Standard Index, the Small Cap Index and all indexes derived from the Standard Index to the Global Investable Market Indexes methodology described in this book at the end of May 2008.
+MSCI transitioned the current Standard Index, the Small Cap Index and all indexes derived from the Standard Index to the GIMI™ methodology described in this book at the end of May 2008.
All indexes that are constructed with the Standard Indexes as their basis, such as the GDPweighted indexes, 10/40 Indexes and other custom indexes, High Dividend Yield Indexes, the MSCI Global Value and Growth Indexes, etc., continued to be derived from the Standard Indexes throughout the transition.
-The transition of the MSCI Standard and the MSCI Small Cap Indexes to the MSCI Global Investable Market Indexes methodology occurred in two phases.
+The transition of the MSCI Standard and the MSCI Small Cap Indexes to the MSCI GIMI methodology occurred in two phases.
The first phase occurred as of the close of November 30, 2007 and the second phase occurred as of the close of May 30, 2008.
All indexes derived from the MSCI Standard Indexes followed the two phase transition except the MSCI Euro and Pan Euro Indexes which were transitioned in one phase in November 2007.
The transition was synchronized for all markets and composites.
-During the transition period, MSCI was producing the MSCI Provisional Standard and Provisional Small Cap Indexes to assist investors in understanding the changes that would have occurred if the Global Investable Market Indexes methodology had been immediately implemented in the current MSCI Standard and Small Cap Indexes.
-The Provisional Indexes also provided increased flexibility to current investors who wished to transition to the Global Investable Market Indexes methodology on their own schedule.
+During the transition period, MSCI was producing the MSCI Provisional Standard and Provisional Small Cap Indexes to assist investors in understanding the changes that would have occurred if the GIMI methodology had been immediately implemented in the current MSCI Standard and Small Cap Indexes.
+The Provisional Indexes also provided increased flexibility to current investors who wished to transition to the GIMI methodology on their own schedule.
The Provisional Standard and Provisional Small Cap Indexes and the new Size-Segment and Style Indexes that were created based on this methodology were official MSCI indexes and, as such, could be used for a variety of purposes, including as the basis for new investment mandates and for investment vehicles such as indexed mutual funds, exchange traded funds and listed and over-the-counter derivative contracts.
other modified Provisional Indexessimilarity 96%
--- Provisional Indexes (2026-10-02_735fbfb9)
+++ Provisional Indexes (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
Provisional Indexes, together with the constituents, could be used by clients who wished to measure their performance against such indexes, ahead of MSCI’s official implementation
-schedule. The Provisional Indexes and the new Size-Segment and Style Indexes were maintained according to the index maintenance principles of the Global Investable Market Indexes methodology.
+schedule. The Provisional Indexes and the new Size-Segment and Style Indexes were maintained according to the index maintenance principles of the GIMI™ methodology.
other modified Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexessimilarity 99%
--- Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes (2026-10-02_735fbfb9)
+++ Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes (2026-10-02_9ff15223)
@@ -1,8 +1,9 @@
In the initial construction of the Provisional Size-Segment Indexes, the Segment Number of Companies in each size-segment and the Market Size-Segment Cutoffs was determined as described in section 2 of this methodology book.
-However, with a view to reducing transition turnover and ongoing turnover, the following additional rules were used at initial construction: The Standard Indexes targeted market coverage and size integrity as described in Sub-
+However, with a view to reducing transition turnover and ongoing turnover, the following additional rules were used at initial construction:
+The Standard Indexes targeted market coverage and size integrity as described in Sub-
section 2.3.3: Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs using the 85% ± 5% Market Segment Coverage Range, and specifically aiming at reaching 85%, when possible.
However, a Global Minimum Size Range of 0.5 times to 1.05 times the Global Minimum Size Reference, rather than 0.5 times to 1.15, was used for initial construction to limit turnover during the transition, as long as market coverage did not exceed 90%.
-The buffer zones used in maintaining the MSCI Global Investable Market Indexes at Semi- Annual Index Reviews were fully populated at initial construction with companies from the current Standard and Small Cap Indexes, in order to minimize turnover during the transition.
+The buffer zones used in maintaining the MSCI GIMI™ at Semi-Annual Index Reviews were fully populated at initial construction with companies from the current Standard and Small Cap Indexes, in order to minimize turnover during the transition.
If a company was represented in both the Standard and the Small Cap Index, it was evaluated using the eligibility requirements of the Standard Index only.
For details on the application of buffer zones in the assignment of companies to size-segments, please see Sub-section 3.1.5.1: Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes.
At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market Segment were derived by including all companies equal to or larger than the Global Minimum Size Reference for this segment.
other modified Publication of Provisional Indexessimilarity 96%
--- Publication of Provisional Indexes (2026-10-02_735fbfb9)
+++ Publication of Provisional Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-In preparation for the transition, as of the close of May 3, 2007, the list of pro forma index constituents under the Global Investable Market Indexes methodology for the Provisional MSCI Standard and Small Cap Indexes in each market and for all Provisional Indexes derived from the Standard indexes were made available to clients.
+In preparation for the transition, as of the close of May 3, 2007, the list of pro forma index constituents under the GIMI™ methodology for the Provisional MSCI Standard and Small Cap Indexes in each market and for all Provisional Indexes derived from the Standard indexes were made available to clients.
The Provisional Indexes started with a base level of 1000 as of the close of May 31, 2007.
-All Global Investable Market Indexes, including the Provisional Standard and Provisional Small Cap Indexes, were calculated as of June 1, 2007 and published daily as of the close of June 5, 2007.
+All GIMI, including the Provisional Standard and Provisional Small Cap Indexes, were calculated as of June 1, 2007 and published daily as of the close of June 5, 2007.
After the May 2008 Index Review, the Provisional Standard and Provisional Small Cap Indexes were discontinued.
other modified Reflecting Constituent Changes in the Standard Indexes at the Transition Pointssimilarity 99%
--- Reflecting Constituent Changes in the Standard Indexes at the Transition Points (2026-10-02_735fbfb9)
+++ Reflecting Constituent Changes in the Standard Indexes at the Transition Points (2026-10-02_9ff15223)
@@ -18,16 +18,16 @@
0 1
0.5 0 0 Company G
0 0 0 1 1 For example, say companies A, B, C and D were current constituents of the Standard Index.
-Company A continued as a constituent of the Standard Index under the Global Investable Market Indexes methodology.
+Company A continued as a constituent of the Standard Index under the GIMI™ methodology.
It had an Index Inclusion Factor of 1 throughout the transition.
-Company B was not eligible for inclusion in the Standard Index under the Global Investable Market Indexes methodology.
+Company B was not eligible for inclusion in the Standard Index under the GIMI methodology.
So, in the first phase, it was marked for removal from the Standard Index and an Index Inclusion Factor of 0.5 was applied to it.
In the second phase the Index Inclusion Factor went to 0 indicating removal of the company from the Standard Index.
Company C was also identified for removal from the Standard Index and had an Index Inclusion factor of 0.5 in the first phase.
But when evaluated at phase 2, it became eligible for inclusion and the Index Inclusion Factor was changed to 1 for the second phase.
Company D was retained in the Standard Index when evaluated in the first phase and carried an Index Inclusion Factor of 1 for that phase.
But in phase 2, it was no longer eligible for inclusion in the Standard Index and, hence its Index Inclusion Factor was changed to 0.0.
-Companies E, F, and G were new constituents that were eligible for inclusion under the Global Investable Market Indexes methodology.
+Companies E, F, and G were new constituents that were eligible for inclusion under the GIMI methodology.
Company E remained eligible for inclusion to the Standard Index throughout the transition and had an Index Inclusion Factor of 0.5 in the first phase and 1 in the second phase.
Company F, was identified as an addition in the first phase, but at the second phase it was no longer eligible for inclusion.
Its Index Inclusion Factor of 0.5 in the first phase was therefore changed to 0 in the second phase.
other modified Index Reviews and Treatment of On-Going Market Events during the Transition Periodsimilarity 98%
--- Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-02_735fbfb9)
+++ Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
Period During the transition period, from May 4, 2007 through May 30, 2008, MSCI was maintaining its
schedule of regular Index Reviews for its Standard and Small Cap Index series.
-The Provisional Indexes and Size-Segment Indexes were maintained according to the index maintenance principles of the Global Investable Market Indexes methodology.
+The Provisional Indexes and Size-Segment Indexes were maintained according to the index maintenance principles of the GIMI™ methodology.
To minimize changes not related to the transition, all changes in the Standard Indexes were coordinated with the Provisional Indexes.
Only very significant changes in the equity markets and constituents were reflected during the Quarterly Index Reviews for the existing Standard and Small Cap Indexes.
All new additions of companies to the Provisional Standard Indexes resulting from IPOs and the August 2007 and February 2008 Index Reviews were also included in the Standard Indexes at their full free float-adjusted market capitalization.
1 unchanged section
- other Ongoing Event Related Changes
other modified May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Indexsimilarity 99%
--- May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-02_735fbfb9)
+++ May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-02_9ff15223)
@@ -1,10 +1,10 @@
Review of the Small Cap Index The changes resulting from the May 2007 Annual Full Country Index Review of the existing Standard Indexes were announced on May 3, 2007, earlier than its normal announcement
-schedule, to coincide with the availability of the pro-forma list of constituents of the MSCI Global Investable Market Indexes.
+schedule, to coincide with the availability of the pro-forma list of constituents of the MSCI GIMI™.
Further, in order to minimize reverse turnover, the May 2007 Annual Full Country Index Review for the Standard Indexes used the same Global Minimum Size Requirement and other investability requirements that were applied in the construction and maintenance of the Provisional Standard Indexes.
Only securities that were constituents of the Provisional Standard Indexes were added to the Standard Indexes to bring the Industry Group representation closer to 85%, if necessary.
If an Industry Group was over represented, only companies not included in the Provisional Standard Indexes were deleted.
The current Small Cap Indexes continued to target securities of companies in the full market capitalization range of USD 200–1,500 million that defines the small cap universe under the current Small Cap Index methodology.
-The changes resulting from the May 2007 Index Review of the current Small Cap Indexes were made available on May 3, 2007, along with the final pro forma list of constituents of the MSCI Global Investable Market Indexes.
+The changes resulting from the May 2007 Index Review of the current Small Cap Indexes were made available on May 3, 2007, along with the final pro forma list of constituents of the MSCI GIMI.
In order to minimize reverse turnover, the May 2007 Index Review for the Small Cap Indexes used the same Global Minimum Size Requirement and other investability screens that were applied in the construction and maintenance of the Provisional Small Cap Indexes.
Only securities that were constituents of the Provisional Small Cap Indexes were added to the Small Cap Indexes to bring the Industry Group representation closer to 40%, if necessary.
Potential deletion of a security from the Small Cap Indexes due to excessive industry group representation was considered only if it was not a constituent of the Provisional Small Cap Indexes.
other modified August 2007 Quarterly Index Reviewsimilarity 97%
--- August 2007 Quarterly Index Review (2026-10-02_735fbfb9)
+++ August 2007 Quarterly Index Review (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-In August 2007, the first QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the Global Investable Market Indexes methodology.
+In August 2007, the first QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the GIMI™ methodology.
Newly eligible companies that were included in the Provisional Standard Indexes as a result of the August 2007 Index Review were also added to the existing Standard Indexes as of the close of August 31, 2007.
The migration of companies between the Provisional Standard and Provisional Small Cap Indexes was also reflected in the Standard and Small Cap Indexes.
other modified November 2007 Semi-Annual Index Reviewsimilarity 98%
--- November 2007 Semi-Annual Index Review (2026-10-02_735fbfb9)
+++ November 2007 Semi-Annual Index Review (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
The changes in the Standard and Small Cap Indexes during the November 2007 Index Review were determined in two steps: Identification of the changes resulting from the regular Semi-Annual Index Review and;
-Identification of the additional changes resulting from the first phase of the transition to the Global Investable Market Indexes Methodology.
-In the first step, MSCI performed the regular Semi-Annual Index Review of the Standard and Small Cap Indexes under the principles of the Global Investable Market Indexes Methodology, meaning that all changes in the Standard and Small Cap Indexes were coordinated with the Semi-Annual Index Review of the Provisional Standard and Provisional Small Cap Indexes.
+Identification of the additional changes resulting from the first phase of the transition to the GIMI™ Methodology.
+In the first step, MSCI performed the regular Semi-Annual Index Review of the Standard and Small Cap Indexes under the principles of the GIMI Methodology, meaning that all changes in the Standard and Small Cap Indexes were coordinated with the Semi-Annual Index Review of the Provisional Standard and Provisional Small Cap Indexes.
Similar to the August 2007 Quarterly Index Review, the additions to and deletions from the Provisional Standard and Provisional Small Cap Indexes resulting from the review were fully added to or deleted from the current Standard and Small Cap Indexes.
In the second step, MSCI determined the difference in each constituent’s free float-adjusted market capitalization between the indexes resulting from the first step above and the corresponding Post Semi-Annual Index Review Provisional Standard and Provisional Small Cap Indexes.
Then, one-half of this difference was added to or deleted from the Standard and Small Cap Indexes.
other modified February 2008 Quarterly Index Reviewsimilarity 97%
--- February 2008 Quarterly Index Review (2026-10-02_735fbfb9)
+++ February 2008 Quarterly Index Review (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-In February 2008, the second QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the Global Investable Market Indexes methodology.
+In February 2008, the second QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the GIMI™ methodology.
Newly eligible companies that were included in the Provisional Standard Index as a result of the February 2008 Index Review were also added to the Standard Index as of the close of February 29, 2008.
The migrations of companies between the Provisional Standard and Provisional Small Cap Indexes were also reflected in the Standard and Small Cap Indexes.
other modified May 2008 Semi-Annual Index Reviewsimilarity 97%
--- May 2008 Semi-Annual Index Review (2026-10-02_735fbfb9)
+++ May 2008 Semi-Annual Index Review (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-In May 2008, the second SAIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the Global Investable Market Indexes methodology.
+In May 2008, the second SAIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the GIMI™ methodology.
The addition or deletion of the remaining difference of the free float-adjusted market capitalization for each constituent was implemented in the Standard and Small Cap Indexes as of the close of May 30, 2008.
After this, the Provisional Indexes were discontinued as of the close of June 30, 2008.
1 unchanged section
- other Transitioning Other Indexes
other modified Global Value and Growth Indexessimilarity 96%
--- Global Value and Growth Indexes (2026-10-02_735fbfb9)
+++ Global Value and Growth Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
The Global Value and Growth Indexes followed the timeline and implementation of the Standard Indexes.
Starting with the first phase of the transition, the style classification of the Provisional MSCI Global Value and Growth Indexes prevailed over that of the current Global Value and Growth Indexes.
-Therefore, at the first phase of the transition, the constituents of the existing MSCI Global Value and Growth Indexes acquired style inclusion factors derived from the Global Investable Market Indexes.
-In those rare cases where an existing constituent of the current Global Value and Growth Indexes were not included in the Global Investable Market Indexes, those constituents retained their current style inclusion factors.
+Therefore, at the first phase of the transition, the constituents of the existing MSCI Global Value and Growth Indexes acquired style inclusion factors derived from the GIMI™.
+In those rare cases where an existing constituent of the current Global Value and Growth Indexes were not included in the GIMI, those constituents retained their current style inclusion factors.
other modified Euro and Pan-Euro Indexessimilarity 93%
--- Euro and Pan-Euro Indexes (2026-10-02_735fbfb9)
+++ Euro and Pan-Euro Indexes (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
The MSCI Euro and MSCI Pan-Euro Indexes are subsets of the Standard MSCI EMU and MSCI Europe Indexes, respectively, and aimed to capture 90% of the market capitalization of the broader benchmarks.
-The MSCI Euro Pan-Euro methodology evolved to the methodology for the Large Cap Index under the Global Investable Market Indexes methodology.
-Consequently, The enhanced MSCI Pan Euro Index became identical to the MSCI Europe Large Cap Index under the MSCI Global Investable Market Indexes methodology.
-The enhanced MSCI Euro Index became identical to the MSCI EMU Large Cap Index under the MSCI Global Investable Market Indexes methodology.
-The transition of the MSCI Euro and MSCI Pan-Euro Indexes to the Global Investable Market Indexes methodology took place in a single phase, as of the close of business on November 30, 2007.
+The MSCI Euro Pan-Euro methodology evolved to the methodology for the Large Cap Index under the GIMI™ methodology.
+Consequently, The enhanced MSCI Pan Euro Index became identical to the MSCI Europe Large Cap Index under the MSCI GIMI methodology.
+The enhanced MSCI Euro Index became identical to the MSCI EMU Large Cap Index under the MSCI GIMI methodology.
+The transition of the MSCI Euro and MSCI Pan-Euro Indexes to the GIMI methodology took place in a single phase, as of the close of business on November 30, 2007.
2 unchanged sections
- other Indexes Based on the Standard Indexes
- other GCC Countries Indexes
other modified Summary Transition Timelinesimilarity 98%
--- Summary Transition Timeline (2026-10-02_735fbfb9)
+++ Summary Transition Timeline (2026-10-02_9ff15223)
@@ -1,16 +1,15 @@
The transition time line for the Standard Index (and Small Cap Index) is as shown below.
-Date Provisional/New Standard & Small Cap March 28, Final MSCI Global Investable No impact.
-2007 Market Indexes methodology was announced.
-May Annual Initial construction based on data Regular Annual Index Review of the Index Review used in Standard and Small Cap Current Standard Index., taking into Index Review, including
-account new minimum size requirements. population of the buffers.
+Date Provisional/New Standard & Small Cap March 28, Final MSCI GIMI™ methodology No impact.
+2007 was announced.
+May Annual Initial construction based on data Regular Annual Index Review of the Index Review used in Standard and Small Cap Current Standard Index., taking into Index Review, including account new minimum size requirements. population of the buffers.
Regular SAIR of the Current Small Cap Index.
Corporate events, IPOs and other new company additions treated in accordance with the current index methodology.
May 3, 2007 List of index constituents for Results of May Annual Index Review were Provisional Standard and
announced.
-Provisional Small Cap Indexes, under the Global Investable Market Indexes methodology for each of the MSCI Provisional Standard and Provisional Small Cap Indexes, was made available.
+Provisional Small Cap Indexes, under the GIMI™ methodology for each of the MSCI Provisional Standard and Provisional Small Cap Indexes, was made available.
May 31, 2007 Provisional Indexes start with a Annual Index Review changes became base level of 1000 as of the close effective. of May 31, 2007 and calculation began June 5, 2007 Start of daily publication of the No impact.
Provisional Standard and Provisional Small Cap Indexes.
-New Large Cap, Mid Cap, and Investable Market Indexes also published.
+New Large Cap, Mid Cap, and IMI™ Indexes also published.
August 2007 QIR of the Provisional and new QIR of the current Standard and Small Cap indexes using buffers zones, Indexes reflecting changes in NOS, FIF, updates of NOS, FIFs, IPO and etc. newly eligible companies Addition of IPOs and newly eligible inclusions, etc. companies to the Provisional Standard Index Series were reflected in the Standard Index at their full weight.
Migrations between the Provisional Standard and Provisional Small Cap Indexes were also reflected in the Standard and Small Cap Indexes.
November SAIR for Provisional and Size- First phase of the transition included in QIR 2007 Segment Indexes. for Standard Indexes and SAIR for Small Cap Indexes.
@@ -19,4 +18,6 @@
February 2008 QIR of Provisional and new Size- QIR of the current Standard and Small Cap Segment Indexes using buffers, Indexes reflecting changes in NOS, FIF etc. updates of NOS, IPO inclusions, Addition of IPOs and newly eligible etc. companies to the Provisional Standard Index Series were reflected in the Standard Index at their full weight.
Migrations between the Provisional Standard and Provisional Small Cap Indexes were also reflected in the Standard and Small Cap Indexes.
May 2008 SAIR for Provisional and Size- Second and final phase of the transition SAIR and Segment Indexes. included in May Annual Index Review for Annual Review Standard Indexes and SAIR for Small Cap Indexes.
-May 30, 2008 Fully transitioned Standard and Small Cap Indexes implemented. After June 1, Provisional Indexes discontinued. All MSCI global equity indexes operate 2008 under Global Investable Market Indexes methodology.
+May 30, 2008 Fully transitioned Standard and Small Cap Indexes implemented.
+After June 1, Provisional Indexes discontinued.
+All MSCI global equity indexes operate 2008 under GIMI™ methodology.
other modified Appendix XX: Transition to a Quarterly Comprehensive Index Review (was Appendix XIX: Transition to a Quarterly Comprehensive Index Review)similarity 98%
--- Appendix XIX: Transition to a Quarterly Comprehensive Index Review (2026-10-02_735fbfb9)
+++ Appendix XX: Transition to a Quarterly Comprehensive Index Review (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-Index Review
-Prior to the February 2023 Index Review, the MSCI Global Investable Market Indexes were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August
+Review
+Prior to the February 2023 Index Review, the MSCI GIMI™ were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August
The objective of the SAIRs was to systematically reassess the various dimensions of the Equity Universe for all markets, involving a comprehensive review of the Size-Segment Indexes.
QIRs aimed to capture significant market driven changes that were not captured in the index at the time of their actual occurrence but are significant enough to be reflected before the next SAIR.
Following positive feedback from market participants in a market consultation, MSCI transitioned to a Quarterly Comprehensive Index Review (QCIR) schedule starting from the February 2023 Index Review.
M6 modified Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexessimilarity 98%
--- Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-02_735fbfb9)
+++ Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
-compared to Parent Indexes Indexes constructed from a parent index that follows GIMI methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
-For Derived Indexes whose Index Review schedule is less frequent compared to their parent, for example less frequent than quarterly (e.g. semi-annual, annual) compared to the MSCI Global Investable Market Indexes which are reviewed on a quarterly basis, changes resulting from the parent index, such as deletions, additions, as well as Number of Shares and Foreign Inclusion Factor changes, will be reflected as per the intra-rebalance treatment specified in their respective methodologies.
+compared to Parent Indexes Indexes constructed from a parent index that follows GIMI™ methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
+For Derived Indexes whose Index Review schedule is less frequent compared to their parent, for example less frequent than quarterly (e.g. semi-annual, annual) compared to the MSCI GIMI which are reviewed on a quarterly basis, changes resulting from the parent index, such as deletions, additions, as well as Number of Shares and Foreign Inclusion Factor changes, will be reflected as per the intra-rebalance treatment specified in their respective methodologies.
other modified Appendix XXI: Changes to the MSCI Frontier Markets Indexes Methodology (was Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology)similarity 97%
--- Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-02_735fbfb9)
+++ Appendix XXI: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-02_9ff15223)
@@ -1,4 +1,3 @@
-Methodology
-In August 2022, a consultation was launched with proposals to enhance the MSCI Frontier Markets Indexes Methodology with the aim of addressing the following: A limited number of eligible securities and much smaller investment opportunity set caused by higher size cutoffs linked to Developed Markets (DM) Significantly higher country concentration, as a few heavily-weighted markets at the top of the index exist along with a longer list of smaller markets at the bottom Frequent changes in index composition, often driven by market reclassifications Following feedback from market participants, the changes below were implemented at the August 2023 Index Review: Independent size cutoffs for Frontier Markets are no longer linked to Developed Markets, For each individual Frontier Market, a reduction in the minimum number of companies meeting Standard Index requirements for Size and Liquidity from two companies to one, and Regional consolidation of individual markets for the purpose of index construction and maintenance where appropriate, starting with the Baltic States, i.e., Estonia, Lithuania and Latvia: MSCI considers Estonia, Lithuania and Latvia as a single market for the purpose of o index construction and maintenance under the MSCI Global Investable Market Indexes Methodology to derive the constituents of the MSCI Baltic States Indexes.
+Indexes Methodology
+In August 2022, a consultation was launched with proposals to enhance the MSCI Frontier Markets Indexes Methodology with the aim of addressing the following: A limited number of eligible securities and much smaller investment opportunity set caused by higher size cutoffs linked to Developed Markets (DM) Significantly higher country concentration, as a few heavily-weighted markets at the top of the index exist along with a longer list of smaller markets at the bottom Frequent changes in index composition, often driven by market reclassifications Following feedback from market participants, the changes below were implemented at the August 2023 Index Review: Independent size cutoffs for Frontier Markets are no longer linked to Developed Markets, For each individual Frontier Market, a reduction in the minimum number of companies meeting Standard Index requirements for Size and Liquidity from two companies to one, and Regional consolidation of individual markets for the purpose of index construction and maintenance where appropriate, starting with the Baltic States, i.e., Estonia, Lithuania and Latvia: MSCI considers Estonia, Lithuania and Latvia as a single market for the purpose of o index construction and maintenance under the MSCI GIMI™ Methodology to derive the constituents of the MSCI Baltic States Indexes.
The MSCI Estonia, MSCI Lithuania and MSCI Latvia Indexes are then derived from the constituents of the MSCI Baltic States Indexes, As part of the August 2023 Index Review, the constituents of the MSCI Estonia and o MSCI Lithuania Indexes were considered as existing constituents of the MSCI Baltic States Index for rebalancing purpose, The MSCI Baltic States Indexes is maintained as a Very Low Liquidity market with a o minimum Annualized Traded Value Ratio (ATVR) requirement of 2.5%.
-MSCI Global Investable Market Indexes Methodology | November 2025
other modified Changes to the Methodology Book
--- Changes to the Methodology Book (2026-10-02_735fbfb9)
+++ Changes to the Methodology Book (2026-10-02_9ff15223)
@@ -43,7 +43,7 @@
2.4 Index Continuity Rules Updates in this section
Section 3 Introduction Clarification paragraph added
3.1.9 Data used for Semi-Annual Index Reviews Updates in this section
-3.2.2 Quarterly Index Review of Addition of Companies Currently not Constituents of the Investable Market Indexes Updates in this section
+3.2.2 Quarterly Index Review of Addition of Companies Currently not Constituents of the IMI™ Updates in this section
3.2.6 Data used for Quarterly Index Reviews Updates in this section
3.3.3.1 Changes in FIF, Number of Shares or Industry Classification for Existing Constituents Updates in this section
4.2.2 Quarterly Index Reviews of February and August Updates in this section
@@ -52,7 +52,7 @@
Appendix V: Global Industry Classification Standard (GICS) Updates in this section
Appendix X: MSCI Provisional Saudi Arabia Indexes New section The following sections have been modified since August 2014:
2.1.1 Identifying Eligible Equity Securities Clarification on eligibility of Limited Partnerships
-3.1.4.1 Determining Initial Segment Number of Companies Clarification on counting the Initial Segment Number of Companies for the IMI
+3.1.4.1 Determining Initial Segment Number of Companies Clarification on counting the Initial Segment Number of Companies for the IMI™
Section 3.1.9: Date of Data Used for Semi-Annual Index Review Added footnote
Section 3.2.6: Date of Data Used for Quarterly Index Review Added footnote
3.3.3.1 Changes in FIF, Number of Shares or Industry Classification for Existing Constituents Clarification on treatment of securities with decreased FOL or foreign room outside of Index Reviews
@@ -65,21 +65,21 @@
Appendix XI: MSCI Provisional Indexes for Coverage Enhancements New section
Appendix XIII: Transition of MSCI China A Index Deleted “Treatment of Suspensions”
Appendix XV: MSCI India Domestic Index New section
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes New section The following sections have been modified since February 2015:
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™ New section The following sections have been modified since February 2015:
Appendix I: Equity Markets and Universe REITs
Appendix III: MSCI Ineligible Securities
Appendix X: MSCI Provisional Saudi Arabia Indexes
Appendix XI: MSCI Provisional Indexes for Coverage Enhancements
Appendix XIV: MSCI DR Indexes Updated for fees on dividends
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™
The following section has been modified since May 2015:
Appendix X: MSCI Saudi Arabia Indexes
The following sections have been modified since July 2015:
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)”
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes Updated the table “Eligible Markets (Emerging Markets)”
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™ Updated the table “Eligible Markets (Emerging Markets)”
The following sections have been modified since August 2015:
Section 3.2.4: Quarterly Index Reviews Changes in FIFs Added clarification in footnote
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes Updated the section on China under the revised Appendix III: Country Classification of Securities
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™ Updated the section on China under the revised Appendix III: Country Classification of Securities
The following section has been modified since October 2015:
Appendix III: Country Classification of Securities Added the section on Australia under Country Specific Case
The following sections have been modified since November 2015:
@@ -90,17 +90,18 @@
Section 3.1.2: Updating the Market Investable Equity Universes Updates in this section
Section 3.1.2.1: Eligibility of Foreign Listings New section
Section 3.1.2.4: Minimum Liquidity Requirement for Existing Constituents Updates in this section on priority rules for selection of listings
-Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the Investable Market Indexes Updates in this section on priority rules for selection of listings
+Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the IMI™ Updates in this section on priority rules for selection of listings
Section 3.2.5: Quarterly Index Review of Changes in Number of Shares (NOS) Updates in this section Added footnote
Section 5.1.2: Standalone Market Indexes Section deleted
Section 6: MSCI Standalone Market Indexes New section
Appendix I: Equity Markets and Universe Updated all the tables to reflect eligibility of foreign listings Updated list of countries with REITs to include Pakistan
-Appendix III: Country Classification of Securities Updated the sections “General Framework” and “Other Cases” Updated the treatment of China under the section “Country Specific Cases” Added the treatment of Greece under the section “Country Specific Cases” Deleted the sections “Review and Maintenance” and “Country of Coverage of Companies Not Eligible for Inclusion in the MSCI Global Investable Market Indexes”
+Appendix III: Country Classification of Securities Updated the sections “General Framework” and “Other Cases” Updated the treatment of China under the section “Country Specific Cases” Added the treatment of Greece under the section “Country Specific Cases” Deleted the sections “Review and Maintenance” and “Country of Coverage of Companies Not Eligible for Inclusion in the MSCI GIMI™”
Appendix IV: Foreign Listing Materiality Requirement New appendix
Appendix V: Free Float Definition and Estimation Guidelines Updates in the table on the Classification of Shareholder Types
Appendix X: Frontier Markets Country Classification Updates in the format of the table
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes
-Appendix deleted The following sections have been modified since February 2016:
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™
+Appendix deleted
+The following sections have been modified since February 2016:
Section 3.1.9: Date of data used for Semi-Annual Index Review Updates in this section on ongoing maintenance of securities’ share classes, share types and alternate listing
Appendix V: Free Float Definition and Estimation Guidelines Added sub-section on Treatment of High Shareholding Concentration
The following sections have been modified since April 2016:
@@ -113,7 +114,8 @@
Section 2.2.5: DM and EM Minimum Liquidity Requirement Updates in this section on calculation of Frequency of Trading
Appendix I: Equity Markets and Universe Updated the table “Eligible Classes of Securities for Stock Exchanges in Developed Markets”
Appendix III: Country Classification of Securities Added the treatment of countries subject to economic sanctions under the section “Country Specific Cases”
-Appendix VIII: Policy Regarding Trading Suspensions and Market Closures during Index Review Added clarification for “Index Review changes” The following section has been modified since June 2016:
+Appendix VIII: Policy Regarding Trading Suspensions and Market Closures during Index Review Added clarification for “Index Review changes”
+The following section has been modified since June 2016:
Appendix XII: MSCI Provisional Pakistan Indexes and MSCI Pakistan Indexes New section
The following sections have been modified since August 2016:
Section 2.4: Index Continuity Rules Updates in this section
@@ -127,7 +129,8 @@
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)”
Section 2.2.5: DM and EM Minimum Liquidity Requirements Added footnote on priority rule for local listings
Section 3.1.2.4: Minimum Liquidity Requirement for Existing Constituents Added footnote on priority rule for local listings
-Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the Investable Market Indexes Added footnote on priority rule for local listings The following sections have been modified since November 2016:
+Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the IMI™ Added footnote on priority rule for local listings
+The following sections have been modified since November 2016:
Section 3.1.4.2: Changes in the Segment Number of Companies Added footnotes
Section 3.1.9: Date of Data Used for Semi-Annual Index Review Updates in this section
Section 3.2.4: Quarterly Index Review of Changes in FIFs Updates in this section
@@ -142,8 +145,7 @@
Appendix added
The following sections have been modified since February 2017:
Section 3.1.7: Semi-Annual Index Review of Changes in FIFs Added clarification on threshold used for implementation of FIF changes
-Appendix VIII: Policy Regarding Trading Suspensions and Market Closures during Index Review Updates in this section
-The following sections have been modified since April 2017:
+Appendix VIII: Policy Regarding Trading Suspensions and Market Closures during Index Review Updates in this section The following sections have been modified since April 2017:
Appendix I: Equity Markets and Universe Updated list of countries with REITs to include Saudi Arabia
Appendix V: Free Float Definition and Estimation Guidelines Added clarification on buffer used for Semi-Annual Review of Non-Voting Depository Receipts in Thailand
The following sections have been modified since May 2017:
@@ -160,7 +162,7 @@
Section 3.3.3.3: Early Inclusions of Non-Index Constituents Clarification of the industry classification review as part of a corporate event
Section 5.2.2: Categorization of Frontier Markets into Very Low, Low or Average Liquidity Markets Clarification on priority rules for selection of listings
Appendix I: Equity Markets and Universe Updated the table “Eligible Classes Of Securities For Stock Exchanges In Emerging Markets” Updated the list of ineligible alert boards Clarification on the treatment of additions of securities that are on ineligible alert boards The following section has been modified since September 2017:
-Section 2.7: Constructing and Calculating the Individual MSCI Global Investable Markets Indexes Added section to clarify the creation and maintenance of the MSCI GIMI Composite Indexes
+Section 2.7: Constructing and Calculating the Individual MSCI Global Investable Markets Indexes Added section to clarify the creation and maintenance of the MSCI GIMI™ Composite Indexes
The following sections have been modified since October 2017:
Section 2.2.5: DM and EM Minimum Liquidity Requirement Updated the requirement for Chinese securities
Section 3.2.1.4: Minimum Liquidity Requirement for Existing Constituents Updated the requirement for Chinese securities
@@ -190,7 +192,7 @@
Appendix XIV: MSCI China Indexes New section
Appendix XV: Inclusion of China A Shares in the MSCI China Indexes New section
Appendix XVI: MSCI China A Inclusion Indexes Previously Appendix XIX
-Appendix XVII: Transition to the MSCI GIMI Methodology Previously Appendix XII
+Appendix XVII: Transition to the MSCI GIMI™ Methodology Previously Appendix XII
The following sections have been modified since May 2018:
Section 3.3.4.1: IPOs and Other Early Inclusions Clarification of the treatment of over-allotment
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes Of Securities For Stock Exchanges In Developed Markets” Updated the table “Eligible Classes Of Securities For Stock Exchanges In Standalone Markets”
@@ -203,13 +205,14 @@
Appendix XV: Inclusion of China A Shares in the MSCI China Indexes Clarified migrations outside of Index Reviews
Appendix XVII: MSCI China A Indexes Added new section, previously from MSCI China All Shares Indexes
Appendix XVIII: Provisional GICS Indexes New Appendix
-Appendix XIX: Transition to the MSCI GIMI Methodology Previously Appendix XVII The following sections have been modified since August 2018:
+Appendix XIX: Transition to the MSCI GIMI™ Methodology Previously Appendix XVII
+The following sections have been modified since August 2018:
APPENDIX I: EQUITY MARKETS AND UNIVERSE Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for Stock Exchanges in Standalone Markets”
Section 2.2.8 Minimum Foreign Room Requirement Updated Footnote
Section 3.1.6.2 For Existing Constituents Updated Footnote
Section 3.1.7 Semi-Annual Index Review of Changes In Foreign Inclusion Factors (FIFs) Updated Footnote
Section 3.2.1.4 Assessing Conformity with Final Size-Segment Investability Requirements Updated Footnote
-Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the Investable Market Indexes Updated Footnote
+Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the IMI™ Updated Footnote
Appendix XVIII: Provisional GICS Indexes Updated the dates in the example
The following sections have been modified since September 2018:
Appendix XIII: MSCI Saudi Arabia Indexes Updates in this section
@@ -248,11 +251,10 @@
3.2.4 Quarterly Index Reviews of Changes in FIFs Clarifications and updates
Appendix II: Market Classification Framework Updated the table and summarized measure for “Availability of Investment Instruments”
The following sections have been modified since August 2019:
-Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the Investable Market Indexes Clarification on the cutoff used when assigning companies to the Large cap Index
+Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the IMI™ Clarification on the cutoff used when assigning companies to the Large cap Index
Appendix V: Free Float Definition and Estimation Guidelines Clarification on treatment of NVDRs
Appendix XVIII MSCI Provisional Argentina Indexes and MSCI Argentina Indexes
-Appendix deleted
-The following sections have been modified since August 2019:
+Appendix deleted The following sections have been modified since August 2019:
Section 2.1.1. Identifying Eligible Equity Securities Clarification on eligibility of securities
Section 3.4.4. IPOs and Other Early Inclusion Clarification on announcement policy on early inclusion of STAR board securities
Appendix I Equity Markets and Universe Updates on eligible segments
@@ -316,7 +318,7 @@
Section 2.3.6.3: Treatment of Securities that Exhibit Extreme Price Increase New section added following consultation
Section 3.1.6.2: For Existing Constituents Clarifications added following consultation
Section 3.2.1.4: Assessing Conformity with Final Size-Segment Investability Requirements Clarifications added following consultation
-Section 3.2.2: Quarterly Index Review of Additions of Companies Currently not Constituents of the Investable Market Indexes Clarifications added following consultation
+Section 3.2.2: Quarterly Index Review of Additions of Companies Currently not Constituents of the IMI™ Clarifications added following consultation
Appendix VIII: Market Monitoring and Potential Switch to a Light Rebalancing under Conditions of Market Stress New Appendix added following consultation
The following sections have been modified since April 2021:
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Frontier Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets”
@@ -335,7 +337,8 @@
Section 2.2.9: Financial Reporting Requirement New section added following consultation
Section 4.1: Constructing the MSCI All Cap Indexes Added Financial Reporting Requirement to the list following consultation
Section 4.1.6: Financial Reporting Requirement New section added following consultation
-Appendix III: Country Classification of Securities Clarifications added The following sections have been modified as of November 2021:
+Appendix III: Country Classification of Securities Clarifications added
+The following sections have been modified as of November 2021:
Section 3.1.9: Date of Data Used for Semi-Annual Index Review Updated FIF and NOS review for additions/deletions
Section 3.2.6: Date of Data Used for Quarterly Index Review Updated FIF and NOS review for additions/deletions
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Frontier Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Frontier Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Standalone Markets”
@@ -347,8 +350,7 @@
Appendix IX: Policy Regarding Trading Suspensions and Market Closures During Index Reviews Clarifications added
The following sections have been modified as of March 2022:
Section 2.5.2: Composite Indexes Updated examples of composite indexes
-Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Standalone Markets”
-The following section has been modified as of April 2022:
+Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Standalone Markets” The following section has been modified as of April 2022:
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)”
The following sections have been modified as of May 2022:
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Frontier Markets)”
@@ -361,8 +363,7 @@
Appendix I: Eligible Markets (Developed Markets) Updated Footnote
The following sections have been modified as of November 2022:
Section 3.3.3.3 Early Inclusions of Non-Index Constituents Clarification on foreign room requirement when non-constituent acquires constituent
-Appendix I: Eligible Markets (Developed Markets) Updated Footnote
-The following section has been modified as of December 2022:
+Appendix I: Eligible Markets (Developed Markets) Updated Footnote The following section has been modified as of December 2022:
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)”
The following sections have been modified as of January 2023: Methodology book was updated to reflect the transition to Quarterly Comprehensive Index Reviews. All references to “Semi-Annual Index Reviews” and “Quarterly Index Reviews” were replaced with “Index Reviews”.
Section 3.1.2.1 Eligibility of Foreign Listings Update to clarify that foreign listings are eligible if the requirement is met at least two Index Reviews prior
@@ -398,7 +399,7 @@
Appendix III: Country Classification of Securities Updated the periodicity of Change in Country Classification
Appendix VI: Free Float Definition and Estimation Guidelines Updated the rules the NOS review cut off date Added reference to the MSCI Free Float Data Methodology Removed Index Review of Changes in FIF and NOS starting from the May 2023 Index Review
The following sections have been modified as of July 2023:
-Section 2: Constructing the MSCI Global Investable Market Indexes Updated footnote
+Section 2: Constructing the MSCI GIMI™ Updated footnote
Section 2.1.2: Country Classification of Eligible Securities Updated description
Section 5.1: Frontier Markets Defintion Updated definition
Section 5.2: Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes Updated the distinction between Frontier Markets and Developed and Emerging Markets Removed subsection on Categorization of Frontier Markets into Larger and Smaller Markets Added subsection for Equity Universe Minimum Size Requirement Added subsection for Global Minimum Size Reference Updated subsection on Minimum Liquidity Requirement for Existing Consitutents Removed subsection on Final Size-Segment Investability Requirements Updated subsection on Index Continuity Rules Removed subsection on IPOs and Other Early Inclusions
@@ -410,7 +411,7 @@
Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology Added section
The following sections have been modified as of August 2023:
Section 2.2.3: Equity Universe Minimum Size Requirement Added distinction for Developed Markets, Emerging Markets, and Frontier Markets
-Section 2.3.3: Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs Deleted sentence for disclosing latest Index Review Developed Markets Global Minimum Size Reference for Investable Market Indexes
+Section 2.3.3: Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs Deleted sentence for disclosing latest Index Review Developed Markets Global Minimum Size Reference for IMI™
Section 5.2.2: Global Minimum Size Reference Added reference for Frontier Markets Global Minimum Size Reference
Appendix II: Market Classification Framework Updated the footnote in the table of “Market Classification Framework” for the high income threshold Updated the description, footnote and table of “Markets Under Index Continuity”
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Frontier Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated Ineligible Alert Boards and footnotes
@@ -469,75 +470,17 @@
Section 4.1.3 Micro Cap Minimum Liquidity Requirement Updated to clarify the treatment for last quarter suspensions
Appendix I: Equity Markets and Universe Updated the table Ineligible Alert Boards to remove Singapore Clarifications relating to changes in board under “Other Cases”
Appendix II: Market Classification Framework Updated to clarify the effective date of any changes to the MSCI Advanced FM Indexes Updated the markets under Index Continuity
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+Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress Updated to clarify the methodology of weight increase due to foreign room The following section has been modified as of March 2026:
+Section 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) Updated the rules for implementation of FIF changes
+Appendix VI: Free Float Definition and Estimation Guidelines Updated the free float rounding rules Updated the Treatment of Depository Receipts where Underlying Shares are Not Available for Trading The following section has been modified as of May 2026:
+Appendix XVIII: MSCI Southbound Index Added section for MSCI Southbound Indexes The following section has been modified as of July 2026:
+Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” The following section has been modified as of August 2026:
+Section 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase Introduced a Foreign Inclusion Factor (FIF)-based exemption from the Extreme Price Increase screen for Standard Index additions
+Section 3.1.6.2 Minimum Free Float Market Capitalization Requirement for Existing Constituents Updated based on section 3.1.6.2 For Existing Constituents
+Section 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents Separated from previous section 3.1.6.2 For Existing Constituents
+Section 3.1.6.4 Treatment of Existing Constituents that Exhibit Extreme Price Increase New section
+Section 3.2.8: Corporate Events Affecting the Index Review Clarification on reversal of index review on account of ongoing corporate events
+Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)”
+Appendix I: Equity Markets and Universe – Ineligible Alert BoardsUpdated the monitoring period for Ineligible Alert Boards listed in Other Cases section
+Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress Updated the treatment of securities exhibiting Extreme Price Increase during Light Rebalancings
+Appendix XV: Index Maintenance of the MSCI China Indexes Added clarification on the use of free float-adjusted market capitalization before the application of the adjustment factor
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110 unchanged sections in all.
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Front matter p.1 editorial · removed The updated extraction no longer contains the front-matter title block for the MSCI Global Investable Market Indexes Methodology. No index construction, eligibility, weighting, review, or calculation rule is added, removed, or modified. Rated editorial: The change removes only a title/front-matter element. It does not state or alter any rule affecting index users or index outcomes, so it is non-substantive metadata or formatting removal.Model-written, for reference only. Open old p.1 ↗
Outline of the Methodology Book p.11 editorial · modified The outline replaces the full name "MSCI Global Investable Market Indexes" with the trademarked abbreviation "MSCI GIMI™" in Section 1. It also changes the stated last-update date from February 2026 to August 2026 and removes the November 2025 document footer. No index construction, maintenance, eligibility, weighting, or calculation rule is changed. Rated editorial: No substantive index rule changed; the revision is limited to a trademarked abbreviation, document-update metadata, and removal of a footer. The August 2026 update date does not state an effective date for any methodology change.Model-written, for reference only. Open p.11 ↗
1 Introduction to the MSCI GIMI™ p.12 editorial · modified Editorial change: wording only, no rule changed. Open p.12 ↗
2 Constructing the MSCI GIMI™ p.14 editorial · modified Editorial change: wording only, no rule changed. Open p.14 ↗
2.2 Determining the Market Investable Equity Universes p.15 editorial · modified Editorial change: wording only, no rule changed. Open p.15 ↗
2.2.3 Equity Universe Minimum Size Requirement p.17 minor · modified The disclosed Equity Universe Minimum Size Requirement was updated from the February 2026 Index Review level to the August 2026 level. The minimum full market capitalization rose from USD 507 million to USD 585 million for Developed and Emerging Markets, and from USD 13 million to USD 14 million for Frontier Markets. Rated minor: The Equity Universe Minimum Size Requirement, an eligibility threshold under M3, changed numerically for both Developed/Emerging Markets and Frontier Markets, affecting which companies meet the minimum-size screen. Because this is an M1–M5 eligibility change, the materiality is minor.Model-written, for reference only. Open p.17 ↗
2.2.5 DM and EM Minimum Liquidity Requirement p.18 editorial · modified Editorial change: wording only, no rule changed. Open p.18 ↗
2.2.8 Minimum Foreign Room Requirement11F p.21 minor · modified The minimum foreign-room requirement itself is unchanged at 15%, but the updated section adds an India-specific eligibility restriction: securities on the NSDL/CDSL official list for which the Red flag or Breach limit has been reached would not be considered. In the supplied text, the inserted sentence is spliced directly into the following sentence beginning with “For a security.” Rated minor: The change adds a new eligibility condition affecting Indian securities that appear on the NSDL/CDSL Red flag or Breach list, so it changes the set of securities that may be considered. This is an M3 eligibility matter, for which the materiality ceiling is minor.Model-written, for reference only. Open p.21 ↗
2.3 Defining Market Capitalization Size-Segments for Each Market p.22 minor · modified The updated text removes the specific provision excluding Indian securities on the NSDL/CDSL official list when the Red flag or Breach limit has been reached, while retaining the general exclusion for securities subject to foreign-ownership purchase restrictions. It also replaces “MSCI Global Investable Market Indexes” and “Investable Market Index” with “GIMI™” and “IMI™/IMI,” respectively, and moves the size-segment derivation paragraph without changing that rule. Rated minor: The deleted NSDL/CDSL Red flag or Breach limit rule was an eligibility exclusion affecting inclusion in the Market Investable Equity Universe, so its removal is substantive. Because this concerns universe/eligibility within M1-M5, the materiality is minor. The trademark abbreviation and paragraph relocation alone would be editorial changes.Model-written, for reference only. Open p.22 ↗
2.3.1 Defining the Market Coverage Target Range for Each Size-Segment p.24 editorial · modified Editorial change: wording only, no rule changed. Open p.24 ↗
2.3.2 Determining the Global Minimum Size Range for Each Size-Segment p.24 editorial · modified Editorial change: wording only, no rule changed. Open p.24 ↗
2.3.2.1 Defining the Global Minimum Size Reference p.24 minor · modified The methodology refreshes the Global Minimum Size Reference values from the January 16, 2026/February 2026 cycle to the July 20, 2026/August 2026 cycle. For DM Standard Indexes, the 85% coverage threshold rises from USD 15.20 billion to USD 16.28 billion, changing the DM range from USD 7.60–17.48 billion to USD 8.14–18.72 billion and the EM range from USD 3.80–8.74 billion to USD 4.07–9.36 billion. The coverage percentages, EM one-half rule, and 0.5–1.15 range multiplier remain unchanged; “DM Investable Market Index” is restyled as “DM IMI™.” Rated minor: The substantive change is the update of numeric Global Minimum Size Reference thresholds, ranges, and reference data used for size-segment eligibility. These are M4 selection/eligibility inputs, so the materiality ceiling is minor; the underlying formula and percentage rules are unchanged, and the IMI™ abbreviation is a non-substantive trademark/style change.Model-written, for reference only. Open p.24 ↗
2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs p.25 editorial · modified Editorial change: wording only, no rule changed. Open p.25 ↗
2.3.6 Applying Final Size-Segment Investability Requirements p.29 editorial · modified Editorial change: wording only, no rule changed. Open p.29 ↗
2.3.6.1 Minimum Free Float Market Capitalization Requirement p.30 editorial · modified Editorial change: wording only, no rule changed. Open p.30 ↗
2.3.6.2 Minimum Foreign Room Requirement p.30 editorial · modified Editorial change: wording only, no rule changed. Open p.30 ↗
2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase p.31 minor · modified The updated EPI rule introduces a Foreign Inclusion Factor exemption: securities with a FIF of at least 0.75 are not subject to EPI screens. It also specifies that non-IMI constituents exhibiting EPI with a FIF below 0.75 are ineligible for Standard Index addition but remain in the market investable universe. The EPI monitoring periods and return thresholds are unchanged. Rated minor: The EPI eligibility rule changed by adding a FIF threshold of 0.75 and conditioning ineligibility on securities being non-IMI constituents with FIF below 0.75. This changes the set of securities affected by an eligibility screen under M3, so it is substantive but capped at minor.Model-written, for reference only. Open p.31 ↗
2.4 Index Continuity Rules p.32 editorial · modified Editorial change: wording only, no rule changed. Open p.32 ↗
2.5 Constructing and Calculating the Individual MSCI GIMI™ Indexes p.32 editorial · modified The section title was abbreviated from “MSCI Global Investable Markets Indexes” to “MSCI GIMI™ Indexes,” and the residual text “Markets Indexes” was removed. No index construction, selection, weighting, calculation, or other substantive rule was changed. Rated editorial: This is a title/trademark and presentation change: the full name is replaced by the abbreviated GIMI™ name and a stray heading fragment is deleted. No rule, threshold, formula, affected-security set, or index-user action changed.Model-written, for reference only. Open p.32 ↗
2.5.1 Market Size-Segment Indexes p.32 editorial · modified Editorial change: wording only, no rule changed. Open p.32 ↗
2.5.3 GICS®-Based Indexes p.33 editorial · modified Editorial change: wording only, no rule changed. Open p.33 ↗
3 Maintaining the MSCI GIMI™ p.35 editorial · modified Editorial change: wording only, no rule changed. Open p.35 ↗
3.1 Quarterly Index Reviews p.35 editorial · modified Editorial change: wording only, no rule changed. Open p.35 ↗
3.1.2 Updating the Market Investable Equity Universes p.36 editorial · modified Editorial change: wording only, no rule changed. Open p.36 ↗
3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization p.37 editorial · modified Editorial change: wording only, no rule changed. Open p.37 ↗
3.1.2.4 Minimum Liquidity Requirement for Existing Constituents p.37 editorial · modified The updated section replaces "Investable Market Indexes" with "IMI" and adds a trademark symbol to "GIMI™," while reflowing text and relocating a footnote. All liquidity thresholds, listing-priority rules, and the 0.5 Liquidity Adjustment Factor requirements remain unchanged. Rated editorial: No substantive liquidity, eligibility, listing-selection, or adjustment-factor rule changed. The updates are terminology/trademark changes, formatting, and text reflow, so the change is an editorial.Model-written, for reference only. Open p.37 ↗
3.1.4.1 Determining Initial Segment Number of Companies p.40 minor · modified The updated document deletes footnote 20, which defined how the Interim Market Size-Segment Cutoff is calculated during an Index Review. The removed text specified use of post-review Number of Shares and Foreign Inclusion factors, no limitation by the Global Minimum Size Range, and a floor at the Equity Universe Minimum Size Requirement. The main formula for the Initial Segment Number of Companies is otherwise unchanged. Rated minor: The deletion removes a substantive rule governing how the Interim Market Size-Segment Cutoff is calculated and bounded, including its Equity Universe Minimum Size Requirement floor, so it may affect index-user expectations. Because the changed rule concerns the M4 selection/cutoff framework rather than calculation, reviews, buffers, corporate actions, or governance, the materiality ceiling is minor.Model-written, for reference only. Open p.40 ↗
3.1.4.2 Changes in the Segment Number of Companies p.40 minor · modified The updated section adds footnote 20 defining the Interim Market Size-Segment Cutoff during an Index Review. It must use post-review Number of Shares and Foreign Inclusion factor, is not limited by the Global Minimum Size Range, and is floored at the Equity Universe Minimum Size Requirement. Other differences are formatting, line-break, diagram, and footnote-placement changes. Rated minor: The change adds a substantive rule governing the interim cutoff used when adjusting the Segment Number of Companies, including its inputs, absence of a Global Minimum Size Range limit, and a minimum-size floor. This can affect selection expectations, so it is not an editorial; because the changed item is M4 selection, the ceiling is minor.Model-written, for reference only. Open p.40 ↗
3.1.5 Assigning Companies to Appropriate Size-Segments p.43 editorial · modified Editorial change: wording only, no rule changed. Open p.43 ↗
3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes p.43 major · modified The update removes the footnote specifying different buffer-zone boundaries at “light” rebalancings: one half of and 1.8 times the Market Size-Segment Cutoff. The remaining changes are terminology, trademark, hyphenation, and footnote-placement edits and do not alter the standard 2/3 and 1.5 times buffer boundaries. Rated major: The deleted footnote established separate light-rebalancing buffer thresholds of 0.5x and 1.8x, changing the M7 buffer and turnover-control rule that determines migration between size segments. The other edits are naming, trademark, hyphenation, or formatting changes only.Model-written, for reference only. Open p.43 ↗
3.1.6.1 For New Constituents p.44 major · modified The updated text adds a provision stating that at “light” rebalancings, size-segment buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff. The surrounding investability-requirements sentence is unchanged but split by the inserted footnote. Rated major: The change adds explicit numeric buffer thresholds for “light” rebalancings, which affects size-segment migration and turnover control. This is a substantive buffers rule and therefore major under M7.Model-written, for reference only. Open p.44 ↗
3.1.6.2 Minimum Free Float Market Capitalization Requirement for Existing Constituents p.45 editorial · added Editorial change: wording only, no rule changed. Open p.45 ↗
3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents p.45 editorial · modified The section was renumbered and retitled as the minimum foreign-room requirement, with the general existing-constituent free-float buffer and extreme-price-increase paragraphs removed from this section as part of the split. The foreign-room adjustment factor, quarterly review, 12-month upward-adjustment waiting period, and related monitoring rules remain substantively unchanged. Rated editorial: This is a structural section split and renumbering: general existing-constituent eligibility language was moved out of the narrowed foreign-room section, while the foreign-room adjustment rules themselves were not changed. Formatting, trademark notation, and footnote reflow do not affect index user obligations.Model-written, for reference only. Open p.45 ↗
3.1.6.4 Treatment of Existing Constituents that Exhibit Extreme Price Increase p.47 minor · added A new rule excludes existing IMI constituents with an extreme price increase and FIF below 0.75 from migration into the Standard Indexes. Their treatment depends on 1.8x market-capitalization cutoff tests: smaller constituents remain Small Caps, while larger constituents are deleted from the Small Cap Index, retained in the investable universe, and reconsidered at the next Index Review. Rated minor: This adds substantive eligibility and selection criteria for migration between Small Cap and Standard Indexes, including a FIF threshold and 1.8x capitalization tests. Because the change concerns M3 eligibility/selection rather than calculation or review mechanics, the materiality ceiling is minor.Model-written, for reference only. Open p.47 ↗
3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) p.47 minor · modified The FIF review replaces the prior single free-float change threshold of more than 1% for existing constituents with tiered thresholds based on the security’s free float: at least 2.5% for free float above 25%, 0.5% for free float from 5% to 25%, and 0.1% for free float below 5%. The exceptions to these thresholds are also revised to cover size-segment migrations, deletions from the IMI in connection with Micro Cap additions, and FOL-driven FIF changes, while retaining corrections. Rated minor: The rule governing when FIF/DIF changes are implemented at quarterly Index Reviews changes from one 1% threshold to three numeric free-float thresholds and revises the affected exception categories. This changes constituent weighting inputs, placing it in M5; under the materiality rules, M5 changes are capped at minor.Model-written, for reference only. Open p.47 ↗
3.1.9 Date of Data Used for Index Reviews p.49 editorial · modified Editorial change: wording only, no rule changed. Open p.49 ↗
3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance p.51 editorial · modified The updated text replaces "Investable Market Indexes" with the abbreviated trademark form "IMI™ Indexes," adds a space before footnote marker 30, and includes the footnote reference directing readers to section 3.2.7 for significant IPOs. The methodology for calculating and applying Interim Market Size-Segment Cutoffs is unchanged. Rated editorial: No cutoff rule, input, threshold, frequency, or corporate-action treatment changed. The update only uses the IMI™ abbreviation/trademark, formats a footnote marker, and adds a cross-reference to where significant IPOs are described; cross-reference and trademark changes are editorial.Model-written, for reference only. Open p.51 ↗
3.2.3 Changes in FIF or Number of Shares for Existing Index Constituents p.52 editorial · modified The methodology title is abbreviated from “MSCI Global Investable Market Indexes Methodology” to “MSCI GIMI™ Methodology” (and subsequently “MSCI GIMI Methodology”). The text also removes a footnote/cross-reference artifact (“30 As described in section 3.2.7”), restoring the sentence to “When subsequent public disclosure…”. No implementation thresholds, timing, deletion rules, or NOS/FIF treatment changes. Rated editorial: No index rule changes: the updates are a methodology-name abbreviation/trademark change and removal of a footnote/cross-reference and layout artifact. The referenced sections, 1% NOS threshold, FIF 0.15 deletion condition, and implementation timing remain unchanged.Model-written, for reference only. Open p.52 ↗
3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event p.52 editorial · modified The revised section replaces the spelled-out Global Investable Market Indexes and Investable Market Index terminology with GIMI™ and IMI™, and it adjusts paragraph/table formatting. The 50% increase and 33% decrease triggers, FIF and float-adjusted capitalization conditions, size-segment migration rules, and deletion criteria remain unchanged. Rated editorial: No corporate-action size-migration rule, threshold, trigger, eligibility condition, or affected security set changed. The differences are index-name abbreviation/trademark changes, sentence and paragraph breaks, and table-layout adjustments, which are editorial-level under the materiality rules.Model-written, for reference only. Open p.52 ↗
3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event p.55 editorial · modified Editorial change: wording only, no rule changed. Open p.55 ↗
3.2.6 Early Deletions of Existing Index Constituents p.55 major · modified The updated section renames MSCI Global Investable Market Indexes as “MSCI GIMI™” and inserts a line break, which are presentational changes. More importantly, it deletes former footnote 33 stating a minimum float-adjusted market capitalization requirement for Standard Index constituents with a post-event FIF below 0.15. No effective date for the change is stated in the text. Rated major: The substantive change is the removal of the post-event minimum float-adjusted market capitalization threshold for Standard Index constituents with a FIF below 0.15. This changes an explicit numeric condition governing early deletions in corporate-event scenarios, an M8 matter, and is therefore major; the GIMI™ abbreviation and formatting are editorial-only changes.Model-written, for reference only. Open p.55 ↗
3.2.7 Early Inclusions of Non-Index Constituents and IPOs p.56 major · modified The updated section abbreviates the index name to MSCI GIMI™ and adds footnote 33. The new footnote establishes a special minimum float-adjusted market capitalization requirement when a Standard Index constituent has a post-event FIF below 0.15, equal to two-thirds of 1.8 times one-half of the Standard Index Interim Size-Segment Cutoff. Rated major: The change adds a substantive post-event numeric trigger and minimum market-capitalization formula for low-FIF Standard Index constituents, altering expectations for corporate-action-driven early inclusion. This falls under M8 corporate actions and ad-hoc changes, so it is major; the GIMI™ abbreviation itself is only a trademark/formatting change.Model-written, for reference only. Open p.56 ↗
3.2.8 Corporate Events Affecting the Index Review p.57 major · modified The updated methodology adds an exception to the existing five-business-day deadline for amending Index Review changes. If new information emerges after that deadline but before the Index Review effective date, MSCI may make amendments on shorter notice to minimize turnover or avoid replicability issues. Rated major: A new rule permits post-deadline, short-notice amendments to Index Review changes based on newly emerging information. This changes the timing and conditions for corporate-event-driven ad hoc changes, which falls under M8, so the materiality is major.Model-written, for reference only. Open p.57 ↗
3.3.1 Ongoing Event-Related Changes p.58 editorial · modified Editorial change: wording only, no rule changed. Open p.58 ↗
4 MSCI All Cap Indexes p.59 editorial · modified Editorial change: wording only, no rule changed. Open p.59 ↗
4.1 Constructing the MSCI All Cap Indexes p.59 editorial · modified Editorial change: wording only, no rule changed. Open p.59 ↗
4.2.1 Quarterly Index Reviews p.61 editorial · modified Editorial change: wording only, no rule changed. Open p.61 ↗
5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes p.63 editorial · modified Editorial change: wording only, no rule changed. Open p.63 ↗
5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets p.65 editorial · modified Editorial change: wording only, no rule changed. Open p.65 ↗
5.2.3.2 Minimum Liquidity Requirement for Existing Constituents p.65 editorial · modified Editorial change: wording only, no rule changed. Open p.65 ↗
5.2.4 Index Continuity Rules p.67 editorial · modified Editorial change: wording only, no rule changed. Open p.67 ↗
6.1 Creation of Standalone Market Indexes for Newly Eligible Markets p.68 editorial · modified Editorial change: wording only, no rule changed. Open p.68 ↗
6.5 Treatment of Discontinued Standalone Market Indexes p.70 editorial · modified Editorial change: wording only, no rule changed. Open p.70 ↗
Appendix I: Equity Markets and Universe p.72 editorial · modified Editorial change: wording only, no rule changed. Open p.72 ↗
Eligible Markets (Developed Markets) p.72 minor · modified The developed-markets eligible exchange table adds Texas Stock Exchange under the USA, marked with footnote (6). The new footnote states that listings on this exchange are eligible for the MSCI Indexes from July 06, 2026. Other table changes appear to be formatting or line-break adjustments. Rated minor: This changes M2 eligibility by adding Texas Stock Exchange as an eligible exchange for securities listed in the USA, thereby affecting the set of securities that may be considered. Eligibility changes are capped at minor.Effective: 2026-07-06Model-written, for reference only. Open p.72 ↗
Eligible Markets (Emerging Markets) p.73 minor · modified The updated Emerging Markets eligible-markets table adds "Taiwan Innovation Board" to the Taiwan market segments. The other differences are primarily line-break and table-layout reformatting. Rated minor: The change adds Taiwan Innovation Board to the set of eligible market segments, affecting index universe/eligibility under M2. The applicable ceiling for M1-M5 changes is minor; no effective date is stated.Model-written, for reference only. Open p.73 ↗
Non-Index Constituents p.82 editorial · modified Editorial change: wording only, no rule changed. Open p.82 ↗
Deletion of Existing Index Constituents p.82 editorial · modified Editorial change: wording only, no rule changed. Open p.82 ↗
Other Cases p.83 major · modified The surveillance-board lookback period for India ASM, Korea Investment Alert/Investment Risk, and Taiwan Disposition Board securities now starts at the current Index Review Price Cutoff Date rather than the previous one. Indonesia Watchlist Board Criteria 10 is separately retained under the previous cutoff date. The affected securities remain ineligible for IMI additions and Standard/Small Cap size-segment migrations at that review and are re-evaluated at the next review. Rated major: The change alters the monitoring trigger period, and therefore which securities entering designated surveillance boards are blocked from IMI additions or size-segment migrations, while preserving the prior lookback for Indonesia. This is a substantive M8 ad-hoc/index-review treatment rule, so the item ceiling is major; the IMI™ trademark notation alone is immaterial.Model-written, for reference only. Open p.83 ↗
Appendix II: Market Classification Framework p.84 minor · modified The update increases the full and float market-cap thresholds used in the market classification Size and Liquidity Requirements for Frontier, Emerging, and Developed Markets, in both entry and maintenance requirements. It also updates the World Bank high-income GNI reference from USD 13,935 in 2024 to USD 14,375 in 2025, and changes the stated minimum-in-use review from February 2026 to August 2026. ATVR requirements, company counts, and market accessibility criteria are unchanged. Rated minor: The changed rules are the numeric market-classification eligibility thresholds: market-cap requirements and the Developed Market GNI per-capita reference. These changes can affect whether a country meets classification criteria, so they are substantive; because they concern universe/eligibility criteria under M1-M5, the materiality ceiling is minor. No exact calendar effective date is stated.Model-written, for reference only. Open p.84 ↗
Markets Under Index Continuity p.88 minor · modified The list of markets subject to minimum-constituent index continuity rules has been updated from the February 2026 Index Review to the August 2026 Index Review. Within the affected frontier markets, Hungary is replaced by Peru; New Zealand and Egypt remain listed for developed and emerging markets, respectively. Rated minor: The minimum-constituent continuity rule itself is unchanged, but the published set of markets to which it is applied changes: Hungary is removed and Peru added. This affects market/security selection under M1-M5, so the appropriate ceiling is minor.Model-written, for reference only. Open p.88 ↗
Country Specific Cases p.90 editorial · modified Editorial change: wording only, no rule changed. Open p.90 ↗
Appendix IV: Foreign Listing Materiality Requirement p.93 editorial · modified The illustrative example of the two-Index-Review lag is rolled forward from February/August 2026 to August 2026/February 2027. The reported review result is updated from no additional markets qualifying in February 2026 to no additional markets qualifying in August 2026. Index names are also abbreviated with GIMI™/IMI™ trademarks; the eligibility thresholds, Frontier Markets exception, two-review lag, and country list are unchanged. Rated editorial: The substantive Foreign Listing Materiality Requirement—including the 5% and 0.05% thresholds, Frontier Markets exception, two-Index-Review lag, and eligible-country list—does not change. The revised dates only refresh an illustrative example and report that no new markets qualified, so no security set or user action changes; trademark abbreviation is nominal.Model-written, for reference only. Open p.93 ↗
Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 p.95 editorial · modified Editorial change: wording only, no rule changed. Open p.95 ↗
MSCI J-Series Indexes p.95 editorial · modified Editorial change: wording only, no rule changed. Open p.95 ↗
Calculation of Free Float p.97 minor · modified For securities subject to foreign ownership limits, the methodology no longer adjusts the FOL downward for foreign non-free-float shareholdings. The foreign-investor free float is now the lower of the estimated free float and the unadjusted FOL, and the prior applicability note for countries where foreign room is not monitored was removed. Rated minor: The FOL free-float rule changed substantively from using an FOL reduced by foreign non-free-float stakes, with a country-monitoring condition, to using the unadjusted FOL. This can affect free float and therefore index weighting; the change is within M5, so the materiality is minor.Model-written, for reference only. Open p.97 ↗
Assigning a Free Float-Adjustment Factor p.98 minor · modified The FIF methodology replaces the prior >15% / <15% split with three free-float bands: >25%, 5–25%, and <5%. Rounding changes to 2.5%, 0.5%, and 0.1% respectively, with the upper band now rounded to the nearest increment rather than rounded up, and FOLs are rounded to 0.1%. For securities with a LIF, both adjusted free float and FOL are now rounded to 0.1%, replacing the prior tiered 5%/1% treatment. Rated minor: The changed rule is Foreign Inclusion Factor rounding and free-float banding, including new breakpoints, finer rounding increments, and removal of upper-band round-up treatment. This changes a weighting input for affected securities, so it is substantive; because the item is M5 weighting, the materiality ceiling is minor. The “insure” to “ensure” change is merely editorial.Model-written, for reference only. Open p.98 ↗
Calculating the Free Float-Adjusted Market Capitalization p.101 editorial · modified The core free-float-adjusted market capitalization formula is unchanged, but the illustrative tables are revised. The non-FOL example adds a third company and changes sample FIFs and adjusted capitalizations; the FOL example now uses two companies, a "Rounded Free Float" line and 33.33% foreign ownership limits, while omitting the prior foreign-strategic-adjustment rows and the special footnote. Rated editorial: The operative product formula is unchanged. The revisions affect hypothetical example companies, sample inputs and outputs, and displayed calculation lines, but no explicit weighting rule, threshold, formula, condition, or affected set of securities is added or removed; therefore no substantive M5 rule change can be named.Model-written, for reference only. Open p.101 ↗
Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues p.103 editorial · modified Editorial change: wording only, no rule changed. Open p.103 ↗
Treatment of Non-Voting Depositary Receipts in Thailand p.103 editorial · modified Editorial change: wording only, no rule changed. Open p.103 ↗
Treatment of Depository Receipts where Underlying Shares are Not Available for Trading p.105 minor · modified The FIF methodology for depository receipts whose underlying shares are not available for trading is replaced beginning with the May 2026 Index Review. New additions will use the lower of (i) the higher of adjusted 13F ownership or capital-raising float and (ii) free float under the current MSCI Free Float Data Methodology. Existing constituents will transition in phases, with a midpoint adjustment in May 2026 and full application of the new approach from November 2026 if enhanced transparency remains unavailable. Rated minor: The changed rule is the FIF calculation for DRs with unavailable underlying shares: it introduces adjusted 13F ownership, removes the prior DR NOS/total NOS comparison for existing constituents, and adds a phased transition. This affects security-level FIFs and therefore index weights, placing it in M5 with a ceiling of minor.Model-written, for reference only. Open p.105 ↗
MSCI Market Monitoring Framework p.107 editorial · modified Editorial change: wording only, no rule changed. Open p.107 ↗
“Light” Rebalancing p.107 editorial · modified Editorial change: wording only, no rule changed. Open p.107 ↗
Market Monitoring Period and Criteria p.108 editorial · modified Editorial change: wording only, no rule changed. Open p.108 ↗
Communication Date and Policy p.108 editorial · modified The substantive communication-date and light-rebalancing policy is unchanged. The only update renumbers the two footnotes at the end of the section from 46 and 47 to 47 and 48. Rated editorial: No index rule changed; only footnote numbering changed from 46/47 to 47/48. Footnote or cross-reference renumbering is explicitly non-substantive and therefore editorial, even though the section relates to M6.Model-written, for reference only. Open p.108 ↗
Index Review of the MSCI GIMI™ under Light Rebalancing p.109 editorial · modified Editorial change: wording only, no rule changed. Open p.109 ↗
Size-Segment Migrations during Light Rebalancings p.109 major · modified The light-rebalancing rule for Small Cap-to-Standard migration after an extreme price increase has been narrowed: the updated text makes ineligibility conditional on having a FIF below 0.75, whereas the previous text applied the bar to all existing IMI constituents exhibiting an extreme price increase. The explicit statement that such migrants would be retained as Small Cap constituents was removed and replaced by a cross-reference to the detailed treatment. Other edits are IMI naming/trademark changes, formatting, and footnote renumbering. Rated major: The changed rule is eligibility for Small Cap-to-Standard migration during a light rebalancing after an extreme price increase. Adding the numeric condition “FIF less than 0.75” introduces a substantive trigger affecting which securities may migrate, and this is an M7 item; the IMI trademark/name changes and footnote renumbering are non-substantive.Model-written, for reference only. Open p.109 ↗
Addition of Companies Currently not Constituents of the IMI™ during Light Rebalancings p.112 minor · modified The light-rebalancing addition rule narrows the exclusion for securities with extreme price increases. Under the updated methodology, such securities are ineligible only when their FIF is less than 0.75, whereas the previous text excluded all securities exhibiting extreme price increases. The abbreviation of "Investable Market Indexes" to "IMI™," footnote renumbering, and sentence relocation are formatting changes. Rated minor: This changes an eligibility/selection rule for securities added during light rebalancings by introducing a numeric FIF threshold of 0.75, thereby changing the set of affected securities. Because it concerns M4 eligibility/selection, the materiality ceiling is minor; the trademark, footnote, and ordering changes are non-substantive patches.Model-written, for reference only. Open p.112 ↗
Deletion of Companies Currently Constituents of the IMI™ during Light Rebalancings p.113 editorial · modified The section was reworded to use the abbreviated trademarked terms "IMI™" and "GIMI™" instead of "Investable Market Indexes" and "GIMI." The liquidity thresholds, alternative-listing priority, Emerging Markets retention condition, and Liquidity Adjustment Factor rules were unchanged; footnotes were renumbered from 50–52 to 51–53. Rated editorial: No substantive index rule changed: the ATVR and Frequency of Trading thresholds, listing-priority rules, 10%/0.5-times retention condition, and 0.5 Liquidity Adjustment Factor treatment remain the same. The update only abbreviates and adds trademarks to index names, removes a stray heading word, and renumbers footnotes, so it is an editorial.Model-written, for reference only. Open p.113 ↗
Policy Regarding Trading Suspensions for Individual Securities during Index Reviews p.115 editorial · modified The updated section makes no substantive change to the trading-suspension policy. It adds the ™ symbol to IMI and renumbers the associated footnote references from 53–55 to 54–56, including a minor spacing adjustment before a footnote marker. Rated editorial: No rule governing postponement, cancellation, resumption, timing, or affected securities changed. The only differences are a trademark symbol, footnote spacing, and footnote renumbering, which are non-substantitive presentation changes.Model-written, for reference only. Open p.115 ↗
Policy Regarding Market Closures during Index Reviews p.115 editorial · modified The footnote/reference numbers in this section are shifted by one (53–55 become 54–56). The fragmentary closing note is also changed from “Non-current IMI constituent” to “Non-current IMIT constituent.” The operative market-closure and suspended-security review rules are unchanged. Rated editorial: The changes are footnote renumbering and a terminology/typographical alteration in a fragmentary note. No operative rule, threshold, trigger, affected-security set, calculation treatment, or review schedule is changed, so the update is editorial.Model-written, for reference only. Open p.115 ↗
Unexpected Full Trading Day Market Closures p.116 editorial · modified Editorial change: wording only, no rule changed. Open p.116 ↗
Unexpected Market Closures of Less Than a Full Trading Day p.116 editorial · modified Editorial change: wording only, no rule changed. Open p.116 ↗
General Principles for Updating the Global Minimum Size References and Ranges p.117 editorial · modified Editorial change: wording only, no rule changed. Open p.117 ↗
IPOs p.122 editorial · modified Editorial change: wording only, no rule changed. Open p.122 ↗
Appendix XIII: MSCI Domestic Indexes p.123 editorial · modified The updated text abbreviates “MSCI Global Investable Market Indexes Methodology” to “MSCI GIMI™ Methodology” and renumbers the associated footnotes. The described indexes, country coverage, DIF treatment, and free-float review references remain unchanged; the remaining differences are line reflows. Rated editorial: No index rule, eligibility criterion, country universe, weighting input, or calculation condition changed. The update only abbreviates and trademarks the methodology name, shifts footnote numbers, and reformats line breaks, all of which are non-substantive.Model-written, for reference only. Open p.123 ↗
MSCI China A Onshore Indexes p.123 editorial · modified Editorial change: wording only, no rule changed. Open p.123 ↗
Equity Universe p.123 editorial · modified Editorial change: wording only, no rule changed. Open p.123 ↗
Equity Universe Minimum Size p.124 editorial · modified Editorial change: wording only, no rule changed. Open p.124 ↗
Assigning a Free Float-Adjustment Factor p.124 editorial · modified Editorial change: wording only, no rule changed. Open p.124 ↗
MSCI K-Series Indexes p.124 editorial · modified Editorial change: wording only, no rule changed. Open p.124 ↗
MSCI China Indexes Offering p.125 editorial · modified The updated version only reformats the MSCI China Indexes share-class table by collapsing line breaks and renumbers the associated footnotes from 59–62 to 60–63. The described index universes, share classes, inclusion factors, and eligibility treatment remain unchanged. Rated editorial: No index rule changed: securities affected, eligibility, share classes, inclusion factors, and calculations are unchanged. The only differences are table line wrapping and footnote/cross-reference renumbering, which are expressly editorial-level changes.Model-written, for reference only. Open p.125 ↗
Appendix XV: Index Maintenance of the MSCI China Indexes p.127 editorial · modified Editorial change: wording only, no rule changed. Open p.127 ↗
Index Maintenance of the MSCI China Indexes p.127 editorial · modified Editorial change: wording only, no rule changed. Open p.127 ↗
Integrated MSCI China Equity Universe p.128 editorial · modified The methodology name is abbreviated from "MSCI Global Investable Market Indexes" to "MSCI GIMI™," with a trademark symbol added. The text also reflects footnote-number and typographic spacing changes. The definition of the integrated MSCI China Equity Universe and the related China A-share exclusions are unchanged. Rated editorial: No index-universe, eligibility, selection, or weighting rule changed. The update is an abbreviation/trademark presentation change for the same methodology, plus footnote-number and spacing/typography adjustments, so it is an editorial.Model-written, for reference only. Open p.128 ↗
Calculation of Market Capitalization p.128 editorial · modified Editorial change: wording only, no rule changed. Open p.128 ↗
Investability Requirements p.129 editorial · modified Editorial change: wording only, no rule changed. Open p.129 ↗
Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments p.129 editorial · modified Editorial change: wording only, no rule changed. Open p.129 ↗
Assessing Conformity with Final Size-Segment Investability Requirements p.130 minor · modified The updated methodology adds a special measurement rule for China A shares that are current constituents of the MSCI China All Shares IMI™. For these securities, the relevant assessment uses free float-adjusted market capitalization before application of the adjustment factor, within the low-FIF Size-Segment investability requirements. Rated minor: The change adds an eligibility-assessment rule for current MSCI China All Shares IMI constituents, specifying the market-capitalization measure used before the adjustment factor. This affects how affected China A shares are assessed for Size-Segment investability, so it is substantive; as an M3 eligibility change, the materiality is minor.Model-written, for reference only. Open p.130 ↗
Ongoing Event Related Changes p.131 editorial · modified Editorial change: wording only, no rule changed. Open p.131 ↗
Index Maintenance p.134 editorial · modified Editorial change: wording only, no rule changed. Open p.134 ↗
Appendix XVII: MSCI China A Indexes p.136 editorial · modified Editorial change: wording only, no rule changed. Open p.136 ↗
Ongoing Event Related Changes p.136 editorial · modified Editorial change: wording only, no rule changed. Open p.136 ↗
Appendix XVIII: MSCI Southbound Indexes p.138 minor · added The updated document adds Appendix XVIII, which introduces the MSCI Southbound Indexes and states that they aim to measure the performance of securities available through Southbound Trading under the Stock Connect Program. Rated minor: A new index-identity and scope statement was added for the MSCI Southbound Indexes, defining the market and securities they are intended to measure. This is an M1 identity/universe-related change, so its materiality ceiling is minor.Model-written, for reference only. Open p.138 ↗
Index Construction p.138 minor · added A new index construction rule states that the MSCI Southbound Indexes select all constituents from the MSCI China Indexes, MSCI Hong Kong Indexes, and the Hong Kong listing of HSBC, provided they are available for both buying and selling through Stock Connect Southbound Trading. This introduces a selection and eligibility condition for index membership. Rated minor: The added text defines the Southbound Indexes' constituent selection rule and dual-trading eligibility condition, affecting the set of eligible securities. This is a substantive M4 selection/eligibility change, which is capped at minor.Model-written, for reference only. Open p.138 ↗
Index Maintenance p.138 major · added A new Index Maintenance rule states that MSCI Southbound Indexes are updated at each Index Review to include eligible constituents from the MSCI China Indexes, MSCI Hong Kong Indexes, and the Hong Kong listing of HSBC that can be both bought and sold through Stock Connect Southbound Trading. The eligibility determination is made nine business days before the Index Review effective date. Rated major: The added rule establishes the Index Review update process for Southbound Index constituents and sets a substantive determination cutoff of nine business days before the effective date. Because this concerns index maintenance and review timing under M6, the materiality is major.Model-written, for reference only. Open p.138 ↗
Ongoing Event Related Changes p.138 major · added A new "Ongoing Event Related Changes" section sets out ad-hoc maintenance rules for MSCI Southbound Indexes. Additions are prohibited between Index Reviews, deletions from MSCI China and MSCI Hong Kong Indexes are reflected simultaneously, and Stock Connect eligibility is reviewed daily. Constituents losing eligibility for both buying and selling are removed after two days' notice, excluding market holidays, with a special rule when the implementation date coincides with a holiday. Rated major: The added section introduces substantive ad-hoc deletion, daily eligibility monitoring, notice-period, and holiday-implementation rules affecting index constituents between scheduled reviews. These are corporate-action/ad-hoc-change rules within M8, so the change is major.Model-written, for reference only. Open p.138 ↗
Appendix XIX: Transition to the MSCI GIMI™ Methodology p.139 editorial · modified Editorial change: wording only, no rule changed. Open p.139 ↗
Provisional Indexes p.139 editorial · modified Editorial change: wording only, no rule changed. Open p.139 ↗
Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes p.139 editorial · modified Editorial change: wording only, no rule changed. Open p.139 ↗
Publication of Provisional Indexes p.140 editorial · modified Editorial change: wording only, no rule changed. Open p.140 ↗
Reflecting Constituent Changes in the Standard Indexes at the Transition Points p.140 editorial · modified Editorial change: wording only, no rule changed. Open p.140 ↗
Index Reviews and Treatment of On-Going Market Events during the Transition Period p.142 editorial · modified Editorial change: wording only, no rule changed. Open p.142 ↗
May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index p.142 editorial · modified Editorial change: wording only, no rule changed. Open p.142 ↗
August 2007 Quarterly Index Review p.143 editorial · modified Editorial change: wording only, no rule changed. Open p.143 ↗
November 2007 Semi-Annual Index Review p.143 editorial · modified Editorial change: wording only, no rule changed. Open p.143 ↗
February 2008 Quarterly Index Review p.144 editorial · modified Editorial change: wording only, no rule changed. Open p.144 ↗
May 2008 Semi-Annual Index Review p.144 editorial · modified Editorial change: wording only, no rule changed. Open p.144 ↗
Global Value and Growth Indexes p.144 editorial · modified Editorial change: wording only, no rule changed. Open p.144 ↗
Euro and Pan-Euro Indexes p.145 editorial · modified Editorial change: wording only, no rule changed. Open p.145 ↗
Summary Transition Timeline p.145 editorial · modified The updated transition timeline abbreviates "Global Investable Market Indexes" to "GIMI™" and "Investable Market Indexes" to "IMI™," with trademark symbols added. Some table text is also reflowed onto separate lines. No transition dates, actions, eligibility criteria, or methodology requirements are changed. Rated editorial: No index rule, date, threshold, formula, security set, or required action changes. The edits only replace spelled-out brand names with abbreviations and trademark symbols and reformat existing text; trademark and formatting changes are editorial-level.Model-written, for reference only. Open p.145 ↗
Appendix XX: Transition to a Quarterly Comprehensive Index Review p.148 editorial · modified The appendix was renumbered from XIX to XX, the heading was shortened from "Index Review" to "Review," and "MSCI Global Investable Market Indexes" was replaced by the trademarked abbreviation "MSCI GIMI™." The substantive historical description of the transition to Quarterly Comprehensive Index Reviews is unchanged. Rated editorial: No index rule, schedule, threshold, formula, or affected security set changed. The updates are limited to appendix renumbering, a shortened heading, and an abbreviation/trademark change, so the change is an editorial.Model-written, for reference only. Open p.148 ↗
Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes p.148 editorial · modified Editorial change: wording only, no rule changed. Open p.148 ↗
Appendix XXI: Changes to the MSCI Frontier Markets Indexes Methodology p.149 editorial · modified The appendix was renumbered from XX to XXI, the opening label was changed from "Methodology" to "Indexes Methodology," and "MSCI Global Investable Market Indexes Methodology" was abbreviated to "MSCI GIMI™ Methodology." The document footer was also removed. No index rule, threshold, date, or constituent treatment was changed. Rated editorial: No substantive index rule changed; the substantive eligibility, consolidation, rebalancing, and 2.5% ATVR provisions remain identical. The update consists of appendix renumbering, wording/formatting changes, use of the GIMI trademark abbreviation, and footer removal, all of which are editorial items.Model-written, for reference only. Open p.149 ↗
Changes to the Methodology Book p.150 major · modified The updated change history adds 2026 methodology entries covering FIF implementation, free-float rounding and depository-receipt treatment, a new MSCI Southbound Index section, market-eligibility table updates, Extreme Price Increase exemptions, corporate-event-related review reversals, ineligible-alert-board monitoring, light-rebalancing treatment, and China index maintenance. The update also replaces fuller index names with IMI™/GIMI™ and adds formatting line breaks, which are non-substantive branding/format changes. Rated major: The update adds substantive rule disclosures, including changes to free-float rounding/calculation treatment and reversal of index reviews due to ongoing corporate events. These fall within calculation and corporate-action/ad-hoc maintenance categories (M8/M9), which set the materiality ceiling at major. The IMI™/GIMI™ trademark abbreviations and line-break/section-splitting changes are patches, but they do not offset the substantive methodology updates.Model-written, for reference only. Open p.150 ↗
Contact us p.190 editorial · added A new "Contact us" section was added, providing MSCI company information, regional telephone contact numbers, the MSCI website and contact page, and a link to the formal index-complaint process. No index methodology rule, eligibility criterion, calculation, or review process was changed. Rated editorial: The change adds administrative contact and complaint-disclosure information only. It does not add, remove, or modify an index rule affecting users, and it does not alter notice periods or consultation obligations.Model-written, for reference only. Open p.190 ↗
Notice and disclaimer p.191 editorial · added The updated document adds a “Notice and disclaimer” section covering MSCI’s intellectual-property rights, permitted use restrictions, AI-use limitations, warranties, liability disclaimers, investment-advice disclaimers, performance caveats, conflicts, and governing law. It does not add or alter any index construction, eligibility, selection, weighting, review, or calculation rule. Rated editorial: The change adds a legal and proprietary-rights notice rather than an index methodology rule. It belongs to M10 governance/disclosure and does not alter notice periods, consultation obligations, index identity, universe, eligibility, selection, weighting, reviews, corporate actions, or calculation, so it is an editorial.Model-written, for reference only. Open p.191 ↗
v2025.11 → v2026.02 · earlier step Latest step ↗ · 80 changes: ● 4 major ● 9 minor · 67 editorial
View:editorial · removed The M1 section is listed as removed, but the supplied previous text contains no substantive rule and the unified diff is empty. No index identity, universe, eligibility, selection, or weighting requirement can be identified as changed. Rated editorial: No rule is present in the previous passage, so no substantive rule was added or removed; the apparent deletion of an empty section is structural or formatting only.Model-written, for reference only. Open old p.1 ↗
editorial · removed The listed M1 section is marked as removed in the updated version, but the provided previous text contains no substantive rule language and the unified diff is empty. Therefore, no identifiable index rule, threshold, or methodology change can be established from the supplied text. Rated editorial: No rule can be named from the removed section because the previous text is blank and no diff content is provided. Under the materiality guidance, an unidentifiable removal without substantive text is treated as an editorial.Model-written, for reference only. Open old p.1 ↗
editorial · added The updated version adds front-matter title text identifying the document as the MSCI Global Investable Market Indexes Methodology, dated November 2025. No index construction, eligibility, weighting, review, calculation, or governance rule is added or changed. Rated editorial: This is only added title/front-matter text; it does not state or alter any rule that would affect index users’ expectations or actions. The November 2025 date is a document date, not an explicitly stated effective date for a methodology change.Model-written, for reference only. Open p.1 ↗
editorial · modified The methodology book's "last updated" date changes from November 2025 to February 2026. A document footer identifying the methodology as "MSCI Global Investable Market Indexes Methodology | November 2025" is also added. No index construction, maintenance, or calculation rule is changed. Rated editorial: The change only updates publication metadata and adds a document footer. It does not add, remove, or modify any index eligibility, selection, weighting, review, corporate-action, or calculation rule, so it is an editorial.Model-written, for reference only. Open p.11 ↗
editorial · modified The updated text changes “Market0F1” to “Market1” in the opening description of index construction. The listed construction steps and all substantive methodology requirements remain unchanged. Rated editorial: No index construction, eligibility, selection, weighting, or other operative rule changed. The edit only removes an apparent formatting artifact from the Market label, so it is an editorial.Model-written, for reference only. Open p.14 ↗
editorial · modified The update only repairs footnote-reference formatting and spacing in the eligibility paragraph. The substantive eligibility rules for REITs, Canadian income trusts, mutual funds, ETFs, equity derivatives, and investment trusts are unchanged. Rated editorial: No eligibility rule, threshold, condition, or affected security set changed. The revision only corrects footnote markers and spacing, which is non-substantive formatting.Model-written, for reference only. Open p.14 ↗
minor · modified The disclosed Equity Universe Minimum Size Requirement was updated from the November 2025 Index Review levels to the February 2026 levels. For Developed and Emerging Markets, the minimum full market capitalization increased from USD 505 million to USD 507 million; for Frontier Markets, it increased from USD 12 million to USD 13 million. The footnote marker and example table formatting were also corrected without changing the methodology. Rated minor: The change updates the numeric minimum full-market-capitalization eligibility thresholds under the Equity Universe Minimum Size Requirement, affecting which companies may enter the Market Investable Equity Universe. This is an eligibility rule in M3, so the applicable materiality ceiling is minor; the footnote and table layout changes are non-substantive.Model-written, for reference only. Open p.17 ↗
editorial · modified The update corrects malformed footnote/reference markers, such as “8F9” becoming “9”, removes a stray space, and reformats Note 11 into clearer bullet points. It does not change the DM/EM liquidity thresholds, China suspension rules, listing priority, USD 10,000 screen, or ATVR adjustment provisions. Rated editorial: No index rule, threshold, condition, affected security set, or calculation requirement changed. The edits are footnote-marker/cross-reference corrections, spacing changes, and reformatting, which are non-substantive patches.Model-written, for reference only. Open p.18 ↗
minor · modified The methodology for deriving the Global Minimum Size Reference is unchanged, but the referenced market-capitalization levels and ranges are refreshed from October 15, 2025/November 2025 data to January 16, 2026/February 2026 data. The DM Standard reference increases from USD 14.31 billion to USD 15.20 billion, with corresponding changes to the DM and EM Standard ranges and the tabulated size-segment references. Rated minor: The changed rule is the Global Minimum Size Reference and associated Standard Index size range: numeric eligibility/selection thresholds are updated, while the 70%/85%/99% coverage methodology and 0.5x–1.15x range remain unchanged. Because this affects M4 eligibility/selection thresholds, the materiality is minor. No explicit effective date is stated.Model-written, for reference only. Open p.24 ↗
editorial · modified The updated section adds a leading "Segment Cutoffs" label and reformats the text with additional line breaks and hyphenation. The methodology for deriving Market Size-Segment Cutoffs, including the 70%, 85%, and 99% coverage levels and Global Minimum Size Range adjustments, is unchanged. Rated editorial: No cutoff, eligibility, selection, or weighting rule changed. The update only inserts a label and rewraps existing text; the substantive size-segment cutoff methodology remains identical.Model-written, for reference only. Open p.26 ↗
editorial · modified The updated section prepends the fragment "Size-Segments: Example" to the USA example and changes line wrapping in the Hungary chart text. The methodology, example figures, thresholds, ranks, and security-assignment logic remain unchanged. Rated editorial: No index rule, threshold, formula, cutoff, rank, or affected security set changed. The edit is a heading/text-layout adjustment and reflow of chart labels, so it is editorial.Model-written, for reference only. Open p.28 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.31 ↗
editorial · modified The updated text only adds the fragment "Markets Indexes"; no index methodology rule, eligibility criterion, calculation, or other substantive requirement is changed. Rated editorial: No identifiable methodology rule changed; the addition is only an isolated heading or text fragment, so it is an editorial.Model-written, for reference only. Open p.32 ↗
editorial · modified The updated text only normalizes footnote/reference markers in the Composite Indexes section, such as changing "14F14" to "14", "15F15" to "15", and "16F16" to "16", with a minor spacing adjustment. The substantive description of how Market Indexes may be combined into Composite Indexes is unchanged. Rated editorial: No index construction, eligibility, selection, weighting, or other user-facing rule changed. The edits only remove internal footnote-tag artifacts and adjust spacing around reference markers, so this is an editorial.Model-written, for reference only. Open p.33 ↗
editorial · modified The update changes only the formatting of footnote references in the listing-priority sentence, removing characters such as "F17" and adjusting spacing. The priority order for eligible listings—local, foreign in the same geographical region, then foreign in a different geographical region—and all liquidity requirements remain unchanged. Rated editorial: The listing-priority rule itself is unchanged; only footnote reference formatting and spacing are corrected. No eligibility condition, threshold, trigger, calculation, or affected security set changes, so this is an editorial.Model-written, for reference only. Open p.38 ↗
editorial · modified The updated text adds the standalone word "Ranges" at the beginning of the paragraph. The stated process for recalculating Global Minimum Size References and ranges is otherwise unchanged. Rated editorial: No index rule, threshold, formula, timing condition, or affected security set changes. The insertion of "Ranges" is a labeling/formatting change with no substantive effect, so it is an editorial.Model-written, for reference only. Open p.40 ↗
editorial · modified The updated text adds the word "Cutoffs" immediately before the existing opening sentence. No rule, threshold, formula, condition, or affected security set is changed. Rated editorial: No index methodology rule changed; the update only inserts the label-like word "Cutoffs" before the unchanged sentence, making this a formatting or textual editorial.Model-written, for reference only. Open p.40 ↗
editorial · modified The only change is the footnote/reference marker attached to "Interim Market Size-Segment Cutoff," which changes from "20F20" to "20." The methodology for determining the Initial Segment Number of Companies is unchanged. Rated editorial: No substantive rule changed; the update only corrects a footnote/reference marker. The eligibility, cutoff, and counting rules for determining the Initial Segment Number of Companies remain identical.Model-written, for reference only. Open p.40 ↗
editorial · modified The updated section only reformats the existing segment-number adjustment procedure: lines are rewrapped and footnote markers are changed from compact forms such as "21F21" and "22F22" to spaced "21" and "22". No addition, deletion, threshold, percentage, condition, or security-selection rule was changed. Rated editorial: The segment-number adjustment rule is unchanged, including the addition requirements and the 5% and 20% reduction limits. The diff consists solely of line reflow and footnote-marker formatting, so there is no substantive change to index user expectations or rules.Model-written, for reference only. Open p.41 ↗
editorial · modified The text changes the upper buffer threshold reference from "23F23" to "23" and adds a line break within the word sequence "Final Size-Segment Investability Requirement." The priority rules for assigning companies to size-segments are otherwise unchanged. Rated editorial: The size-segment assignment rule and its eligibility conditions do not change. The only substantive-looking difference is a footnote or reference marker correction from "23F23" to "23," plus reformatting, which is an editorial under the cross-reference/footnote rule.Model-written, for reference only. Open p.43 ↗
editorial · modified The update adds the word “Indexes” before the opening sentence and corrects a malformed footnote reference from “24F24” to “24”. The buffer-zone boundaries, small-cap entry treatment, and light-rebalancing rules are unchanged. Rated editorial: No substantive buffer-zone or migration rule changed. The only edits are an added introductory word and correction of a footnote-reference formatting error, so user actions and expectations are unaffected.Model-written, for reference only. Open p.43 ↗
major · modified The 12-month waiting period for increasing a foreign-room adjustment factor or re-adding a previously deleted security is now measured from the effective date of the weight reduction or deletion. A new May 2026 example states that the prior action must have been effective on or before the May 2025 Index Review. Other differences are line-wrap and footnote-marker formatting corrections. Rated major: The changed rule is the timing trigger for restoring a foreign-room adjustment factor or re-including a deleted security. Anchoring the 12-month period to the effective date and specifying the May 2026/May 2025 boundary can affect eligibility at the review cutoff; this is an M7 timing/adjustment rule, so the change is major. The remaining table wrapping and footnote-marker edits are presentational.Model-written, for reference only. Open p.45 ↗
editorial · modified The update reflows Section 3.1.9 and changes the display of footnote anchors, while relocating footnote text around the price-cutoff list and market-capitalization formula. The cutoff schedules, relevant data uses, 80% business-day definition, market-cap formula, and implementation timing remain unchanged. Rated editorial: No substantive index-review cutoff or calculation rule changed. The differences are line breaks, footnote placement, and footnote-reference formatting such as “28F28” becoming “28”; the substantive dates and 80% business-day threshold are identical, so this is an editorial.Model-written, for reference only. Open p.48 ↗
editorial · modified The methodology for setting Interim Market Size-Segment Cutoffs is unchanged. The update corrects the malformed footnote reference "IPOs30F30" to "IPOs30," removes the footnote cross-reference phrase "As described in section 3.2.4.1," and reformats the surrounding text and bullet points. Rated editorial: No cutoff rule, threshold, formula, trigger, timing, or affected security set changed. The daily rank-based cutoff and its application of the Global Minimum Size Range bounds remain identical; the edits are footnote/cross-reference cleanup and reformatting, which are non-substantive.Model-written, for reference only. Open p.51 ↗
editorial · modified The updated text inserts footnote/reference number 30, "As described in section 3.2.7," into the sentence concerning subsequent public disclosure of post-event shareholder structures. No index rule, threshold, timing, or security treatment is changed. Rated editorial: The only change is the insertion of a footnote/cross-reference to section 3.2.7; it does not add, remove, or modify an index rule or affect user actions. Cross-reference and footnote changes are non-substantive patches.Model-written, for reference only. Open p.51 ↗
editorial · modified The update adds a “Corporate Event” label at the start of the section and merges two adjacent sentences concerning post-event size-segment determination and deletion. The size-segment table and footnotes are reflowed, but the 50% increase and 33% decrease significance thresholds and the stated size-segment criteria are unchanged. Rated editorial: No corporate-action, size-segment, eligibility, threshold, or deletion rule is added or removed. The changes are a label insertion, sentence merge, and table/footnote reformatting, so the update is an editorial.Model-written, for reference only. Open p.52 ↗
major · modified The update adds a new minimum float-adjusted market capitalization requirement for Standard Index constituents whose FIF is below 0.15 after a corporate event. The requirement is expressed as 2/3rd of 1.8 times one half of the Standard Index Interim Size-Segment Cutoff. No explicit effective date is stated. Rated major: This adds a substantive numeric market-capitalization threshold affecting treatment of low-FIF Standard Index constituents in a corporate-action early-deletion scenario. It is an M8 corporate-actions/ad-hoc deletion change, so the materiality is major.Model-written, for reference only. Open p.55 ↗
major · modified The updated text removes footnote 33, which set a special minimum float-adjusted market capitalization requirement when a Standard Index constituent had a post-event FIF below 0.15. The surrounding sentence is rejoined to read “MSCI Global Investable Market Indexes,” and no replacement threshold appears in the provided updated passage. Rated major: A numeric post-event eligibility threshold for early inclusions in corporate actions has been removed, changing the conditions an index user would apply. Because the change occurs in M8 corporate actions and ad-hoc changes, it is classified as major.Model-written, for reference only. Open p.56 ↗
minor · modified The Micro Cap minimum liquidity requirement now adds an eligibility exclusion: if a security’s latest 3-month ATVR is not calculated because of suspensions, non-constituents of the MSCI All Cap Indexes cannot be added to the MSCI Micro Cap Indexes. The existing 12-month ATVR and frequency-of-trading thresholds are unchanged. Rated minor: The change adds a new eligibility condition affecting which non-constituent securities may enter the Micro Cap Size-Segment. This is an M3 eligibility matter, so the substantive change is rated minor.Model-written, for reference only. Open p.60 ↗
editorial · modified The text of the frontier markets definition is unchanged. The only edit is a typographical correction to the footnote reference, changing “universe 34F34” to “universe34.” Rated editorial: No eligibility, universe, or other substantive rule changed; the update only corrects a footnote-marker typo, which is expressly an editorial-level formatting change.Model-written, for reference only. Open p.63 ↗
editorial · modified The updated text adds the words "Markets Indexes" immediately before the opening sentence of the section. No index construction, eligibility, selection, weighting, or maintenance rule is changed. Rated editorial: The only change is an added heading-like phrase at the beginning of the section. It does not add, remove, or modify a rule, threshold, formula, condition, or affected security set, so it is a formatting/textual editorial rather than a substantive change.Model-written, for reference only. Open p.63 ↗
editorial · modified The updated text inserts a space in the phrase "12‐ month ATVR." The 2.5%, 5%, and 15% minimum ATVR levels and all other Frontier Markets liquidity categorization rules remain unchanged. Rated editorial: The Frontier Markets Minimum Liquidity Requirement is substantively unchanged; only typographical spacing in "12‐month" changes, with no change to thresholds, eligibility conditions, or affected securities.Model-written, for reference only. Open p.65 ↗
editorial · modified The update changes only formatting in the minimum-liquidity section: "12‐month ATVR" is rendered with an extra space as "12‐ month ATVR," and footnote/reference markers around the listing-priority rules are cleaned up. No liquidity thresholds, eligibility conditions, listing priorities, or index treatment rules are changed. Rated editorial: No substantive liquidity rule changed. The modifications are spacing/typographical changes and footnote-marker formatting; all thresholds, conditions, priorities, and treatment of existing constituents remain identical, so the change is an editorial.Model-written, for reference only. Open p.65 ↗
editorial · modified The updated section contains only the word "Indexes," while the previous section text is empty. No index rule, threshold, security set, or procedural requirement is added, removed, or modified. Rated editorial: No identifiable index methodology rule changed; the update appears to be an isolated label or formatting artifact. Therefore it is an editorial.Model-written, for reference only. Open p.69 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.72 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.73 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.75 ↗
minor · modified The updated ineligible alert-board table removes Singapore Exchange's Watch List. Consequently, securities on that board are no longer identified by this section as ineligible for the MSCI Equity Universe. Other visible differences are table ordering/formatting and the Sri Lanka board label being shown as "Watch List Board/Second Board." Rated minor: The substantive rule change is the deletion of the Singapore Exchange Watch List from the M2 list of ineligible alert boards, affecting universe eligibility. M1–M5 eligibility changes are capped at minor. No explicit effective date for the deletion is stated; the 2024 footnote dates relate to other boards.Model-written, for reference only. Open p.81 ↗
editorial · modified The provision was restructured to state that securities entering the specified Indian, Indonesian, Korean, or Taiwanese boards during the review window are assessed under all relevant review criteria, but qualifying IMI additions and Standard/Small Cap migrations are still not implemented. The affected boards, observation period, deferred movements, and re-evaluation in the subsequent review remain unchanged. Rated editorial: The named rule—deferring IMI additions and Standard/Small Cap migrations for securities entering the specified boards during the stated period—has the same scope, trigger, prohibited movements, and subsequent-review treatment. The new wording clarifies the sequencing of review criteria but does not add, remove, or alter any substantive requirement.Model-written, for reference only. Open p.83 ↗
minor · modified MSCI updated the Size and Liquidity market-cap thresholds used in the Market Classification Framework. Full market-cap requirements rose from USD 205mm/3,577mm/7,153mm to USD 226mm/3,800mm/7,599mm, and float market-cap requirements rose from USD 102mm/1,788mm/3,577mm to USD 113mm/1,900mm/3,800mm for Frontier, Emerging, and Developed Markets, respectively. The changes apply to both Entry and Maintenance requirements, and the referenced minimums moved from the November 2025 Index Review to the February 2026 Index Review; ATVR and company-count requirements were unchanged. Rated minor: The named rule that changed is the Size and Liquidity Requirements’ full- and float-market-cap thresholds in the market classification framework. These new numeric thresholds can affect whether countries satisfy Entry or Maintenance requirements for market classification, so the change is substantive; because it concerns eligibility/universe criteria under M1-M5, the materiality ceiling is minor. No exact calendar effective date is stated.Model-written, for reference only. Open p.84 ↗
minor · modified The updated text adds that any annual changes to the Advanced Frontier Markets subcategory will take effect at the subsequent November Index Review. The classification criteria, annual review announcement, and statement that Frontier Markets classification and indexes are unaffected remain unchanged. Rated minor: A new effective-timing rule was added for changes to the Advanced FM subcategory, so this is substantive rather than editorial. The outline item is M1, covering identity/classification, which sets the materiality ceiling at minor.Model-written, for reference only. Open p.85 ↗
minor · modified The minimum constituent-count continuity rule itself is unchanged. The listed markets to which the rule was applied are updated from the November 2025 Index Review to the February 2026 Index Review, with Peru removed and Hungary added under Frontier Markets. Rated minor: The index continuity minimum-count rule is unchanged, but the stated review and the affected frontier market change from Peru in November 2025 to Hungary in February 2026. This changes the set of markets presented as subject to continuity treatment and falls within M4, so the materiality is capped at minor.Model-written, for reference only. Open p.88 ↗
editorial · modified The update removes duplicate footnote-reference artifacts (for example, “A shares38F38” becomes “A shares38”) in the Country Specific Cases section. The corresponding footnote numbers remain, and no country-classification, universe, or eligibility rule is changed. Rated editorial: No substantive rule changed; the only edits correct duplicated footnote-reference formatting such as “38F38” to “38.” This does not alter the index universe, eligibility criteria, thresholds, or any other user-facing rule.Model-written, for reference only. Open p.90 ↗
editorial · modified The methodology update refreshes the example of the two-index-review lag from November 2025/May 2026 to February 2026/August 2026. It also updates the latest review-status note to state that no additional markets met the requirement at the February 2026 review, and corrects the footnote marker from “42F42” to “42.” The eligibility thresholds, two-review timing rule, and eligible-country list are unchanged. Rated editorial: No substantive foreign-listing eligibility rule changed: the 5% and 0.05% thresholds, Frontier Markets exception, two-index-review lag, and eligible-country list remain the same. The revised dates occur in an illustrative example and a no-change status note, while “42F42” is a footnote-marker correction, so the change is editorial rather than an M3 eligibility change.Model-written, for reference only. Open p.93 ↗
editorial · modified The updated version adds the standalone heading "U.S. Executive Order 13959" before the existing appendix text. No eligibility, deletion, adjustment-factor, review, or other methodology rule is changed. Rated editorial: The only change is the insertion of a section heading; it does not add, remove, or modify any index rule or affected-security treatment. This is formatting only and therefore an editorial.Model-written, for reference only. Open p.95 ↗
editorial · modified The updated opening removes the previous inline list describing the free-float process, including estimating foreign-available free float, assigning the Foreign Inclusion Factor, calculating free float-adjusted market capitalization, and using it for security weights. The text retains only the introductory statement that the process involves those steps. No methodology parameter, formula, threshold, or affected-security rule is changed. Rated editorial: The deleted language is a high-level introductory summary rather than an operative rule, and no specific threshold, formula, frequency, trigger, eligibility condition, or weighting parameter changes. The retained colon introduces the subsequent process description, so the change is presentational clean-up.Model-written, for reference only. Open p.97 ↗
editorial · modified The update adds an overview-style line listing the definition of free float, assignment of the Foreign Inclusion Factor, calculation of free float-adjusted market capitalization, and its use in index weights. It also repeats the section heading before the existing text. The substantive free-float estimation and classification rules are unchanged. Rated editorial: No free-float rule, threshold, classification, eligibility criterion, or calculation requirement changed. The insertion is descriptive or structural overview text, and the existing methodology language remains substantively identical.Model-written, for reference only. Open p.97 ↗
editorial · modified The update corrects a malformed footnote reference from “43F43” to “43” and adds a line break before the foreign-room country list. No FIF, LIF, rounding, eligibility, foreign-room, or monitored-market rule changes. Rated editorial: The changes are limited to a footnote-reference typo and table formatting. No index rule, threshold, formula, security set, or expected user action changes, so this is an editorial.Model-written, for reference only. Open p.98 ↗
editorial · modified The updated text inserts the word "Issues" at the beginning of the first sentence. No eligibility, deletion, free-float, Foreign Inclusion Factor, timing, or readmission rule is changed. Rated editorial: No substantive index rule changed; the only difference is an added introductory word "Issues," which does not affect user actions or expectations. This is a textual or formatting editorial.Model-written, for reference only. Open p.103 ↗
editorial · modified The updated text corrects the footnote reference markers for Thai NVDR issuance limits and company full market capitalization, changing "44F44" to "44" and "45F45" to "45". It also removes the space before footnote 44. No index eligibility, selection, weighting, or calculation rule is changed. Rated editorial: The only changes are typographical corrections to footnote markers and spacing. They do not add, remove, or modify any NVDR eligibility, foreign ownership, inclusion-factor, market-capitalization, or other substantive index rule.Model-written, for reference only. Open p.103 ↗
editorial · modified The updated section adds the stray word "Trading" at the beginning of the first sentence. No substantive rule, threshold, formula, eligibility condition, or treatment of depository receipts is changed. Rated editorial: No index methodology rule changed; the update only inserts an extraneous leading word in the opening sentence. The FIF calculation rules for new and existing DR constituents remain identical, so this is a non-substantive editorial.Model-written, for reference only. Open p.105 ↗
editorial · modified The updated text adds the heading or fragment “Switch to a Light Rebalancing under Conditions of Market Stress.” The supplied passage contains no operative rule, threshold, trigger, schedule, or other methodology requirement. Rated editorial: No substantive index rule can be identified in the added text; it is only a heading or descriptive fragment. Because it does not alter user actions, expectations, or any M6 methodology term, the change is an editorial.Model-written, for reference only. Open p.107 ↗
editorial · modified The passage is reformatted from one continuous paragraph into separate lines and presents Market Liquidity as a bulleted condition. The monitoring period, liquidity and volatility thresholds, and market-functioning closure trigger remain unchanged. Rated editorial: The light-rebalancing market-monitoring trigger rules are unchanged; only line breaks and bullet formatting differ. Because no condition, threshold, date, security set, or calculation changed, this is an editorial.Model-written, for reference only. Open p.108 ↗
major · modified The 12-month waiting period for generally restoring a foreign-room adjustment factor after a weight reduction, or for reconsidering a security deleted for low foreign room, is now expressly measured from the effective date of that reduction or deletion. The update adds a May 2026/May 2025 example. Other changes are formatting, paragraph placement, and footnote-marker cleanup. Rated major: The changed rule is the timing condition for upward adjustment-factor movements or re-inclusion after a low-foreign-room reduction or deletion. Expressly anchoring the 12-month period to the effective date, and adding the eligibility example, changes when affected securities can be considered, so it is substantive. As an M7 light-rebalancing/migration rule, the materiality ceiling is major.Model-written, for reference only. Open p.109 ↗
editorial · modified The updated text adds the run-in heading "Light Rebalancings" and makes the illustrative IPO timing sentence contiguous by moving the footnote placement. No eligibility, market-capitalization, assignment, or inclusion-timing rule is changed. Rated editorial: No index rule changed: the 1.8x thresholds, extreme-price-increase exclusion, large/mid cap assignment, IPO timing window, and when-issued trading treatment remain substantively identical. The update only adds a heading and repairs layout/footnote placement, so it is an editorial.Model-written, for reference only. Open p.112 ↗
editorial · modified The liquidity-deletion rules are unchanged. The update only adds a stray/repeated “Rebalancings” heading fragment, changes footnote reference labels, and relocates the existing deletion bullet before the footnotes without altering its conditions. Rated editorial: No index rule changed: the ATVR and Frequency of Trading thresholds, 10% weight and 0.5 times size-reference conditions, 0.5 Liquidity Adjustment Factor, and subsequent review outcomes remain identical. The differences are heading/formatting, footnote renumbering, and repositioning of existing text, so the change is an editorial.Model-written, for reference only. Open p.113 ↗
editorial · modified The updated version adds the text fragment "Market Closures during Index Reviews," which appears to be a heading or extracted title rather than an index methodology rule. No substantive policy, threshold, procedure, or affected-security condition is introduced. Rated editorial: No identifiable methodology rule changed; the update only adds a heading-like text fragment. Therefore it cannot affect index user actions or expectations and is classified as editorial.Model-written, for reference only. Open p.115 ↗
editorial · modified The updated text adds the stray word "Reviews" at the beginning of the section and normalizes footnote reference markers. The substantive policy for postponing, cancelling, or resuming index review changes for suspended securities remains unchanged. Rated editorial: No index review, suspension, postponement, cancellation, or resumption rule changed. The update only adds an introductory formatting artifact and renumbers/cleans footnote markers, which is non-substantive.Model-written, for reference only. Open p.115 ↗
editorial · modified The updated text adds the stray phrase "and Ranges" before the opening sentence. The substantive statement that Global Minimum Size References and ranges are calculated daily remains unchanged. Rated editorial: No index rule, threshold, formula, frequency, or affected security set changes. The daily calculation principle is unchanged; the addition appears to be a formatting or heading-text artifact.Model-written, for reference only. Open p.117 ↗
editorial · modified The updated text adds the word "Indexes" before the first sentence of the section. The rules for calculating DR number of shares and applying the parent index constituent's FIF remain unchanged. Rated editorial: No NOS, FIF, ratio, eligibility, weighting, or other index rule changed; the update only inserts the word "Indexes" at the start of the paragraph. This is a non-substantive textual/formatting change.Model-written, for reference only. Open p.120 ↗
editorial · modified The wording of the IPO inclusion rule is unchanged except for an inserted space in the term "Sub‐ section." This is a formatting-only change and does not alter the rule for including DRs of significant IPOs in the MSCI DR Indexes. Rated editorial: No substantive index rule, threshold, condition, or affected security set changed. The only difference is an inserted space within a cross-reference label, which is formatting and therefore editorial.Model-written, for reference only. Open p.122 ↗
editorial · modified The updated text removes the stray "54F" and "55F" characters from the footnote references following China and Australia, leaving footnotes 57 and 58 respectively. The list of countries for which MSCI Domestic Indexes are available is unchanged. Rated editorial: No index rule, country universe, eligibility criterion, weighting rule, or numeric threshold changed. The edit only corrects footnote-reference formatting, which is non-substantive under the materiality rules.Model-written, for reference only. Open p.123 ↗
editorial · modified The MSCI China Indexes share-class matrix is reflowed into separate rows, and the visible ✓ markers from the previous table no longer appear. Internal footnote-link markers are also simplified, such as “56F59” to “59.” The narrative eligibility and 20% Stock Connect inclusion-factor rules are unchanged. Rated editorial: The relevant rules are China share-class eligibility and the Stock Connect 20% FIF/DIF treatment. No eligibility criterion, size segment, inclusion factor, or affected security set is added or removed in the narrative; the change consists of table reformatting, disappearance of visible tick marks in the reflowed table, and footnote-reference cleanup. This is therefore non-substantive.Model-written, for reference only. Open p.125 ↗
editorial · modified The text removes the space and apparent marker between "2020" and "63," changing "January 2020 60F63" to "January 202063." No index maintenance rule, date, threshold, or procedure is substantively modified. Rated editorial: This is a typographical or formatting correction only; no index maintenance rule or user expectation changes, so it is an editorial.Model-written, for reference only. Open p.127 ↗
editorial · moved The updated exhibit labels the start of the flowchart as “Integrated MSCI China Equity Universe” and rearranges diagram labels, while the narrative text only changes spacing and removes the anomalous “61F” from the CDR footnote reference. The definition of the integrated China equity universe and the applicable exclusions for China A shares remain unchanged. Rated editorial: The substantive universe rule is unchanged: it still comprises A-shares, CDRs, B-shares, H-shares, Red-chips, P-chips, and foreign listings, and Small Cap China A shares and China A shares unavailable through Stock Connect remain excluded. The edits are diagram label placement, spacing, and correction of a footnote-reference artifact, so the change is an editorial.Model-written, for reference only. Open p.128 ↗
editorial · moved The paragraph was reformatted so the bullet marker appears before the first suspension condition, and the footnote marker spacing was adjusted. The two exclusion conditions for newly eligible securities remain unchanged: suspension on the Price Cutoff date, or suspension for at least 50 consecutive days in the past 12 months. Rated editorial: The substantive suspension-exclusion rule for newly eligible securities is unchanged; only bullet placement and footnote-marker formatting differ. This is a formatting/move change, so it is an editorial.Model-written, for reference only. Open p.129 ↗
editorial · moved The updated text prepends the word "Segments" to the first sentence of the section. The substantive requirements for market size-segment cutoffs and company size-segment allocation remain unchanged. Rated editorial: No index rule, threshold, eligibility condition, formula, or affected security set changed. The only difference is an added apparent heading or formatting label, "Segments," so this is a non-substantive editorial.Model-written, for reference only. Open p.129 ↗
editorial · moved The updated version splits the run-on list of China A share size-segment investability requirements into separate lines. The substantive requirements—1.0x company full market capitalization, 0.5x security FIF-adjusted market capitalization, the 1.8x requirement for securities with FIF below 0.15, Stock Connect eligibility, and exclusion of Small Cap additions—remain unchanged. Rated editorial: No eligibility threshold, condition, affected security set, or inclusion/exclusion rule changed. The revision only reformats a run-on paragraph into separate bullet-style lines, with the bullet marker displaced in the updated text, so it is an editorial.Model-written, for reference only. Open p.130 ↗
editorial · moved The updated version only reformats the Light Rebalancing eligibility requirements for China A shares, inserting line breaks and a hyphen in "FIF-adjusted" and presenting Stock Connect eligibility as a separate bullet. The 1.8x market-capitalization thresholds and Stock Connect requirement are unchanged. Rated editorial: No index rule changed: the additions criteria, including both 1.8x Interim Market Size-Segment Cutoff tests and Stock Connect eligibility, remain identical. The difference is solely line wrapping, hyphenation, and bullet formatting, so it is an editorial.Model-written, for reference only. Open p.131 ↗
editorial · moved Editorial change: wording only, no rule changed. Open p.131 ↗
minor · removed The dedicated "INTEGRATED MSCI CHINA EQUITY UNIVERSE" section appearing on pages 128-133 of the previous methodology has been removed and is absent from the updated version. No replacement text is provided, so the specific universe rules affected cannot be identified from the supplied passage. Rated minor: The change removes a section relating to the integrated MSCI China equity universe, which is an M2 universe matter. Under the materiality rules, M1-M5 changes are capped at minor; no explicit effective date is stated.Model-written, for reference only. Open old p.128 ↗
editorial · modified The only change is the footnote/reference marker attached to "MSCI China A Indexes," which changes from "63F66" to "66." The stated purpose, investor audience, constituent relationship, and calculated index size segments remain unchanged. Rated editorial: No index rule changed; this is solely a footnote or cross-reference marker correction. Under the materiality rules, footnote/reference-number changes are editorial even though the displayed digits differ.Model-written, for reference only. Open p.136 ↗
editorial · modified The updated text adds the word "Period" before "During" at the beginning of the section. No index review, eligibility, weighting, calculation, or transition rule is changed. Rated editorial: The only change is an inserted introductory word that does not add, remove, or modify any rule, threshold, date, formula, affected security set, or user action. It is therefore a non-substantive editorial.Model-written, for reference only. Open p.141 ↗
editorial · modified The updated text prepends the label "Review of the Small Cap Index" to the opening sentence. The substantive description of the May 2007 review, eligibility requirements, additions, deletions, and market-capitalization ranges remains unchanged. Rated editorial: No index rule, threshold, condition, security set, formula, or schedule changed. The update only adds a heading-like label at the start of the passage, so it is an editorial.Model-written, for reference only. Open p.142 ↗
editorial · modified The updated section adds the heading "Index Review" and separates the introductory historical schedule from the description of SAIR objectives. No index methodology, schedule, threshold, or treatment is changed. Rated editorial: No substantive rule changed; the update only adds a heading and reformats existing text. The described QCIR transition and review methodology remain identical.Model-written, for reference only. Open p.148 ↗
editorial · modified The updated text inserts the phrase "compared to Parent Indexes" at the start of the section's first sentence. No rule, threshold, schedule, treatment, or affected set of securities changes; the insertion appears to duplicate wording from the section title and does not alter the substance. Rated editorial: No review-schedule or intra-rebalance rule changed. The only modification is an inserted title-like phrase at the beginning of the paragraph, which is a non-substantive textual/formatting error and therefore an editorial.Model-written, for reference only. Open p.148 ↗
editorial · modified The update adds a "Methodology" heading at the beginning and a document footer dated November 2025. It also reformats/reflows a stray bullet marker in the Baltic States ATVR sentence. No index rule, threshold, date, or eligibility requirement is changed. Rated editorial: No substantive index rule is added, removed, or modified; the 2.5% ATVR requirement and all August 2023 methodology changes remain the same. The changes are limited to heading/footer additions and formatting or text-reflow artifacts, so this is an editorial.Model-written, for reference only. Open p.149 ↗
minor · modified The methodology-book change history adds a February 2026 block covering foreign-room weight increases for existing constituents, micro-cap liquidity treatment for last-quarter suspensions, the Appendix I ineligible alert-boards table, Appendix II Advanced FM effective dates and Index Continuity markets, and Appendix VIII foreign-room weight increases. Contact information and the standard legal disclaimer are also appended. Rated minor: The update records substantive changes affecting eligibility, universe/market coverage, and weighting, including removal of Singapore board-change clarifications and updates to Index Continuity markets. These fall within M1-M5 and are therefore capped at minor. No operative M6-M9 review, corporate-action, or calculation change is shown in the excerpt, and “February 2026” does not provide a complete ISO effective date.Model-written, for reference only. Open p.150 ↗
editorial · removed The updated document removes the entire “Contact Us” section, including MSCI’s regional telephone numbers, website contact link, and pointer to the formal index-complaint process. This does not alter any index methodology rule, eligibility, weighting, calculation, review, or notice requirement. Rated editorial: The change removes administrative contact and complaint-related disclosure under M10. It does not change an index rule or any M1-M9 item, and it does not alter notice periods or consultation obligations, so it is an editorial.Model-written, for reference only. Open old p.189 ↗
editorial · removed Editorial change: wording only, no rule changed. Open old p.190 ↗
M1 removed MSCI Global Investable Market Indexes Methodology
M1 removed Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes
other added Front matter
--- /dev/null
+++ Front matter (2026-10-02_735fbfb9)
@@ -0,0 +1,2 @@
+Index Methodology
+MSCI Global Investable Market Indexes Methodology Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes MSCI Global Investable Market Indexes Methodology | November 2025
other modified Outline of the Methodology Booksimilarity 98%
--- Outline of the Methodology Book (2026-10-02_0ca3a0d2)
+++ Outline of the Methodology Book (2026-10-02_735fbfb9)
@@ -7,4 +7,5 @@
Section 6 details the principles and the methodology used for MSCI Standalone Market Indexes construction.
The Appendices contain details on equity market coverage, country classification of securities, free float definition and estimation, and other attributes.
For more information on the terms used throughout this methodology document please refer to the MSCI Index Glossary on MSCI's website: https://www.msci.com/index-methodology.
-This book was last updated in November 2025.
+This book was last updated in February 2026.
+MSCI Global Investable Market Indexes Methodology | November 2025
1 unchanged section
- M1 1 Introduction to the MSCI Global Investable Market Indexes
M4 modified 2 Constructing the MSCI Global Investable Market Indexes
--- 2 Constructing the MSCI Global Investable Market Indexes (2026-10-02_0ca3a0d2)
+++ 2 Constructing the MSCI Global Investable Market Indexes (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-The MSCI Global Investable Markets Indexes are constructed and maintained at an individual Market0F1 level.
+The MSCI Global Investable Markets Indexes are constructed and maintained at an individual Market1 level.
Constructing the MSCI Global Investable Market Indexes involves the following steps: Defining the Equity Universe for each Market.
Determining the Market Investable Equity Universe for each Market.
Determining market capitalization size-segments for each Market.
1 unchanged section
- M2 2.1 Defining the Equity Universe
M2 modified 2.1.1 Identifying Eligible Equity Securities
--- 2.1.1 Identifying Eligible Equity Securities (2026-10-02_0ca3a0d2)
+++ 2.1.1 Identifying Eligible Equity Securities (2026-10-02_735fbfb9)
@@ -1,7 +1,6 @@
-All listed equity securities, including Real Estate Investment Trusts (REITs) 1F2 and certain income trusts listed in Canada2F3 are eligible for inclusion in the Equity Universe.
+All listed equity securities, including Real Estate Investment Trusts (REITs)2 and certain income trusts listed in Canada 3 are eligible for inclusion in the Equity Universe.
Limited partnerships, limited liability companies, and business trusts, which are listed in the USA and are not structured to be taxed as limited partnerships, are likewise eligible for inclusion in the Equity Universe.
-Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts are not eligible for inclusion in the Equity Universe.
-3F4
+Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts are not eligible for inclusion in the Equity Universe.4
1 Developed Markets Europe, Baltic States and WAEMU are treated as single markets for the purpose of index construction.
2 Please refer to Appendix I for the list of REITs and REIT equivalent structures across different countries tracked by MSCI.
3 Please refer to Appendix I for the eligibility criteria of Canada Income Trusts.
4 unchanged sections
- M2 2.1.2 Country Classification of Eligible Securities
- M3 2.2 Determining the Market Investable Equity Universes
- M3 2.2.1 Identifying Eligible Listings
- M3 2.2.2 Applying Investability Screens
M3 modified 2.2.3 Equity Universe Minimum Size Requirementsimilarity 99%
--- 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_0ca3a0d2)
+++ 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_735fbfb9)
@@ -2,15 +2,19 @@
In order to be included in a Market Investable Equity Universe, a company must have the required minimum full market capitalization.
This minimum full market capitalization is referred to as the Equity Universe Minimum Size Requirement.
The Equity Universe Minimum Size Requirement applies to companies in all markets, Developed and Emerging, and is derived as follows:
-First, the companies in the DM Equity Universe are sorted in descending order of full market capitalization and the cumulative coverage of the free float-adjusted market capitalization4F5 of the DM Equity Universe is calculated at each company.
+First, the companies in the DM Equity Universe are sorted in descending order of full market capitalization and the cumulative coverage of the free float-adjusted market capitalization5 of the DM Equity Universe is calculated at each company.
Each company’s free floatadjusted market capitalization is represented by the aggregation of the free float-adjusted market capitalization of the securities of that company in the Equity Universe.
Second, when the cumulative free float-adjusted market capitalization coverage of 99% of the sorted Equity Universe is achieved, the full market capitalization of the company at that point defines the Equity Universe Minimum Size Requirement.
The rank of this company by descending order of full market capitalization within the DM Equity Universe is noted and will be used in determining the Equity Universe Minimum Size Requirement at the next rebalance.
5 Unless explicitly stated otherwise in this methodology book, the free float-adjusted market capitalization used by MSCI is post application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors).
Example:
Using the steps mentioned above, in this example the full market capitalization of the 8008th company of USD 150 million will be chosen as the Equity Universe Minimum Size Requirement.
-Cumulative Free Free Float- Float-Adjusted Full Market Adjusted Market Market Capitalization Capitalization Capitalization Rank of Company Country (USD millions) (USD millions) Coverage Company A a 400,000 400,000 1.29% 1 B a 360,000 360,000 2.45% 2 C a 275,000 250,000 3.26% 3 AD a 250,000 250,000 4.06% 4 AE b 240,000 190,000 4.68% 5 AF c 235,000 95,000 4.98% 6 GG a 230,000 230,000 5.73% 7 AH a 225,000 225,000 6.45% 8 AL d 210,000 210,000 7.13% 9 … … … … … … … … … … .. .. .. .. ..
-WWW f 1,000 250 98.99% 8,007 XYZ g 150 130 99.00% 8,008 YYY f 125 125 99.01% 8,009 ZZZZ f 100 100 99.01% 8,010 … … … … … Total 31,000,000 100.00%
-At the time of the November 2025 Index Review, the Equity Universe Minimum Size Requirement was USD 505 million for the Developed and Emerging Markets while it was USD 12 million for the Frontier Markets.
+Cumulative Free Free Float- Float-Adjusted Full Market Adjusted Market Market Capitalization Capitalization Capitalization Rank of Company Country (USD millions) (USD millions) Coverage Company A 400,000 400,000 1.29% 1 a B a
+360,000 360,000 2.45% 2 C a
+275,000 250,000 3.26% 3 AD 250,000 250,000 4.06% 4 a AE b
+240,000 190,000 4.68% 5 AF c
+235,000 95,000 4.98% 6 GG a 230,000 230,000 5.73% 7 AH 225,000 225,000 6.45% 8 a AL d
+210,000 210,000 7.13% 9 … … … … … … … … … … .. .. .. .. .. WWW f 1,000 250 98.99% 8,007 XYZ 150 130 99.00% 8,008 g YYY f 125 125 99.01% 8,009 ZZZZ f 100 100 99.01% 8,010 … … … … … Total 31,000,000 100.00%
+At the time of the February 2026 Index Review, the Equity Universe Minimum Size Requirement was USD 507 million for the Developed and Emerging Markets while it was USD 13 million for the Frontier Markets.
Companies with full market capitalizations below this level are not included in any Market Investable Equity Universe.
The Equity Universe Minimum Size Requirement is reviewed and, if necessary revised, at Index Reviews.
1 unchanged section
- M3 2.2.4 Equity Universe Minimum Float-Adjusted Market Capitalization Requirement
M3 modified 2.2.5 DM and EM Minimum Liquidity Requirement
--- 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_0ca3a0d2)
+++ 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_735fbfb9)
@@ -9,26 +9,26 @@
This rule is referred to as the DM Minimum Liquidity Requirement.
A minimum liquidity level of 15% of 3-month ATVR and 80% of 3-month Frequency of Trading over the last 4 consecutive quarters, as well as 15% of 12-month ATVR are required for the inclusion of a security in a Market Investable Equity Universe of an Emerging Market.
This rule is referred to as the EM Minimum Liquidity Requirement.
-In addition to the ATVR and Frequency of Trading requirements, securities in the MSCI China Equity Universe will not be eligible for inclusion in the Market Investable Equity Universe if the securities: Are suspended on the Price Cutoff Date (as defined in section 3.1.9) of the Index Review Have been suspended for 50 consecutive business days or more in the past 12 months 5F6 Only one listing per security may be included in the Market Investable Equity Universe.
-In instances when a security has two or more eligible listings that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of the security in the Market Investable Equity Universe: Local listing6F7 Foreign listing in the same geographical region 7F8
+In addition to the ATVR and Frequency of Trading requirements, securities in the MSCI China Equity Universe will not be eligible for inclusion in the Market Investable Equity Universe if the securities: Are suspended on the Price Cutoff Date (as defined in section 3.1.9) of the Index Review Have been suspended for 50 consecutive business days or more in the past 12 months6 Only one listing per security may be included in the Market Investable Equity Universe.
+In instances when a security has two or more eligible listings that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of the security in the Market Investable Equity Universe: Local listing7 Foreign listing in the same geographical region8
6 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review).
7 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
8 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
-Foreign listing in a different geographical region 8F9.
+Foreign listing in a different geographical region9.
Concerning the level of a stock price, there may be liquidity issues for securities trading at a very high stock price.
Hence, a limit of USD 10,000 has been set and securities with stock prices above USD 10,000 fail the liquidity screening.
This rule applies only for non-constituents of the MSCI Global Investable Market Indexes.
Consequently, current constituents of the MSCI Global Investable Market Indexes would remain in the index if the stock price passes the USD 10,000 threshold.
Details on the calculation of ATVR and FOT are available in the MSCI Liquidity Data Methodology10 at www.msci.com/index-methodology.
In some circumstances, MSCI may apply relevant adjustments to the liquidity values at the time of the regular Index Reviews, in those cases where the ATVR11 and/or Frequency of Trading are the decisive elements for a security impacting the Market Investable Universe.
-For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the Investable Market Index are not eligible for the Market Investable Equity Universe .
+For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the Investable Market Index are not eligible for the Market Investable Equity Universe.
In the cases of large public offerings that significantly increase a security’s free floatadjusted market capitalization and liquidity, MSCI may use trading volumes after the public offering.
When determining the potential re-addition of a security that was deleted in the prior 12months, MSCI may adjust ATVR values by excluding the trading volumes of the month during which the deletion of the security was announced and implemented.
In case of an increase in a security’s FIF from zero to non-zero effective at an upcoming regular Index Review or during the relevant ATVR calculation period (e.g. due to an increase in FOL or in any adjustment factor), MSCI may adjust ATVR values by applying the updated FOL or adjustment factor during the ATVR calculation period where the FIF was zero.
9 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
10 Liquidity values published in the MSCI Index monthly product files currently does not consider certain adjustments such as trading volumes on Saturdays and/or Sundays.
-11 Notes on ATVR calculation: Trading volumes and prices for liquidity computation will only be captured from eligible exchange, including USA and Canada.
-In general, MSCI uses free float-adjusted security market capitalization after the application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors). - ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded.
-In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
+11 Notes on ATVR calculation: - Trading volumes and prices for liquidity computation will only be captured from eligible exchange, including USA and Canada.
+In general, MSCI uses free float-adjusted security market capitalization after the application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors).
+ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.
7 unchanged sections
- M3 2.2.6 Global Minimum Foreign Inclusion Factor Requirement
- M3 2.2.7 Minimum Length of Trading Requirement
- M3 2.2.8 Minimum Foreign Room Requirement11F
- M3 2.2.9 Financial Reporting Requirement
- M4 2.3 Defining Market Capitalization Size-Segments for Each Market
- M4 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment
- M4 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment
M4 modified 2.3.2.1 Defining the Global Minimum Size Referencesimilarity 97%
--- 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_0ca3a0d2)
+++ 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_735fbfb9)
@@ -1,10 +1,12 @@
The Global Minimum Size Reference for the Large Cap, Standard, and Investable Market sizesegments are derived in a similar manner to the derivation of the Equity Universe Minimum Size as follows: First, the companies in the DM Investable Equity Universe are sorted in descending order of full market capitalization and the cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe is calculated at each company.
-Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen: - DM Large Cap Index: 70% coverage - DM Standard Index: 85% coverage DM Investable Market Index: 99% coverage - For Emerging Markets, the Global Minimum Size Reference is set at one-half the corresponding level of full market capitalization used for the Developed Markets for each size-segment.
-The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on October 15, 2025 data, are set forth below.
-The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 14.31 billion.
+Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen: - DM Large Cap Index: 70% coverage - DM Standard Index: 85% coverage - DM Investable Market Index: 99% coverage
+For Emerging Markets, the Global Minimum Size Reference is set at one-half the corresponding level of full market capitalization used for the Developed Markets for each size-segment.
+The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on January 16, 2026 data, are set forth below.
+The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 15.20 billion.
This level, therefore, defines the Global Minimum Size Reference for DM Standard Indexes.
Applying the range of
-0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 7.15 billion to USD 16.45 billion for the DM Standard Indexes. The EM range for the Standard Indexes, therefore, is USD 3.58 billion to USD 8.23 billion.
-Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Global Minimum Size Global Minimum Coverage Size Reference Reference (50% of DM) Size Reference Nov-25 Nov-25 Nov-25 Universe
-Large Cap 70% 47,101 23,550 1,047 Mid Cap 85% 14,306 7,153 409 Small Cap 99% 1,112 556 29
-All market caps are in USD millions. Data as of the close of October 15, 2025 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
+0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 7.60 billion to USD 17.48billion for the DM Standard Indexes.
+The EM range for the Standard Indexes, therefore, is USD 3.80 billion to USD 8.74 billion.
+Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Size Global Minimum Size Global Minimum Size Coverage Reference Reference (50% of DM) Reference Feb-26 Feb-26 Feb-26 Universe
+Large Cap 70% 49,097 24,548 1,181 Mid Cap 85% 15,198 7,599 452 Small Cap 99% 1,158 579 32
+All market caps are in USD millions. Data as of the close of January 16, 2026 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
M4 modified 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (was 2.3.3 Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs)
--- 2.3.3 Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs (2026-10-02_0ca3a0d2)
+++ 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-02_735fbfb9)
@@ -1,9 +1,13 @@
-The Market Size-Segment Cutoffs are derived by identifying a size cutoff which falls within, or as close as possible to, the Size and Coverage Target Area for that size-segment.
+Segment Cutoffs The Market Size-Segment Cutoffs are derived by identifying a size cutoff which falls within, or as close as possible to, the Size and Coverage Target Area for that size-segment.
For each size-segment, for each market, this is achieved as follows: The companies in the Market Investable Equity Universe are sorted in descending order of full market capitalization.
The cumulative free float-adjusted capitalization coverage of the Market Investable Equity Universe is calculated at each company.
-MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - Investable Market Index: 99% If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that sizesegment at that point in time. - The number of companies with full market capitalization greater than or equal to the relevant company provides the Segment Number of Companies, which will be used to maintain the indexes over time.
-If it is not, then: The number of companies is decreased until the full market capitalization of the smallest company in the size- segment is equal or higher than the lower bound of the Global Minimum Size Range for that size-segment.
-Or, - The number of companies is increased to include all companies with a full market capitalization higher than the upper bound of the Global Minimum Size Range for that size-segment. - The full market capitalization of the last company defines the Market Size-Segment Cutoff for that segment and the Segment Number of Companies is set to this company’s rank.
+MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - Investable Market Index: 99%
+If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
+segment at that point in time. - The number of companies with full market capitalization greater than or equal to the relevant company provides
+the Segment Number of Companies, which will be used to maintain the indexes over time. If it is not, then: - The number of companies is decreased until the full market capitalization of the smallest company in the size-
+segment is equal or higher than the lower bound of the Global Minimum Size Range for that size-segment. Or, - The number of companies is increased to include all companies with a full market capitalization higher than the
+upper bound of the Global Minimum Size Range for that size-segment. - The full market capitalization of the last company defines the Market Size-Segment Cutoff for that segment and
+the Segment Number of Companies is set to this company’s rank.
This process is designed to give priority to global size integrity over market coverage in situations where both objectives cannot be achieved simultaneously.
For the Investable Market Index, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the Investable Market Indexes.
1 unchanged section
- M4 2.3.4 Assigning Companies to the Size-Segments
M4 modified 2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example
--- 2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example (2026-10-02_0ca3a0d2)
+++ 2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-Example: For the USA Standard segment, companies are counted in descending order of full market capitalization starting with the largest company.
+Size-Segments: Example Example: For the USA Standard segment, companies are counted in descending order of full market capitalization starting with the largest company.
Companies continue to be counted until the cumulative free float-adjusted market capitalization of the companies reaches 85% of the free floatadjusted market capitalization of the US Market Investable Equity Universe.
In this example, the full market capitalization of the last company counted is within the Global Minimum Size Range.
The rank of this company in the US Market Investable Equity Universe (645) defines the Segment Number of Companies for the size-segment and its full market capitalization (USD 4.1 billion) defines the Market Size-Segment Cutoff between Standard and Small Cap segments in the US.
@@ -9,10 +9,7 @@
All companies in Hungary, above the upper bound are added resulting in the cumulative free float-adjusted market capitalization coverage above 90%, the upper bound of the Market Coverage Target Range.
The rank of the last company counted (4) defines the Segment Number of Companies and its full market capitalization (USD 3.8 billion) defines the Size-Segment Cutoff between the Hungary Standard and Small Cap Indexes.
The next largest company has a full market capitalization of USD 941 million, below the lower bound of the Global Minimum Size Range.
-5,000 and Hungary
-Smallest Company in the Higher Standard Index 4,500
-4,000
-3,500 Company Full Market Capitalization 3,000
-2,500 (80%, 2.33 B) (90%, 2.33 B) Global Minimum 2,000
+5,000 and Hungary Smallest Company in the Higher Standard Index 4,500 4,000 3,500 Company Full Market Capitalization 3,000 2,500 (80%, 2.33 B) (90%, 2.33 B) Global Minimum 2,000
Standard Size Range Index Size and 1,500
-Coverage Target Area (90%,1.01 B) 1,000 (80%,1.01 B) Market Coverage 500 Target Range Standard Index Small Cap Index 0 43.9% 77.4% 86.2% 96.3% 97.9% 99.0% 99.6% 100.0% Cumulative Free-Float Adjusted Market Capitalization Coverage
+Coverage Target Area (90%,1.01 B) 1,000 (80%,1.01 B) Market Coverage 500
+Target Range Standard Index Small Cap Index 0 43.9% 77.4% 86.2% 96.3% 97.9% 99.0% 99.6% 100.0% Cumulative Free-Float Adjusted Market Capitalization Coverage
4 unchanged sections
- M3 2.3.6 Applying Final Size-Segment Investability Requirements
- M3 2.3.6.1 Minimum Free Float Market Capitalization Requirement
- M3 2.3.6.2 Minimum Foreign Room Requirement
- M3 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase
M4 modified 2.4 Index Continuity Rules
--- 2.4 Index Continuity Rules (2026-10-02_0ca3a0d2)
+++ 2.4 Index Continuity Rules (2026-10-02_735fbfb9)
@@ -2,7 +2,9 @@
In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a minimum number of five constituents will be maintained for a DM Standard Index and a minimum number of three constituents will be maintained for an EM Standard Index.
The application of this requirement involves the following steps.
If after the application of the index construction methodology, a Standard Index contains less than five securities in a Developed Market or three securities in an Emerging Market, then the largest securities by free float-adjusted market capitalization among the securities included in the Market Investable Equity Universe are added to the Standard Index in order to reach five constituents in that Developed Market or three in that Emerging Market.
-At subsequent Index Reviews, if after the application of the index maintenance methodology a Standard Index contains less than five securities in a Developed Market or three securities in an Emerging Market, then the remaining securities are selected for inclusion in the Standard Index using the following process: - The securities included in the updated Market Investable Equity Universe are identified - These securities are ranked by descending free float-adjusted market capitalization, however in order to increase index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5 The securities are added to the Standard Index in order to reach five constituents for a Developed Market or three for an Emerging Market in the ranking order determined in the step above Please note that the index continuity rules are applicable only to the Standard Market Indexes.
+At subsequent Index Reviews, if after the application of the index maintenance methodology a Standard Index contains less than five securities in a Developed Market or three securities in an Emerging Market, then the remaining securities are selected for inclusion in the Standard Index using the following process: - The securities included in the updated Market Investable Equity Universe are identified - These securities are ranked by descending free float-adjusted market capitalization, however in order to increase
+index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5 - The securities are added to the Standard Index in order to reach five constituents for a Developed Market or three
+for an Emerging Market in the ranking order determined in the step above Please note that the index continuity rules are applicable only to the Standard Market Indexes.
Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may have as little as one constituent.
Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI methodology.
Similarly, MSCI may resume calculation of such indexes if over time some companies become eligible for inclusion.
M1 modified 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexessimilarity 0%
--- 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes (2026-10-02_0ca3a0d2)
+++ 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes (2026-10-02_735fbfb9)
@@ -0,0 +1 @@
+Markets Indexes
1 unchanged section
- M4 2.5.1 Market Size-Segment Indexes
M1 modified 2.5.2 Composite Indexes12F (was 2.5.2 Composite Indexes13)
--- 2.5.2 Composite Indexes13 (2026-10-02_0ca3a0d2)
+++ 2.5.2 Composite Indexes12F (2026-10-02_735fbfb9)
@@ -1,10 +1,10 @@
Two or more Market Indexes can be combined to form Composite Indexes.
-Market Indexes can be grouped either on the basis of Market Classification 14F14 definition, geographical regions, economic regions or other criteria.
+Market Indexes can be grouped either on the basis of Market Classification 14 definition, geographical regions, economic regions or other criteria.
For example, by combining all Market Indexes from each Market Classification, i.e.
-Developed, Emerging and Frontier Markets, we obtain the MSCI World15F15, the MSCI Emerging Markets and the MSCI Frontier Markets Indexes respectively for each size-segment.
+Developed, Emerging and Frontier Markets, we obtain the MSCI World 15, the MSCI Emerging Markets and the MSCI Frontier Markets Indexes respectively for each size-segment.
Examples of regional or other types of indexes grouping multiple markets are the MSCI Asia Pacific Index, the MSCI North America Index or the MSCI GCC Index.
Market Classification grouping can also be overlaid with regional grouping.
-Some examples would be the MSCI EM Asia Index or the MSCI All Countries16F16 Americas Index.
+Some examples would be the MSCI EM Asia Index or the MSCI All Countries16 Americas Index.
Some regional indexes may be formed by excluding specific markets, for instance, MSCI World ex USA Index or the MSCI Asia Pacific ex Japan Index.
A list of standard defined Regions can be found in https://www.msci.com/index-country-membership-tool.
MSCI may also create custom regions at client’s request.
10 unchanged sections
- M1 2.5.3 GICS-Based Indexes
- M1 2.5.4 Other Indexes
- M9 2.5.5 Calculating the MSCI Global Investable Markets Indexes
- M6 3 Maintaining the MSCI Global Investable Market Indexes
- M6 3.1 Quarterly Index Reviews
- M2 3.1.1 Updating the Equity Universe
- M3 3.1.2 Updating the Market Investable Equity Universes
- M3 3.1.2.1 Eligibility of Foreign Listings
- M3 3.1.2.2 Updating the Equity Universe Minimum Size Requirement
- M3 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization
M7 modified 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents
--- 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_0ca3a0d2)
+++ 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_735fbfb9)
@@ -3,7 +3,7 @@
In addition, in order to remain in the Investable Market Indexes the existing constituent must have: The 3-month ATVR of at least 5%;
The 3-month Frequency of Trading of at least 80% for Developed Markets and 70% for Emerging Markets.
If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17F17 Foreign listing in the same geographical region 18F18 Foreign listing in a different geographical region 19F19.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17 Foreign listing in the same geographical region18 Foreign listing in a different geographical region19.
Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above two times the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 40% and 30%, respectively.
Such changes from a foreign listing to a local listing for existing index constituents will only be considered when data from previous twelve months is available for calculation of the 12-month ATVR.
If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
3 unchanged sections
- M3 3.1.2.5 Global Minimum Foreign Inclusion Factor Requirement
- M3 3.1.2.6 Minimum Foreign Room Requirement
- M3 3.1.2.7 Minimum Length of Trading Requirement
M4 modified 3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Rangessimilarity 99%
--- 3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Ranges (2026-10-02_0ca3a0d2)
+++ 3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Ranges (2026-10-02_735fbfb9)
@@ -1 +1 @@
-The Global Minimum Size References and corresponding ranges are reset at the Index Reviews using a process similar to the one used to update the Equity Universe Minimum Size Requirement. More details may be found in Appendix X: Updating the Global Minimum Size References and Ranges.
+Ranges The Global Minimum Size References and corresponding ranges are reset at the Index Reviews using a process similar to the one used to update the Equity Universe Minimum Size Requirement. More details may be found in Appendix X: Updating the Global Minimum Size References and Ranges.
M4 modified 3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffssimilarity 98%
--- 3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs (2026-10-02_0ca3a0d2)
+++ 3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs (2026-10-02_735fbfb9)
@@ -1 +1 @@
-The Segment Number of Companies and the corresponding Market Size-Segment Cutoffs are updated to account for changes in each Market Investable Equity Universe.
+Cutoffs The Segment Number of Companies and the corresponding Market Size-Segment Cutoffs are updated to account for changes in each Market Investable Equity Universe.
M4 modified 3.1.4.1 Determining Initial Segment Number of Companies
--- 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_0ca3a0d2)
+++ 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-If the Interim Market Size-Segment Cutoff20F20 is equal to or above the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the number of companies in the updated Investable Equity Universe with the full company market capitalization equal to or above the Interim Market Size-Segment Cutoff.
+If the Interim Market Size-Segment Cutoff20 is equal to or above the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the number of companies in the updated Investable Equity Universe with the full company market capitalization equal to or above the Interim Market Size-Segment Cutoff.
If the Interim Market Size-Segment Cutoff is below the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the sum of: The number of companies in the updated Investable Equity Universe with the full company market capitalization equal or above the lower bound of the Global Minimum Size Range and;
The number of companies in the updated Investable Equity Universe that were also part of the corresponding Size-Segments prior to the Index Review with the full market capitalization below the Global Minimum Size Range, but equal to or above the Interim Market Size-Segment Cutoff.
This Initial Segment Number of Companies takes into account the newly eligible companies as well as deletions from the updated Investable Equity Universe.
M4 modified 3.1.4.2 Changes in the Segment Number of Companies
--- 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_0ca3a0d2)
+++ 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_735fbfb9)
@@ -11,14 +11,22 @@
Depending on the location of the Market Size-Segment Cutoff derived from the Initial Segment Number of Companies relative to the Size and Coverage Target Area, an increase in, or a reduction of, the Segment Number of Companies may be required.
When the Market Size-Segment Cutoff is above the upper boundary of the Global Minimum Size Range and there are investable companies between the company corresponding to the Initial Segment Number of Companies and the upper boundary of the Global Minimum Size Range, or the Market Size-Segment Cutoff is below the lower boundary of the Market Coverage Target Range, additions to the Size-Segment Index are needed.
When the Market Size-Segment Cutoff is below the lower boundary of the Global Minimum Size Range, or above the Market Coverage Target Range, deletions from the Size-Segment Index are needed.
-The process for adjusting the Segment Number of Companies is as follows: If additions to the Segment Number of Companies are required: - The number of companies is increased to include all companies with a full market capitalization higher than the upper boundary of the Global Minimum Size Range. - The number of companies is increased to include all companies with a full market capitalization higher than the upper limit of the Lower Size Range Boundary Proximity Area, if any, that are required to reach the lower boundary of the Market Coverage Target Range.21F21 - The additions are made in descending order of full market capitalization.
-The full market capitalization of the last added company then becomes the Market Size-Segment Cutoff.
+The process for adjusting the Segment Number of Companies is as follows: If additions to the Segment Number of Companies are required: - The number of companies is increased to include all companies with a full market capitalization higher than the
+upper boundary of the Global Minimum Size Range. - The number of companies is increased to include all companies with a full market capitalization higher than the
+upper limit of the Lower Size Range Boundary Proximity Area, if any, that are required to reach the lower boundary of the Market Coverage Target Range. 21 - The additions are made in descending order of full market capitalization. The full market capitalization of the last
+added company then becomes the Market Size-Segment Cutoff.
If the full market capitalization of the last added company is above the upper boundary of the Global Minimum Size Range then the Market Size-Segment Cutoff is set at this upper boundary of the Global Minimum Size Range.
If a reduction of the Segment Number of Companies is required to reach the Size and Coverage Target Area, limits are placed on the decrease in the number of companies, to further enhance index stability.
-These limits are implemented in the following steps: - First, a reduction of no more than 5% of the Initial Segment Number of Companies is made to bring the Market Size-Segment Cutoff into compliance with the Size and Coverage Target Area.
-Only the companies with full company market capitalization lower than the lower limit of the Upper Size Range Boundary Proximity Area can be removed.22F22 - If this reduction brings the Market Size-Segment Cutoff into compliance with the Global Minimum Size Range, or removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size Range, no further adjustment is necessary. - If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the Initial Segment Number of Companies and the lower bound.
+These limits are implemented in the following steps: - First, a reduction of no more than 5% of the Initial Segment Number of Companies is made to bring the Market
+Size-Segment Cutoff into compliance with the Size and Coverage Target Area.
+Only the companies with full company market capitalization lower than the lower limit of the Upper Size Range Boundary Proximity Area can be removed.
+22 - If this reduction brings the Market Size-Segment Cutoff into compliance with the Global Minimum Size Range, or
+removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size Range, no further adjustment is necessary. - If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at
+most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the Initial Segment Number of Companies and the lower bound.
21 This step is implemented even if it brings the Market Size-Segment Cutoff from below the lower boundary of the Market Coverage Target Range to above the upper boundary of the Market Coverage Target Range.
22 A company with full market capitalization within the Global Minimum Size Range is not removed if the removal would bring the Market Size-Segment Cutoff from above the upper boundary of the Market Coverage Target Range to below the lower boundary of the Market Coverage Target Range.
-- In market segments with a small number of companies, the deletion of the first two companies is not subject to the limits described above.
-22 - When a limit is placed on the decrease in the number of companies, as explained above, the full market capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range.
+- In market segments with a small number of companies, the deletion of the first two companies is not subject to
+-
+the limits described above.
+22 When a limit is placed on the decrease in the number of companies, as explained above, the full market capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range.
In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.
M4 modified 3.1.5 Assigning Companies to Appropriate Size-Segments
--- 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_0ca3a0d2)
+++ 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_735fbfb9)
@@ -1,6 +1,7 @@
During an Index Review, companies are assigned with the following priority to the Size- Segments until the Segment Number of Companies is achieved: Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during last Index Review that failed the Final Size-Segment Investability Requirements, greater than or equal to the Market Size-Segment Cutoff.
Newly investable companies with a full market capitalization greater than or equal to the Market Size-Segment Cutoff.
-Companies greater than the upper buffer threshold 23F23 of the lower Size-Segment that are: - Currently in the lower Size-Segment Index or - Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability Requirement or - Investable companies during last Index Review that were not assigned to any Size-Segment.
+Companies greater than the upper buffer threshold 23 of the lower Size-Segment that are: - Currently in the lower Size-Segment Index or - Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability
+Requirement or - Investable companies during last Index Review that were not assigned to any Size-Segment.
Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during the last Index Review that failed the Final Size-Segment Investability Requirements, in the lower buffer of the Size-Segment in descending capitalization order, until the threshold of the buffer is reached.
The largest companies from the upper buffer of the next lower size-segment.
Once companies have been assigned to the Standard, Large and Investable Market Segments, companies are then assigned to the Mid and Small Cap Segments.
M7 modified 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes
--- 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_0ca3a0d2)
+++ 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_735fbfb9)
@@ -1,7 +1,7 @@
-In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment
+Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment
23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
An existing constituent is generally allowed to remain in its current size-segment even if its full market capitalization falls below (above) the Market Size-Segment Cutoff that defines the lower (upper) boundary of its segment, as long as its company full market capitalization falls within a buffer zone below (above) the Market Size-Segment Cutoff.
-The buffer zones at Index Reviews are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24F24.
+The buffer zones at Index Reviews are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI.
It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the Investable Market Index.
The inclusion in the Small Cap Indexes of all non-current constituents of the IMI above the Investable Market Size-Segment Cutoff could lead to an excessively large number of additions of small companies.
2 unchanged sections
- M3 3.1.6 Assessing Conformity with Final Size-Segment Investability Requirements
- M3 3.1.6.1 For New Constituents
M7 modified 3.1.6.2 For Existing Constituentssimilarity 98%
--- 3.1.6.2 For Existing Constituents (2026-10-02_0ca3a0d2)
+++ 3.1.6.2 For Existing Constituents (2026-10-02_735fbfb9)
@@ -9,7 +9,8 @@
Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
Current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
-foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25% room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
+foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25%
+room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
0.5
0.25 0 Current adjustment factor = 0.5 1
0.5
@@ -17,7 +18,7 @@
0.25 0 Current adjustment factor = 0.25 1
0.5
0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25F25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26F26.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
That is, existing constituents of the IMI Index with FIF (before the application of the adjustment factor) of greater than or equal to 0.15 must meet 2/3rd of the minimum free float-adjusted market capitalization required for the Standard or Small Cap Index to remain in the Standard or Small Cap Index, respectively.
Existing constituents of the Standard Index with FIF (before the application of the adjustment factor) of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index to remain in the Standard Index.
Conformity with the minimum free float-adjusted market capitalization requirements for noncurrent IMI constituents will be assessed using the free float-adjusted market capitalization after the application of the adjustment factor.
@@ -28,6 +29,7 @@
The NTP structure mandates foreign investors to acquire shares only through it.
MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
-Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months after the weight reduction or deletion; unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL27F27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
+Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
+For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
For example, to be considered for the May Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the February Index Review.
During a regular Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL27 until five business days before the effective date of that Index Review.
2 unchanged sections
- M5 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs)
- M5 3.1.8 Index Review of Changes in Number of Shares (NOS)
M6 modified 3.1.9 Date of Data Used for Index Reviewssimilarity 91%
--- 3.1.9 Date of Data Used for Index Reviews (2026-10-02_0ca3a0d2)
+++ 3.1.9 Date of Data Used for Index Reviews (2026-10-02_735fbfb9)
@@ -1,14 +1,13 @@
The standard data cutoff dates for the Index Reviews are as follows: Equity Universe Cutoff Date: the last business day of November for the February Index Review, the last business day of February for the May Index Review, the last business day of May for the August Index Review, and the last business day of August for the November Index Review.
-This is the relevant cutoff date for: - Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe; - Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2: Updating the Equity Universe Minimum Size Requirement;
+This is the relevant cutoff date for: - Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe; - Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2:
+Updating the Equity Universe Minimum Size Requirement;
Liquidity Cutoff Date: the last business day of December for the February Index Review, the last business day of March for the May Index Review, the last business day of June for the August Index Review, and the last business day of September for the November Index Review.
This is the relevant cutoff date for data used for the liquidity calculations, such as ATVRs and frequency of trading.
-Price Cutoff Date: any one of the last 10 business days28F28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
+Price Cutoff Date: any one of the last 10 business days28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
This is the relevant cutoff date for:
-28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days.
-For example, if the effective date of the November 2024 Index Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
-28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
-- Prices used for calculating market capitalization; - Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); - Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
-A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing29F29.
+28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days. For example, if the effective date of the November 2024 Index - Prices used for calculating market capitalization; - -
+Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
+A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing 29.
As a general rule, price movements after the Price Cutoff Date will not impact the results of the Index Review.
However, in cases of extraordinary events or news related to a specific company identified as a migration between the size-segments or as an addition to the IMI based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
In such instances, the company would either be maintained in its current sizesegment or not added to the IMI.
@@ -18,11 +17,13 @@
MSCI monitors the full company market capitalization (issuer level) of companies in the Market Investable Equity Universes on a monthly basis as a part of its ongoing maintenance.
The full company market capitalization is the aggregate security market capitalization of all listed securities of an issuer that are included in the MSCI Equity Universe, as well as all unlisted securities of such issuer that exhibit characteristics of equity securities.
Full company market capitalization = Σ (Number of shares of listed security lines*Price) + Σ (Number of shares of unlisted security lines*Price of reference listed security line*Conversion factor).
+Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
+28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
+29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI.
+Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open.
The conversion factor is an estimate of the economic value of the unlisted shares relative to the economic value (i.e., price) of the reference listed shares.
Generally, MSCI uses publicly available information such as the exchange ratio of unlisted shares to the listed shares, relative dividend rights or relative par value, among others, to derive this conversion factor.
-Unlisted
-29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI. Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open.
-securities with no economic rights are not included in the computation of full company level market capitalization.
+Unlisted securities with no economic rights are not included in the computation of full company level market capitalization.
Additional securities of existing index constituents identified by the tenth business day of a given month will be introduced on the third business day of the following month.
Please note that Number of Shares (NOS), Foreign Inclusion Factors (FIF) and weights in the MSCI indexes are not affected by the updates.
Please note that updates due to ongoing maintenance of securities’ share classes, share types and alternate listings are implemented on the third business day of the month.
1 unchanged section
- M8 3.2 Ongoing Event-Related Changes
M8 modified 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenancesimilarity 98%
--- 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_0ca3a0d2)
+++ 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_735fbfb9)
@@ -1,6 +1,6 @@
-For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs30F30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
-To derive this number the following steps are followed:
-30 As described in section 3.2.4.1 The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the Investable Market Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
+For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
+To derive this number the following steps are followed: The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the Investable Market Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
On a daily basis, each Market Size-Segment Cutoff is set to be the full market capitalization of the company of the rank equal to the Segment Number of Companies for that Size- Segment in the Market Investable Equity Universe.
-The Interim Market Size-Segment Cutoff is set to: - The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. - The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper bound. - The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range.
-The daily values for the Market Size-Segment Cutoffs, the Segment Number of Companies and the Global Minimum Size Range are based on data from the previous trading day.
+The Interim Market Size-Segment Cutoff is set to: - The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. - The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper
+-
+bound. The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range. The daily values for the Market Size-Segment Cutoffs, the Segment Number of Companies and the Global Minimum Size Range are based on data from the previous trading day.
1 unchanged section
- M8 3.2.2 Updating the Segment Number of Companies
M8 modified 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituentssimilarity 99%
--- 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituents (2026-10-02_0ca3a0d2)
+++ 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituents (2026-10-02_735fbfb9)
@@ -2,7 +2,8 @@
Such changes in Number of Shares and/or FIF that meet the implementation threshold defined in the MSCI Corporate Events Methodology, are implemented simultaneously with the event.
However, if the implementation threshold is not met, such changes are considered for implementation at a subsequent Index Review, subject to the rules applicable for the Index Reviews in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
The post event Number of Shares and/or FIF is estimated based on the terms of the event as per the guidelines available in the MSCI Corporate Events Methodology and any publicly available information on the post event shareholding structure.
-When subsequent public disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
+When subsequent public
+30 As described in section 3.2.7 disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
Pending NOS and/or float changes, if any, including any change in shareholder structure and/or FOLs, are implemented simultaneously with the event.
Note that if the number of shares update is smaller than + or -1% on a post-event number of shares basis, it will be implemented at a subsequent Index Review.
Decreases in FOLs or Foreign Room in which foreign investors are obliged to immediately sell shares in the market or when further purchases are no longer allowed will be reflected in the indexes as soon as possible.
M8 modified 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Eventsimilarity 95%
--- 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event (2026-10-02_0ca3a0d2)
+++ 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event (2026-10-02_735fbfb9)
@@ -1,20 +1,17 @@
-In order to reflect significant changes in the market capitalization of existing constituents in the Global Investable Market Indexes and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
+Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the Global Investable Market Indexes and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
A significant market capitalization change is defined as an increase of 50% or greater, or a decrease of 33% or more, relative to the company’s full market capitalization before the event.
The company’s post-event full market capitalization is then compared to the Interim Size- Segment Cutoffs in order to determine the classification of that security in the appropriate sizesegment.
The final decision is taken at the time of the completion of the event or, if the event is not effective yet, at the time of the confirmed announcement and is based on the latest market information available at the time of the analysis, including the latest NOS, FIF, and market prices.
In addition, the securities must pass the investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
Moreover, to be added to the Investable Market Index, the securities must meet the minimum foreign room requirement for the Investable Market Index described in Sub-section 2.3.6.2: Minimum Foreign Room Requirement.
-The post-event Size-Segment of the security, following a significant corporate event, is determined based on the rules outlined in the table below.
-Security is deleted from MSCI Indexes if it fails to meet any of the criteria outlined below.
+The post-event Size-Segment of the security, following a significant corporate event, is determined based on the rules outlined in the table below. Security is deleted from MSCI Indexes if it fails to meet any of the criteria outlined below.
Pre-Event Post event
Size- Company Full Market Security Security Float Adjusted Market Size- Segment Capitalization31 FIF Capitalization Segment32
> 0.15 > 2/3* 0.5* Standard Cutoff > Standard Cutoff Standard < 0.15 > 1.8 * 2/3*0.5*Standard Cutoff Standard < Standard Cutoff & > 0.15 > 0.5* Small Cap Cutoff Small Cap > Small Cap Cut off < Small Cap Cutoff & > 0.15 > 0.5 * Micro Cap Cutoff Micro Cap > USD 10 Million
-> 0.15 > 0.5* Standard Cutoff > 1.5*Standard Cutoff Standard < 0.15 >1.8 * 0.5 * Standard Cutoff
-> 0.15 > 0.5* Standard Cutoff Standard
-< 1.5*Standard Cutoff & Small Cap > 0.15 < 0.5* Standard Cutoff Small Cap > Standard Cutoff
+> 0.15 > 0.5* Standard Cutoff > 1.5*Standard Cutoff Standard < 0.15 >1.8 * 0.5 * Standard Cutoff Small Cap > 0.15 > 0.5* Standard Cutoff Standard < 1.5*Standard Cutoff & > Standard Cutoff > 0.15 < 0.5* Standard Cutoff Small Cap
+31Interim Size-Segment cut off are used at the time of the event. 32 Securities added to Standard Indexes are added to Large Cap or Mid Cap segment based on Company Full Market Capitalization.
< 0.15 >1.8 * 0.5 * Standard Cutoff Standard
< Standard Cutoff & > 0.15 > 2/3* 0.5* Small Cap Cutoff Small Cap > Small Cap Cut off < Small Cap Cutoff & > 0.15 Micro Cap > USD 10 Million
-31Interim Size-Segment cut off are used at the time of the event. 32 Securities added to Standard Indexes are added to Large Cap or Mid Cap segment based on Company Full Market Capitalization.
A World Micro Cap Index constituent is not considered for a size-segment migration to the Small Cap Index or Standard Index due to a significant market capitalization increase at the time of the event but at Index Reviews.
MSCI deletes the constituent from the World Micro Cap Index if its post-event full market capitalization is above the Small Cap Interim Size-Segment Cutoff and float-adjusted market capitalization at least half the Small Cap Index Interim Size- Segment Cutoff.
However, MSCI may decide to maintain the company in the World Micro Cap Index provided that its post-event full market capitalization remains below 1.5 times the Small Cap Index Interim Size-Segment Cutoff and its float-adjusted market capitalization does not meet one half of the Small Cap Index Interim Size-Segment Cutoff.
1 unchanged section
- M8 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event
M8 modified 3.2.6 Early Deletions of Existing Index Constituentssimilarity 94%
--- 3.2.6 Early Deletions of Existing Index Constituents (2026-10-02_0ca3a0d2)
+++ 3.2.6 Early Deletions of Existing Index Constituents (2026-10-02_735fbfb9)
@@ -4,5 +4,6 @@
The Foreign Inclusion Factor (FIF) decreases for an existing constituent of the Standard Index with a FIF already lower than 0.15.
Security is suspended for a prolonged period as defined in section 5.1.1 of MSCI Corporate Events Methodology.
A constituent company acquires or merges with a non-index constituent company or spins-off another company and is no longer eligible to be maintained.
+33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
A constituent’s share class converts into another share class resulting in the deletion of one or more share classes from the indexes.
If a constituent company is involved in a large corporate event with significant market capitalization change, the securities of the constituent company might be early deleted from the indexes simultaneously with the event as discussed in Sub-section 3.2.4 above.
M8 modified 3.2.7 Early Inclusions of Non-Index Constituents and IPOssimilarity 97%
--- 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-02_0ca3a0d2)
+++ 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-02_735fbfb9)
@@ -1,6 +1,4 @@
-When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI Global Investable
-33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
-Market Indexes, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and 2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
+When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI Global Investable Market Indexes, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and 2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
Such non-index constituents are treated as a continuation of index constituents and are subject to foreign room thresholds as defined in
section 3.1.6.2 applicable for existing constituents.
For example, if a non-index constituent company acquires or merges with a constituent company, the post-event company may replace the constituent company.
8 unchanged sections
- M8 3.2.8 Corporate Events Affecting the Index Review
- M10 3.3 Announcement Policy
- M10 3.3.1 Ongoing Event-Related Changes
- M10 3.3.2 Global Industry Classification Standard (GICS)
- M1 4 MSCI All Cap Indexes
- M4 4.1 Constructing the MSCI All Cap Indexes
- M3 4.1.1 Micro Cap Maximum Size Requirement
- M3 4.1.2 Micro Cap Minimum Size Requirement
M3 modified 4.1.3 Micro Cap Minimum Liquidity Requirementsimilarity 67%
--- 4.1.3 Micro Cap Minimum Liquidity Requirement (2026-10-02_0ca3a0d2)
+++ 4.1.3 Micro Cap Minimum Liquidity Requirement (2026-10-02_735fbfb9)
@@ -1 +1,2 @@
In order to be eligible for inclusion in the Micro Cap Size-Segment a security must have a 12month ATVR of at least 5% and a 12-month frequency of trading of at least 50%.
+In cases where the latest 3-month ATVR is not calculated due to suspensions, non-constituents of the MSCI All Cap Indexes are not eligible for the MSCI Micro Cap Indexes.
9 unchanged sections
- M3 4.1.4 Global Minimum Foreign Inclusion Factor Requirement
- M3 4.1.5 Minimum Length of Trading Requirement
- M3 4.1.6 Financial Reporting Requirement
- M6 4.2 Maintaining the MSCI All Cap Indexes
- M6 4.2.1 Quarterly Index Reviews
- M3 4.2.1.1 Updating the Micro Cap Minimum Size Requirement
- M4 4.2.1.2 Assigning Companies to the Micro Cap Size-Segment
- M8 4.2.2 Ongoing Event-Related Changes
- M1 5 MSCI Frontier Markets Indexes
M1 modified 5.1 Frontier Markets Definitionsimilarity 99%
--- 5.1 Frontier Markets Definition (2026-10-02_0ca3a0d2)
+++ 5.1 Frontier Markets Definition (2026-10-02_735fbfb9)
@@ -1 +1 @@
-MSCI starts by considering all equity markets not included in the MSCI Emerging Markets Index, that: demonstrate a relative openness to and accessibility for foreign investors are generally not considered as part of the developed markets universe 34F34 do not belong to countries undergoing a period of extreme economic (e.g., hyperinflation) or political instability (e.g., civil war)
+MSCI starts by considering all equity markets not included in the MSCI Emerging Markets Index, that: demonstrate a relative openness to and accessibility for foreign investors are generally not considered as part of the developed markets universe34 do not belong to countries undergoing a period of extreme economic (e.g., hyperinflation) or political instability (e.g., civil war)
1 unchanged section
- M1 5.1.1 Updating MSCI Frontier Markets Index Coverage
M4 modified 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes
--- 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_0ca3a0d2)
+++ 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’.
+Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’.
The methodology used to construct the MSCI Frontier Markets Indexes is similar, but not identical, to the construction of the indexes for Developed and Emerging Markets.
One of the prime differences is in the calculation of size requirements including the Equity Universe Minimum Size Requirement and Global Minimum Size References.
Further, there are three
3 unchanged sections
- M3 5.2.1 Equity Universe Minimum Size Requirement
- M4 5.2.2 Global Minimum Size Reference
- M3 5.2.3 FM Minimum Liquidity Requirement
M3 modified 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets
--- 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-02_0ca3a0d2)
+++ 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-02_735fbfb9)
@@ -1,5 +1,5 @@
In order to account for the differences in liquidity patterns across Frontier Markets, each Frontier Market is categorized as a very low, low or average liquidity market.
-The corresponding minimum liquidity requirement levels are set at 2.5%, 5% or 15% 12‐month ATVR, respectively.
+The corresponding minimum liquidity requirement levels are set at 2.5%, 5% or 15% 12‐ month ATVR, respectively.
In addition, a minimum level of 50% of 12-month Frequency of Trading is required for the inclusion of a security in an Investable Market Equity Universe of a Frontier Market for all liquidity categories.
This rule is referred to as the Frontier Markets Minimum Liquidity Requirement.
The categorization of each country is reviewed during the Index Reviews.
M7 modified 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents
--- 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_0ca3a0d2)
+++ 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_735fbfb9)
@@ -1,8 +1,8 @@
-During Index Reviews, existing constituents of the IMI in average and low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 2/3rd of the minimum level requirement of 15% for average liquidity markets and 5% for low liquidity markets.
-Existing constituents of the IMI in very low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 1%.
+During Index Reviews, existing constituents of the IMI in average and low liquidity markets may remain in a Market Investable Universe if their 12‐ month ATVR stays above 2/3rd of the minimum level requirement of 15% for average liquidity markets and 5% for low liquidity markets.
+Existing constituents of the IMI in very low liquidity markets may remain in a Market Investable Universe if their 12‐ month ATVR stays above 1%.
Furthermore, in order to remain in the Investable Market Indexes (IMI), a constituent of the MSCI Frontier Markets IMI will need to have a 12-month Frequency of Trading of at least 10%, applicable to all liquidity categories.
If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing35F35 Foreign listing in the same geographical region 36F36 Foreign listing in a different geographical region 37F37.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing35 Foreign listing in the same geographical region36 Foreign listing in a different geographical region37.
Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above 30% for average liquidity markets or 15% for low liquidity and very low liquidity markets, respectively.
In addition, the local listing needs to have a 12-month Frequency of Trading of at least 50%.
If an existing constituent of a Standard Index in Frontier Markets fails to meet the liquidity requirements, but its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Frontier Markets and its weight is either: More than 10% in the respective country index or More than 1% in the Frontier Markets Composite Index, then such constituent will remain in the index.
6 unchanged sections
- M4 5.2.4 Index Continuity Rules
- M8 5.2.5 Implementation of Corporate Events
- M1 6 MSCI Standalone Market Indexes
- M1 6.1 Creation of Standalone Market Indexes for Newly Eligible Markets
- M1 6.2 Classification of Other Markets as Standalone
- M6 6.3 Maintaining Standalone Market Indexes
M1 modified 6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexessimilarity 0%
--- 6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexes (2026-10-02_0ca3a0d2)
+++ 6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexes (2026-10-02_735fbfb9)
@@ -0,0 +1 @@
+Indexes
5 unchanged sections
- M1 6.4.1 Inclusion of Newly Eligible Markets
- M1 6.4.2 Re-inclusion of Markets in the MSCI Composite Indexes
- M1 6.5 Treatment of Discontinued Standalone Market Indexes
- other APPENDICES
- M2 Appendix I: Equity Markets and Universe
M2 modified Eligible Markets (Developed Markets)
--- Eligible Markets (Developed Markets) (2026-10-02_0ca3a0d2)
+++ Eligible Markets (Developed Markets) (2026-10-02_735fbfb9)
@@ -1,64 +1,12 @@
-Country Name Stock Exchange Market Segment Eligibility of Foreign Listings
-AUSTRALIA Australian Securities Exchange ASX Official Market -
-Prime Market AUSTRIA Vienna Stock Exchange - Standard Market Continuous
-Euronext Growth Market BELGIUM Euronext Brussels - Regulated Market
-Toronto Stock Exchange - CANADA - Cboe Canada (2) NEO-L
-Nasdaq Copenhagen Main Market
-DENMARK First North Growth Market
-- Nasdaq First North Growth Market – Denmark First North Premier Growth Market
-Nasdaq Helsinki Main Market
-FINLAND - First North Growth Market Nasdaq First North Growth Market – Finland First North Premier Growth Market
-Euronext Growth Market FRANCE Euronext Paris - Regulated Market
-Basic Board
-GERMANY Deutsche Börse Xetra EU Regulated market
--
-Open Market
-Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3)
-Euronext Growth Market IRELAND Euronext Dublin - Regulated Market
-ISRAEL Tel Aviv Stock Exchange - Yes
-Euronext Growth Market
-Global Equity Market (1) ITALY Borsa Italiana - Regulated Market
-Market for Investment Vehicle (2)
-Growth Market
-Prime Market Tokyo Stock Exchange Standard Market
-JAPAN - Tokyo Pro (2)
-Main Market
-Nagoya Stock Exchange Next Market
-Premier Market
-NETHERLANDS Euronext Amsterdam Regulated Market Yes
-NEW ZEALAND New Zealand Stock Exchange Main Board -
-Euronext Expand
-NORWAY Euronext Oslo Børs Euronext Growth Market (2)
--
-Regulated Market
-PORTUGAL Euronext Lisbon Regulated Market -
-Catalist SINGAPORE Singapore Exchange Yes Main Board
-Madrid Stock Exchange Mercado Continuo
-SPAIN Growth Companies
-- BME Growth SOCIMI
-Nasdaq Stockholm Main Market
-Nordic Growth Market Main Regulated Market
-Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market
-Spotlight Stock Exchange -
-Blue Chip Shares
-Mid-/Small-Cap Shares
-SIX Swiss Exchange Secondary Listing Shares
-SWITZERLAND Sparks Shares
--
-Sponsored Foreign Shares (1)
-SME Main Market BX Swiss Sponsored Shares
-Admission to Trading Only (1)
-UNITED KINGDOM London Stock Exchange AIM
--
-Main Market (4)
-New York Stock Exchange -
-Capital Market
-Nasdaq Stock Market Global Market
-USA Global Select Market
--
-NYSE American -
-NYSE Arca -
-Cboe BZX Exchange -
+Country Name Stock Exchange Market Segment Eligibility of Foreign Listings AUSTRALIA Australian Securities Exchange ASX Official Market - Prime Market AUSTRIA Vienna Stock Exchange - Standard Market Continuous Euronext Growth Market BELGIUM Euronext Brussels - Regulated Market Toronto Stock Exchange - CANADA - Cboe Canada (2) NEO-L Nasdaq Copenhagen Main Market DENMARK First North Growth Market
+- Nasdaq First North Growth Market – Denmark First North Premier Growth Market Nasdaq Helsinki Main Market FINLAND First North Growth Market
+- Nasdaq First North Growth Market – Finland First North Premier Growth Market Euronext Growth Market FRANCE Euronext Paris - Regulated Market Basic Board GERMANY Deutsche Börse Xetra - EU Regulated market Open Market Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3) Euronext Growth Market IRELAND Euronext Dublin - Regulated Market ISRAEL Tel Aviv Stock Exchange - Yes Euronext Growth Market Global Equity Market (1) ITALY Borsa Italiana - Regulated Market Market for Investment Vehicle (2) Growth Market Prime Market Tokyo Stock Exchange Standard Market JAPAN Tokyo Pro (2)
+- Main Market Nagoya Stock Exchange Next Market Premier Market NETHERLANDS Euronext Amsterdam Regulated Market Yes NEW ZEALAND New Zealand Stock Exchange Main Board - Euronext Expand NORWAY Euronext Oslo Børs Euronext Growth Market (2)
+- Regulated Market PORTUGAL Euronext Lisbon Regulated Market - Catalist SINGAPORE Singapore Exchange Yes Main Board Madrid Stock Exchange Mercado Continuo SPAIN Growth Companies
+- BME Growth SOCIMI Nasdaq Stockholm Main Market Nordic Growth Market Main Regulated Market Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market Spotlight Stock Exchange - Blue Chip Shares Mid-/Small-Cap Shares SIX Swiss Exchange Secondary Listing Shares SWITZERLAND Sparks Shares
+- Sponsored Foreign Shares (1) SME Main Market BX Swiss Sponsored Shares Admission to Trading Only (1) UNITED KINGDOM London Stock Exchange AIM
+- Main Market (4) New York Stock Exchange - Capital Market Nasdaq Stock Market Global Market USA Global Select Market
+- NYSE American - NYSE Arca - Cboe BZX Exchange -
(1) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment.
(2) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review.
(3) Hong Kong Chapter 21 Investment Companies are not eligible for inclusion for the MSCI Global Investable Market Indexes as part of August 2022 Index Review.
M2 modified Eligible Markets (Emerging Markets)
--- Eligible Markets (Emerging Markets) (2026-10-02_0ca3a0d2)
+++ Eligible Markets (Emerging Markets) (2026-10-02_735fbfb9)
@@ -10,8 +10,8 @@
Growth Enterprise Market Stock Exchange of Hong Kong Main Board
Global Market (2) COLOMBIA Colombian Stock Exchange - Local Market
Free Market (2)
-CZECH REPUBLIC Prague Stock Exchange Prime Market
--
+CZECH REPUBLIC Prague Stock Exchange
+- Prime Market
Standard Market
EGYPT Egyptian Exchange Main Market -
GREECE Athens Stock Exchange Main Market -
@@ -39,7 +39,8 @@
STAR Market
Main Market TURKEY Borsa Istanbul - SubMarket (5)
Structured Products and Funds Market
-Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES - Dubai Financial Market -
+Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES
+- Dubai Financial Market -
Nasdaq Dubai -
(1) For a more detailed description of the MSCI universe, please refer to Appendix III
(2) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment
1 unchanged section
- M2 Eligible Markets (Frontier Markets)
M2 modified Eligible Markets (Standalone Markets)
--- Eligible Markets (Standalone Markets) (2026-10-02_0ca3a0d2)
+++ Eligible Markets (Standalone Markets) (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-Country Name Stock Exchange Market Segment Eligibility of Foreign Listings ARGENTINA (10) Yes Free Market Banja Luka Stock Exchange Official Market BOSNIA HERZEGOVINA (1) - Free Market Sarajevo Stock Exchange Official Market Domestic Main Board BOTSWANA (2) Botswana Stock Exchange Yes Venture Capital Board BULGARIA (7) Bulgarian Stock Exchange Main Market - Main Market JAMAICA (2) Jamaica Stock Exchange Junior Market
+Country Name Stock Exchange Market Segment Eligibility of Foreign Listings ARGENTINA (10) Yes Free Market Banja Luka Stock Exchange Official Market BOSNIA HERZEGOVINA (1) - Free Market Sarajevo Stock Exchange Official Market Domestic Main Board BOTSWANA (2) Botswana Stock Exchange
+Yes Venture Capital Board BULGARIA (7) Bulgarian Stock Exchange Main Market - Main Market JAMAICA (2) Jamaica Stock Exchange Junior Market
- USD Market LEBANON Beirut Stock Exchange - Yes MALTA (9) Malta Stock Exchange Regulated Main Market - Growth Board (12) NIGERIA (11) Nigerian Exchange Group Main Board
-- Premium Board PALESTINE (3) Palestine Exchange - - PANAMA (8) Yes First Tier TRINIDAD AND TOBAGO (4) Trinidad and Tobago Stock Exchange Second Tier
-- Small and Medium Enterprises (12) PFTS Stock Exchange - UKRAINE (6) Yes Ukrainian Exchange - ZIMBABWE (5) Zimbabwe Stock Exchange (Harare) - - (1) Added as standalone market at the May 2010 Index Review (2) Added as standalone markets at the November 2008 Index Review (3) Added as standalone market at the May 2013 Index Review (4) Reclassified from Frontier Markets to standalone market at the May 2011 Index Review (5) Added as standalone markets at the November 2010 Index Review (6) Reclassified from Frontier Markets to standalone market at the August 2015 Index Review (7) Reclassified from Frontier Markets to standalone market at the August 2016 Index Review (8) Added as standalone market at the May 2017 Index Review, currently only US listed securities eligible (9) Added as standalone market at the May 2019 Index Review (10) Reclassified from Emerging Markets to standalone market at the November 2021 Index Review (11) Reclassified from Frontier Markets to standalone market at the February 2024 Index Review (12) Listings on this market segment are eligible for the MSCI Indexes as part of the August 2024 Index Review
+- Premium Board PALESTINE (3) Palestine Exchange - - PANAMA (8) Yes First Tier TRINIDAD AND TOBAGO (4) Trinidad and Tobago Stock Exchange - Second Tier Small and Medium Enterprises (12) PFTS Stock Exchange - UKRAINE (6) Yes Ukrainian Exchange - ZIMBABWE (5) Zimbabwe Stock Exchange (Harare) - - (1) Added as standalone market at the May 2010 Index Review (2) Added as standalone markets at the November 2008 Index Review (3) Added as standalone market at the May 2013 Index Review (4) Reclassified from Frontier Markets to standalone market at the May 2011 Index Review (5) Added as standalone markets at the November 2010 Index Review (6) Reclassified from Frontier Markets to standalone market at the August 2015 Index Review (7) Reclassified from Frontier Markets to standalone market at the August 2016 Index Review (8) Added as standalone market at the May 2017 Index Review, currently only US listed securities eligible (9) Added as standalone market at the May 2019 Index Review (10) Reclassified from Emerging Markets to standalone market at the November 2021 Index Review (11) Reclassified from Frontier Markets to standalone market at the February 2024 Index Review (12) Listings on this market segment are eligible for the MSCI Indexes as part of the August 2024 Index Review
6 unchanged sections
- M2 Eligible Classes of Securities for Stock Exchanges in Developed Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Emerging Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Frontier Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Standalone Markets
- M2 REITs
- M2 Canadian Income Trusts
M2 modified Ineligible Alert Boardssimilarity 98%
--- Ineligible Alert Boards (2026-10-02_0ca3a0d2)
+++ Ineligible Alert Boards (2026-10-02_735fbfb9)
@@ -1,5 +1,6 @@
Securities of companies included in the alert boards listed in the table below are not eligible for inclusion in the MSCI Equity Universe.
-Country Name Stock Exchange Alert Board Developed Markets Denmark Nasdaq Copenhagen Observation Status (1) Finland Nasdaq Helsinki Observation Status (1) Sweden Nasdaq Stockholm Observation Status (1) Singapore Singapore Exchange Watch List Securities Under Supervision & Japan Tokyo Stock Exchange Securities to Be Delisted (2)
-Emerging Markets China Shanghai Stock Exchange Special Treatment (ST / *ST) Shenzhen Stock Exchange Greece Athens Stock Exchange Under Surveillance Special Segment (4) Mumbai Stock Exchange Z Group Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) India Insolvency Resolution Process (6) National Stock Exchange Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) Insolvency Resolution Process (6) Indonesia Indonesia Stock Exchange Watch List Board (3) Korea Korea Exchange Administrative Issues Malaysia Bursa Malaysia PN17 Companies Taiwan Stock Exchange Taiwan Altered Trading Method (ATM) Taipei Stock Exchange Thailand Stock Exchange of Thailand Possible Delisting Companies Turkey Borsa Istanbul Watch List Companies
-Frontier Markets Estonia Nasdaq Tallinn Observation Status (1) Iceland Nasdaq Iceland Observation Status (1) Country Name Stock Exchange Alert Board Latvia Nasdaq Riga Observation Status (1) Lithuania Nasdaq Vilnius Observation Status (1) Pakistan Pakistan Stock Exchange Defaulter’s Segment (5) Watch List Board Sri Lanka Colombo Stock Exchange Second Board Vietnam Ho Chi Minh Stock Exchange CK is Subject to Control
+Country Name Stock Exchange Alert Board Developed Markets Denmark Nasdaq Copenhagen Observation Status (1) Finland Nasdaq Helsinki Observation Status (1) Sweden Nasdaq Stockholm Observation Status (1) Securities Under Supervision & Japan Tokyo Stock Exchange Securities to Be Delisted (2)
+Emerging Markets Shanghai Stock Exchange China Special Treatment (ST / *ST) Shenzhen Stock Exchange Greece Athens Stock Exchange Under Surveillance Special Segment (4) Mumbai Stock Exchange Z Group Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) India Insolvency Resolution Process (6) National Stock Exchange Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) Insolvency Resolution Process (6) Indonesia Indonesia Stock Exchange Watch List Board (3) Korea Korea Exchange Administrative Issues Malaysia Bursa Malaysia PN17 Companies Taiw an Stock Exchange Taiwan Altered Trading Method (ATM) Taipei Stock Exchange Thailand Stock Exchange of Thailand Possible Delisting Companies Turkey Borsa Istanbul Watch List Companies
+Frontier Markets Estonia Nasdaq Tallinn Observation Status (1) Iceland Nasdaq Iceland Observation Status (1) Country Name
+Stock Exchange Alert Board Latvia Nasdaq Riga Observation Status (1) Lithuania Nasdaq Vilnius Observation Status (1) Pakistan Pakistan Stock Exchange Defaulter’s Segment (5) Sri Lanka Colombo Stock Exchange Watch List Board/Second Board Vietnam Ho Chi Minh Stock Exchange CK is Subject to Control
Standalone Markets Bulgaria Bulgarian Stock Exchange Alternative Market Segment (1) Not applicable to securities under Observation Status due to public takeover offers (2) Not applicable to securities under Securities Under Supervision & Securities to Be Delisted due to public takeover offers (3) Not applicable to existing constituents under Watch List Board due to Criteria 10 effective February 2024 Index Review (4) Effective at February 2024 Index Review (5) Effective at August 2024 Index Review (6) Effective at November 2024 Index Review
2 unchanged sections
- M2 Non-Index Constituents
- M8 Deletion of Existing Index Constituents
M2 modified Other Casessimilarity 67%
--- Other Cases (2026-10-02_0ca3a0d2)
+++ Other Cases (2026-10-02_735fbfb9)
@@ -1,2 +1 @@
-During Index Reviews, starting from the previous Index Review Price Cutoff Date (as defined in
-section 3.1.9) until three business days before the current Index Review effective date, MSCI will not implement any additions to IMI and size-segment migrations between Standard and Small Cap for securities that enter the following boards: India Short Term and Long Term Additional Surveillance Measure (ASM) Indonesia Watchlist Board due to Criteria 10 Korea Investment Alert Issue and Investment Risk Issue Taiwan Disposition Board Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.
+During Index Reviews, securities that enter any of the following boards during the period starting from the previous Index Review Price Cutoff Date (as defined in section 3.1.9) until three business days before the current Index Review effective date are subject to the following treatment: India Short Term and Long Term Additional Surveillance Measure (ASM) Indonesia Watchlist Board due to Criteria 10 Korea Investment Alert Issue and Investment Risk Issue Taiwan Disposition Board In such cases, after the application of all the relevant index review criteria including investability screens and size segmentation determination, MSCI will not implement the following index movement for those securities: additions to IMI and size-segment migrations between the Standard and Small Cap Indexes Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.
M1 modified Appendix II: Market Classification Frameworksimilarity 99%
--- Appendix II: Market Classification Framework (2026-10-02_0ca3a0d2)
+++ Appendix II: Market Classification Framework (2026-10-02_735fbfb9)
@@ -2,7 +2,7 @@
The approach used by MSCI aims to reflect the views and practices of the international investment community by striking a balance between a country’s economic development and the accessibility of its market while preserving index stability.
The MSCI Market Classification Framework consists of following three criteria: Economic Development, Size and Liquidity Requirements as well as Market Accessibility.
In order to be classified in a given investment universe, a country must meet the requirements of all three criteria as described in the table below.
-Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 205 mm USD 3,577 mm USD 7,153 mm Security size (float market cap) ** USD 102 mm USD 1,788 mm USD 3,577 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 205 mm USD 3,577 mm USD 7,153 mm Security size (float market cap) ** USD 102 mm USD 1,788 mm USD 3,577 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2024 GNI per capita of USD 13,935 (World Bank, Atlas method) ** Minimum in use for the November 2025 Index Review, updated on a quarterly basis
+Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 226 mm USD 3,800 mm USD 7,599 mm Security size (float market cap) ** USD 113 mm USD 1,900 mm USD 3,800 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 226 mm USD 3,800 mm USD 7,599 mm Security size (float market cap) ** USD 113 mm USD 1,900 mm USD 3,800 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2024 GNI per capita of USD 13,935 (World Bank, Atlas method) ** Minimum in use for the February 2026 Index Review, updated on a quarterly basis
The Economic Development criterion is only used in determining the classification of Developed Markets while that distinction is not relevant between Emerging and Frontier Markets given the very wide variety of development levels within each of these two universes.
The Size and Liquidity Requirements are based on the minimum investability requirements for the MSCI Global Standard Indexes.
The Size and Liquidity Entry Requirements are used for evaluating markets for reclassification, requiring a minimum number of companies meeting Standard Index criteria over each of the last eight Index Reviews.
M1 modified Advanced Frontier Marketssimilarity 97%
--- Advanced Frontier Markets (2026-10-02_0ca3a0d2)
+++ Advanced Frontier Markets (2026-10-02_735fbfb9)
@@ -3,4 +3,5 @@
To be classified as an Advanced FM, a market must meet the following criteria: Market Accessibility assessments must show no more than two deviations from the highest rating (++) across the key focus areas of efficiency of the operational framework (excluding stock lending and short selling), openness to foreign ownership, and ease of capital inflows/outflows.
The market must be rated ++ on capital flow restriction levels, indicating no constraints.
MSCI will announce and review any changes to the composition of the Advanced FM subcategory annually, in conjunction with the publication of the MSCI Global Market Accessibility Review.
+Changes, if any, will be effective at the subsequent November Index Review.
The MSCI Frontier Markets classification and the MSCI Frontier Market Indexes are not impacted by this subcategory.
1 unchanged section
- M1 Market Accessibility Measures
M4 modified Markets Under Index Continuitysimilarity 99%
--- Markets Under Index Continuity (2026-10-02_0ca3a0d2)
+++ Markets Under Index Continuity (2026-10-02_735fbfb9)
@@ -1,3 +1,3 @@
In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a minimum number of five constituents will be maintained for a DM Standard Index, three constituents for an EM Standard Index, and one constituent for an FM Standard Index.
-The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the November 2025 Index Review.
-Developed Markets Emerging Markets Frontier Markets New Zealand Egypt Serbia Peru
+The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the February 2026 Index Review.
+Developed Markets Emerging Markets Frontier Markets New Zealand Egypt Serbia Hungary
2 unchanged sections
- M2 Appendix III: Country Classification of Securities
- M2 General Framework
M2 moved Other Cases → Other Cases
Moved without text changes.
M2 modified Country Specific Cases
--- Country Specific Cases (2026-10-02_0ca3a0d2)
+++ Country Specific Cases (2026-10-02_735fbfb9)
@@ -2,7 +2,7 @@
Companies incorporated in Puerto Rico and listed in the US are generally included in the US Equity Universe.
Companies listed in the US that do not file a Form 10‐K/10‐Q are assessed as per the rules highlighted in the above “Other Cases” sub-section.
Europe: Companies incorporated in a European DM country (including Luxembourg) which have their securities’ most liquid listing in a different European DM country are generally classified in the country of the most liquid listing.
-China: The MSCI China universe includes companies incorporated in Mainland China and listed in the form of A shares38F38, CDRs or B shares on the Shanghai Stock Exchange (in US$) or Shenzhen Stock Exchange (in HK$), or H shares on the Hong Kong Stock Exchange (in HK$).
+China: The MSCI China universe includes companies incorporated in Mainland China and listed in the form of A shares38, CDRs or B shares on the Shanghai Stock Exchange (in US$) or Shenzhen Stock Exchange (in HK$), or H shares on the Hong Kong Stock Exchange (in HK$).
The MSCI China universe may include companies not incorporated in Mainland China, but are listed on the Shanghai Stock Exchange or Shenzhen Stock Exchange.
Securities with “ST” or “*ST” status are excluded from the Equity Universe (see Appendix I for more details).
In addition, the MSCI China universe includes companies not incorporated in Mainland China but listed on the Hong Kong Stock Exchange provided that they meet the following definitions: Red-Chip: company whose largest shareholder is an organization or enterprise that is owned by the state, provinces, or municipalities of Mainland China.
@@ -14,9 +14,9 @@
Also, the companies which derive a majority of revenues and assets from Macau are included in the MSCI Hong Kong universe.
Companies that do not satisfy the H Shares, Red Chip, P Chip or HKSAR conditions, but are incorporated in Hong Kong, are included in MSCI Hong Kong universe.
Securities classified in China may be represented by a foreign listing (i.e. a listing outside China or Hong Kong) in the MSCI China Indexes.
-However, such securities listed in the US and resulting from reverse mergers39F39 are not eligible for index inclusion.
+However, such securities listed in the US and resulting from reverse mergers39 are not eligible for index inclusion.
Australia: The MSCI Australia universe includes companies incorporated in Papua New Guinea that are listed on the Australian Securities Exchange.
-40F40 Greece: The MSCI Greece universe includes companies incorporated in Cyprus that are listed on the Athens Exchange.41F41 Countries subject to economic sanctions: MSCI does not cover certain countries for which significant economic sanctions are applied.
+40 Greece: The MSCI Greece universe includes companies incorporated in Cyprus that are listed on the Athens Exchange.41 Countries subject to economic sanctions: MSCI does not cover certain countries for which significant economic sanctions are applied.
Examples of such countries as of February 2018 are Cuba, Democratic Republic of the Congo, Libya, North Korea, Iran, Iraq, Somalia, Sudan and Syria.
Companies that are classified to and/or incorporated in such countries are not eligible for inclusion in the MSCI Global Investable Market Indexes.
MSCI regularly assesses eligibility of new markets and communicates their potential inclusion in the MSCI GIMI in advance of implementation.
1 unchanged section
- M2 Change in Country Classification
M3 modified Appendix IV: Foreign Listing Materiality Requirementsimilarity 99%
--- Appendix IV: Foreign Listing Materiality Requirement (2026-10-02_0ca3a0d2)
+++ Appendix IV: Foreign Listing Materiality Requirement (2026-10-02_735fbfb9)
@@ -3,12 +3,12 @@
Foreign listings may become eligible to represent securities only from the countries that meet the Foreign Listing Materiality Requirement.
This requirement is applied at the time of Index Reviews to the countries that do not yet include securities represented by foreign listings.
In order to assess whether a country meets the Foreign Listing Materiality Requirement, the following steps are undertaken: Apply Index Review index maintenance rules described in Sub-section 3.1 to determine which securities represented by a foreign listing would be included in the MSCI Country IMI if foreign listings were eligible from that country.
-Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - 5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 42F42, and - 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI.
+Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - 5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 42, and - 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI.
The second condition is not applied to Frontier Markets countries.
Once a country meets the Foreign Listing Materiality Requirement at a given Index Review, foreign listings will become eligible from this country after two Index Reviews.
-For example, foreign listings will become eligible for a country at the May 2026 Index Review once that country meets the Foreign Listing Materiality Requirement at the November 2025 Index Review.
+For example, foreign listings will become eligible for a country at the August 2026 Index Review once that country meets the Foreign Listing Materiality Requirement at the February 2026 Index Review.
Then, foreign listings will remain eligible even if the aggregate market capitalization of securities represented by foreign listings decreases over time below the materiality thresholds.
The following table provides the list of countries for which securities may be represented by foreign listings:
42 Securities represented by foreign listings are included in the free float-adjusted market capitalization of the MSCI Country IMI for the purpose of this calculation.
Countries for which foreign listings are eligible Argentina Israel Peru Bahrain Jordan Romania Botswana Kazakhstan Singapore Brazil Lebanon Slovenia China Mauritius Sweden Hong Kong Netherlands Ukraine Iceland Panama (*) (*) The MSCI Panama Index was launched as a Standalone Market Index as part of the May 2017 Index Review and currently includes only foreign listings.
-At the November 2025 Index Review, no additional markets met the Foreign Listing Materiality Requirement.
+At the February 2026 Index Review, no additional markets met the Foreign Listing Materiality Requirement.
M3 modified Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959similarity 99%
--- Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-02_0ca3a0d2)
+++ Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-02_735fbfb9)
@@ -1,3 +1,4 @@
+U.S. Executive Order 13959
The U.S.
Executive Order 13959 dated November 12, 2020 which Prohibits Transactions by U.S.
Persons in Certain Chinese Companies (the Order), along with clarification from the Office of Foreign Assets Control (OFAC), results in the deletion from / non-inclusion in the MSCI GIMI of relevant impacted securities.
2 unchanged sections
- M3 MSCI J-Series Indexes
- M3 MSCI China A Onshore Indexes
M5 modified Appendix VI: Free Float Definition and Estimation Guidelinessimilarity 46%
--- Appendix VI: Free Float Definition and Estimation Guidelines (2026-10-02_0ca3a0d2)
+++ Appendix VI: Free Float Definition and Estimation Guidelines (2026-10-02_735fbfb9)
@@ -1,2 +1 @@
-MSCI calculates the free float-adjusted market capitalization of each security in the equity index universe.
-The process of free float-adjusting market capitalization involves: Defining and estimating the free float available to foreign investors for each security, using MSCI’s definition of free float Assigning a free float-adjustment factor to each security (Foreign Inclusion Factor or FIF) Calculating the free float-adjusted market capitalization of each security The free float-adjusted market capitalization is used to calculate the weights of the securities in the indexes.
+MSCI calculates the free float-adjusted market capitalization of each security in the equity index universe. The process of free float-adjusting market capitalization involves:
M5 modified Defining and Estimating Free Floatsimilarity 82%
--- Defining and Estimating Free Float (2026-10-02_0ca3a0d2)
+++ Defining and Estimating Free Float (2026-10-02_735fbfb9)
@@ -1,4 +1,5 @@
-MSCI’s estimation of free float is based solely on publicly available shareholder information.
+MSCI’s definition of free float Assigning a free float-adjustment factor to each security (Foreign Inclusion Factor or FIF) Calculating the free float-adjusted market capitalization of each security The free float-adjusted market capitalization is used to calculate the weights of the securities in the indexes.
+Defining and Estimating Free Float MSCI’s estimation of free float is based solely on publicly available shareholder information.
For each security, all available shareholdings are considered where public data is available, regardless of the size of the shareholding.
MSCI defines the free float of a security as the proportion of shares outstanding that is deemed to be available for purchase in the public equity markets by international investors.
Therefore, MSCI primarily classifies shareholdings as free float or non-free float based on a categorization of investor types into non-strategic and strategic respectively.
1 unchanged section
- M5 Calculation of Free Float
M5 modified Assigning a Free Float-Adjustment Factor
--- Assigning a Free Float-Adjustment Factor (2026-10-02_0ca3a0d2)
+++ Assigning a Free Float-Adjustment Factor (2026-10-02_735fbfb9)
@@ -9,7 +9,7 @@
While instituted at a country level these restrictions may have different consequences depending on the characteristics of the investor, including legal status, size of assets under management or date of application.
In the case of individual companies with Foreign Ownership Limits, it may happen that the maximum ownership by non-national investors is reached while depositary receipts may continue to be available to foreign investors.
In such cases, the depositary receipts typically trade at a persistent premium relative to the domestic shares, highlighting the difficulties for international investors to replicate the security’s weight in the index.
-Therefore, where deemed necessary, a LIF will be determined and applied based on an extensive, case-by-case analysis 43F43.
+Therefore, where deemed necessary, a LIF will be determined and applied based on an extensive, case-by-case analysis 43.
The application of this LIF permits a more accurate comparison of constituent markets and securities that have more complex and subtle restrictions on the investment process to markets and securities where investment limitations can be appropriately reflected in their standard FIFs.
In cases where MSCI applies a LIF, the free float adjusted for limited investability is defined as the product of the available free float for foreign investors and the LIF.
Free Float-Adjusted for Limited Investability = Free Float for Foreign Investors times the LIF Therefore, for securities subject to other foreign investment restrictions, the Foreign Inclusion Factor is equal to the lesser of: Estimated free float-adjusted for limited investability, - Rounded up to the closest 5%, if the free float-adjusted for limited investability is greater than 15%. - Rounded to the closest 1%, if the free float-adjusted for limited investability is less than 15%.
@@ -19,6 +19,7 @@
In general, securities with low foreign room may be in some instances not eligible for index inclusion or subject to a weight reduction through the application of an adjustment factor.
For more details, please refer to Subsections 2.3.6.2 and 3.1.6.
The table below provides a list of countries for which MSCI monitors foreign room on a quarterly basis.
-Eligible Markets Country Name AUSTRALIA Developed Markets (DM) JAPAN CHINA INDIA INDONESIA KOREA PHILIPPINES Emerging Markets (EM) QATAR SAUDI ARABIA TAIWAN THAILAND* UNITED ARAB EMIRATES
+Eligible Markets Country Name
+AUSTRALIA Developed Markets (DM) JAPAN CHINA INDIA INDONESIA KOREA PHILIPPINES Emerging Markets (EM) QATAR SAUDI ARABIA TAIWAN THAILAND* UNITED ARAB EMIRATES
TUNISIA Frontier Markets (FM) VIETNAM Standalone Markets ZIMBABWE * Refer Treatment of Non-Voting Depository Receipts in Thailand Other than countries mentioned above, MSCI also monitors foreign room for telecommunication companies in Canada, airlines companies in Europe and USA for which the foreign room information is available on public sources.
Example: Calculating Foreign Room Foreign ownership Limit (FOL) applied to the =40% company Foreign shareholdings =20% Foreign room =(40%-20%)/40% =50%
1 unchanged section
- M5 Calculating the Free Float-Adjusted Market Capitalization
M3 modified Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues
--- Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-02_0ca3a0d2)
+++ Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI.
+Issues Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI.
Such securities will remain ineligible until sufficient public disclosure is made by the issuing companies confirming an increase in free float that results in a Foreign Inclusion Factor equal to or larger than 0.15, following the SFC high shareholding concentration notice.
Constituents of the MSCI GIMI included on the SFC high shareholding concentration notices will be deleted on a quarterly basis coinciding with the regular Index Reviews.
At each regular Index Review MSCI will reflect the SFC high shareholding concentration notices until the Price Cutoff Date (as defined in section 3.1.9).
M5 modified Treatment of Non-Voting Depositary Receipts in Thailand
--- Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-02_0ca3a0d2)
+++ Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-02_735fbfb9)
@@ -2,7 +2,7 @@
NVDRs are depositary receipts issued by the Thai NVDR Company Limited, a subsidiary of the Stock Exchange of Thailand (SET) and backed by shares listed on the SET.
NVDRs entitle their holders to all financial benefits of the underlying shares, except voting rights.
Foreign ownership limits that apply to common shares do not apply to NVDRs, and therefore the NVDR scheme may allow foreign investors to own a greater percentage of shares than the foreign ownership limit of Thai companies.
-However, there is a limit on the amount of NVDRs that may be issued for financial institutions 44F44 (generally set at 25%).
+However, there is a limit on the amount of NVDRs that may be issued for financial institutions44 (generally set at 25%).
NVDRs are traded through the Local Line and as such, investors can buy and sell them at the price of the Local Line.
Aside from NVDRs, foreign investors may purchase the Foreign Line, where they are entitled to all economic rights as well as voting rights.
Foreign Lines are subject to Foreign Ownership Limits, and investors can buy and sell them at the price of the Foreign Line.
@@ -10,7 +10,7 @@
Treatment for companies with NVDR issuance limits Companies with limits on NVDR issuance, may be represented in the MSCI Indexes using both Foreign Lines and Local Lines.
Each line is evaluated independently for potential inclusion or exclusion from the MSCI Thailand Indexes as per the index maintenance rules.
Company Full Market Capitalization.
-The company full market capitalization is calculated based on the price45F45 of the Local Line.
+The company full market capitalization is calculated based on the price45 of the Local Line.
Foreign Inclusion Factor.
The free float distribution between the Foreign Line and the Local Line is determined as follows: If Foreign Line is not included in If Foreign Line is included in Index Index FIF (Local Line) = Minimum (DIF, NVDR FIF (Foreign Line) = Minimum (DIF, FOL limit – NVDR strategic holdings) FOREIGN strategic shareholding) FIF (Local Line) = Minimum (DIF – FIF (Foreign Line), NVDR limit – NVDR strategic holdings)
Foreign Room. Foreign room is assessed for the Local Line relative to the NVDR issuance limits in line with the quarterly review of foreign room described in section 3.1.6.2.
M5 modified Treatment of Depository Receipts where Underlying Shares are Not Available for Trading
--- Treatment of Depository Receipts where Underlying Shares are Not Available for Trading (2026-10-02_0ca3a0d2)
+++ Treatment of Depository Receipts where Underlying Shares are Not Available for Trading (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-Starting from the May 2024 Index Review, MSCI will apply the below approach to calculate the Foreign Inclusion Factor (FIF) for Depository Receipts (DRs) where underlying shares are not available for trading.
+Trading Starting from the May 2024 Index Review, MSCI will apply the below approach to calculate the Foreign Inclusion Factor (FIF) for Depository Receipts (DRs) where underlying shares are not available for trading.
For additions to the MSCI Global Investable Market Indexes, including the MSCI ACWI IMI Index, the MSCI Frontier Markets IMI, the MSCI China All Shares IMI and relevant MSCI J-Series Indexes, the FIF will be calculated as the lower of: the FIF derived based on publicly disclosed capital raising activities at the time of listing and any subsequent offerings; or the FIF computed on the basis of the MSCI Free Float Data Methodology.
For securities added to the indexes using the capital raising method, MSCI will continue to review such securities using the capital raising method in the subsequent Index Reviews.
For existing constituents of the MSCI Global Investable Market Indexes, including the MSCI ACWI IMI Index, the MSCI Frontier Markets IMI, the MSCI China All Shares IMI and relevant MSCI J-Series Indexes, the FIF will be calculated as the lower of: the ratio of Depository Number of Shares (NOS)/Total NOS (wherever such data is available); or the FIF computed on the basis of the MSCI Free Float Data Methodology.
2 unchanged sections
- M9 Appendix VII: Price Source for Securities
- M9 Markets open on Saturday and/or Sunday
M6 modified Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stresssimilarity 0%
--- Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress (2026-10-02_0ca3a0d2)
+++ Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress (2026-10-02_735fbfb9)
@@ -0,0 +1 @@
+Switch to a Light Rebalancing under Conditions of Market Stress
3 unchanged sections
- M6 MSCI Market Monitoring Framework
- M6 Potential Switch to a Light Rebalancing during Index Reviews
- M6 “Light” Rebalancing
M6 modified Market Monitoring Period and Criteria
--- Market Monitoring Period and Criteria (2026-10-02_0ca3a0d2)
+++ Market Monitoring Period and Criteria (2026-10-02_735fbfb9)
@@ -1 +1,3 @@
-MSCI sets the last ten business days of the month prior to the announcement date of an Index Review as the “market monitoring period.” If within the “market monitoring period”, one of the following two conditions related to the Market Liquidity and Market Functioning pillars of the Market Monitoring Framework is met, a review by the relevant MSCI Index Committee(s) whether or not to switch to a “light rebalancing” would be triggered: Market Liquidity, for any 3 days within the “market monitoring period” - MSCI ACWI-weighted bid-ask spread, measured as index market capitalizationo weighted bid-ask spread ( [ask-bid] / ask )46, breaching 0.19% AND o MSCI ACWI volatility, measured as the annualized standard deviation47 of the daily o returns of the MSCI ACWI over the past 10 business days, breaching 0.55 - OR - Market Functioning Unexpected full day or partial stock exchange closures impacting 20% of MSCI o ACWI constituents cumulatively over the “market monitoring period”
+MSCI sets the last ten business days of the month prior to the announcement date of an Index Review as the “market monitoring period.” If within the “market monitoring period”, one of the following two conditions related to the Market Liquidity and Market Functioning pillars of the Market Monitoring Framework is met, a review by the relevant MSCI Index Committee(s) whether or not to switch to a “light rebalancing” would be triggered: - Market Liquidity, for any 3 days within the “market monitoring period”
+MSCI ACWI-weighted bid-ask spread, measured as index market capitalizationo weighted bid-ask spread ( [ask-bid] / ask )46, breaching 0.19% AND o MSCI ACWI volatility, measured as the annualized standard deviation47 of the daily o returns of the MSCI ACWI over the past 10 business days, breaching 0.55 - OR - Market Functioning
+o Unexpected full day or partial stock exchange closures impacting 20% of MSCI ACWI constituents cumulatively over the “market monitoring period”
2 unchanged sections
- M10 Communication Date and Policy
- M6 Index Review of the MSCI GIMI under Light Rebalancing
M7 modified Size-Segment Migrations during Light Rebalancingssimilarity 94%
--- Size-Segment Migrations during Light Rebalancings (2026-10-02_0ca3a0d2)
+++ Size-Segment Migrations during Light Rebalancings (2026-10-02_735fbfb9)
@@ -22,21 +22,23 @@
The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25% room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
0.5
-0.25 0 Current adjustment factor = 0.5 1
+0.25 0 Current adjustment factor = 0.5
+1
0.5
0.5
0.25 0 Current adjustment factor = 0.25 1
0.5
0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 046F48.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 048.
Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
-Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months after the weight reduction or deletion; unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL51 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9: Date of Data Used for Index Review.
+Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
+(For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL51 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9: Date of Data Used for Index Review.
+For example, to be considered for the February Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the November Index Review.
48 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
In case of India, MSCI monitors securities appearing on the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached on a daily basis.
MSCI deletes securities from the MSCI India Indexes that are (i) Appearing on the Breach list (ii) Appearing on the Red Flag/Caution list and have foreign room below 3.75% by giving 2 business days’ notice.
In the case of Mexico, MSCI monitors the foreign investments under the Neutral Trust Program (NTP).
The NTP structure mandates foreign investors to acquire shares only through it.
MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
-For example, to be considered for the February Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the November Index Review.
-During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL 47F49 until five business days before the effective date of that Index Review.
+During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL49 until five business days before the effective date of that Index Review.
Securities that are part of the Market Investable Equity Universe, but did not meet additional investability requirements at the previous Index Review are not added to the Investable Market Indexes as part of the light rebalancing, unless they meet the criteria outlined in Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings.
M4 modified Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancingssimilarity 95%
--- Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_0ca3a0d2)
+++ Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_735fbfb9)
@@ -1,11 +1,10 @@
-Securities that are currently not constituents of the Investable Market Indexes and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase are not eligible for inclusion into the Standard Indexes.
+Light Rebalancings Securities that are currently not constituents of the Investable Market Indexes and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase are not eligible for inclusion into the Standard Indexes.
Please refer to section 2.3.6.3 for more details.
These companies are assigned to the Large Cap Index if their full market capitalization exceeds the Interim Market Size-Segment Cutoff for the Large Cap Size-Segment; they are assigned to the Mid Cap Index otherwise.
In addition, IPOs eligible for early inclusion according to Sub-section 3.2.7, and for which the effective date of inclusion is either 5 days before the effective date of the Index Review or 3 days after, will be made effective to coincide with the Index Review.
-For example, when the effective date of inclusion of the IPO is August 29 (3 business days before September 1), while
+For example, when the effective date of inclusion of the IPO is August 29 (3 business days before September 1), while the effective date of the Index Review is September 1, the IPO will be added effective September 1.
49 Applicable only for securities still subject to FOLs.
For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
-the effective date of the Index Review is September 1, the IPO will be added effective September 1.
For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.
M7 modified Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancingssimilarity 92%
--- Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_0ca3a0d2)
+++ Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_735fbfb9)
@@ -1,9 +1,9 @@
-Existing constituents of the Investable Market Indexes can remain in the Investable Market Indexes only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing48F50 Foreign listing in the same geographical region 49F51 Foreign listing in a different geographical region 50F52 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
-However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI:
+Rebalancings Existing constituents of the Investable Market Indexes can remain in the Investable Market Indexes only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing50 Foreign listing in the same geographical region51 Foreign listing in a different geographical region52 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor; or
50 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
51 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
52 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
-Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor; or Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews; or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
+Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews; or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
0.5 if none of the above conditions are met.
3 unchanged sections
- M5 Changes in FIF and NOS during Light Rebalancings
- M6 Date of Data Used for Light Rebalancings
- M6 Index Maintenance for the Micro Cap Size-Segment during Light Rebalancings
M9 modified Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviewssimilarity 0%
--- Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviews (2026-10-02_0ca3a0d2)
+++ Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviews (2026-10-02_735fbfb9)
@@ -0,0 +1 @@
+Market Closures during Index Reviews
M9 modified Policy Regarding Trading Suspensions for Individual Securities during Index Reviewssimilarity 99%
--- Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-02_0ca3a0d2)
+++ Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-02_735fbfb9)
@@ -1,5 +1,5 @@
-MSCI will postpone the implementation of Index Review changes for IMI constituents, as well as Micro Cap constituents, when the affected securities are suspended 51F53 on the day prior to the effective implementation date52F54 of the Index Review.
+Reviews MSCI will postpone the implementation of Index Review changes for IMI constituents, as well as Micro Cap constituents, when the affected securities are suspended53 on the day prior to the effective implementation date54 of the Index Review.
The postponed Index Review changes will be implemented by giving two full business days (excluding the trading resumption day) after the securities starts trading.
Index Review changes include: Additions to, deletions from or migrations between the MSCI Large Cap, MSCI Mid Cap, MSCI Small Cap and MSCI Micro Cap Indexes Changes in Foreign Inclusion Factor (FIF), Domestic Inclusion Factor (DIF), Number of Shares (NOS) or style for the relevant current and pro forma IMI and Micro Cap constituents All Index Review changes that are postponed due to suspension will be cancelled two months after the effective date of the Index Review if the securities are still suspended and will be implemented at the Index Review following the securities’ resumption of trading if still warranted.
-Additions of Chinese securities to all MSCI Indexes53F55 (including pro forma MSCI China Indexes, MSCI China A Inclusion Indexes, MSCI China All Shares Indexes and MSCI China A Onshore Indexes) will be cancelled instead of postponed if the securities are suspended on the day prior to the effective implementation of the Index Review.
+Additions of Chinese securities to all MSCI Indexes55 (including pro forma MSCI China Indexes, MSCI China A Inclusion Indexes, MSCI China All Shares Indexes and MSCI China A Onshore Indexes) will be cancelled instead of postponed if the securities are suspended on the day prior to the effective implementation of the Index Review.
The inclusion of the security will be re-evaluated at the next Index Review.
5 unchanged sections
- M9 Policy Regarding Market Closures during Index Reviews
- M9 Market Closures Due to Scheduled Stock Market Holidays
- M9 Unexpected Full Trading Day Market Closures
- M9 Unexpected Market Closures of Less Than a Full Trading Day
- M9 Market Outage during the Trading Day
M4 modified Appendix X: Updating the Global Minimum Size References and Rangessimilarity 97%
--- Appendix X: Updating the Global Minimum Size References and Ranges (2026-10-02_0ca3a0d2)
+++ Appendix X: Updating the Global Minimum Size References and Ranges (2026-10-02_735fbfb9)
@@ -1 +1 @@
-As markets evolve due to events and price performance, the Global Minimum Size Reference and ranges are calculated on a daily basis using the following general principles.
+and Ranges As markets evolve due to events and price performance, the Global Minimum Size Reference and ranges are calculated on a daily basis using the following general principles.
5 unchanged sections
- M4 General Principles for Updating the Global Minimum Size References and Ranges
- M3 Appendix XI: Frontier Markets Country Classification
- M1 Appendix XII: MSCI DR Indexes
- M4 Constructing the MSCI DR Indexes
- M6 Maintaining the MSCI DR Indexes
M5 modified Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexessimilarity 99%
--- Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes (2026-10-02_0ca3a0d2)
+++ Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes (2026-10-02_735fbfb9)
@@ -1,3 +1,3 @@
-The NOS of the DRs in the MSCI DR Indexes is based on the maximum DRs that could be issued by dividing the number of shares of the Parent Index by the DR ratio (ratio between the common shares and the DRs).
+Indexes The NOS of the DRs in the MSCI DR Indexes is based on the maximum DRs that could be issued by dividing the number of shares of the Parent Index by the DR ratio (ratio between the common shares and the DRs).
The purpose of this is to allow the DR to reflect accurately the full market capitalization of the company in the DR Indexes.
The FIF is the same as the Parent Index constituent´s FIF in order to reflect accurately the freefloat adjusted market capitalization of the security.
4 unchanged sections
- M6 Quarterly Listing Reviews
- M5 Index Review of Changes in NOS and in FIF
- M8 Ongoing Event Related Changes
- M8 Additions and Deletions due to Corporate Events
M8 modified IPOs
--- IPOs (2026-10-02_0ca3a0d2)
+++ IPOs (2026-10-02_735fbfb9)
@@ -1 +1 @@
-DRs of IPOs which are significant in size and included early in the MSCI Global Standard Indexes according to Sub‐section 3.2.7, will be simultaneously included in the MSCI DR Indexes.
+DRs of IPOs which are significant in size and included early in the MSCI Global Standard Indexes according to Sub‐ section 3.2.7, will be simultaneously included in the MSCI DR Indexes.
3 unchanged sections
- M9 Dividend Reinvestment for DRs Indexes
- M9 Withholding tax
- M9 Dividend Fees Payable by DR Holders
M1 modified Appendix XIII: MSCI Domestic Indexes
--- Appendix XIII: MSCI Domestic Indexes (2026-10-02_0ca3a0d2)
+++ Appendix XIII: MSCI Domestic Indexes (2026-10-02_735fbfb9)
@@ -6,4 +6,4 @@
Free float of MSCI GIMI and MSCI Domestic indexes are reviewed, as defined in Sub-Section 3.1.7 based on the date of data defined in Sub-Section
3.1.9.
Please see Appendix VI for details on MSCI Free Float Definition and Estimation Guidelines.
-Currently, MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available for China54F57, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Canada, Korea and Australia55F58.
+Currently, MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available for China57, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Canada, Korea and Australia58.
3 unchanged sections
- M1 MSCI China A Onshore Indexes
- M2 Equity Universe
- M3 Equity Universe Minimum Size
M5 moved Assigning a Free Float-Adjustment Factor → Assigning a Free Float-Adjustment Factor
Moved without text changes.
M3 moved Investment Sanctions Related to U.S. Executive Order 13959 → Investment Sanctions Related to U.S. Executive Order 13959
Moved without text changes.
M3 moved MSCI K-Series Indexes → MSCI K-Series Indexes
Moved without text changes.
1 unchanged section
- M1 Appendix XIV: MSCI China Indexes
M1 modified MSCI China Indexes Offeringsimilarity 99%
--- MSCI China Indexes Offering (2026-10-02_0ca3a0d2)
+++ MSCI China Indexes Offering (2026-10-02_735fbfb9)
@@ -1,18 +1,24 @@
-Share Class Domestic MSCI China Indexes P Connect Index Free Float Foreign B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe ✓ ✓ ✓ ✓ ✓ ✓ ✓ MSCI China All Shares Index L/M/S Onshore FIF ✓ MSCI China A International Index L/M/S Onshore FIF ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ MSCI China Indexes L/M Connect 20% FIF ✓ ✓ MSCI China A Inclusion Index L/M Connect FIF ✓ ✓ MSCI China A Inclusion RMB Index L/M Onshore FIF MSCI China A Index
-✓ ✓ L/M Connect FIF ✓ ✓ MSCI China A RMB Index L/M Onshore FIF Domestic China A Shares Equity Universe ✓ MSCI China A Onshore Index L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
+Share Class Domestic MSCI China Indexes P Foreign Connect Index Free Float B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe MSCI China All Shares Index
+L/M/S Onshore FIF MSCI China A International Index L/M/S Onshore FIF MSCI China Indexes
+L/M Connect 20% FIF MSCI China A Inclusion Index
+L/M Connect FIF MSCI China A Inclusion RMB Index
+L/M Onshore FIF MSCI China A Index
+L/M Connect FIF MSCI China A RMB Index
+L/M Onshore FIF Domestic China A Shares Equity Universe MSCI China A Onshore Index
+L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
CDRs are not included in the MSCI China A Onshore Index, MSCI China A Index, MSCI China A Inclusion Index and MSCI China A International Index.
The MSCI China All Shares Indexes are built on the basis of the integrated China Equity Universe, including China A shares.
The MSCI China All Shares Indexes are designed to represent the opportunity set of China share classes.
They will be used as the basis for the construction of the MSCI China Indexes, included in Emerging Markets, subject to additional screening and inclusion factors, as well as the newly launched MSCI China A Indexes, which reflect only securities available through the Stock Connect program.
The MSCI China A International Indexes are constructed to represent the performance of the China A shares component of the MSCI China All Shares Indexes.
These indexes include China A shares regardless of their eligibility for trading through the Stock Connect program.
-For more details on the MSCI China All Shares and MSCI China A International Indexes, please refer to the MSCI China All Shares Indexes Methodology56F59.
+For more details on the MSCI China All Shares and MSCI China A International Indexes, please refer to the MSCI China All Shares Indexes Methodology59.
The MSCI China Indexes are designed to represent the performance of the Chinese securities that are included in the MSCI Emerging Markets Indexes.
In addition to the Red-chips, P-chips, B shares, H shares and foreign listings, Stock Connect eligible Large Cap and Mid Cap China A shares and CDRs are included at 20% of their actual free float-adjusted market capitalization using the Stock Connect listing.
-59 Available on https://www.msci.com/index-methodology Following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index in the November 2019 Index Review, the MSCI China A Indexes57F60 represent the performance of the China A shares portion of the MSCI China Index.
+59 Available on https://www.msci.com/index-methodology Following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index in the November 2019 Index Review, the MSCI China A Indexes60 represent the performance of the China A shares portion of the MSCI China Index.
The MSCI China A Indexes are calculated using the Stock Connect listing based on the offshore RMB exchange rate (CNH), while the MSCI China A RMB Indexes are variants of the MSCI China A Indexes that are calculated using China A local listings based on the onshore RMB exchange rate (CNY).
-The MSCI China A Inclusion Indexes58F61 represent the China A share portion of the MSCI China Index and are identical to the MSCI China A Indexes following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index.
+The MSCI China A Inclusion Indexes61 represent the China A share portion of the MSCI China Index and are identical to the MSCI China A Indexes following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index.
These indexes are also calculated using the CNH and CNY rates similar to the MSCI China A Indexes.
-In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes59F62 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
+In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes 62 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
Until March 1 2018, these indexes were named the MSCI China A Indexes.
60 Please refer to Appendix XVII for more details. 61 Please refer to Appendix XVI for more details. 62 Please refer to Appendix XII for more details on the MSCI China A Onshore Indexes.
M6 modified Appendix XV: Index Maintenance of the MSCI China Indexessimilarity 96%
--- Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-02_0ca3a0d2)
+++ Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-02_735fbfb9)
@@ -1 +1 @@
-This section has been updated in January 2020 60F63.
+This section has been updated in January 202063.
2 unchanged sections
- M5 Inclusion of China A Shares in the MSCI China Indexes
- M6 Index Maintenance of the MSCI China Indexes
M2 removed INTEGRATED MSCI CHINA EQUITY UNIVERSE
M2 moved Integrated MSCI China Equity Universe → Integrated MSCI China Equity Universe similarity 97%
--- Integrated MSCI China Equity Universe (2026-10-02_0ca3a0d2)
+++ Integrated MSCI China Equity Universe (2026-10-02_735fbfb9)
@@ -1,6 +1,6 @@
--> A-shares, CDRs and B-shares listed in China China A Share component -> H-shares, Red-chips, P-chips listed in HK -> foreign listed companies
+Integrated MSCI China Equity Universe -> A-shares, CDRs and B-shares listed in China China A Share component -> H-shares, Red-chips, P-chips listed in HK -> foreign listed companies
Apply Investability Screens
-MSCI China A MSCI China A Integrated MSCI China Investable MSCI China A (exclude Mid and Small Cap China A shares) International Inclusion Stock Connect Screen on China A shares Universe
+MSCI China A MSCI China A Integrated MSCI China Investable MSCI China A International (exclude Mid and Small Cap China A shares) Inclusion Universe Stock Connect Screen on China A shares
Size-Segment Consideration Reassessing Segment Number of Companies and Market Size-Segment Cutoffs
Assigning Companies to Appropriate Size Segments
Assessing Conformity with Final Size-Segment Investability Requirements MSCI China All MSCI China Shares
@@ -9,8 +9,8 @@
Integrated MSCI China Equity Universe
The MSCI China Indexes will be maintained using the MSCI Global Investable Market Indexes
methodology under the Emerging Market framework. They will be constructed on the basis of
-the integrated MSCI China Equity Universe comprised of A‐shares, CDRs61F64 and B‐shares
-listed in China, H‐shares, Red‐chips, and P‐chips listed in Hong Kong and foreign listings
+the integrated MSCI China Equity Universe comprised of A‐ shares, CDRs64 and B‐ shares
+listed in China, H‐ shares, Red‐ chips, and P‐ chips listed in Hong Kong and foreign listings
listed outside China or Hong Kong, identical to the universe used for the construction of the
MSCI China All Shares Index.
While all share classes from the integrated China Equity Universe will be included in the
M5 moved Calculation of Market Capitalization → Calculation of Market Capitalization
Moved without text changes.
M5 moved Impact of the Index Inclusion Factor for the Index Construction → Impact of the Index Inclusion Factor for the Index Construction
Moved without text changes.
M3 moved Investability Requirements → Investability Requirements similarity 99%
--- Investability Requirements (2026-10-02_0ca3a0d2)
+++ Investability Requirements (2026-10-02_735fbfb9)
@@ -1,2 +1,2 @@
-In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the Investable Market Indexes) from the investable equity universe if the securities: Are suspended on the Price Cutoff date, or - - Have been suspended for at least 50 days consecutively in the past 12 months 62F65 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
+In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the Investable Market Indexes) from the investable equity universe if the securities: - - Are suspended on the Price Cutoff date, or Have been suspended for at least 50 days consecutively in the past 12 months65 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
China A shares of companies will be assessed based on their current status in the MSCI China All Shares Indexes for this requirement, subject to the relevant buffer rules.
M4 moved Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size- Segments → Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments similarity 99%
--- Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size- Segments (2026-10-02_0ca3a0d2)
+++ Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-The Market Size-Segment Cutoffs and the Size-Segment allocation of companies are based on the integrated MSCI China Investable Equity Universe.
+Segments The Market Size-Segment Cutoffs and the Size-Segment allocation of companies are based on the integrated MSCI China Investable Equity Universe.
China A shares of companies will be assessed based on their current status in the MSCI China All Shares Indexes for this requirement, subject to the relevant buffer rules.
After this step, allocation to Size-Segments within the MSCI China Indexes is identical to the MSCI China All Shares Indexes.
65 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review)
M3 moved Foreign Ownership Limits and Foreign Room → Foreign Ownership Limits and Foreign Room
Moved without text changes.
M3 moved Assessing Conformity with Final Size-Segment Investability Requirements → Assessing Conformity with Final Size-Segment Investability Requirements
--- Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-02_0ca3a0d2)
+++ Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-02_735fbfb9)
@@ -1,6 +1,8 @@
Like for any other market, once companies are assigned to each Size-Segment, the securities of companies are evaluated for conformity with the additional Size-Segment Investability Requirements for each Size-Segment.
However, in addition to the requirements described in the relevant sections, such as Section 2.3.6 and 3.1.6, China A shares are further screened on the basis of their Stock Connect eligibility, Size-Segment allocation status, as well additional full company market capitalization requirements.
-More specifically, during Index Reviews, China A shares that are non-current constituents of the MSCI China Index and assigned to the Large Cap or Mid Cap Size-Segments must meet the following requirements to be added to the MSCI China Index: 1.0x the Standard Cutoff in terms of company full market capitalization - - 0.5x the Standard Cutoff in terms of security FIF-adjusted market capitalization o Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of Security FIF-adjusted Market Capitalization - Stock Connect eligibility China A shares assigned to Small Cap Size-Segment will not be added to the MSCI China Indexes.
+More specifically, during Index Reviews, China A shares that are non-current constituents of the MSCI China Index and assigned to the Large Cap or Mid Cap Size-Segments must meet the following requirements to be added to the MSCI China Index: - 1.0x the Standard Cutoff in terms of company full market capitalization - 0.5x the Standard Cutoff in terms of security FIF-adjusted market capitalization
+Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of o Security FIF-adjusted Market Capitalization - Stock Connect eligibility
+China A shares assigned to Small Cap Size-Segment will not be added to the MSCI China Indexes.
China A shares that are existing constituents of the MSCI China Index must meet the requirements specified in Section 3.1.6 and remain Stock Connect eligible to be retained in the MSCI China Index.
Stock Connect Eligibility China A Shares that are eligible for both buy and sell under either the Shanghai Connect or the Shenzhen Connect program will be eligible for inclusion to the MSCI China Index.
Stock Connect eligibility will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
M4 moved Additions of China A Shares during Light Rebalancings → Additions of China A Shares during Light Rebalancings similarity 99%
--- Additions of China A Shares during Light Rebalancings (2026-10-02_0ca3a0d2)
+++ Additions of China A Shares during Light Rebalancings (2026-10-02_735fbfb9)
@@ -1 +1,3 @@
-During a Light Rebalancing, China A shares that are non-current constituents of the MSCI China Index must meet the following requirements to be added to the MSCI China Index: - 1.8x the Interim Market Size-Segment Cutoff in terms of company full market capitalization - 1.8x one-half times the Interim Market Size-Segment Cutoff in terms of security FIFadjusted market capitalization Stock Connect eligibility -
+During a Light Rebalancing, China A shares that are non-current constituents of the MSCI China Index must meet the following requirements to be added to the MSCI China Index: - 1.8x the Interim Market Size-Segment Cutoff in terms of company full market
+capitalization - 1.8x one-half times the Interim Market Size-Segment Cutoff in terms of security FIF-
+adjusted market capitalization - Stock Connect eligibility
M9 moved Stock Connect Daily Limit Breach → Stock Connect Daily Limit Breach
Moved without text changes.
M8 moved Ongoing Event Related Changes → Ongoing Event Related Changes
--- Ongoing Event Related Changes (2026-10-02_0ca3a0d2)
+++ Ongoing Event Related Changes (2026-10-02_735fbfb9)
@@ -7,7 +7,7 @@
The postponed deletions will be implemented two days after the securities resume trading.
Stock Connect Daily Limit Breach MSCI will not postpone the implementation of corporate events for Stock Connect listings of China A shares when the Stock Connect daily limit is breached on the effective implementation date.
Early Inclusions IPOs of China A shares will only be reviewed for addition to the MSCI China Index at subsequent Index Reviews in order to assess the Stock Connect eligibility of the security.
-Other cases of early inclusion of China A shares (for example but not limited to spin off, merger, acquisition) will only be considered for inclusion in the MSCI China Indexes - if the event involves an existing constituent of the index, - if the new security is assigned to the Large Cap or Mid Cap size-segment, - and if the Stock Connect eligibility of the security is announced on or before the day of MSCI sending “Confirmed” corporate event announcement for the relevant event.
+Other cases of early inclusion of China A shares (for example but not limited to spin off, merger, acquisition) will only be considered for inclusion in the MSCI China Indexes - if the event involves an existing constituent of the index, if the new security is assigned to the Large Cap or Mid Cap size-segment, and if the Stock Connect eligibility of the security is announced on or before the day of MSCI sending “Confirmed” corporate event announcement for the relevant event.
The IIF applicable to a newly added security will be the same as the IIF of the Parent security.
The treatment for such cases, if any, would be communicated to clients with sufficient advance notice through the regular channels.
For example, a spin-off resulting from an existing Large Cap or Mid Cap China A share constituent of the MSCI China Index that qualifies for the Small Cap size-segment would not be added to the MSCI China Index but would be reviewed for inclusion in the following Index Review.
4 unchanged sections
- M1 Appendix XVI: MSCI China A Inclusion Indexes
- M4 Index Construction
- M6 Index Maintenance
- M9 Index Calculation
M1 modified Appendix XVII: MSCI China A Indexes
--- Appendix XVII: MSCI China A Indexes (2026-10-02_0ca3a0d2)
+++ Appendix XVII: MSCI China A Indexes (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-The MSCI China A Indexes63F66 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
+The MSCI China A Indexes66 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
The MSCI China A Indexes are designed for global investors accessing the China A shares market through the Stock Connect program.
The MSCI China A RMB Indexes are designed for domestic China investors and have the same constituents as the MSCI China A Indexes.
Currently, MSCI calculates the Standard as well as the Large Cap and the Mid Cap Size Segment Indexes for both the MSCI China A and the MSCI China A RMB Indexes.
2 unchanged sections
- M4 Index Construction
- M6 Index Maintenance
M8 moved Ongoing Event Related Changes → Ongoing Event Related Changes
Moved without text changes.
6 unchanged sections
- M9 Index Calculation
- other Appendix XVIII: Transition to the MSCI GIMI Methodology
- other Provisional Indexes
- other Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes
- other Publication of Provisional Indexes
- other Reflecting Constituent Changes in the Standard Indexes at the Transition Points
other modified Index Reviews and Treatment of On-Going Market Events during the Transition Period
--- Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-02_0ca3a0d2)
+++ Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-During the transition period, from May 4, 2007 through May 30, 2008, MSCI was maintaining its
+Period During the transition period, from May 4, 2007 through May 30, 2008, MSCI was maintaining its
schedule of regular Index Reviews for its Standard and Small Cap Index series.
The Provisional Indexes and Size-Segment Indexes were maintained according to the index maintenance principles of the Global Investable Market Indexes methodology.
To minimize changes not related to the transition, all changes in the Standard Indexes were coordinated with the Provisional Indexes.
1 unchanged section
- other Ongoing Event Related Changes
other modified May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Indexsimilarity 99%
--- May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-02_0ca3a0d2)
+++ May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-02_735fbfb9)
@@ -1,4 +1,4 @@
-The changes resulting from the May 2007 Annual Full Country Index Review of the existing Standard Indexes were announced on May 3, 2007, earlier than its normal announcement
+Review of the Small Cap Index The changes resulting from the May 2007 Annual Full Country Index Review of the existing Standard Indexes were announced on May 3, 2007, earlier than its normal announcement
schedule, to coincide with the availability of the pro-forma list of constituents of the MSCI Global Investable Market Indexes.
Further, in order to minimize reverse turnover, the May 2007 Annual Full Country Index Review for the Standard Indexes used the same Global Minimum Size Requirement and other investability requirements that were applied in the construction and maintenance of the Provisional Standard Indexes.
Only securities that were constituents of the Provisional Standard Indexes were added to the Standard Indexes to bring the Industry Group representation closer to 85%, if necessary.
10 unchanged sections
- other August 2007 Quarterly Index Review
- other November 2007 Semi-Annual Index Review
- other February 2008 Quarterly Index Review
- other May 2008 Semi-Annual Index Review
- other Transitioning Other Indexes
- other Global Value and Growth Indexes
- other Euro and Pan-Euro Indexes
- other Indexes Based on the Standard Indexes
- other GCC Countries Indexes
- other Summary Transition Timeline
M6 modified Appendix XIX: Transition to a Quarterly Comprehensive Index Reviewsimilarity 99%
--- Appendix XIX: Transition to a Quarterly Comprehensive Index Review (2026-10-02_0ca3a0d2)
+++ Appendix XIX: Transition to a Quarterly Comprehensive Index Review (2026-10-02_735fbfb9)
@@ -1,4 +1,6 @@
-Prior to the February 2023 Index Review, the MSCI Global Investable Market Indexes were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August The objective of the SAIRs was to systematically reassess the various dimensions of the Equity Universe for all markets, involving a comprehensive review of the Size-Segment Indexes.
+Index Review
+Prior to the February 2023 Index Review, the MSCI Global Investable Market Indexes were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August
+The objective of the SAIRs was to systematically reassess the various dimensions of the Equity Universe for all markets, involving a comprehensive review of the Size-Segment Indexes.
QIRs aimed to capture significant market driven changes that were not captured in the index at the time of their actual occurrence but are significant enough to be reflected before the next SAIR.
Following positive feedback from market participants in a market consultation, MSCI transitioned to a Quarterly Comprehensive Index Review (QCIR) schedule starting from the February 2023 Index Review.
In a QCIR, MSCI employs the index maintenance methodology of an SAIR across each of the quarterly Index Reviews.
M6 modified Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexessimilarity 98%
--- Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-02_0ca3a0d2)
+++ Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-02_735fbfb9)
@@ -1,2 +1,2 @@
-Indexes constructed from a parent index that follows GIMI methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
+compared to Parent Indexes Indexes constructed from a parent index that follows GIMI methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
For Derived Indexes whose Index Review schedule is less frequent compared to their parent, for example less frequent than quarterly (e.g. semi-annual, annual) compared to the MSCI Global Investable Market Indexes which are reviewed on a quarterly basis, changes resulting from the parent index, such as deletions, additions, as well as Number of Shares and Foreign Inclusion Factor changes, will be reflected as per the intra-rebalance treatment specified in their respective methodologies.
other modified Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodologysimilarity 98%
--- Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-02_0ca3a0d2)
+++ Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-02_735fbfb9)
@@ -1,2 +1,4 @@
+Methodology
In August 2022, a consultation was launched with proposals to enhance the MSCI Frontier Markets Indexes Methodology with the aim of addressing the following: A limited number of eligible securities and much smaller investment opportunity set caused by higher size cutoffs linked to Developed Markets (DM) Significantly higher country concentration, as a few heavily-weighted markets at the top of the index exist along with a longer list of smaller markets at the bottom Frequent changes in index composition, often driven by market reclassifications Following feedback from market participants, the changes below were implemented at the August 2023 Index Review: Independent size cutoffs for Frontier Markets are no longer linked to Developed Markets, For each individual Frontier Market, a reduction in the minimum number of companies meeting Standard Index requirements for Size and Liquidity from two companies to one, and Regional consolidation of individual markets for the purpose of index construction and maintenance where appropriate, starting with the Baltic States, i.e., Estonia, Lithuania and Latvia: MSCI considers Estonia, Lithuania and Latvia as a single market for the purpose of o index construction and maintenance under the MSCI Global Investable Market Indexes Methodology to derive the constituents of the MSCI Baltic States Indexes.
-The MSCI Estonia, MSCI Lithuania and MSCI Latvia Indexes are then derived from the constituents of the MSCI Baltic States Indexes, As part of the August 2023 Index Review, the constituents of the MSCI Estonia and o MSCI Lithuania Indexes were considered as existing constituents of the MSCI Baltic States Index for rebalancing purpose, o The MSCI Baltic States Indexes is maintained as a Very Low Liquidity market with a minimum Annualized Traded Value Ratio (ATVR) requirement of 2.5%.
+The MSCI Estonia, MSCI Lithuania and MSCI Latvia Indexes are then derived from the constituents of the MSCI Baltic States Indexes, As part of the August 2023 Index Review, the constituents of the MSCI Estonia and o MSCI Lithuania Indexes were considered as existing constituents of the MSCI Baltic States Index for rebalancing purpose, The MSCI Baltic States Indexes is maintained as a Very Low Liquidity market with a o minimum Annualized Traded Value Ratio (ATVR) requirement of 2.5%.
+MSCI Global Investable Market Indexes Methodology | November 2025
other modified Changes to the Methodology Book
--- Changes to the Methodology Book (2026-10-02_0ca3a0d2)
+++ Changes to the Methodology Book (2026-10-02_735fbfb9)
@@ -464,3 +464,80 @@
Section 3.3 Announcement Policy Section simplified and consolidated in the MSCI Corporate Events methodology
Section 3.1.9 Date of Data Used for Index Reviews Updated footnote 28 for Business Day clarification
Appendix I: Equity Markets and Universe Updated the table Ineligible Alert Boards and Other Cases
+The following section has been modified as of February 2026:
+Section 3.1.6.2 For Existing Constituents Updated to clarify the methodology of weight increase due to foreign room
+Section 4.1.3 Micro Cap Minimum Liquidity Requirement Updated to clarify the treatment for last quarter suspensions
+Appendix I: Equity Markets and Universe Updated the table Ineligible Alert Boards to remove Singapore Clarifications relating to changes in board under “Other Cases”
+Appendix II: Market Classification Framework Updated to clarify the effective date of any changes to the MSCI Advanced FM Indexes Updated the markets under Index Continuity
+Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress Updated to clarify the methodology of weight increase due to foreign room Contact Us About MSCI AMERICA MSCI is a leading provider of critical decision United States + 1 888 588 4567 * support tools and services for the global Canada + 1 416 687 6270 investment community.
+With over 50 years of Brazil + 55 11 4040 7830 expertise in research, data and technology, we power better investment decisions by enabling
+Mexico + 52 81 1253 4020 clients to understand and analyze key drivers of risk and return and confidently build more EUROPE, MIDDLE EAST & AFRICA effective portfolios.
+We create industry-leading research-enhanced solutions that clients use to South Africa + 27 21 673 0103 gain insight into and improve transparency across Germany + 49 69 133 859 00 the investment process.
+Switzerland + 41 22 817 9777 United Kingdom + 44 20 7618 2222 Italy + 39 02 5849 0415 To learn more, please visit www.msci.com.
+France + 33 17 6769 810 msci.com/contact-us ASIA PACIFIC The process for submitting a formal index complaint China + 86 21 61326611 can be found on the index regulation page of MSCI’s Hong Kong + 852 2844 9333 website at: https://www.msci.com/index-regulation.
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other removed Contact Us
--- Contact Us (2026-10-02_0ca3a0d2)
+++ /dev/null
@@ -1,7 +0,0 @@
-About MSCI AMERICA MSCI is a leading provider of critical decision United States + 1 888 588 4567 * support tools and services for the global Canada + 1 416 687 6270 investment community.
-With over 50 years of Brazil + 55 11 4040 7830 expertise in research, data and technology, we Mexico + 52 81 1253 4020 power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more EUROPE, MIDDLE EAST & AFRICA effective portfolios.
-We create industry-leading research-enhanced solutions that clients use to South Africa + 27 21 673 0103 gain insight into and improve transparency across Germany + 49 69 133 859 00 the investment process.
-Switzerland + 41 22 817 9777 United Kingdom + 44 20 7618 2222 Italy + 39 02 5849 0415 To learn more, please visit www.msci.com.
-France + 33 17 6769 810 msci.com/contact-us
-ASIA PACIFIC The process for submitting a formal index complaint China + 86 21 61326611 can be found on the index regulation page of MSCI’s Hong Kong + 852 2844 9333 website at: https://www.msci.com/index-regulation.
-India + 91 22 6784 9160 Malaysia 1800818185 * South Korea + 82 70 4769 4231 Singapore + 65 67011177 Australia + 612 9033 9333 Taiwan 008 0112 7513 * Thailand 0018 0015 6207 7181 * Japan + 81 3 4579 0333 * toll-free
other removed Notice and Disclaimer
--- Notice and Disclaimer (2026-10-02_0ca3a0d2)
+++ /dev/null
@@ -1,66 +0,0 @@
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MSCI Global Investable Market Indexes Methodology p.1 editorial · removed The M1 section is listed as removed, but the supplied previous text contains no substantive rule and the unified diff is empty. No index identity, universe, eligibility, selection, or weighting requirement can be identified as changed. Rated editorial: No rule is present in the previous passage, so no substantive rule was added or removed; the apparent deletion of an empty section is structural or formatting only.Model-written, for reference only. Open old p.1 ↗
Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes p.1 editorial · removed The listed M1 section is marked as removed in the updated version, but the provided previous text contains no substantive rule language and the unified diff is empty. Therefore, no identifiable index rule, threshold, or methodology change can be established from the supplied text. Rated editorial: No rule can be named from the removed section because the previous text is blank and no diff content is provided. Under the materiality guidance, an unidentifiable removal without substantive text is treated as an editorial.Model-written, for reference only. Open old p.1 ↗
Front matter p.1 editorial · added The updated version adds front-matter title text identifying the document as the MSCI Global Investable Market Indexes Methodology, dated November 2025. No index construction, eligibility, weighting, review, calculation, or governance rule is added or changed. Rated editorial: This is only added title/front-matter text; it does not state or alter any rule that would affect index users’ expectations or actions. The November 2025 date is a document date, not an explicitly stated effective date for a methodology change.Model-written, for reference only. Open p.1 ↗
Outline of the Methodology Book p.11 editorial · modified The methodology book's "last updated" date changes from November 2025 to February 2026. A document footer identifying the methodology as "MSCI Global Investable Market Indexes Methodology | November 2025" is also added. No index construction, maintenance, or calculation rule is changed. Rated editorial: The change only updates publication metadata and adds a document footer. It does not add, remove, or modify any index eligibility, selection, weighting, review, corporate-action, or calculation rule, so it is an editorial.Model-written, for reference only. Open p.11 ↗
2 Constructing the MSCI Global Investable Market Indexes p.14 editorial · modified The updated text changes “Market0F1” to “Market1” in the opening description of index construction. The listed construction steps and all substantive methodology requirements remain unchanged. Rated editorial: No index construction, eligibility, selection, weighting, or other operative rule changed. The edit only removes an apparent formatting artifact from the Market label, so it is an editorial.Model-written, for reference only. Open p.14 ↗
2.1.1 Identifying Eligible Equity Securities p.14 editorial · modified The update only repairs footnote-reference formatting and spacing in the eligibility paragraph. The substantive eligibility rules for REITs, Canadian income trusts, mutual funds, ETFs, equity derivatives, and investment trusts are unchanged. Rated editorial: No eligibility rule, threshold, condition, or affected security set changed. The revision only corrects footnote markers and spacing, which is non-substantive formatting.Model-written, for reference only. Open p.14 ↗
2.2.3 Equity Universe Minimum Size Requirement p.17 minor · modified The disclosed Equity Universe Minimum Size Requirement was updated from the November 2025 Index Review levels to the February 2026 levels. For Developed and Emerging Markets, the minimum full market capitalization increased from USD 505 million to USD 507 million; for Frontier Markets, it increased from USD 12 million to USD 13 million. The footnote marker and example table formatting were also corrected without changing the methodology. Rated minor: The change updates the numeric minimum full-market-capitalization eligibility thresholds under the Equity Universe Minimum Size Requirement, affecting which companies may enter the Market Investable Equity Universe. This is an eligibility rule in M3, so the applicable materiality ceiling is minor; the footnote and table layout changes are non-substantive.Model-written, for reference only. Open p.17 ↗
2.2.5 DM and EM Minimum Liquidity Requirement p.18 editorial · modified The update corrects malformed footnote/reference markers, such as “8F9” becoming “9”, removes a stray space, and reformats Note 11 into clearer bullet points. It does not change the DM/EM liquidity thresholds, China suspension rules, listing priority, USD 10,000 screen, or ATVR adjustment provisions. Rated editorial: No index rule, threshold, condition, affected security set, or calculation requirement changed. The edits are footnote-marker/cross-reference corrections, spacing changes, and reformatting, which are non-substantive patches.Model-written, for reference only. Open p.18 ↗
2.3.2.1 Defining the Global Minimum Size Reference p.24 minor · modified The methodology for deriving the Global Minimum Size Reference is unchanged, but the referenced market-capitalization levels and ranges are refreshed from October 15, 2025/November 2025 data to January 16, 2026/February 2026 data. The DM Standard reference increases from USD 14.31 billion to USD 15.20 billion, with corresponding changes to the DM and EM Standard ranges and the tabulated size-segment references. Rated minor: The changed rule is the Global Minimum Size Reference and associated Standard Index size range: numeric eligibility/selection thresholds are updated, while the 70%/85%/99% coverage methodology and 0.5x–1.15x range remain unchanged. Because this affects M4 eligibility/selection thresholds, the materiality is minor. No explicit effective date is stated.Model-written, for reference only. Open p.24 ↗
2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs p.26 editorial · modified The updated section adds a leading "Segment Cutoffs" label and reformats the text with additional line breaks and hyphenation. The methodology for deriving Market Size-Segment Cutoffs, including the 70%, 85%, and 99% coverage levels and Global Minimum Size Range adjustments, is unchanged. Rated editorial: No cutoff, eligibility, selection, or weighting rule changed. The update only inserts a label and rewraps existing text; the substantive size-segment cutoff methodology remains identical.Model-written, for reference only. Open p.26 ↗
2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example p.28 editorial · modified The updated section prepends the fragment "Size-Segments: Example" to the USA example and changes line wrapping in the Hungary chart text. The methodology, example figures, thresholds, ranks, and security-assignment logic remain unchanged. Rated editorial: No index rule, threshold, formula, cutoff, rank, or affected security set changed. The edit is a heading/text-layout adjustment and reflow of chart labels, so it is editorial.Model-written, for reference only. Open p.28 ↗
2.4 Index Continuity Rules p.31 editorial · modified Editorial change: wording only, no rule changed. Open p.31 ↗
2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes p.32 editorial · modified The updated text only adds the fragment "Markets Indexes"; no index methodology rule, eligibility criterion, calculation, or other substantive requirement is changed. Rated editorial: No identifiable methodology rule changed; the addition is only an isolated heading or text fragment, so it is an editorial.Model-written, for reference only. Open p.32 ↗
2.5.2 Composite Indexes12F p.33 editorial · modified The updated text only normalizes footnote/reference markers in the Composite Indexes section, such as changing "14F14" to "14", "15F15" to "15", and "16F16" to "16", with a minor spacing adjustment. The substantive description of how Market Indexes may be combined into Composite Indexes is unchanged. Rated editorial: No index construction, eligibility, selection, weighting, or other user-facing rule changed. The edits only remove internal footnote-tag artifacts and adjust spacing around reference markers, so this is an editorial.Model-written, for reference only. Open p.33 ↗
3.1.2.4 Minimum Liquidity Requirement for Existing Constituents p.38 editorial · modified The update changes only the formatting of footnote references in the listing-priority sentence, removing characters such as "F17" and adjusting spacing. The priority order for eligible listings—local, foreign in the same geographical region, then foreign in a different geographical region—and all liquidity requirements remain unchanged. Rated editorial: The listing-priority rule itself is unchanged; only footnote reference formatting and spacing are corrected. No eligibility condition, threshold, trigger, calculation, or affected security set changes, so this is an editorial.Model-written, for reference only. Open p.38 ↗
3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Ranges p.40 editorial · modified The updated text adds the standalone word "Ranges" at the beginning of the paragraph. The stated process for recalculating Global Minimum Size References and ranges is otherwise unchanged. Rated editorial: No index rule, threshold, formula, timing condition, or affected security set changes. The insertion of "Ranges" is a labeling/formatting change with no substantive effect, so it is an editorial.Model-written, for reference only. Open p.40 ↗
3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs p.40 editorial · modified The updated text adds the word "Cutoffs" immediately before the existing opening sentence. No rule, threshold, formula, condition, or affected security set is changed. Rated editorial: No index methodology rule changed; the update only inserts the label-like word "Cutoffs" before the unchanged sentence, making this a formatting or textual editorial.Model-written, for reference only. Open p.40 ↗
3.1.4.1 Determining Initial Segment Number of Companies p.40 editorial · modified The only change is the footnote/reference marker attached to "Interim Market Size-Segment Cutoff," which changes from "20F20" to "20." The methodology for determining the Initial Segment Number of Companies is unchanged. Rated editorial: No substantive rule changed; the update only corrects a footnote/reference marker. The eligibility, cutoff, and counting rules for determining the Initial Segment Number of Companies remain identical.Model-written, for reference only. Open p.40 ↗
3.1.4.2 Changes in the Segment Number of Companies p.41 editorial · modified The updated section only reformats the existing segment-number adjustment procedure: lines are rewrapped and footnote markers are changed from compact forms such as "21F21" and "22F22" to spaced "21" and "22". No addition, deletion, threshold, percentage, condition, or security-selection rule was changed. Rated editorial: The segment-number adjustment rule is unchanged, including the addition requirements and the 5% and 20% reduction limits. The diff consists solely of line reflow and footnote-marker formatting, so there is no substantive change to index user expectations or rules.Model-written, for reference only. Open p.41 ↗
3.1.5 Assigning Companies to Appropriate Size-Segments p.43 editorial · modified The text changes the upper buffer threshold reference from "23F23" to "23" and adds a line break within the word sequence "Final Size-Segment Investability Requirement." The priority rules for assigning companies to size-segments are otherwise unchanged. Rated editorial: The size-segment assignment rule and its eligibility conditions do not change. The only substantive-looking difference is a footnote or reference marker correction from "23F23" to "23," plus reformatting, which is an editorial under the cross-reference/footnote rule.Model-written, for reference only. Open p.43 ↗
3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes p.43 editorial · modified The update adds the word “Indexes” before the opening sentence and corrects a malformed footnote reference from “24F24” to “24”. The buffer-zone boundaries, small-cap entry treatment, and light-rebalancing rules are unchanged. Rated editorial: No substantive buffer-zone or migration rule changed. The only edits are an added introductory word and correction of a footnote-reference formatting error, so user actions and expectations are unaffected.Model-written, for reference only. Open p.43 ↗
3.1.6.2 For Existing Constituents p.45 major · modified The 12-month waiting period for increasing a foreign-room adjustment factor or re-adding a previously deleted security is now measured from the effective date of the weight reduction or deletion. A new May 2026 example states that the prior action must have been effective on or before the May 2025 Index Review. Other differences are line-wrap and footnote-marker formatting corrections. Rated major: The changed rule is the timing trigger for restoring a foreign-room adjustment factor or re-including a deleted security. Anchoring the 12-month period to the effective date and specifying the May 2026/May 2025 boundary can affect eligibility at the review cutoff; this is an M7 timing/adjustment rule, so the change is major. The remaining table wrapping and footnote-marker edits are presentational.Model-written, for reference only. Open p.45 ↗
3.1.9 Date of Data Used for Index Reviews p.48 editorial · modified The update reflows Section 3.1.9 and changes the display of footnote anchors, while relocating footnote text around the price-cutoff list and market-capitalization formula. The cutoff schedules, relevant data uses, 80% business-day definition, market-cap formula, and implementation timing remain unchanged. Rated editorial: No substantive index-review cutoff or calculation rule changed. The differences are line breaks, footnote placement, and footnote-reference formatting such as “28F28” becoming “28”; the substantive dates and 80% business-day threshold are identical, so this is an editorial.Model-written, for reference only. Open p.48 ↗
3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance p.51 editorial · modified The methodology for setting Interim Market Size-Segment Cutoffs is unchanged. The update corrects the malformed footnote reference "IPOs30F30" to "IPOs30," removes the footnote cross-reference phrase "As described in section 3.2.4.1," and reformats the surrounding text and bullet points. Rated editorial: No cutoff rule, threshold, formula, trigger, timing, or affected security set changed. The daily rank-based cutoff and its application of the Global Minimum Size Range bounds remain identical; the edits are footnote/cross-reference cleanup and reformatting, which are non-substantive.Model-written, for reference only. Open p.51 ↗
3.2.3 Changes in FIF or Number of Shares for Existing Index Constituents p.51 editorial · modified The updated text inserts footnote/reference number 30, "As described in section 3.2.7," into the sentence concerning subsequent public disclosure of post-event shareholder structures. No index rule, threshold, timing, or security treatment is changed. Rated editorial: The only change is the insertion of a footnote/cross-reference to section 3.2.7; it does not add, remove, or modify an index rule or affect user actions. Cross-reference and footnote changes are non-substantive patches.Model-written, for reference only. Open p.51 ↗
3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event p.52 editorial · modified The update adds a “Corporate Event” label at the start of the section and merges two adjacent sentences concerning post-event size-segment determination and deletion. The size-segment table and footnotes are reflowed, but the 50% increase and 33% decrease significance thresholds and the stated size-segment criteria are unchanged. Rated editorial: No corporate-action, size-segment, eligibility, threshold, or deletion rule is added or removed. The changes are a label insertion, sentence merge, and table/footnote reformatting, so the update is an editorial.Model-written, for reference only. Open p.52 ↗
3.2.6 Early Deletions of Existing Index Constituents p.55 major · modified The update adds a new minimum float-adjusted market capitalization requirement for Standard Index constituents whose FIF is below 0.15 after a corporate event. The requirement is expressed as 2/3rd of 1.8 times one half of the Standard Index Interim Size-Segment Cutoff. No explicit effective date is stated. Rated major: This adds a substantive numeric market-capitalization threshold affecting treatment of low-FIF Standard Index constituents in a corporate-action early-deletion scenario. It is an M8 corporate-actions/ad-hoc deletion change, so the materiality is major.Model-written, for reference only. Open p.55 ↗
3.2.7 Early Inclusions of Non-Index Constituents and IPOs p.56 major · modified The updated text removes footnote 33, which set a special minimum float-adjusted market capitalization requirement when a Standard Index constituent had a post-event FIF below 0.15. The surrounding sentence is rejoined to read “MSCI Global Investable Market Indexes,” and no replacement threshold appears in the provided updated passage. Rated major: A numeric post-event eligibility threshold for early inclusions in corporate actions has been removed, changing the conditions an index user would apply. Because the change occurs in M8 corporate actions and ad-hoc changes, it is classified as major.Model-written, for reference only. Open p.56 ↗
4.1.3 Micro Cap Minimum Liquidity Requirement p.60 minor · modified The Micro Cap minimum liquidity requirement now adds an eligibility exclusion: if a security’s latest 3-month ATVR is not calculated because of suspensions, non-constituents of the MSCI All Cap Indexes cannot be added to the MSCI Micro Cap Indexes. The existing 12-month ATVR and frequency-of-trading thresholds are unchanged. Rated minor: The change adds a new eligibility condition affecting which non-constituent securities may enter the Micro Cap Size-Segment. This is an M3 eligibility matter, so the substantive change is rated minor.Model-written, for reference only. Open p.60 ↗
5.1 Frontier Markets Definition p.63 editorial · modified The text of the frontier markets definition is unchanged. The only edit is a typographical correction to the footnote reference, changing “universe 34F34” to “universe34.” Rated editorial: No eligibility, universe, or other substantive rule changed; the update only corrects a footnote-marker typo, which is expressly an editorial-level formatting change.Model-written, for reference only. Open p.63 ↗
5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes p.63 editorial · modified The updated text adds the words "Markets Indexes" immediately before the opening sentence of the section. No index construction, eligibility, selection, weighting, or maintenance rule is changed. Rated editorial: The only change is an added heading-like phrase at the beginning of the section. It does not add, remove, or modify a rule, threshold, formula, condition, or affected security set, so it is a formatting/textual editorial rather than a substantive change.Model-written, for reference only. Open p.63 ↗
5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets p.65 editorial · modified The updated text inserts a space in the phrase "12‐ month ATVR." The 2.5%, 5%, and 15% minimum ATVR levels and all other Frontier Markets liquidity categorization rules remain unchanged. Rated editorial: The Frontier Markets Minimum Liquidity Requirement is substantively unchanged; only typographical spacing in "12‐month" changes, with no change to thresholds, eligibility conditions, or affected securities.Model-written, for reference only. Open p.65 ↗
5.2.3.2 Minimum Liquidity Requirement for Existing Constituents p.65 editorial · modified The update changes only formatting in the minimum-liquidity section: "12‐month ATVR" is rendered with an extra space as "12‐ month ATVR," and footnote/reference markers around the listing-priority rules are cleaned up. No liquidity thresholds, eligibility conditions, listing priorities, or index treatment rules are changed. Rated editorial: No substantive liquidity rule changed. The modifications are spacing/typographical changes and footnote-marker formatting; all thresholds, conditions, priorities, and treatment of existing constituents remain identical, so the change is an editorial.Model-written, for reference only. Open p.65 ↗
6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexes p.69 editorial · modified The updated section contains only the word "Indexes," while the previous section text is empty. No index rule, threshold, security set, or procedural requirement is added, removed, or modified. Rated editorial: No identifiable index methodology rule changed; the update appears to be an isolated label or formatting artifact. Therefore it is an editorial.Model-written, for reference only. Open p.69 ↗
Eligible Markets (Developed Markets) p.72 editorial · modified Editorial change: wording only, no rule changed. Open p.72 ↗
Eligible Markets (Emerging Markets) p.73 editorial · modified Editorial change: wording only, no rule changed. Open p.73 ↗
Eligible Markets (Standalone Markets) p.75 editorial · modified Editorial change: wording only, no rule changed. Open p.75 ↗
Ineligible Alert Boards p.81 minor · modified The updated ineligible alert-board table removes Singapore Exchange's Watch List. Consequently, securities on that board are no longer identified by this section as ineligible for the MSCI Equity Universe. Other visible differences are table ordering/formatting and the Sri Lanka board label being shown as "Watch List Board/Second Board." Rated minor: The substantive rule change is the deletion of the Singapore Exchange Watch List from the M2 list of ineligible alert boards, affecting universe eligibility. M1–M5 eligibility changes are capped at minor. No explicit effective date for the deletion is stated; the 2024 footnote dates relate to other boards.Model-written, for reference only. Open p.81 ↗
Other Cases p.83 editorial · modified The provision was restructured to state that securities entering the specified Indian, Indonesian, Korean, or Taiwanese boards during the review window are assessed under all relevant review criteria, but qualifying IMI additions and Standard/Small Cap migrations are still not implemented. The affected boards, observation period, deferred movements, and re-evaluation in the subsequent review remain unchanged. Rated editorial: The named rule—deferring IMI additions and Standard/Small Cap migrations for securities entering the specified boards during the stated period—has the same scope, trigger, prohibited movements, and subsequent-review treatment. The new wording clarifies the sequencing of review criteria but does not add, remove, or alter any substantive requirement.Model-written, for reference only. Open p.83 ↗
Appendix II: Market Classification Framework p.84 minor · modified MSCI updated the Size and Liquidity market-cap thresholds used in the Market Classification Framework. Full market-cap requirements rose from USD 205mm/3,577mm/7,153mm to USD 226mm/3,800mm/7,599mm, and float market-cap requirements rose from USD 102mm/1,788mm/3,577mm to USD 113mm/1,900mm/3,800mm for Frontier, Emerging, and Developed Markets, respectively. The changes apply to both Entry and Maintenance requirements, and the referenced minimums moved from the November 2025 Index Review to the February 2026 Index Review; ATVR and company-count requirements were unchanged. Rated minor: The named rule that changed is the Size and Liquidity Requirements’ full- and float-market-cap thresholds in the market classification framework. These new numeric thresholds can affect whether countries satisfy Entry or Maintenance requirements for market classification, so the change is substantive; because it concerns eligibility/universe criteria under M1-M5, the materiality ceiling is minor. No exact calendar effective date is stated.Model-written, for reference only. Open p.84 ↗
Advanced Frontier Markets p.85 minor · modified The updated text adds that any annual changes to the Advanced Frontier Markets subcategory will take effect at the subsequent November Index Review. The classification criteria, annual review announcement, and statement that Frontier Markets classification and indexes are unaffected remain unchanged. Rated minor: A new effective-timing rule was added for changes to the Advanced FM subcategory, so this is substantive rather than editorial. The outline item is M1, covering identity/classification, which sets the materiality ceiling at minor.Model-written, for reference only. Open p.85 ↗
Markets Under Index Continuity p.88 minor · modified The minimum constituent-count continuity rule itself is unchanged. The listed markets to which the rule was applied are updated from the November 2025 Index Review to the February 2026 Index Review, with Peru removed and Hungary added under Frontier Markets. Rated minor: The index continuity minimum-count rule is unchanged, but the stated review and the affected frontier market change from Peru in November 2025 to Hungary in February 2026. This changes the set of markets presented as subject to continuity treatment and falls within M4, so the materiality is capped at minor.Model-written, for reference only. Open p.88 ↗
Country Specific Cases p.90 editorial · modified The update removes duplicate footnote-reference artifacts (for example, “A shares38F38” becomes “A shares38”) in the Country Specific Cases section. The corresponding footnote numbers remain, and no country-classification, universe, or eligibility rule is changed. Rated editorial: No substantive rule changed; the only edits correct duplicated footnote-reference formatting such as “38F38” to “38.” This does not alter the index universe, eligibility criteria, thresholds, or any other user-facing rule.Model-written, for reference only. Open p.90 ↗
Appendix IV: Foreign Listing Materiality Requirement p.93 editorial · modified The methodology update refreshes the example of the two-index-review lag from November 2025/May 2026 to February 2026/August 2026. It also updates the latest review-status note to state that no additional markets met the requirement at the February 2026 review, and corrects the footnote marker from “42F42” to “42.” The eligibility thresholds, two-review timing rule, and eligible-country list are unchanged. Rated editorial: No substantive foreign-listing eligibility rule changed: the 5% and 0.05% thresholds, Frontier Markets exception, two-index-review lag, and eligible-country list remain the same. The revised dates occur in an illustrative example and a no-change status note, while “42F42” is a footnote-marker correction, so the change is editorial rather than an M3 eligibility change.Model-written, for reference only. Open p.93 ↗
Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 p.95 editorial · modified The updated version adds the standalone heading "U.S. Executive Order 13959" before the existing appendix text. No eligibility, deletion, adjustment-factor, review, or other methodology rule is changed. Rated editorial: The only change is the insertion of a section heading; it does not add, remove, or modify any index rule or affected-security treatment. This is formatting only and therefore an editorial.Model-written, for reference only. Open p.95 ↗
Appendix VI: Free Float Definition and Estimation Guidelines p.97 editorial · modified The updated opening removes the previous inline list describing the free-float process, including estimating foreign-available free float, assigning the Foreign Inclusion Factor, calculating free float-adjusted market capitalization, and using it for security weights. The text retains only the introductory statement that the process involves those steps. No methodology parameter, formula, threshold, or affected-security rule is changed. Rated editorial: The deleted language is a high-level introductory summary rather than an operative rule, and no specific threshold, formula, frequency, trigger, eligibility condition, or weighting parameter changes. The retained colon introduces the subsequent process description, so the change is presentational clean-up.Model-written, for reference only. Open p.97 ↗
Defining and Estimating Free Float p.97 editorial · modified The update adds an overview-style line listing the definition of free float, assignment of the Foreign Inclusion Factor, calculation of free float-adjusted market capitalization, and its use in index weights. It also repeats the section heading before the existing text. The substantive free-float estimation and classification rules are unchanged. Rated editorial: No free-float rule, threshold, classification, eligibility criterion, or calculation requirement changed. The insertion is descriptive or structural overview text, and the existing methodology language remains substantively identical.Model-written, for reference only. Open p.97 ↗
Assigning a Free Float-Adjustment Factor p.98 editorial · modified The update corrects a malformed footnote reference from “43F43” to “43” and adds a line break before the foreign-room country list. No FIF, LIF, rounding, eligibility, foreign-room, or monitored-market rule changes. Rated editorial: The changes are limited to a footnote-reference typo and table formatting. No index rule, threshold, formula, security set, or expected user action changes, so this is an editorial.Model-written, for reference only. Open p.98 ↗
Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues p.103 editorial · modified The updated text inserts the word "Issues" at the beginning of the first sentence. No eligibility, deletion, free-float, Foreign Inclusion Factor, timing, or readmission rule is changed. Rated editorial: No substantive index rule changed; the only difference is an added introductory word "Issues," which does not affect user actions or expectations. This is a textual or formatting editorial.Model-written, for reference only. Open p.103 ↗
Treatment of Non-Voting Depositary Receipts in Thailand p.103 editorial · modified The updated text corrects the footnote reference markers for Thai NVDR issuance limits and company full market capitalization, changing "44F44" to "44" and "45F45" to "45". It also removes the space before footnote 44. No index eligibility, selection, weighting, or calculation rule is changed. Rated editorial: The only changes are typographical corrections to footnote markers and spacing. They do not add, remove, or modify any NVDR eligibility, foreign ownership, inclusion-factor, market-capitalization, or other substantive index rule.Model-written, for reference only. Open p.103 ↗
Treatment of Depository Receipts where Underlying Shares are Not Available for Trading p.105 editorial · modified The updated section adds the stray word "Trading" at the beginning of the first sentence. No substantive rule, threshold, formula, eligibility condition, or treatment of depository receipts is changed. Rated editorial: No index methodology rule changed; the update only inserts an extraneous leading word in the opening sentence. The FIF calculation rules for new and existing DR constituents remain identical, so this is a non-substantive editorial.Model-written, for reference only. Open p.105 ↗
Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress p.107 editorial · modified The updated text adds the heading or fragment “Switch to a Light Rebalancing under Conditions of Market Stress.” The supplied passage contains no operative rule, threshold, trigger, schedule, or other methodology requirement. Rated editorial: No substantive index rule can be identified in the added text; it is only a heading or descriptive fragment. Because it does not alter user actions, expectations, or any M6 methodology term, the change is an editorial.Model-written, for reference only. Open p.107 ↗
Market Monitoring Period and Criteria p.108 editorial · modified The passage is reformatted from one continuous paragraph into separate lines and presents Market Liquidity as a bulleted condition. The monitoring period, liquidity and volatility thresholds, and market-functioning closure trigger remain unchanged. Rated editorial: The light-rebalancing market-monitoring trigger rules are unchanged; only line breaks and bullet formatting differ. Because no condition, threshold, date, security set, or calculation changed, this is an editorial.Model-written, for reference only. Open p.108 ↗
Size-Segment Migrations during Light Rebalancings p.109 major · modified The 12-month waiting period for generally restoring a foreign-room adjustment factor after a weight reduction, or for reconsidering a security deleted for low foreign room, is now expressly measured from the effective date of that reduction or deletion. The update adds a May 2026/May 2025 example. Other changes are formatting, paragraph placement, and footnote-marker cleanup. Rated major: The changed rule is the timing condition for upward adjustment-factor movements or re-inclusion after a low-foreign-room reduction or deletion. Expressly anchoring the 12-month period to the effective date, and adding the eligibility example, changes when affected securities can be considered, so it is substantive. As an M7 light-rebalancing/migration rule, the materiality ceiling is major.Model-written, for reference only. Open p.109 ↗
Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings p.112 editorial · modified The updated text adds the run-in heading "Light Rebalancings" and makes the illustrative IPO timing sentence contiguous by moving the footnote placement. No eligibility, market-capitalization, assignment, or inclusion-timing rule is changed. Rated editorial: No index rule changed: the 1.8x thresholds, extreme-price-increase exclusion, large/mid cap assignment, IPO timing window, and when-issued trading treatment remain substantively identical. The update only adds a heading and repairs layout/footnote placement, so it is an editorial.Model-written, for reference only. Open p.112 ↗
Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings p.113 editorial · modified The liquidity-deletion rules are unchanged. The update only adds a stray/repeated “Rebalancings” heading fragment, changes footnote reference labels, and relocates the existing deletion bullet before the footnotes without altering its conditions. Rated editorial: No index rule changed: the ATVR and Frequency of Trading thresholds, 10% weight and 0.5 times size-reference conditions, 0.5 Liquidity Adjustment Factor, and subsequent review outcomes remain identical. The differences are heading/formatting, footnote renumbering, and repositioning of existing text, so the change is an editorial.Model-written, for reference only. Open p.113 ↗
Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviews p.115 editorial · modified The updated version adds the text fragment "Market Closures during Index Reviews," which appears to be a heading or extracted title rather than an index methodology rule. No substantive policy, threshold, procedure, or affected-security condition is introduced. Rated editorial: No identifiable methodology rule changed; the update only adds a heading-like text fragment. Therefore it cannot affect index user actions or expectations and is classified as editorial.Model-written, for reference only. Open p.115 ↗
Policy Regarding Trading Suspensions for Individual Securities during Index Reviews p.115 editorial · modified The updated text adds the stray word "Reviews" at the beginning of the section and normalizes footnote reference markers. The substantive policy for postponing, cancelling, or resuming index review changes for suspended securities remains unchanged. Rated editorial: No index review, suspension, postponement, cancellation, or resumption rule changed. The update only adds an introductory formatting artifact and renumbers/cleans footnote markers, which is non-substantive.Model-written, for reference only. Open p.115 ↗
Appendix X: Updating the Global Minimum Size References and Ranges p.117 editorial · modified The updated text adds the stray phrase "and Ranges" before the opening sentence. The substantive statement that Global Minimum Size References and ranges are calculated daily remains unchanged. Rated editorial: No index rule, threshold, formula, frequency, or affected security set changes. The daily calculation principle is unchanged; the addition appears to be a formatting or heading-text artifact.Model-written, for reference only. Open p.117 ↗
Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes p.120 editorial · modified The updated text adds the word "Indexes" before the first sentence of the section. The rules for calculating DR number of shares and applying the parent index constituent's FIF remain unchanged. Rated editorial: No NOS, FIF, ratio, eligibility, weighting, or other index rule changed; the update only inserts the word "Indexes" at the start of the paragraph. This is a non-substantive textual/formatting change.Model-written, for reference only. Open p.120 ↗
IPOs p.122 editorial · modified The wording of the IPO inclusion rule is unchanged except for an inserted space in the term "Sub‐ section." This is a formatting-only change and does not alter the rule for including DRs of significant IPOs in the MSCI DR Indexes. Rated editorial: No substantive index rule, threshold, condition, or affected security set changed. The only difference is an inserted space within a cross-reference label, which is formatting and therefore editorial.Model-written, for reference only. Open p.122 ↗
Appendix XIII: MSCI Domestic Indexes p.123 editorial · modified The updated text removes the stray "54F" and "55F" characters from the footnote references following China and Australia, leaving footnotes 57 and 58 respectively. The list of countries for which MSCI Domestic Indexes are available is unchanged. Rated editorial: No index rule, country universe, eligibility criterion, weighting rule, or numeric threshold changed. The edit only corrects footnote-reference formatting, which is non-substantive under the materiality rules.Model-written, for reference only. Open p.123 ↗
MSCI China Indexes Offering p.125 editorial · modified The MSCI China Indexes share-class matrix is reflowed into separate rows, and the visible ✓ markers from the previous table no longer appear. Internal footnote-link markers are also simplified, such as “56F59” to “59.” The narrative eligibility and 20% Stock Connect inclusion-factor rules are unchanged. Rated editorial: The relevant rules are China share-class eligibility and the Stock Connect 20% FIF/DIF treatment. No eligibility criterion, size segment, inclusion factor, or affected security set is added or removed in the narrative; the change consists of table reformatting, disappearance of visible tick marks in the reflowed table, and footnote-reference cleanup. This is therefore non-substantive.Model-written, for reference only. Open p.125 ↗
Appendix XV: Index Maintenance of the MSCI China Indexes p.127 editorial · modified The text removes the space and apparent marker between "2020" and "63," changing "January 2020 60F63" to "January 202063." No index maintenance rule, date, threshold, or procedure is substantively modified. Rated editorial: This is a typographical or formatting correction only; no index maintenance rule or user expectation changes, so it is an editorial.Model-written, for reference only. Open p.127 ↗
Integrated MSCI China Equity Universe p.128 editorial · moved The updated exhibit labels the start of the flowchart as “Integrated MSCI China Equity Universe” and rearranges diagram labels, while the narrative text only changes spacing and removes the anomalous “61F” from the CDR footnote reference. The definition of the integrated China equity universe and the applicable exclusions for China A shares remain unchanged. Rated editorial: The substantive universe rule is unchanged: it still comprises A-shares, CDRs, B-shares, H-shares, Red-chips, P-chips, and foreign listings, and Small Cap China A shares and China A shares unavailable through Stock Connect remain excluded. The edits are diagram label placement, spacing, and correction of a footnote-reference artifact, so the change is an editorial.Model-written, for reference only. Open p.128 ↗
Investability Requirements p.129 editorial · moved The paragraph was reformatted so the bullet marker appears before the first suspension condition, and the footnote marker spacing was adjusted. The two exclusion conditions for newly eligible securities remain unchanged: suspension on the Price Cutoff date, or suspension for at least 50 consecutive days in the past 12 months. Rated editorial: The substantive suspension-exclusion rule for newly eligible securities is unchanged; only bullet placement and footnote-marker formatting differ. This is a formatting/move change, so it is an editorial.Model-written, for reference only. Open p.129 ↗
Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments p.129 editorial · moved The updated text prepends the word "Segments" to the first sentence of the section. The substantive requirements for market size-segment cutoffs and company size-segment allocation remain unchanged. Rated editorial: No index rule, threshold, eligibility condition, formula, or affected security set changed. The only difference is an added apparent heading or formatting label, "Segments," so this is a non-substantive editorial.Model-written, for reference only. Open p.129 ↗
Assessing Conformity with Final Size-Segment Investability Requirements p.130 editorial · moved The updated version splits the run-on list of China A share size-segment investability requirements into separate lines. The substantive requirements—1.0x company full market capitalization, 0.5x security FIF-adjusted market capitalization, the 1.8x requirement for securities with FIF below 0.15, Stock Connect eligibility, and exclusion of Small Cap additions—remain unchanged. Rated editorial: No eligibility threshold, condition, affected security set, or inclusion/exclusion rule changed. The revision only reformats a run-on paragraph into separate bullet-style lines, with the bullet marker displaced in the updated text, so it is an editorial.Model-written, for reference only. Open p.130 ↗
Additions of China A Shares during Light Rebalancings p.131 editorial · moved The updated version only reformats the Light Rebalancing eligibility requirements for China A shares, inserting line breaks and a hyphen in "FIF-adjusted" and presenting Stock Connect eligibility as a separate bullet. The 1.8x market-capitalization thresholds and Stock Connect requirement are unchanged. Rated editorial: No index rule changed: the additions criteria, including both 1.8x Interim Market Size-Segment Cutoff tests and Stock Connect eligibility, remain identical. The difference is solely line wrapping, hyphenation, and bullet formatting, so it is an editorial.Model-written, for reference only. Open p.131 ↗
Ongoing Event Related Changes p.131 editorial · moved Editorial change: wording only, no rule changed. Open p.131 ↗
INTEGRATED MSCI CHINA EQUITY UNIVERSE p.128 minor · removed The dedicated "INTEGRATED MSCI CHINA EQUITY UNIVERSE" section appearing on pages 128-133 of the previous methodology has been removed and is absent from the updated version. No replacement text is provided, so the specific universe rules affected cannot be identified from the supplied passage. Rated minor: The change removes a section relating to the integrated MSCI China equity universe, which is an M2 universe matter. Under the materiality rules, M1-M5 changes are capped at minor; no explicit effective date is stated.Model-written, for reference only. Open old p.128 ↗
Appendix XVII: MSCI China A Indexes p.136 editorial · modified The only change is the footnote/reference marker attached to "MSCI China A Indexes," which changes from "63F66" to "66." The stated purpose, investor audience, constituent relationship, and calculated index size segments remain unchanged. Rated editorial: No index rule changed; this is solely a footnote or cross-reference marker correction. Under the materiality rules, footnote/reference-number changes are editorial even though the displayed digits differ.Model-written, for reference only. Open p.136 ↗
Index Reviews and Treatment of On-Going Market Events during the Transition Period p.141 editorial · modified The updated text adds the word "Period" before "During" at the beginning of the section. No index review, eligibility, weighting, calculation, or transition rule is changed. Rated editorial: The only change is an inserted introductory word that does not add, remove, or modify any rule, threshold, date, formula, affected security set, or user action. It is therefore a non-substantive editorial.Model-written, for reference only. Open p.141 ↗
May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index p.142 editorial · modified The updated text prepends the label "Review of the Small Cap Index" to the opening sentence. The substantive description of the May 2007 review, eligibility requirements, additions, deletions, and market-capitalization ranges remains unchanged. Rated editorial: No index rule, threshold, condition, security set, formula, or schedule changed. The update only adds a heading-like label at the start of the passage, so it is an editorial.Model-written, for reference only. Open p.142 ↗
Appendix XIX: Transition to a Quarterly Comprehensive Index Review p.148 editorial · modified The updated section adds the heading "Index Review" and separates the introductory historical schedule from the description of SAIR objectives. No index methodology, schedule, threshold, or treatment is changed. Rated editorial: No substantive rule changed; the update only adds a heading and reformats existing text. The described QCIR transition and review methodology remain identical.Model-written, for reference only. Open p.148 ↗
Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes p.148 editorial · modified The updated text inserts the phrase "compared to Parent Indexes" at the start of the section's first sentence. No rule, threshold, schedule, treatment, or affected set of securities changes; the insertion appears to duplicate wording from the section title and does not alter the substance. Rated editorial: No review-schedule or intra-rebalance rule changed. The only modification is an inserted title-like phrase at the beginning of the paragraph, which is a non-substantive textual/formatting error and therefore an editorial.Model-written, for reference only. Open p.148 ↗
Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology p.149 editorial · modified The update adds a "Methodology" heading at the beginning and a document footer dated November 2025. It also reformats/reflows a stray bullet marker in the Baltic States ATVR sentence. No index rule, threshold, date, or eligibility requirement is changed. Rated editorial: No substantive index rule is added, removed, or modified; the 2.5% ATVR requirement and all August 2023 methodology changes remain the same. The changes are limited to heading/footer additions and formatting or text-reflow artifacts, so this is an editorial.Model-written, for reference only. Open p.149 ↗
Changes to the Methodology Book p.150 minor · modified The methodology-book change history adds a February 2026 block covering foreign-room weight increases for existing constituents, micro-cap liquidity treatment for last-quarter suspensions, the Appendix I ineligible alert-boards table, Appendix II Advanced FM effective dates and Index Continuity markets, and Appendix VIII foreign-room weight increases. Contact information and the standard legal disclaimer are also appended. Rated minor: The update records substantive changes affecting eligibility, universe/market coverage, and weighting, including removal of Singapore board-change clarifications and updates to Index Continuity markets. These fall within M1-M5 and are therefore capped at minor. No operative M6-M9 review, corporate-action, or calculation change is shown in the excerpt, and “February 2026” does not provide a complete ISO effective date.Model-written, for reference only. Open p.150 ↗
Contact Us p.189 editorial · removed The updated document removes the entire “Contact Us” section, including MSCI’s regional telephone numbers, website contact link, and pointer to the formal index-complaint process. This does not alter any index methodology rule, eligibility, weighting, calculation, review, or notice requirement. Rated editorial: The change removes administrative contact and complaint-related disclosure under M10. It does not change an index rule or any M1-M9 item, and it does not alter notice periods or consultation obligations, so it is an editorial.Model-written, for reference only. Open old p.189 ↗
Notice and Disclaimer p.190 editorial · removed Editorial change: wording only, no rule changed. Open old p.190 ↗
v2025.08 → v2025.11 · earlier step Latest step ↗ · 82 changes: ● 2 major ● 11 minor · 69 editorial
View:editorial · added The updated version identifies an added section titled "MSCI Global Investable Market Indexes Methodology," but the supplied section text and unified diff contain no substantive rule. Therefore, no index methodology change can be identified from the provided text. Rated editorial: No rule, threshold, formula, eligibility criterion, or other substantive methodology language is present, so no changed rule can be named. The apparent addition of an empty or non-extracted section is not a substantive methodology change.Model-written, for reference only. Open p.1 ↗
editorial · added Although the section is marked as added, the supplied updated text contains no visible rule, principle, or methodology language. No substantive index construction requirement can be identified from the provided excerpt. Rated editorial: No identifiable rule, threshold, formula, or affected security set is added because the provided section text is blank; therefore the change cannot affect what an index user would do or expect.Model-written, for reference only. Open p.1 ↗
editorial · modified The methodology book's "last updated" date was changed from August 2025 to November 2025. No index construction, maintenance, eligibility, weighting, or calculation rules were modified. Rated editorial: This is a documentation update-date change only. It does not add, remove, or alter any rule affecting index users or index outcomes, so it is an editorial under M10 disclosure-related changes.Model-written, for reference only. Open p.11 ↗
editorial · modified The only change is the formatting of the footnote reference after "Market," from "Market1" to "Market0F1." No index construction, eligibility, selection, weighting, or other methodological rule was changed. Rated editorial: This is a footnote-marker formatting change only. It does not add, remove, or modify any rule affecting index users or the securities covered.Model-written, for reference only. Open p.14 ↗
editorial · modified The update changes only the formatting/encoding of footnote reference markers in the eligible equity securities paragraph, such as "(REITs)2" becoming "(REITs) 1F2" and moving the marker for footnote 4 to a separate line. No eligibility categories, criteria, or other index rules are changed. Rated editorial: No equity-eligibility rule changed. The only differences are footnote marker formatting and line placement, which do not affect the securities eligible for the Equity Universe and are therefore editorial-level changes.Model-written, for reference only. Open p.14 ↗
minor · modified The disclosed Equity Universe Minimum Size Requirement was updated from the August 2025 Index Review level of USD 448 million for Developed and Emerging Markets and USD 10 million for Frontier Markets to USD 505 million and USD 12 million, respectively, at the November 2025 Index Review. Other differences are footnote-marker formatting and table layout changes. Rated minor: The Equity Universe Minimum Size Requirement is an eligibility threshold, and the updated numerical levels change which companies may be included in the Market Investable Equity Universe. This is an M3 eligibility change, so the materiality is minor; the remaining changes are formatting and do not add a separate rule.Model-written, for reference only. Open p.17 ↗
editorial · modified The update changes internal footnote/reference markers in the listing-priority and China suspension passages, such as "6" appearing as "5F6," and reformats the bulleted ATVR calculation note. The liquidity thresholds, suspension conditions, listing priority rules, and ATVR adjustment provisions remain substantively unchanged. Rated editorial: No eligibility or liquidity rule changed: the 20%/15% ATVR thresholds, 90%/80% Frequency of Trading thresholds, China suspension tests, listing priorities, and ATVR adjustments are unchanged. The edits are limited to footnote/cross-reference markers and formatting, which are non-substantive.Model-written, for reference only. Open p.18 ↗
minor · modified The methodology refreshes the Global Minimum Size Reference levels from July 16, 2025 (Aug-25 table) to October 15, 2025 (Nov-25 table). The DM Standard reference rises from USD 13.35 billion to USD 14.31 billion, changing the DM Standard range to USD 7.15–16.45 billion and the EM range to USD 3.58–8.23 billion; all tabulated Large Cap, Standard/Mid Cap, Small Cap, DM, EM, and Frontier references also change. The 70%/85%/99% coverage derivation and 50% EM relationship are unchanged. Rated minor: The changed rule is the numerical Global Minimum Size Reference and associated size ranges, which are eligibility/selection thresholds under M4. Although the calculation formula is unchanged, substituting new numeric thresholds can affect the securities covered, so this is substantive; M1–M5 changes have a minor ceiling.Model-written, for reference only. Open p.24 ↗
editorial · modified The update removes the duplicated lead-in phrase "Segment Cutoffs" and reformats line breaks, hyphenation, and bullet layout in the procedure for deriving Market Size-Segment Cutoffs. No coverage targets, thresholds, ranking logic, initial-construction treatment, or maintenance rules change. Rated editorial: No substantive rule for determining segment numbers or market size-segment cutoffs was added, removed, or modified; the 70%/85%/99% coverage targets and Global Minimum Size Range procedure remain the same. The change is limited to deleting a duplicated heading phrase and reformatting or rewrapping text, so it is an editorial.Model-written, for reference only. Open p.26 ↗
editorial · modified The update removes the redundant leading phrase “Size-Segments: Example” before the USA example and changes only line wrapping in the Hungary chart text. All illustrative companies, rankings, market capitalizations, coverage levels, and size-segment cutoff rules remain unchanged. Rated editorial: No size-segment cutoff, eligibility, selection, weighting, threshold, or calculation rule changed. The edit removes a duplicated heading phrase and reformats chart line breaks, so it is non-substantive.Model-written, for reference only. Open p.28 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.31 ↗
editorial · modified The updated version removes the isolated text fragment "Markets Indexes" from the section. No index construction, selection, calculation, or other methodology rule is changed. Rated editorial: The change only deletes a stray heading-like text fragment. No identifiable rule, threshold, condition, security set, or calculation methodology is added or removed, so it is non-substantive.Model-written, for reference only. Open p.32 ↗
editorial · modified The updated section retains the same definition and examples of Composite Indexes. The only differences are formatting and numbering changes to footnote/reference markers, such as "Market Classification14" becoming "Market Classification 14F14" and "MSCI World 15" becoming "MSCI World15F15". Rated editorial: No rule governing composite index construction, eligibility, selection, weighting, or affected securities changed. The update only reformats footnote/reference markers and related spacing, which is non-substantive renumbering and formatting.Model-written, for reference only. Open p.33 ↗
editorial · modified The listing-priority rule for existing constituents is unchanged: local listing, then foreign listing in the same geographical region, then foreign listing in a different geographical region. The only modification is the formatting of the inline footnote markers, which change from 17/18/19 to 17F17/18F18/19F19. Rated editorial: The substantive listing-priority rule is unchanged. Only footnote/reference markers were altered, which is a non-substantive formatting or cross-reference change and therefore an editorial.Model-written, for reference only. Open p.38 ↗
editorial · modified The updated text removes the stray word "Ranges" from the beginning of the paragraph. The substantive rule—that Global Minimum Size References and ranges are reset at Index Reviews using a process similar to updating the Equity Universe Minimum Size Requirement—is unchanged. Rated editorial: No index rule, threshold, process, or affected security set changed; the edit only removes an apparent stray heading word and restates the same sentence. Therefore this is an editorial.Model-written, for reference only. Open p.40 ↗
editorial · modified The updated text removes the stray heading word "Cutoffs" from the beginning of the sentence. The substantive rule for updating the Segment Number of Companies and Market Size-Segment Cutoffs is unchanged. Rated editorial: No index rule, threshold, formula, trigger, or affected security set changed. The edit only removes a redundant heading word and does not alter what an index user would do or expect.Model-written, for reference only. Open p.40 ↗
editorial · modified The methodology for determining the Initial Segment Number of Companies is unchanged. The only edit is the in-text footnote/reference marker after "Interim Market Size-Segment Cutoff," changing from "20" to "20F20"; the substantive rule and footnote text remain identical. Rated editorial: No eligibility, selection, calculation, threshold, or affected-securities rule changed. The alteration is solely a footnote/cross-reference marker and is therefore an editorial.Model-written, for reference only. Open p.40 ↗
editorial · modified The update reformats the procedure for adjusting the Segment Number of Companies by removing line breaks, joining hyphenated text, splitting one sentence into a separate paragraph, and changing footnote reference formatting (for example, "21" appears as "21F21"). No addition, deletion, threshold, percentage, trigger, or procedural condition was changed. Rated editorial: No index rule changed: the same Segment Number adjustment process, 5%/20% reduction limits, addition ordering, cutoff treatment, and small-market exception remain. The differences are only line-wrap consolidation, paragraph formatting, and footnote-marker encoding, so the change is an editorial.Model-written, for reference only. Open p.41 ↗
editorial · modified The updated text reformats the size-segment assignment priority list, consolidating the bullet points for companies above the lower segment's upper buffer threshold. The footnote-style marker is also changed from "threshold23" to "threshold 23F23." The eligibility categories and assignment priorities are otherwise unchanged. Rated editorial: The rule for assigning companies above the lower Size-Segment's upper buffer threshold is substantively identical; only formatting, bullet separation, and a footnote/reference marker change. No condition, threshold, security set, or index-user action changes, so this is an editorial.Model-written, for reference only. Open p.43 ↗
editorial · modified The updated text removes the extraneous word "Indexes" from the opening line and changes the footnote reference formatting from "24" to "24F24." The buffer-zone rules, thresholds, and small-cap entry treatment are unchanged. Rated editorial: No buffer-zone rule or threshold changed. The edits only remove an apparent stray heading word and alter footnote reference formatting, so they do not affect index user actions or expectations.Model-written, for reference only. Open p.43 ↗
editorial · modified The update reformats the foreign-room adjustment-factor table by joining two wrapped lines and changes the rendering of footnote anchors (for example, "F25", "F26", and "F27"). No adjustment factors, foreign-room thresholds, review timing, or constituent treatment changes. Rated editorial: The foreign-room adjustment-factor rules and the related 12-month/FOL review conditions are substantively unchanged. The diff only reflects table line reflow and footnote-marker formatting, so no index user action or expectation changes.Model-written, for reference only. Open p.45 ↗
major · modified MSCI added Thanksgiving to the global holidays treated as non-business days when determining Price Cutoff Dates. Correspondingly, the example for a November 26, 2024 Index Review changes the 10-business-day price cutoff window from October 14–25, 2024 to October 15–28, 2024. Other changes are list and footnote formatting. Rated major: The changed rule is the non-business-day calendar used to determine Index Review Price Cutoff Dates: Thanksgiving is now expressly included, changing the applicable cutoff window. This affects review scheduling/data timing under M6, so the materiality is major; the remaining list and footnote-marker changes are formatting only.Model-written, for reference only. Open p.48 ↗
editorial · modified The updated text changes the footnote marker after "significant IPOs" from "30" to "30F30" and joins a line-broken "upper bound" phrase. The rules for setting the Interim Market Size-Segment Cutoff and the use of previous-trading-day data are unchanged. Rated editorial: No index methodology rule changed; the only differences are a footnote-reference formatting change and removal of a line break. This does not alter eligibility, cutoff calculations, thresholds, affected securities, or review timing.Model-written, for reference only. Open p.50 ↗
editorial · modified The updated section removes the stray introductory phrase "Corporate Event" from the beginning of the first paragraph. The substantive rules for reviewing size-segment classification after a large corporate event are unchanged. Rated editorial: No corporate-action rule, threshold, trigger, affected security set, or implementation procedure changed. The edit only removes an extraneous introductory label, so it is an editorial.Model-written, for reference only. Open p.52 ↗
editorial · modified The updated section adds an announcement policy for corporate-event-related changes. Such changes must be announced to clients before implementation, and constituent additions and deletions must also be publicly announced before implementation, with a cross-reference to Section 8 of the MSCI Corporate Events methodology. Rated editorial: This adds an M10 disclosure/announcement rule for corporate-event changes, but it does not specify a notice period or consultation obligation. Under the provided materiality rules, M10 disclosure changes are editorial unless notice periods or consultation obligations change.Model-written, for reference only. Open p.57 ↗
minor · removed The updated methodology deletes the entire “3.3.1.1 Client Announcements” subsection. The previous version set out client announcement requirements for corporate events, including expected, undetermined, confirmed, correction, and acknowledged announcements; minimum lead times; daily ACE File delivery; and criteria for descriptive text announcements. No corresponding text remains in the updated version. Rated minor: The deleted rule is the client corporate-event announcement and notice regime. Removing explicit minimum notice periods and related announcement obligations changes what index users can expect. Because this is an M10 disclosure change affecting notice periods, the applicable materiality ceiling is minor.Model-written, for reference only. Open old p.57 ↗
minor · removed The updated methodology deletes the entire “Public Announcements” section. Previously, corporate-event constituent additions and deletions had to be publicly announced before implementation, other corporate-event changes were announced only to clients, and changes were announced at least two business days before becoming effective. The deletion also removes the specified publication channels. Rated minor: This is an M10 disclosure change, but it removes an explicit announcement obligation and the “at least two business days” notice period, so it cannot be classified as editorial.Model-written, for reference only. Open old p.59 ↗
minor · removed The updated methodology deletes Section 3.3.2, “IPOs and Other Early Inclusions,” in its entirety. This removes the announcement windows for early inclusions following large IPOs and large secondary offerings, MSCI’s no-comment policy for future listings and pending events, and the special STAR Market early-inclusion announcement and market-cap timing provision. Rated minor: The deletion removes explicit early-inclusion announcement windows and related disclosure expectations, so it is substantive rather than reformatting. Under the M10 governance/disclosure category, the change affects notice timing for market participants, raising the classification from editorial to minor.Model-written, for reference only. Open old p.59 ↗
editorial · modified The criteria defining the initial frontier-market universe are unchanged. The only edit is the footnote/reference marker after “developed markets universe,” which changes from “35” to “34F34,” with a preceding space. Rated editorial: The frontier-markets eligibility conditions themselves do not change; only a footnote marker is renumbered or reformatted. Footnote and cross-reference changes are non-substantive patches.Model-written, for reference only. Open p.63 ↗
editorial · modified The updated section removes the stray opening words "Markets Indexes" and renumbers footnote 35 to footnote 34. No index construction, eligibility, liquidity, size, continuity, or corporate-action rule changes. Rated editorial: No substantive index rule changed. The edit removes a redundant heading fragment and renumbers a footnote; the methodology text governing Frontier Markets construction remains identical.Model-written, for reference only. Open p.63 ↗
editorial · modified The update only renumbers the footnotes supporting the eligible-listing priority rules, from 36–38 to 35–37. The liquidity thresholds, listing-priority substance, and Frontier Markets treatment are unchanged. Rated editorial: No index rule changed; the only modifications are footnote and cross-reference numbers for the listing priority rules. Renumbering is expressly non-substantive, so the change is an editorial.Model-written, for reference only. Open p.65 ↗
editorial · modified The updated version removes the standalone word "Indexes" from section 6.4. No index methodology rule, threshold, formula, or affected security set is changed. Rated editorial: The change only deletes an isolated heading-like word and does not add, remove, or modify any identifiable index rule; therefore it is a non-substantive editorial.Model-written, for reference only. Open p.69 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.72 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.73 ↗
minor · modified The standalone-market table adds the Ukrainian Exchange as an exchange entry for Ukraine, while retaining PFTS Stock Exchange. This expands the eligible exchange/listing venues for Ukrainian securities; other differences are line-break and table-layout adjustments. Rated minor: The changed rule is the set of eligible stock exchanges for Ukraine: the updated table includes Ukrainian Exchange in addition to PFTS Stock Exchange. This affects index eligibility and therefore the potential securities universe, placing it in M2 with a ceiling of minor. No explicit effective date is stated.Model-written, for reference only. Open p.75 ↗
minor · modified The updated ineligible-alert-board table removes the "S+ Framework" as a listed alert board for the Mumbai Stock Exchange. Other differences in the table are primarily cell reordering or reflow and do not alter the listed boards or footnotes. Rated minor: The eligibility rule for Mumbai Stock Exchange alert boards changed because "S+ Framework" was removed from the list of boards whose securities are ineligible, affecting the set of securities covered. This is an M3 eligibility change, which has a minor materiality ceiling; no explicit effective date is stated.Model-written, for reference only. Open p.81 ↗
major · modified The updated methodology expands the list of regulatory boards that trigger a delay in IMI additions and Standard/Small Cap size-segment migrations during Index Reviews. It adds India's Short Term and Long Term Additional Surveillance Measure (ASM) boards and Korea's Investment Alert Issue and Investment Risk Issue boards. Affected securities are re-evaluated in the subsequent Index Review. Rated major: The rule delaying IMI additions and size-segment migrations during Index Reviews is expanded to cover additional Indian and Korean boards, changing the set of affected securities and their review timing. This is a substantive M6 review-treatment change, so the materiality is major.Model-written, for reference only. Open p.83 ↗
minor · modified The market-classification Size and Liquidity thresholds were increased for both entry and maintenance tests. Full market-cap thresholds rose from USD 181/3,338/6,676 mm to USD 205/3,577/7,153 mm for Frontier/Emerging/Developed markets, and float market-cap thresholds rose from USD 90/1,669/3,338 mm to USD 102/1,788/3,577 mm. The footnote also changes the referenced index review from August 2025 to November 2025; ATVR and company-count requirements remain unchanged. Rated minor: The update changes numeric full- and float-market-cap thresholds used in market-classification eligibility, affecting what markets and securities can satisfy the Size and Liquidity criteria. This is substantive and falls within M1-M5 eligibility/universe rules, so the materiality is minor; no exact effective date is stated.Model-written, for reference only. Open p.84 ↗
minor · modified The minimum constituent counts (5 for DM, 3 for EM, and 1 for FM) are unchanged. The index continuity table is updated from the August 2025 to the November 2025 Index Review: Czech Republic is removed from the Emerging Markets list, Egypt appears under Emerging Markets rather than Frontier Markets, and New Zealand, Serbia, and Peru remain listed. Rated minor: The named rule is the minimum-constituent index continuity rule. Its minimum thresholds do not change, but the markets to which the continuity rules are applied changes: Czech Republic is removed and Egypt moves from the Frontier to the Emerging Markets column in the updated table. This changes the affected market set under M4, so it is substantive but capped at minor.Model-written, for reference only. Open p.88 ↗
editorial · modified The update renumbers the footnotes in the Country Specific Cases section and changes some inline footnote markers to linked-reference formatting (for example, the China A-share footnote changes from 39 to 38). No country classification, universe, eligibility, or selection rule is changed. Rated editorial: No substantive index rule changed; the differences are limited to footnote numbering and inline cross-reference markers. Renumbering and cross-reference changes are expressly editorial, and the M2 country-universe and eligibility requirements themselves remain unchanged.Model-written, for reference only. Open p.90 ↗
editorial · modified The appendix updates the illustrative example of the two-index-review lag from August 2025/February 2026 to November 2025/May 2026. It also updates the latest review statement to say that no additional markets met the requirement at the November 2025 review. The eligibility thresholds, country list, and other foreign-listing rules are unchanged; bullet formatting and footnote numbering were also updated. Rated editorial: The Foreign Listing Materiality Requirement itself—the 5% and 0.05% thresholds, Frontier Markets exception, two-index-review lag, and eligible-country list—does not change. The updated dates are illustrative/current-review status information, with no additional markets added; the remaining changes are formatting and footnote renumbering. Therefore no substantive eligibility rule or affected security set changes.Model-written, for reference only. Open p.93 ↗
editorial · modified The update removes the standalone heading line "U.S. Executive Order 13959" from the appendix. The substantive treatment of securities affected by Executive Order 13959, including ineligibility, deletion, adjustment factors, and universe retention, remains unchanged. Rated editorial: No index rule changed; the only modification is removal of a standalone title/heading line. This is formatting or editorial cleanup and therefore an editorial, notwithstanding the page-number shift.Model-written, for reference only. Open p.95 ↗
minor · modified The updated introduction explicitly enumerates the free-float process: defining and estimating free float available to foreign investors, assigning a Foreign Inclusion Factor, and calculating free float-adjusted market capitalization. It also states that free float-adjusted market capitalization is used to calculate index weights. Rated minor: The update adds an explicit description of how free float is reflected in security weights, including the Foreign Inclusion Factor and the use of free float-adjusted market capitalization. This relates to M5 weighting methodology, so the substantive change is classified as minor; no effective date is stated.Model-written, for reference only. Open p.97 ↗
editorial · modified The updated version deletes an introductory overview line and the repeated section heading at the beginning of the passage. The substantive description of free float, including its basis in public shareholder data and classification of strategic and non-strategic investors, is unchanged. Rated editorial: No free-float definition, investor classification, FIF assignment, or weighting rule is added or removed. The deleted text is an introductory overview and duplicated heading, so the change is presentational rather than substantive.Model-written, for reference only. Open p.97 ↗
editorial · modified The footnote attached to the case-by-case Limited Investability Factor analysis was renumbered from 44 to 43, with the updated inline marker rendered as “43F43.” The foreign-room country table was also reformatted onto fewer extracted lines. No FIF, LIF, rounding, foreign-room, eligibility, or weighting rule was changed. Rated editorial: The substantive LIF rule remains that MSCI may determine and apply a LIF through extensive case-by-case analysis. Only the footnote number/reference marker and text formatting changed; footnote renumbering and layout changes are explicitly non-substantive, so this is an editorial.Model-written, for reference only. Open p.98 ↗
editorial · modified The updated text removes the extraneous leading word "Issues" from the first sentence of the section. The eligibility, deletion, review, free-float, and 12-month re-addition rules are unchanged. Rated editorial: No substantive index rule changed; the edit only removes an apparent stray heading word before the opening sentence. Therefore it is an editorial despite the page-number change.Model-written, for reference only. Open p.103 ↗
editorial · modified The updated section changes only the footnote markers for financial institutions and the Local Line price calculation, renumbering them from 45/46 to 44/45 (with altered marker formatting). The NVDR rules, 25% limit, FIF formulas, foreign-room treatment, and early-inclusion requirements are unchanged. Rated editorial: No substantive index rule changed. The only modifications are footnote/reference numbering and marker formatting, which are expressly non-substantive renumbering changes; therefore the change is an editorial.Model-written, for reference only. Open p.103 ↗
editorial · modified The updated text removes the extraneous opening word "Trading" from the section. The FIF calculation methodology for depository receipts whose underlying shares are not available for trading is otherwise unchanged. Rated editorial: No index rule, threshold, formula, affected security set, or review treatment changed. The edit only removes a stray word, so it is a presentational correction and therefore an editorial.Model-written, for reference only. Open p.105 ↗
editorial · modified The updated version removes the standalone line "Switch to a Light Rebalancing under Conditions of Market Stress." The provided text does not include any operative rule, threshold, trigger, or procedural change accompanying that removal. Rated editorial: The deleted text is an isolated heading or label; no index methodology rule can be identified from the provided passage. Because no user-facing condition, trigger, schedule, or calculation changed, this is an editorial under Step 1.Model-written, for reference only. Open p.107 ↗
editorial · modified The market monitoring criteria for a potential light rebalancing are unchanged: the last ten business days, any three days of spread/volatility breaches, and exchange closures affecting 20% of constituents remain the same. The update only reformats bullet placement and renumbers footnote references from 47/48 to 46/47. Rated editorial: The light-rebalancing market-monitoring triggers and all numeric thresholds are unchanged. The only differences are presentation/bullet reflow and footnote renumbering, which are non-substantive.Model-written, for reference only. Open p.108 ↗
editorial · modified The substantive communication-date policy is unchanged. The only modification is the renumbering of the two footnotes from 47 and 48 to 46 and 47; the section also moves from page 110 to page 108. Rated editorial: No index rule, threshold, timing condition, or disclosure obligation changed. The update only renumbers footnotes and reflects a page change, which is expressly non-substantive.Model-written, for reference only. Open p.108 ↗
editorial · modified The updated text reformats the foreign-room adjustment-factor table and changes footnote/reference markers, including renumbering the relevant footnote from 49 to 48. The foreign-room thresholds, adjustment factors, quarterly review, 12-month upward-adjustment condition, and India/Mexico treatment remain unchanged. Rated editorial: The change affects only the layout of the adjustment-factor table and its footnote/citation numbering. The substantive 3.75% threshold, zero-factor treatment, table values, monitoring frequency, and deletion rules are unchanged, so this is a non-substantive editorial.Model-written, for reference only. Open p.109 ↗
editorial · modified The updated text removes the run-in heading phrase "Light Rebalancings" from the first sentence and renumbers the intervening footnote from 50 to 49. The eligibility criteria, market-capitalization thresholds, assignment rules, and IPO timing treatment are unchanged. Rated editorial: No index rule changes: the substantive addition requirements remain identical, while the edits remove a heading label and renumber a footnote. These are formatting and footnote-numbering changes, so the materiality is editorial.Model-written, for reference only. Open p.112 ↗
editorial · modified The liquidity retention rules for existing Investable Market Index constituents are unchanged, including the 5% ATVR and 80%/70% Frequency of Trading thresholds, listing priority, and the Emerging Markets liquidity-adjustment exception. The update removes the stray heading word "Rebalancings" from the opening sentence and renumbers the associated footnotes from 51–53 to 50–52, with corresponding page shifts. Rated editorial: No eligibility, threshold, selection, weighting, or review rule changed. The only differences are removal of a heading fragment and footnote/cross-reference renumbering, which are expressly non-substantive.Model-written, for reference only. Open p.113 ↗
editorial · modified The updated version removes the standalone line "Market Closures during Index Reviews" from the provided text. No operative rule, threshold, procedure, or affected-security condition is added or removed in the supplied passage. Rated editorial: The only change is deletion of a heading-like line; no substantive index calculation or market-closure rule can be identified from the text, so this is a formatting or editorial editorial.Model-written, for reference only. Open p.115 ↗
editorial · modified The updated text removes the stray opening word "Reviews" and changes the footnote reference markers in the trading-suspension policy. No substantive rule, timing condition, threshold, or security treatment changes. Rated editorial: The policy for postponing, cancelling, or re-evaluating Index Review changes for suspended securities is unchanged. The edit only removes an extraneous word and updates footnote/reference markers, which is non-substantive formatting and cross-reference maintenance.Model-written, for reference only. Open p.115 ↗
editorial · modified The market-closure review principles are unchanged. The associated footnotes were renumbered from 54–56 to 53–55, and the section moved from page 117 to page 115. Rated editorial: No rule, threshold, condition, or affected security set changed. The only edits are footnote renumbering and a page-number change, which are non-substantive.Model-written, for reference only. Open p.115 ↗
editorial · modified The updated text removes the stray heading fragment "and Ranges" that appeared immediately before the opening sentence. The statement that Global Minimum Size References and ranges are calculated daily remains unchanged. Rated editorial: No index rule, threshold, formula, frequency, or affected security set changed; the update only removes a duplicated heading fragment from the beginning of the sentence.Model-written, for reference only. Open p.117 ↗
editorial · modified The updated text removes the stray opening word "Indexes" from the paragraph. The rules for calculating DR number of shares and applying the parent constituent's FIF remain unchanged. Rated editorial: No index methodology rule, formula, threshold, eligibility condition, or affected security set changed. The edit only removes an extraneous word, so it is an editorial.Model-written, for reference only. Open p.120 ↗
minor · modified The updated list of countries for which MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available adds Canada. The footnote reference numbers were also renumbered, but the substantive change is the expansion of country coverage. Rated minor: The rule changed is the stated country coverage of MSCI Domestic Indexes based on the GIMI Methodology: Canada is added, expanding the indexes/markets covered. This is an M1 identity/universe-coverage change and therefore minor; footnote renumbering alone would be editorial.Model-written, for reference only. Open p.123 ↗
editorial · modified Editorial change: wording only, no rule changed. Open p.123 ↗
editorial · modified The MSCI China share-class/index matrix is reformatted with check marks showing which share classes appear in each index. The surrounding narrative rules are unchanged, while footnote/reference numbers shift from 60–63 to 59–62 (appearing with revision artifacts such as "56F59"). Rated editorial: No index identity, universe, eligibility, selection, or weighting rule is added or removed; the check marks visually restate share-class coverage already described in the prose, and the other changes are footnote/cross-reference renumbering. This is therefore an editorial.Model-written, for reference only. Open p.125 ↗
editorial · modified The only change is to the reference marker following the January 2020 update note, from “64” to “60F63.” No index maintenance rule, date, threshold, or procedure is changed. Rated editorial: This is a footnote or cross-reference marker renumbering only; no substantive index maintenance rule is added, removed, or modified.Model-written, for reference only. Open p.127 ↗
editorial · modified The footnote defining “the MSCI China Indexes” as those included in the MSCI Emerging Markets Indexes was renumbered from 64 to 63. The substantive text and all maintenance rules remain unchanged. Rated editorial: The only change is a footnote number changing from 64 to 63. This is renumbering only, with no rule, threshold, condition, security set, or calculation methodology changed.Model-written, for reference only. Open p.127 ↗
editorial · added A new section titled "INTEGRATED MSCI CHINA EQUITY UNIVERSE" is indicated on pages 128-133 of the updated version. However, no section text or unified diff content is provided, so no actual universe, eligibility, or other index rule can be verified from the supplied materials. Rated editorial: Although the outline identifies an added M2-related section, the supplied text contains no operative rule to evaluate. Because no changed universe or eligibility rule can be named from the text, the change cannot be classified as substantive.Model-written, for reference only. Open p.128 ↗
editorial · moved The section was moved from page 130 to page 128, and the associated diagram was reflowed without changing its meaning. The only textual alteration in the universe description is the footnote/reference marker for CDRs, changing from "65" to "61F64"; the definition of the integrated MSCI China Equity Universe is unchanged. Rated editorial: No universe, eligibility, selection, or weighting rule changed. The differences result from moving the section, reflowing a diagram, and changing a footnote/reference marker, so the change is an editorial.Model-written, for reference only. Open p.128 ↗
editorial · moved The text is unchanged except that the footnote reference preceding the CDR statement is renumbered from 65 to 64. The substantive rule that CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility, remains identical. Rated editorial: No index rule changed; the only difference is a footnote/reference number from 65 to 64, which is renumbering associated with the moved section. Therefore the change is an editorial.Model-written, for reference only. Open p.128 ↗
editorial · moved The suspension exclusion rule for newly eligible securities is unchanged: securities are excluded if suspended on the Price Cutoff date or suspended for at least 50 consecutive days in the past 12 months. The update only relocates bullet markers, changes the footnote/reference marker from "66" to "62F65", and moves the section from page 131 to page 129. Rated editorial: No eligibility rule, threshold, condition, or affected security set changed. The 50-day suspension test and Price Cutoff date test remain identical; the differences are bullet formatting, a footnote/reference marker, and a page relocation, which are non-substantive editorial changes.Model-written, for reference only. Open p.129 ↗
editorial · moved The updated text removes the stray run-in word "Segments" from the opening sentence and renumbers the associated footnote from 66 to 65. The substantive rules for market size-segment cutoffs, China A share assessment, and the one-year suspension look-back remain unchanged. Rated editorial: No index rule, threshold, eligibility condition, or affected security set changed. The edit only removes a formatting artifact and renumbers a footnote, which is expressly an editorial.Model-written, for reference only. Open p.129 ↗
editorial · moved The China A size-segment investability section was moved from page 132 to page 130 and its bullet/list formatting was consolidated. The substantive requirements for adding or retaining China A shares, including market-capitalization thresholds, FIF treatment, Stock Connect eligibility, and the Small Cap exclusion, remain unchanged. Rated editorial: No eligibility rule, threshold, trigger, condition, or affected security set changed. The update only relocates the section and reformats list markers and line breaks, so it is an editorial despite the M3 subject matter.Model-written, for reference only. Open p.130 ↗
editorial · moved The section was moved from page 133 to page 131 and its text was reflowed. The eligibility requirements for adding non-current China A shares to the MSCI China Index during a Light Rebalancing remain unchanged. Rated editorial: No substantive selection or eligibility rule changed: the two 1.8x market-capitalization requirements and Stock Connect eligibility are unchanged. The differences are page relocation and line-wrapping or formatting, so this is an editorial.Model-written, for reference only. Open p.131 ↗
editorial · moved Editorial change: wording only, no rule changed. Open p.131 ↗
editorial · modified The only change is to the superscript/reference marker attached to "MSCI China A Indexes," replacing "67" with "63F66" and removing the preceding space. The descriptive methodology, index families, investor orientation, constituent relationship, and calculated size segments remain unchanged. Rated editorial: No substantive index rule changed; the update only alters a footnote/reference marker and reflects a page-number shift. It does not affect index identity, universe, eligibility, selection, weighting, or any other user-facing rule.Model-written, for reference only. Open p.136 ↗
editorial · moved The footnote number attached to the note on the former naming of the MSCI China A Onshore Indexes changed from 67 to 66. The substantive wording, date, and methodology references remain unchanged. Rated editorial: No index rule changed; only the footnote number was renumbered from 67 to 66, including its page position. Renumbering is expressly non-substantive, so the change is an editorial.Model-written, for reference only. Open p.136 ↗
editorial · modified The updated text removes the extraneous leading word "Period" from the first sentence. No index review, maintenance, or transition-period rule is changed. Rated editorial: This is a wording/formatting correction removing a stray word; no substantive rule, date, threshold, affected security set, or calculation treatment changed.Model-written, for reference only. Open p.141 ↗
editorial · modified The updated text removes the introductory run-in phrase "Review of the Small Cap Index" from the beginning of the paragraph. All substantive descriptions of the May 2007 review, eligibility screens, additions, deletions, and industry-group targets remain unchanged. Rated editorial: No index rule, threshold, date, formula, security set, or review procedure changed. The edit only removes an introductory label or heading, so it is non-substantive reformatting/rewording.Model-written, for reference only. Open p.142 ↗
editorial · modified The updated text removes the standalone "Index Review" heading and merges the first two paragraphs into one block. The substantive description of the transition from SAIRs/QIRs to QCIRs is unchanged. Rated editorial: No index rule, threshold, schedule, or affected security set changed. The update only removes a heading and combines paragraph formatting, so it is an editorial.Model-written, for reference only. Open p.148 ↗
editorial · modified The updated text removes the duplicated heading fragment "compared to Parent Indexes" from the beginning of the paragraph. The substantive rule for reflecting parent-index changes in less frequently reviewed Derived Indexes remains unchanged. Rated editorial: No index rule, schedule, trigger, affected security set, or treatment changed. The update only removes a duplicated title phrase from the paragraph, so it is a non-substantive editorial correction.Model-written, for reference only. Open p.148 ↗
editorial · modified The standalone heading "Methodology" was removed, and the stray "o" marker before "minimum" was relocated to the beginning of the final sentence concerning the MSCI Baltic States Indexes. These are formatting-only changes; the described index rules and the 2.5% ATVR requirement remain unchanged. Rated editorial: No index rule, threshold, condition, or affected security set changed. The update only removes a heading and moves a bullet/list marker, so it is a non-substantive formatting editorial.Model-written, for reference only. Open p.149 ↗
editorial · modified The methodology change history is reformatted and extended with October and November 2025 entries. These note the availability of MSCI Canada Domestic Indexes, consolidation of the Announcement Policy into the MSCI Corporate Events methodology, a Business Day footnote clarification, and updates to the Ineligible Alert Boards and Other Cases tables. No operative rule text or specific effective day is provided in this section. Rated editorial: The passage is a change-log/disclosure section (M10). Line-break changes are formatting, and the added entries only identify updates elsewhere without stating a new operative threshold, condition, formula, affected security set, notice period, or consultation obligation in the provided text. Therefore no concrete operative rule change can be identified from the excerpt.Model-written, for reference only. Open p.150 ↗
editorial · added Editorial change: wording only, no rule changed. Open p.189 ↗
editorial · added The updated document adds a two-page MSCI Notice and Disclaimer covering intellectual property, permitted use and AI restrictions, warranty and liability disclaimers, back-tested data and signals, valuation limitations, investment-advice disclaimers, conflicts of interest, and governing law. It does not change any ACWI index construction, eligibility, selection, weighting, review, or calculation rule. Rated editorial: No index methodology rule changed; the update adds governance, licensing, and disclaimer language. This falls under M10 disclosure/governance and does not alter notice periods, consultation obligations, or any index rule, threshold, schedule, formula, or affected securities.Model-written, for reference only. Open p.190 ↗
M1 added MSCI Global Investable Market Indexes Methodology
M1 added Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes
other modified Outline of the Methodology Booksimilarity 99%
--- Outline of the Methodology Book (2026-10-02_33869117)
+++ Outline of the Methodology Book (2026-10-02_0ca3a0d2)
@@ -7,4 +7,4 @@
Section 6 details the principles and the methodology used for MSCI Standalone Market Indexes construction.
The Appendices contain details on equity market coverage, country classification of securities, free float definition and estimation, and other attributes.
For more information on the terms used throughout this methodology document please refer to the MSCI Index Glossary on MSCI's website: https://www.msci.com/index-methodology.
-This book was last updated in August 2025.
+This book was last updated in November 2025.
1 unchanged section
- M1 1 Introduction to the MSCI Global Investable Market Indexes
M4 modified 2 Constructing the MSCI Global Investable Market Indexes
--- 2 Constructing the MSCI Global Investable Market Indexes (2026-10-02_33869117)
+++ 2 Constructing the MSCI Global Investable Market Indexes (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-The MSCI Global Investable Markets Indexes are constructed and maintained at an individual Market1 level.
+The MSCI Global Investable Markets Indexes are constructed and maintained at an individual Market0F1 level.
Constructing the MSCI Global Investable Market Indexes involves the following steps: Defining the Equity Universe for each Market.
Determining the Market Investable Equity Universe for each Market.
Determining market capitalization size-segments for each Market.
1 unchanged section
- M2 2.1 Defining the Equity Universe
M2 modified 2.1.1 Identifying Eligible Equity Securities
--- 2.1.1 Identifying Eligible Equity Securities (2026-10-02_33869117)
+++ 2.1.1 Identifying Eligible Equity Securities (2026-10-02_0ca3a0d2)
@@ -1,6 +1,7 @@
-All listed equity securities, including Real Estate Investment Trusts (REITs)2 and certain income trusts listed in Canada3 are eligible for inclusion in the Equity Universe.
+All listed equity securities, including Real Estate Investment Trusts (REITs) 1F2 and certain income trusts listed in Canada2F3 are eligible for inclusion in the Equity Universe.
Limited partnerships, limited liability companies, and business trusts, which are listed in the USA and are not structured to be taxed as limited partnerships, are likewise eligible for inclusion in the Equity Universe.
-Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts are not eligible for inclusion in the Equity Universe.4
+Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts are not eligible for inclusion in the Equity Universe.
+3F4
1 Developed Markets Europe, Baltic States and WAEMU are treated as single markets for the purpose of index construction.
2 Please refer to Appendix I for the list of REITs and REIT equivalent structures across different countries tracked by MSCI.
3 Please refer to Appendix I for the eligibility criteria of Canada Income Trusts.
4 unchanged sections
- M2 2.1.2 Country Classification of Eligible Securities
- M3 2.2 Determining the Market Investable Equity Universes
- M3 2.2.1 Identifying Eligible Listings
- M3 2.2.2 Applying Investability Screens
M3 modified 2.2.3 Equity Universe Minimum Size Requirementsimilarity 99%
--- 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_33869117)
+++ 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_0ca3a0d2)
@@ -2,19 +2,15 @@
In order to be included in a Market Investable Equity Universe, a company must have the required minimum full market capitalization.
This minimum full market capitalization is referred to as the Equity Universe Minimum Size Requirement.
The Equity Universe Minimum Size Requirement applies to companies in all markets, Developed and Emerging, and is derived as follows:
-First, the companies in the DM Equity Universe are sorted in descending order of full market capitalization and the cumulative coverage of the free float-adjusted market capitalization5 of the DM Equity Universe is calculated at each company.
+First, the companies in the DM Equity Universe are sorted in descending order of full market capitalization and the cumulative coverage of the free float-adjusted market capitalization4F5 of the DM Equity Universe is calculated at each company.
Each company’s free floatadjusted market capitalization is represented by the aggregation of the free float-adjusted market capitalization of the securities of that company in the Equity Universe.
Second, when the cumulative free float-adjusted market capitalization coverage of 99% of the sorted Equity Universe is achieved, the full market capitalization of the company at that point defines the Equity Universe Minimum Size Requirement.
The rank of this company by descending order of full market capitalization within the DM Equity Universe is noted and will be used in determining the Equity Universe Minimum Size Requirement at the next rebalance.
5 Unless explicitly stated otherwise in this methodology book, the free float-adjusted market capitalization used by MSCI is post application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors).
Example:
Using the steps mentioned above, in this example the full market capitalization of the 8008th company of USD 150 million will be chosen as the Equity Universe Minimum Size Requirement.
-Cumulative Free Free Float- Float-Adjusted Full Market Adjusted Market Market Capitalization Capitalization Capitalization Rank of Company Country (USD millions) (USD millions) Coverage Company A 400,000 400,000 1.29% 1 a B a
-360,000 360,000 2.45% 2 C a
-275,000 250,000 3.26% 3 AD 250,000 250,000 4.06% 4 a AE b
-240,000 190,000 4.68% 5 AF c
-235,000 95,000 4.98% 6 GG a 230,000 230,000 5.73% 7 AH 225,000 225,000 6.45% 8 a AL d
-210,000 210,000 7.13% 9 … … … … … … … … … … .. .. .. .. .. WWW f 1,000 250 98.99% 8,007 XYZ 150 130 99.00% 8,008 g YYY f 125 125 99.01% 8,009 ZZZZ f 100 100 99.01% 8,010 … … … … … Total 31,000,000 100.00%
-At the time of the August 2025 Index Review, the Equity Universe Minimum Size Requirement was USD 448 million for the Developed and Emerging Markets while it was USD 10 million for the Frontier Markets.
+Cumulative Free Free Float- Float-Adjusted Full Market Adjusted Market Market Capitalization Capitalization Capitalization Rank of Company Country (USD millions) (USD millions) Coverage Company A a 400,000 400,000 1.29% 1 B a 360,000 360,000 2.45% 2 C a 275,000 250,000 3.26% 3 AD a 250,000 250,000 4.06% 4 AE b 240,000 190,000 4.68% 5 AF c 235,000 95,000 4.98% 6 GG a 230,000 230,000 5.73% 7 AH a 225,000 225,000 6.45% 8 AL d 210,000 210,000 7.13% 9 … … … … … … … … … … .. .. .. .. ..
+WWW f 1,000 250 98.99% 8,007 XYZ g 150 130 99.00% 8,008 YYY f 125 125 99.01% 8,009 ZZZZ f 100 100 99.01% 8,010 … … … … … Total 31,000,000 100.00%
+At the time of the November 2025 Index Review, the Equity Universe Minimum Size Requirement was USD 505 million for the Developed and Emerging Markets while it was USD 12 million for the Frontier Markets.
Companies with full market capitalizations below this level are not included in any Market Investable Equity Universe.
The Equity Universe Minimum Size Requirement is reviewed and, if necessary revised, at Index Reviews.
1 unchanged section
- M3 2.2.4 Equity Universe Minimum Float-Adjusted Market Capitalization Requirement
M3 modified 2.2.5 DM and EM Minimum Liquidity Requirement
--- 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_33869117)
+++ 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_0ca3a0d2)
@@ -9,13 +9,13 @@
This rule is referred to as the DM Minimum Liquidity Requirement.
A minimum liquidity level of 15% of 3-month ATVR and 80% of 3-month Frequency of Trading over the last 4 consecutive quarters, as well as 15% of 12-month ATVR are required for the inclusion of a security in a Market Investable Equity Universe of an Emerging Market.
This rule is referred to as the EM Minimum Liquidity Requirement.
-In addition to the ATVR and Frequency of Trading requirements, securities in the MSCI China Equity Universe will not be eligible for inclusion in the Market Investable Equity Universe if the securities: Are suspended on the Price Cutoff Date (as defined in section 3.1.9) of the Index Review Have been suspended for 50 consecutive business days or more in the past 12 months6 Only one listing per security may be included in the Market Investable Equity Universe.
-In instances when a security has two or more eligible listings that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of the security in the Market Investable Equity Universe: Local listing7 Foreign listing in the same geographical region 8
+In addition to the ATVR and Frequency of Trading requirements, securities in the MSCI China Equity Universe will not be eligible for inclusion in the Market Investable Equity Universe if the securities: Are suspended on the Price Cutoff Date (as defined in section 3.1.9) of the Index Review Have been suspended for 50 consecutive business days or more in the past 12 months 5F6 Only one listing per security may be included in the Market Investable Equity Universe.
+In instances when a security has two or more eligible listings that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of the security in the Market Investable Equity Universe: Local listing6F7 Foreign listing in the same geographical region 7F8
6 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review).
7 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
8 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
-Foreign listing in a different geographical region 9.
+Foreign listing in a different geographical region 8F9.
Concerning the level of a stock price, there may be liquidity issues for securities trading at a very high stock price.
Hence, a limit of USD 10,000 has been set and securities with stock prices above USD 10,000 fail the liquidity screening.
This rule applies only for non-constituents of the MSCI Global Investable Market Indexes.
@@ -28,7 +28,7 @@
In case of an increase in a security’s FIF from zero to non-zero effective at an upcoming regular Index Review or during the relevant ATVR calculation period (e.g. due to an increase in FOL or in any adjustment factor), MSCI may adjust ATVR values by applying the updated FOL or adjustment factor during the ATVR calculation period where the FIF was zero.
9 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
10 Liquidity values published in the MSCI Index monthly product files currently does not consider certain adjustments such as trading volumes on Saturdays and/or Sundays.
-11 Notes on ATVR calculation: - Trading volumes and prices for liquidity computation will only be captured from eligible exchange, including USA and Canada.
-In general, MSCI uses free float-adjusted security market capitalization after the application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors).
-ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
+11 Notes on ATVR calculation: Trading volumes and prices for liquidity computation will only be captured from eligible exchange, including USA and Canada.
+In general, MSCI uses free float-adjusted security market capitalization after the application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors). - ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded.
+In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.
7 unchanged sections
- M3 2.2.6 Global Minimum Foreign Inclusion Factor Requirement
- M3 2.2.7 Minimum Length of Trading Requirement
- M3 2.2.8 Minimum Foreign Room Requirement12
- M3 2.2.9 Financial Reporting Requirement
- M4 2.3 Defining Market Capitalization Size-Segments for Each Market
- M4 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment
- M4 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment
M4 modified 2.3.2.1 Defining the Global Minimum Size Referencesimilarity 97%
--- 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_33869117)
+++ 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_0ca3a0d2)
@@ -1,15 +1,10 @@
The Global Minimum Size Reference for the Large Cap, Standard, and Investable Market sizesegments are derived in a similar manner to the derivation of the Equity Universe Minimum Size as follows: First, the companies in the DM Investable Equity Universe are sorted in descending order of full market capitalization and the cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe is calculated at each company.
-Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen: - DM Large Cap Index: 70% coverage - DM Standard Index: 85% coverage - DM Investable Market Index: 99% coverage
-For Emerging Markets, the Global Minimum Size Reference is set at one-half the corresponding level of full market capitalization used for the Developed Markets for each size-segment.
-The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on July 16, 2025 data, are set forth below.
-The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 13.35 billion.
+Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen: - DM Large Cap Index: 70% coverage - DM Standard Index: 85% coverage DM Investable Market Index: 99% coverage - For Emerging Markets, the Global Minimum Size Reference is set at one-half the corresponding level of full market capitalization used for the Developed Markets for each size-segment.
+The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on October 15, 2025 data, are set forth below.
+The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 14.31 billion.
This level, therefore, defines the Global Minimum Size Reference for DM Standard Indexes.
Applying the range of
-0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 6.68 billion to USD 15.35 billion for the DM Standard Indexes. The EM range for the Standard Indexes, therefore, is USD 3.34 billion to USD 7.68 billion.
-Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe
-Global Minimum Size Global Minimum Size Global Minimum Size Coverage Reference Reference (50% of DM) Reference Aug-25 Aug-25 Aug-25 Universe
-Large Cap 70%
-43,982 21,991 927 Mid Cap 85%
-13,352 6,676 361 Small Cap 99%
-1,028 514 25
-All market caps are in USD millions. Data as of the close of July 16, 2025 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
+0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 7.15 billion to USD 16.45 billion for the DM Standard Indexes. The EM range for the Standard Indexes, therefore, is USD 3.58 billion to USD 8.23 billion.
+Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Global Minimum Size Global Minimum Coverage Size Reference Reference (50% of DM) Size Reference Nov-25 Nov-25 Nov-25 Universe
+Large Cap 70% 47,101 23,550 1,047 Mid Cap 85% 14,306 7,153 409 Small Cap 99% 1,112 556 29
+All market caps are in USD millions. Data as of the close of October 15, 2025 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
M4 modified 2.3.3 Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs (was 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs)
--- 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-02_33869117)
+++ 2.3.3 Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs (2026-10-02_0ca3a0d2)
@@ -1,14 +1,9 @@
-Segment Cutoffs The Market Size-Segment Cutoffs are derived by identifying a size cutoff which falls within, or as close as possible to, the Size and Coverage Target Area for that size-segment.
+The Market Size-Segment Cutoffs are derived by identifying a size cutoff which falls within, or as close as possible to, the Size and Coverage Target Area for that size-segment.
For each size-segment, for each market, this is achieved as follows: The companies in the Market Investable Equity Universe are sorted in descending order of full market capitalization.
The cumulative free float-adjusted capitalization coverage of the Market Investable Equity Universe is calculated at each company.
-MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - Investable Market Index: 99%
-If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
-segment at that point in time.
-- The number of companies with full market capitalization greater than or equal to the relevant company provides
-the Segment Number of Companies, which will be used to maintain the indexes over time. If it is not, then: - The number of companies is decreased until the full market capitalization of the smallest company in the size-
-segment is equal or higher than the lower bound of the Global Minimum Size Range for that size-segment. Or, - The number of companies is increased to include all companies with a full market capitalization higher than the
-upper bound of the Global Minimum Size Range for that size-segment. - The full market capitalization of the last company defines the Market Size-Segment Cutoff for that segment and
-the Segment Number of Companies is set to this company’s rank.
+MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - Investable Market Index: 99% If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that sizesegment at that point in time. - The number of companies with full market capitalization greater than or equal to the relevant company provides the Segment Number of Companies, which will be used to maintain the indexes over time.
+If it is not, then: The number of companies is decreased until the full market capitalization of the smallest company in the size- segment is equal or higher than the lower bound of the Global Minimum Size Range for that size-segment.
+Or, - The number of companies is increased to include all companies with a full market capitalization higher than the upper bound of the Global Minimum Size Range for that size-segment. - The full market capitalization of the last company defines the Market Size-Segment Cutoff for that segment and the Segment Number of Companies is set to this company’s rank.
This process is designed to give priority to global size integrity over market coverage in situations where both objectives cannot be achieved simultaneously.
For the Investable Market Index, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the Investable Market Indexes.
1 unchanged section
- M4 2.3.4 Assigning Companies to the Size-Segments
M4 modified 2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example
--- 2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example (2026-10-02_33869117)
+++ 2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-Size-Segments: Example Example: For the USA Standard segment, companies are counted in descending order of full market capitalization starting with the largest company.
+Example: For the USA Standard segment, companies are counted in descending order of full market capitalization starting with the largest company.
Companies continue to be counted until the cumulative free float-adjusted market capitalization of the companies reaches 85% of the free floatadjusted market capitalization of the US Market Investable Equity Universe.
In this example, the full market capitalization of the last company counted is within the Global Minimum Size Range.
The rank of this company in the US Market Investable Equity Universe (645) defines the Segment Number of Companies for the size-segment and its full market capitalization (USD 4.1 billion) defines the Market Size-Segment Cutoff between Standard and Small Cap segments in the US.
@@ -9,7 +9,10 @@
All companies in Hungary, above the upper bound are added resulting in the cumulative free float-adjusted market capitalization coverage above 90%, the upper bound of the Market Coverage Target Range.
The rank of the last company counted (4) defines the Segment Number of Companies and its full market capitalization (USD 3.8 billion) defines the Size-Segment Cutoff between the Hungary Standard and Small Cap Indexes.
The next largest company has a full market capitalization of USD 941 million, below the lower bound of the Global Minimum Size Range.
-5,000 and Hungary Smallest Company in the Higher Standard Index 4,500 4,000 3,500 Company Full Market Capitalization 3,000 2,500 (80%, 2.33 B) (90%, 2.33 B) Global Minimum 2,000
+5,000 and Hungary
+Smallest Company in the Higher Standard Index 4,500
+4,000
+3,500 Company Full Market Capitalization 3,000
+2,500 (80%, 2.33 B) (90%, 2.33 B) Global Minimum 2,000
Standard Size Range Index Size and 1,500
-Coverage Target Area (90%,1.01 B) 1,000 (80%,1.01 B) Market Coverage 500
-Target Range Standard Index Small Cap Index 0 43.9% 77.4% 86.2% 96.3% 97.9% 99.0% 99.6% 100.0% Cumulative Free-Float Adjusted Market Capitalization Coverage
+Coverage Target Area (90%,1.01 B) 1,000 (80%,1.01 B) Market Coverage 500 Target Range Standard Index Small Cap Index 0 43.9% 77.4% 86.2% 96.3% 97.9% 99.0% 99.6% 100.0% Cumulative Free-Float Adjusted Market Capitalization Coverage
4 unchanged sections
- M3 2.3.6 Applying Final Size-Segment Investability Requirements
- M3 2.3.6.1 Minimum Free Float Market Capitalization Requirement
- M3 2.3.6.2 Minimum Foreign Room Requirement
- M3 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase
M4 modified 2.4 Index Continuity Rules
--- 2.4 Index Continuity Rules (2026-10-02_33869117)
+++ 2.4 Index Continuity Rules (2026-10-02_0ca3a0d2)
@@ -2,9 +2,7 @@
In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a minimum number of five constituents will be maintained for a DM Standard Index and a minimum number of three constituents will be maintained for an EM Standard Index.
The application of this requirement involves the following steps.
If after the application of the index construction methodology, a Standard Index contains less than five securities in a Developed Market or three securities in an Emerging Market, then the largest securities by free float-adjusted market capitalization among the securities included in the Market Investable Equity Universe are added to the Standard Index in order to reach five constituents in that Developed Market or three in that Emerging Market.
-At subsequent Index Reviews, if after the application of the index maintenance methodology a Standard Index contains less than five securities in a Developed Market or three securities in an Emerging Market, then the remaining securities are selected for inclusion in the Standard Index using the following process: - The securities included in the updated Market Investable Equity Universe are identified - These securities are ranked by descending free float-adjusted market capitalization, however in order to increase
-index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5 - The securities are added to the Standard Index in order to reach five constituents for a Developed Market or three
-for an Emerging Market in the ranking order determined in the step above Please note that the index continuity rules are applicable only to the Standard Market Indexes.
+At subsequent Index Reviews, if after the application of the index maintenance methodology a Standard Index contains less than five securities in a Developed Market or three securities in an Emerging Market, then the remaining securities are selected for inclusion in the Standard Index using the following process: - The securities included in the updated Market Investable Equity Universe are identified - These securities are ranked by descending free float-adjusted market capitalization, however in order to increase index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5 The securities are added to the Standard Index in order to reach five constituents for a Developed Market or three for an Emerging Market in the ranking order determined in the step above Please note that the index continuity rules are applicable only to the Standard Market Indexes.
Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may have as little as one constituent.
Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI methodology.
Similarly, MSCI may resume calculation of such indexes if over time some companies become eligible for inclusion.
M4 modified 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexessimilarity 0%
--- 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes (2026-10-02_33869117)
+++ 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes (2026-10-02_0ca3a0d2)
@@ -1 +0,0 @@
-Markets Indexes
1 unchanged section
- M4 2.5.1 Market Size-Segment Indexes
M4 modified 2.5.2 Composite Indexes13 (was 2.5.2 Composite Indexes12F)
--- 2.5.2 Composite Indexes12F (2026-10-02_33869117)
+++ 2.5.2 Composite Indexes13 (2026-10-02_0ca3a0d2)
@@ -1,10 +1,10 @@
Two or more Market Indexes can be combined to form Composite Indexes.
-Market Indexes can be grouped either on the basis of Market Classification14 definition, geographical regions, economic regions or other criteria.
+Market Indexes can be grouped either on the basis of Market Classification 14F14 definition, geographical regions, economic regions or other criteria.
For example, by combining all Market Indexes from each Market Classification, i.e.
-Developed, Emerging and Frontier Markets, we obtain the MSCI World 15, the MSCI Emerging Markets and the MSCI Frontier Markets Indexes respectively for each size-segment.
+Developed, Emerging and Frontier Markets, we obtain the MSCI World15F15, the MSCI Emerging Markets and the MSCI Frontier Markets Indexes respectively for each size-segment.
Examples of regional or other types of indexes grouping multiple markets are the MSCI Asia Pacific Index, the MSCI North America Index or the MSCI GCC Index.
Market Classification grouping can also be overlaid with regional grouping.
-Some examples would be the MSCI EM Asia Index or the MSCI All Countries16 Americas Index.
+Some examples would be the MSCI EM Asia Index or the MSCI All Countries16F16 Americas Index.
Some regional indexes may be formed by excluding specific markets, for instance, MSCI World ex USA Index or the MSCI Asia Pacific ex Japan Index.
A list of standard defined Regions can be found in https://www.msci.com/index-country-membership-tool.
MSCI may also create custom regions at client’s request.
10 unchanged sections
- M4 2.5.3 GICS-Based Indexes
- M4 2.5.4 Other Indexes
- M9 2.5.5 Calculating the MSCI Global Investable Markets Indexes
- M6 3 Maintaining the MSCI Global Investable Market Indexes
- M6 3.1 Quarterly Index Reviews
- M2 3.1.1 Updating the Equity Universe
- M3 3.1.2 Updating the Market Investable Equity Universes
- M3 3.1.2.1 Eligibility of Foreign Listings
- M3 3.1.2.2 Updating the Equity Universe Minimum Size Requirement
- M3 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization
M7 modified 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents
--- 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_33869117)
+++ 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_0ca3a0d2)
@@ -3,7 +3,7 @@
In addition, in order to remain in the Investable Market Indexes the existing constituent must have: The 3-month ATVR of at least 5%;
The 3-month Frequency of Trading of at least 80% for Developed Markets and 70% for Emerging Markets.
If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17 Foreign listing in the same geographical region 18 Foreign listing in a different geographical region 19.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17F17 Foreign listing in the same geographical region 18F18 Foreign listing in a different geographical region 19F19.
Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above two times the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 40% and 30%, respectively.
Such changes from a foreign listing to a local listing for existing index constituents will only be considered when data from previous twelve months is available for calculation of the 12-month ATVR.
If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
3 unchanged sections
- M3 3.1.2.5 Global Minimum Foreign Inclusion Factor Requirement
- M3 3.1.2.6 Minimum Foreign Room Requirement
- M3 3.1.2.7 Minimum Length of Trading Requirement
M4 modified 3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Rangessimilarity 99%
--- 3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Ranges (2026-10-02_33869117)
+++ 3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Ranges (2026-10-02_0ca3a0d2)
@@ -1 +1 @@
-Ranges The Global Minimum Size References and corresponding ranges are reset at the Index Reviews using a process similar to the one used to update the Equity Universe Minimum Size Requirement. More details may be found in Appendix X: Updating the Global Minimum Size References and Ranges.
+The Global Minimum Size References and corresponding ranges are reset at the Index Reviews using a process similar to the one used to update the Equity Universe Minimum Size Requirement. More details may be found in Appendix X: Updating the Global Minimum Size References and Ranges.
M4 modified 3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffssimilarity 98%
--- 3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs (2026-10-02_33869117)
+++ 3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs (2026-10-02_0ca3a0d2)
@@ -1 +1 @@
-Cutoffs The Segment Number of Companies and the corresponding Market Size-Segment Cutoffs are updated to account for changes in each Market Investable Equity Universe.
+The Segment Number of Companies and the corresponding Market Size-Segment Cutoffs are updated to account for changes in each Market Investable Equity Universe.
M4 modified 3.1.4.1 Determining Initial Segment Number of Companies
--- 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_33869117)
+++ 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-If the Interim Market Size-Segment Cutoff20 is equal to or above the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the number of companies in the updated Investable Equity Universe with the full company market capitalization equal to or above the Interim Market Size-Segment Cutoff.
+If the Interim Market Size-Segment Cutoff20F20 is equal to or above the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the number of companies in the updated Investable Equity Universe with the full company market capitalization equal to or above the Interim Market Size-Segment Cutoff.
If the Interim Market Size-Segment Cutoff is below the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the sum of: The number of companies in the updated Investable Equity Universe with the full company market capitalization equal or above the lower bound of the Global Minimum Size Range and;
The number of companies in the updated Investable Equity Universe that were also part of the corresponding Size-Segments prior to the Index Review with the full market capitalization below the Global Minimum Size Range, but equal to or above the Interim Market Size-Segment Cutoff.
This Initial Segment Number of Companies takes into account the newly eligible companies as well as deletions from the updated Investable Equity Universe.
M4 modified 3.1.4.2 Changes in the Segment Number of Companies
--- 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_33869117)
+++ 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_0ca3a0d2)
@@ -11,23 +11,14 @@
Depending on the location of the Market Size-Segment Cutoff derived from the Initial Segment Number of Companies relative to the Size and Coverage Target Area, an increase in, or a reduction of, the Segment Number of Companies may be required.
When the Market Size-Segment Cutoff is above the upper boundary of the Global Minimum Size Range and there are investable companies between the company corresponding to the Initial Segment Number of Companies and the upper boundary of the Global Minimum Size Range, or the Market Size-Segment Cutoff is below the lower boundary of the Market Coverage Target Range, additions to the Size-Segment Index are needed.
When the Market Size-Segment Cutoff is below the lower boundary of the Global Minimum Size Range, or above the Market Coverage Target Range, deletions from the Size-Segment Index are needed.
-The process for adjusting the Segment Number of Companies is as follows: If additions to the Segment Number of Companies are required: - The number of companies is increased to include all companies with a full market capitalization higher than the
-upper boundary of the Global Minimum Size Range. - The number of companies is increased to include all companies with a full market capitalization higher than the
-upper limit of the Lower Size Range Boundary Proximity Area, if any, that are required to reach the lower boundary of the Market Coverage Target Range. 21 - The additions are made in descending order of full market capitalization. The full market capitalization of the last
-added company then becomes the Market Size-Segment Cutoff.
+The process for adjusting the Segment Number of Companies is as follows: If additions to the Segment Number of Companies are required: - The number of companies is increased to include all companies with a full market capitalization higher than the upper boundary of the Global Minimum Size Range. - The number of companies is increased to include all companies with a full market capitalization higher than the upper limit of the Lower Size Range Boundary Proximity Area, if any, that are required to reach the lower boundary of the Market Coverage Target Range.21F21 - The additions are made in descending order of full market capitalization.
+The full market capitalization of the last added company then becomes the Market Size-Segment Cutoff.
If the full market capitalization of the last added company is above the upper boundary of the Global Minimum Size Range then the Market Size-Segment Cutoff is set at this upper boundary of the Global Minimum Size Range.
If a reduction of the Segment Number of Companies is required to reach the Size and Coverage Target Area, limits are placed on the decrease in the number of companies, to further enhance index stability.
-These limits are implemented in the following steps: - First, a reduction of no more than 5% of the Initial Segment Number of Companies is made to bring the Market
-Size-Segment Cutoff into compliance with the Size and Coverage Target Area.
-Only the companies with full company market capitalization lower than the lower limit of the Upper Size Range Boundary Proximity Area can be removed.
-22 - If this reduction brings the Market Size-Segment Cutoff into compliance with the Global Minimum Size Range, or
-removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size -
-Range, no further adjustment is necessary.
-If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the Initial Segment Number of Companies and the lower bound.
+These limits are implemented in the following steps: - First, a reduction of no more than 5% of the Initial Segment Number of Companies is made to bring the Market Size-Segment Cutoff into compliance with the Size and Coverage Target Area.
+Only the companies with full company market capitalization lower than the lower limit of the Upper Size Range Boundary Proximity Area can be removed.22F22 - If this reduction brings the Market Size-Segment Cutoff into compliance with the Global Minimum Size Range, or removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size Range, no further adjustment is necessary. - If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the Initial Segment Number of Companies and the lower bound.
21 This step is implemented even if it brings the Market Size-Segment Cutoff from below the lower boundary of the Market Coverage Target Range to above the upper boundary of the Market Coverage Target Range.
22 A company with full market capitalization within the Global Minimum Size Range is not removed if the removal would bring the Market Size-Segment Cutoff from above the upper boundary of the Market Coverage Target Range to below the lower boundary of the Market Coverage Target Range.
-- In market segments with a small number of companies, the deletion of the first two companies is not subject to
--
-the limits described above.
-22 When a limit is placed on the decrease in the number of companies, as explained above, the full market capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range.
+- In market segments with a small number of companies, the deletion of the first two companies is not subject to the limits described above.
+22 - When a limit is placed on the decrease in the number of companies, as explained above, the full market capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range.
In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.
M4 modified 3.1.5 Assigning Companies to Appropriate Size-Segments
--- 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_33869117)
+++ 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_0ca3a0d2)
@@ -1,7 +1,6 @@
During an Index Review, companies are assigned with the following priority to the Size- Segments until the Segment Number of Companies is achieved: Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during last Index Review that failed the Final Size-Segment Investability Requirements, greater than or equal to the Market Size-Segment Cutoff.
Newly investable companies with a full market capitalization greater than or equal to the Market Size-Segment Cutoff.
-Companies greater than the upper buffer threshold23 of the lower Size-Segment that are: - -
-Currently in the lower Size-Segment Index or Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability Requirement or - Investable companies during last Index Review that were not assigned to any Size-Segment.
+Companies greater than the upper buffer threshold 23F23 of the lower Size-Segment that are: - Currently in the lower Size-Segment Index or - Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability Requirement or - Investable companies during last Index Review that were not assigned to any Size-Segment.
Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during the last Index Review that failed the Final Size-Segment Investability Requirements, in the lower buffer of the Size-Segment in descending capitalization order, until the threshold of the buffer is reached.
The largest companies from the upper buffer of the next lower size-segment.
Once companies have been assigned to the Standard, Large and Investable Market Segments, companies are then assigned to the Mid and Small Cap Segments.
M7 modified 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes
--- 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_33869117)
+++ 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_0ca3a0d2)
@@ -1,7 +1,7 @@
-Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment
+In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment
23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
An existing constituent is generally allowed to remain in its current size-segment even if its full market capitalization falls below (above) the Market Size-Segment Cutoff that defines the lower (upper) boundary of its segment, as long as its company full market capitalization falls within a buffer zone below (above) the Market Size-Segment Cutoff.
-The buffer zones at Index Reviews are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
+The buffer zones at Index Reviews are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24F24.
In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI.
It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the Investable Market Index.
The inclusion in the Small Cap Indexes of all non-current constituents of the IMI above the Investable Market Size-Segment Cutoff could lead to an excessively large number of additions of small companies.
2 unchanged sections
- M3 3.1.6 Assessing Conformity with Final Size-Segment Investability Requirements
- M3 3.1.6.1 For New Constituents
M7 modified 3.1.6.2 For Existing Constituents
--- 3.1.6.2 For Existing Constituents (2026-10-02_33869117)
+++ 3.1.6.2 For Existing Constituents (2026-10-02_0ca3a0d2)
@@ -9,8 +9,7 @@
Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
Current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
-foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25%
-room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
+foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25% room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
0.5
0.25 0 Current adjustment factor = 0.5 1
0.5
@@ -18,7 +17,7 @@
0.25 0 Current adjustment factor = 0.25 1
0.5
0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25F25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26F26.
That is, existing constituents of the IMI Index with FIF (before the application of the adjustment factor) of greater than or equal to 0.15 must meet 2/3rd of the minimum free float-adjusted market capitalization required for the Standard or Small Cap Index to remain in the Standard or Small Cap Index, respectively.
Existing constituents of the Standard Index with FIF (before the application of the adjustment factor) of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index to remain in the Standard Index.
Conformity with the minimum free float-adjusted market capitalization requirements for noncurrent IMI constituents will be assessed using the free float-adjusted market capitalization after the application of the adjustment factor.
@@ -29,6 +28,6 @@
The NTP structure mandates foreign investors to acquire shares only through it.
MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
-Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months after the weight reduction or deletion; unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
+Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months after the weight reduction or deletion; unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL27F27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
For example, to be considered for the May Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the February Index Review.
During a regular Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL27 until five business days before the effective date of that Index Review.
2 unchanged sections
- M5 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs)
- M8 3.1.8 Index Review of Changes in Number of Shares (NOS)
M6 modified 3.1.9 Date of Data Used for Index Reviews
--- 3.1.9 Date of Data Used for Index Reviews (2026-10-02_33869117)
+++ 3.1.9 Date of Data Used for Index Reviews (2026-10-02_0ca3a0d2)
@@ -1,17 +1,14 @@
The standard data cutoff dates for the Index Reviews are as follows: Equity Universe Cutoff Date: the last business day of November for the February Index Review, the last business day of February for the May Index Review, the last business day of May for the August Index Review, and the last business day of August for the November Index Review.
-This is the relevant cutoff date for: - -
-Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe;
-Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2: Updating the Equity Universe Minimum Size Requirement;
+This is the relevant cutoff date for: - Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe; - Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2: Updating the Equity Universe Minimum Size Requirement;
Liquidity Cutoff Date: the last business day of December for the February Index Review, the last business day of March for the May Index Review, the last business day of June for the August Index Review, and the last business day of September for the November Index Review.
This is the relevant cutoff date for data used for the liquidity calculations, such as ATVRs and frequency of trading.
-Price Cutoff Date: any one of the last 10 business days 28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
+Price Cutoff Date: any one of the last 10 business days28F28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
This is the relevant cutoff date for:
-28 If the effective date of the Index Reviews is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days.
-For example, if the effective date of the November 2024 Index Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 14, 2024 to October 25, 2024.
-28Global holidays such as Good Friday and Easter Monday will be considered non-business days when determining price cutoff dates.
-- Prices used for calculating market capitalization; - -
-Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
-A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing29.
+28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days.
+For example, if the effective date of the November 2024 Index Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
+28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
+- Prices used for calculating market capitalization; - Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); - Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
+A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing29F29.
As a general rule, price movements after the Price Cutoff Date will not impact the results of the Index Review.
However, in cases of extraordinary events or news related to a specific company identified as a migration between the size-segments or as an addition to the IMI based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
In such instances, the company would either be maintained in its current sizesegment or not added to the IMI.
1 unchanged section
- M8 3.2 Ongoing Event-Related Changes
M4 modified 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance
--- 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_33869117)
+++ 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_0ca3a0d2)
@@ -1,7 +1,6 @@
-For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
+For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs30F30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
To derive this number the following steps are followed:
30 As described in section 3.2.4.1 The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the Investable Market Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
On a daily basis, each Market Size-Segment Cutoff is set to be the full market capitalization of the company of the rank equal to the Segment Number of Companies for that Size- Segment in the Market Investable Equity Universe.
-The Interim Market Size-Segment Cutoff is set to: - The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. - The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper
-bound. - The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range.
+The Interim Market Size-Segment Cutoff is set to: - The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. - The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper bound. - The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range.
The daily values for the Market Size-Segment Cutoffs, the Segment Number of Companies and the Global Minimum Size Range are based on data from the previous trading day.
2 unchanged sections
- M4 3.2.2 Updating the Segment Number of Companies
- M8 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituents
M8 modified 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event
--- 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event (2026-10-02_33869117)
+++ 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the Global Investable Market Indexes and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
+In order to reflect significant changes in the market capitalization of existing constituents in the Global Investable Market Indexes and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
A significant market capitalization change is defined as an increase of 50% or greater, or a decrease of 33% or more, relative to the company’s full market capitalization before the event.
The company’s post-event full market capitalization is then compared to the Interim Size- Segment Cutoffs in order to determine the classification of that security in the appropriate sizesegment.
The final decision is taken at the time of the completion of the event or, if the event is not effective yet, at the time of the confirmed announcement and is based on the latest market information available at the time of the analysis, including the latest NOS, FIF, and market prices.
5 unchanged sections
- M8 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event
- M8 3.2.6 Early Deletions of Existing Index Constituents
- M8 3.2.7 Early Inclusions of Non-Index Constituents and IPOs
- M8 3.2.8 Corporate Events Affecting the Index Review
- M10 3.3 Announcement Policy
M10 modified 3.3.1 Ongoing Event-Related Changessimilarity 0%
--- 3.3.1 Ongoing Event-Related Changes (2026-10-02_33869117)
+++ 3.3.1 Ongoing Event-Related Changes (2026-10-02_0ca3a0d2)
@@ -0,0 +1,3 @@
+All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI Global Investable Market Indexes.
+All additions and deletions of constituents of the MSCI Global Investable Market Indexes resulting from corporate events are also publicly announced prior to their implementation.
+Please refer to section 8 of the MSCI Corporate Events methodology for more information on the MSCI general announcement policy for corporate events.
M10 removed 3.3.1.1 Client Announcements
--- 3.3.1.1 Client Announcements (2026-10-02_33869117)
+++ /dev/null
@@ -1,17 +0,0 @@
-All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI Global Investable Market Indexes.
-The changes are typically announced at least ten business days prior to these changes becoming effective in the indexes as “expected” announcements, or as “undetermined” announcements, when the effective dates are not known yet or when aspects of the event are uncertain.
-MSCI sends “confirmed” announcements at least two business days prior to events becoming effective in the indexes provided that all necessary public information concerning the event is available.
-In case a “confirmed” announcement needs to be amended, MSCI sends a “correction” announcement with a descriptive text announcement to provide details about the changes made.
-MSCI also sends announcements in "Acknowledged" status within five business days following the public announcement by the company of the acquisition, if the impact is above one time the constituent's underlying country index Large Cap Cutoff.
-For certain events, MSCI only sends “confirmed” announcements, especially due to insufficient or lack of publicly available information or late company disclosure.
-For the MSCI World Micro Cap Index and the MSCI Frontier Markets Small Cap Index, MSCI only sends “confirmed” announcements at least two business days prior to events becoming effective in the index, provided that all necessary public information concerning the event is available.
-The full list of all new and pending changes is delivered to clients on a daily basis, between 5:30 PM and 6:00 PM US Eastern Time (EST) through the Advance Corporate Events (ACE) File.
-In exceptional cases, events are announced during market hours for same or next day implementation.
-Announcements made by MSCI during market hours are usually linked to late company disclosure of corporate events or unexpected changes to previously announced corporate events.
-A descriptive text announcement is sent for all corporate events effective on the same day or on the next day.
-MSCI also sends text announcement for corporate events effective within the next 48 hours, except for market neutral events such as split, reverse split or stock dividend.
-Early deletions of constituents due to events such as bankruptcy are announced as soon as practicable prior to their implementation in the MSCI indexes.
-For MSCI Global Standard Index constituents, a more descriptive text announcement is sent to clients for significant events that meet any of the following criteria: Additions and deletions of constituents.
-Changes in free float-adjusted market capitalization equal to or larger than USD 5 billion, or with an impact of at least 1% of the constituent's underlying country index.
-No descriptive text announcement will be sent for the MSCI World Micro Cap Index constituents and Frontier Markets Small Cap Index constituents.
-However, if warranted, MSCI may make descriptive text announcements for events that are complex in nature and for which additional clarification could be beneficial for any Standard, Small Cap and Micro Cap Indexes.
M10 removed 3.3.1.2 Public Announcements
--- 3.3.1.2 Public Announcements (2026-10-02_33869117)
+++ /dev/null
@@ -1,8 +0,0 @@
-All additions and deletions of constituents of the MSCI Global Investable Market Indexes resulting from corporate events are publicly announced prior to their implementation.
-Other changes resulting from corporate events that affect constituents of the MSCI Global Investable Market Indexes, such as changes in the Foreign Inclusion Factor (FIF) and/or in the number of shares of a constituent, are not publicly announced but are announced only to clients.
-If warranted, MSCI reserves the right to make public announcements related to corporate events for special cases, such as the ineligibility of a security in the MSCI Global Investable Market Indexes.
-The changes are announced at least two business days prior to events becoming effective in the indexes.
-Public announcements are a summary of the “confirmed” announcements that are made to clients.
-Public announcements are made shortly before a “confirmed” client announcement is made.
-MSCI posts the announcements on its web site, www.msci.com, and on Bloomberg page MSCN.
-In addition, announcements are posted on Reuters public pages MSCIA for MSCI Global Standard Index constituents and MSCI Domestic Standard Index constituents.
M10 removed 3.3.2 IPOs and Other Early Inclusions
--- 3.3.2 IPOs and Other Early Inclusions (2026-10-02_33869117)
+++ /dev/null
@@ -1,6 +0,0 @@
-Early inclusions of large IPOs in the MSCI Standard Index Series are announced no earlier than the first day of trading and no later than before the opening of the third day of trading in the market where the company has its primary listing 34.
-Early inclusions of already listed securities following large secondary offerings of new and/or existing shares are announced no earlier than shortly after the end of the offer period.
-It is MSCI policy not to comment on the potential inclusion of equity securities to be listed in the future, including their industry classification under the Global Industry Classification Standard (GICS), their country classification and their potential inclusion in an MSCI index.
-The same applies to non-index constituents that are already listed which have pending large events.
-34 Following the November 2019 Index Review, securities on the STAR Market of the Shanghai Stock Exchange may be early included in the MSCI China All Shares and the MSCI China A Onshore Indexes outside of an Index Review as per Section 6 of the MSCI Corporate Events Methodology.
-Early inclusion of STAR Market securities in these MSCI Indexes will be announced no earlier than the second day of trading and no later than before the opening of the third day of trading after listing, provided the security meets the market capitalization thresholds as of the close of either first or second trading day.
15 unchanged sections
- M10 3.3.2 Global Industry Classification Standard (GICS)
- M1 4 MSCI All Cap Indexes
- M4 4.1 Constructing the MSCI All Cap Indexes
- M3 4.1.1 Micro Cap Maximum Size Requirement
- M3 4.1.2 Micro Cap Minimum Size Requirement
- M3 4.1.3 Micro Cap Minimum Liquidity Requirement
- M3 4.1.4 Global Minimum Foreign Inclusion Factor Requirement
- M3 4.1.5 Minimum Length of Trading Requirement
- M3 4.1.6 Financial Reporting Requirement
- M6 4.2 Maintaining the MSCI All Cap Indexes
- M6 4.2.1 Quarterly Index Reviews
- M3 4.2.1.1 Updating the Micro Cap Minimum Size Requirement
- M4 4.2.1.2 Assigning Companies to the Micro Cap Size-Segment
- M8 4.2.2 Ongoing Event-Related Changes
- M1 5 MSCI Frontier Markets Indexes
M1 modified 5.1 Frontier Markets Definitionsimilarity 99%
--- 5.1 Frontier Markets Definition (2026-10-02_33869117)
+++ 5.1 Frontier Markets Definition (2026-10-02_0ca3a0d2)
@@ -1 +1 @@
-MSCI starts by considering all equity markets not included in the MSCI Emerging Markets Index, that: demonstrate a relative openness to and accessibility for foreign investors are generally not considered as part of the developed markets universe35 do not belong to countries undergoing a period of extreme economic (e.g., hyperinflation) or political instability (e.g., civil war)
+MSCI starts by considering all equity markets not included in the MSCI Emerging Markets Index, that: demonstrate a relative openness to and accessibility for foreign investors are generally not considered as part of the developed markets universe 34F34 do not belong to countries undergoing a period of extreme economic (e.g., hyperinflation) or political instability (e.g., civil war)
1 unchanged section
- M6 5.1.1 Updating MSCI Frontier Markets Index Coverage
M4 modified 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexessimilarity 99%
--- 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_33869117)
+++ 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_0ca3a0d2)
@@ -1,8 +1,8 @@
-Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’.
+This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’.
The methodology used to construct the MSCI Frontier Markets Indexes is similar, but not identical, to the construction of the indexes for Developed and Emerging Markets.
One of the prime differences is in the calculation of size requirements including the Equity Universe Minimum Size Requirement and Global Minimum Size References.
Further, there are three
-35 E.g. Luxembourg or Cyprus. These countries are part of the developed markets universe. Given their modest size these markets are not included in the MSCI World Index.
+34 E.g. Luxembourg or Cyprus. These countries are part of the developed markets universe. Given their modest size these markets are not included in the MSCI World Index.
levels of minimum liquidity requirements – very low, low, and average – to accommodate the divergent liquidity levels in Frontier Markets.
See Appendix X for the countries that fall under each classification.
More specifically, the methodological differences between the index construction for Frontier Markets countries and for countries constituting the MSCI ACWI Index are found in the following: Calculation of the Equity Universe Minimum Size Requirement Calculation of the Global Minimum Size Reference Liquidity requirements resulting from categorization of Frontier Markets into very low, low or average liquidity markets Index Continuity Rules Implementation of Corporate Events In addition, the size segmentation into Large Cap and Mid Cap of the Standard Index is not offered for Frontier Markets with the exception of the MSCI Gulf Cooperation Council (GCC) Countries Indexes.
4 unchanged sections
- M3 5.2.1 Equity Universe Minimum Size Requirement
- M4 5.2.2 Global Minimum Size Reference
- M3 5.2.3 FM Minimum Liquidity Requirement
- M3 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets
M7 modified 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents
--- 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_33869117)
+++ 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_0ca3a0d2)
@@ -2,13 +2,13 @@
Existing constituents of the IMI in very low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 1%.
Furthermore, in order to remain in the Investable Market Indexes (IMI), a constituent of the MSCI Frontier Markets IMI will need to have a 12-month Frequency of Trading of at least 10%, applicable to all liquidity categories.
If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing36 Foreign listing in the same geographical region 37 Foreign listing in a different geographical region 38.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing35F35 Foreign listing in the same geographical region 36F36 Foreign listing in a different geographical region 37F37.
Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above 30% for average liquidity markets or 15% for low liquidity and very low liquidity markets, respectively.
In addition, the local listing needs to have a 12-month Frequency of Trading of at least 50%.
If an existing constituent of a Standard Index in Frontier Markets fails to meet the liquidity requirements, but its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Frontier Markets and its weight is either: More than 10% in the respective country index or More than 1% in the Frontier Markets Composite Index, then such constituent will remain in the index.
However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet at least half of the liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
0.5 if none of the above conditions are met
-36 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
-37 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
+35 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
+36 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
-38 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
+37 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
6 unchanged sections
- M4 5.2.4 Index Continuity Rules
- M8 5.2.5 Implementation of Corporate Events
- M1 6 MSCI Standalone Market Indexes
- M1 6.1 Creation of Standalone Market Indexes for Newly Eligible Markets
- M1 6.2 Classification of Other Markets as Standalone
- M6 6.3 Maintaining Standalone Market Indexes
M4 modified 6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexessimilarity 0%
--- 6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexes (2026-10-02_33869117)
+++ 6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexes (2026-10-02_0ca3a0d2)
@@ -1 +0,0 @@
-Indexes
5 unchanged sections
- M4 6.4.1 Inclusion of Newly Eligible Markets
- M4 6.4.2 Re-inclusion of Markets in the MSCI Composite Indexes
- M10 6.5 Treatment of Discontinued Standalone Market Indexes
- other APPENDICES
- M2 Appendix I: Equity Markets and Universe
M2 modified Eligible Markets (Developed Markets)
--- Eligible Markets (Developed Markets) (2026-10-02_33869117)
+++ Eligible Markets (Developed Markets) (2026-10-02_0ca3a0d2)
@@ -1,12 +1,64 @@
-Country Name Stock Exchange Market Segment Eligibility of Foreign Listings AUSTRALIA Australian Securities Exchange ASX Official Market - Prime Market AUSTRIA Vienna Stock Exchange - Standard Market Continuous Euronext Growth Market BELGIUM Euronext Brussels - Regulated Market Toronto Stock Exchange - CANADA - Cboe Canada (2) NEO-L Nasdaq Copenhagen Main Market DENMARK First North Growth Market
-- Nasdaq First North Growth Market – Denmark First North Premier Growth Market Nasdaq Helsinki Main Market FINLAND First North Growth Market
-- Nasdaq First North Growth Market – Finland First North Premier Growth Market Euronext Growth Market FRANCE Euronext Paris - Regulated Market Basic Board GERMANY Deutsche Börse Xetra - EU Regulated market Open Market Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3) Euronext Growth Market IRELAND Euronext Dublin - Regulated Market ISRAEL Tel Aviv Stock Exchange - Yes Euronext Growth Market Global Equity Market (1) ITALY Borsa Italiana - Regulated Market Market for Investment Vehicle (2) Growth Market Prime Market Tokyo Stock Exchange Standard Market JAPAN Tokyo Pro (2)
-- Main Market Nagoya Stock Exchange Next Market Premier Market NETHERLANDS Euronext Amsterdam Regulated Market Yes NEW ZEALAND New Zealand Stock Exchange Main Board - Euronext Expand NORWAY Euronext Oslo Børs Euronext Growth Market (2)
-- Regulated Market PORTUGAL Euronext Lisbon Regulated Market - Catalist SINGAPORE Singapore Exchange Yes Main Board Madrid Stock Exchange Mercado Continuo SPAIN Growth Companies
-- BME Growth SOCIMI Nasdaq Stockholm Main Market Nordic Growth Market Main Regulated Market Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market Spotlight Stock Exchange - Blue Chip Shares Mid-/Small-Cap Shares SIX Swiss Exchange Secondary Listing Shares SWITZERLAND Sparks Shares
-- Sponsored Foreign Shares (1) SME Main Market BX Swiss Sponsored Shares Admission to Trading Only (1) UNITED KINGDOM London Stock Exchange AIM
-- Main Market (4) New York Stock Exchange - Capital Market Nasdaq Stock Market Global Market USA Global Select Market
-- NYSE American - NYSE Arca - Cboe BZX Exchange -
+Country Name Stock Exchange Market Segment Eligibility of Foreign Listings
+AUSTRALIA Australian Securities Exchange ASX Official Market -
+Prime Market AUSTRIA Vienna Stock Exchange - Standard Market Continuous
+Euronext Growth Market BELGIUM Euronext Brussels - Regulated Market
+Toronto Stock Exchange - CANADA - Cboe Canada (2) NEO-L
+Nasdaq Copenhagen Main Market
+DENMARK First North Growth Market
+- Nasdaq First North Growth Market – Denmark First North Premier Growth Market
+Nasdaq Helsinki Main Market
+FINLAND - First North Growth Market Nasdaq First North Growth Market – Finland First North Premier Growth Market
+Euronext Growth Market FRANCE Euronext Paris - Regulated Market
+Basic Board
+GERMANY Deutsche Börse Xetra EU Regulated market
+-
+Open Market
+Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3)
+Euronext Growth Market IRELAND Euronext Dublin - Regulated Market
+ISRAEL Tel Aviv Stock Exchange - Yes
+Euronext Growth Market
+Global Equity Market (1) ITALY Borsa Italiana - Regulated Market
+Market for Investment Vehicle (2)
+Growth Market
+Prime Market Tokyo Stock Exchange Standard Market
+JAPAN - Tokyo Pro (2)
+Main Market
+Nagoya Stock Exchange Next Market
+Premier Market
+NETHERLANDS Euronext Amsterdam Regulated Market Yes
+NEW ZEALAND New Zealand Stock Exchange Main Board -
+Euronext Expand
+NORWAY Euronext Oslo Børs Euronext Growth Market (2)
+-
+Regulated Market
+PORTUGAL Euronext Lisbon Regulated Market -
+Catalist SINGAPORE Singapore Exchange Yes Main Board
+Madrid Stock Exchange Mercado Continuo
+SPAIN Growth Companies
+- BME Growth SOCIMI
+Nasdaq Stockholm Main Market
+Nordic Growth Market Main Regulated Market
+Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market
+Spotlight Stock Exchange -
+Blue Chip Shares
+Mid-/Small-Cap Shares
+SIX Swiss Exchange Secondary Listing Shares
+SWITZERLAND Sparks Shares
+-
+Sponsored Foreign Shares (1)
+SME Main Market BX Swiss Sponsored Shares
+Admission to Trading Only (1)
+UNITED KINGDOM London Stock Exchange AIM
+-
+Main Market (4)
+New York Stock Exchange -
+Capital Market
+Nasdaq Stock Market Global Market
+USA Global Select Market
+-
+NYSE American -
+NYSE Arca -
+Cboe BZX Exchange -
(1) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment.
(2) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review.
(3) Hong Kong Chapter 21 Investment Companies are not eligible for inclusion for the MSCI Global Investable Market Indexes as part of August 2022 Index Review.
M2 modified Eligible Markets (Emerging Markets)
--- Eligible Markets (Emerging Markets) (2026-10-02_33869117)
+++ Eligible Markets (Emerging Markets) (2026-10-02_0ca3a0d2)
@@ -10,8 +10,8 @@
Growth Enterprise Market Stock Exchange of Hong Kong Main Board
Global Market (2) COLOMBIA Colombian Stock Exchange - Local Market
Free Market (2)
-CZECH REPUBLIC Prague Stock Exchange
-- Prime Market
+CZECH REPUBLIC Prague Stock Exchange Prime Market
+-
Standard Market
EGYPT Egyptian Exchange Main Market -
GREECE Athens Stock Exchange Main Market -
@@ -39,8 +39,7 @@
STAR Market
Main Market TURKEY Borsa Istanbul - SubMarket (5)
Structured Products and Funds Market
-Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES
-- Dubai Financial Market -
+Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES - Dubai Financial Market -
Nasdaq Dubai -
(1) For a more detailed description of the MSCI universe, please refer to Appendix III
(2) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment
1 unchanged section
- M2 Eligible Markets (Frontier Markets)
M2 modified Eligible Markets (Standalone Markets)similarity 99%
--- Eligible Markets (Standalone Markets) (2026-10-02_33869117)
+++ Eligible Markets (Standalone Markets) (2026-10-02_0ca3a0d2)
@@ -1 +1,4 @@
-Country Name Stock Exchange Market Segment Eligibility of Foreign Listings ARGENTINA (10) Yes Free Market Banja Luka Stock Exchange Official Market BOSNIA HERZEGOVINA (1) - Free Market Sarajevo Stock Exchange Official Market Domestic Main Board BOTSWANA (2) Botswana Stock Exchange Yes Venture Capital Board BULGARIA (7) Bulgarian Stock Exchange Main Market - Main Market JAMAICA (2) Jamaica Stock Exchange - Junior Market USD Market LEBANON Beirut Stock Exchange - Yes MALTA (9) Malta Stock Exchange Regulated Main Market - Growth Board (12) NIGERIA (11) Nigerian Exchange Group - Main Board Premium Board PALESTINE (3) Palestine Exchange - - PANAMA (8) Yes First Tier TRINIDAD AND TOBAGO (4) Trinidad and Tobago Stock Exchange - Second Tier Small and Medium Enterprises (12) - UKRAINE (6) PFTS Stock Exchange Yes - ZIMBABWE (5) Zimbabwe Stock Exchange (Harare) - - (1) Added as standalone market at the May 2010 Index Review (2) Added as standalone markets at the November 2008 Index Review (3) Added as standalone market at the May 2013 Index Review (4) Reclassified from Frontier Markets to standalone market at the May 2011 Index Review (5) Added as standalone markets at the November 2010 Index Review (6) Reclassified from Frontier Markets to standalone market at the August 2015 Index Review (7) Reclassified from Frontier Markets to standalone market at the August 2016 Index Review (8) Added as standalone market at the May 2017 Index Review, currently only US listed securities eligible (9) Added as standalone market at the May 2019 Index Review (10) Reclassified from Emerging Markets to standalone market at the November 2021 Index Review (11) Reclassified from Frontier Markets to standalone market at the February 2024 Index Review (12) Listings on this market segment are eligible for the MSCI Indexes as part of the August 2024 Index Review
+Country Name Stock Exchange Market Segment Eligibility of Foreign Listings ARGENTINA (10) Yes Free Market Banja Luka Stock Exchange Official Market BOSNIA HERZEGOVINA (1) - Free Market Sarajevo Stock Exchange Official Market Domestic Main Board BOTSWANA (2) Botswana Stock Exchange Yes Venture Capital Board BULGARIA (7) Bulgarian Stock Exchange Main Market - Main Market JAMAICA (2) Jamaica Stock Exchange Junior Market
+- USD Market LEBANON Beirut Stock Exchange - Yes MALTA (9) Malta Stock Exchange Regulated Main Market - Growth Board (12) NIGERIA (11) Nigerian Exchange Group Main Board
+- Premium Board PALESTINE (3) Palestine Exchange - - PANAMA (8) Yes First Tier TRINIDAD AND TOBAGO (4) Trinidad and Tobago Stock Exchange Second Tier
+- Small and Medium Enterprises (12) PFTS Stock Exchange - UKRAINE (6) Yes Ukrainian Exchange - ZIMBABWE (5) Zimbabwe Stock Exchange (Harare) - - (1) Added as standalone market at the May 2010 Index Review (2) Added as standalone markets at the November 2008 Index Review (3) Added as standalone market at the May 2013 Index Review (4) Reclassified from Frontier Markets to standalone market at the May 2011 Index Review (5) Added as standalone markets at the November 2010 Index Review (6) Reclassified from Frontier Markets to standalone market at the August 2015 Index Review (7) Reclassified from Frontier Markets to standalone market at the August 2016 Index Review (8) Added as standalone market at the May 2017 Index Review, currently only US listed securities eligible (9) Added as standalone market at the May 2019 Index Review (10) Reclassified from Emerging Markets to standalone market at the November 2021 Index Review (11) Reclassified from Frontier Markets to standalone market at the February 2024 Index Review (12) Listings on this market segment are eligible for the MSCI Indexes as part of the August 2024 Index Review
6 unchanged sections
- M2 Eligible Classes of Securities for Stock Exchanges in Developed Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Emerging Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Frontier Markets
- M2 Eligible Classes of Securities for Stock Exchanges in Standalone Markets
- M2 REITs
- M2 Canadian Income Trusts
M3 modified Ineligible Alert Boardssimilarity 95%
--- Ineligible Alert Boards (2026-10-02_33869117)
+++ Ineligible Alert Boards (2026-10-02_0ca3a0d2)
@@ -1,5 +1,5 @@
Securities of companies included in the alert boards listed in the table below are not eligible for inclusion in the MSCI Equity Universe.
-Country Name Stock Exchange Alert Board Developed Markets Denmark Nasdaq Copenhagen Observation Status (1) Finland Nasdaq Helsinki Observation Status (1) Sweden Nasdaq Stockholm Observation Status (1) Singapore Singapore Exchange Watch List Japan Tokyo Stock Exchange Securities Under Supervision & Securities to Be Delisted (2)
-Emerging Markets China Shanghai Stock Exchange Special Treatment (ST / *ST) Shenzhen Stock Exchange Greece Athens Stock Exchange Under Surveillance Special Segment (4) India Mumbai Stock Exchange Z Group S+ Framework Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) Insolvency Resolution Process (6) National Stock Exchange Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) Insolvency Resolution Process (6) Indonesia Indonesia Stock Exchange Watch List Board (3) Korea Korea Exchange Administrative Issues Malaysia Bursa Malaysia PN17 Companies Taiwan Taiwan Stock Exchange Altered Trading Method (ATM) Taipei Stock Exchange Country Name Stock Exchange Alert Board Thailand Stock Exchange of Thailand Possible Delisting Companies Turkey Borsa Istanbul Watch List Companies
-Frontier Markets Estonia Nasdaq Tallinn Observation Status (1) Iceland Nasdaq Iceland Observation Status (1) Latvia Nasdaq Riga Observation Status (1) Lithuania Nasdaq Vilnius Observation Status (1) Pakistan Pakistan Stock Exchange Defaulter’s Segment (5) Sri Lanka Colombo Stock Exchange Watch List Board Second Board Vietnam Ho Chi Minh Stock Exchange CK is Subject to Control
+Country Name Stock Exchange Alert Board Developed Markets Denmark Nasdaq Copenhagen Observation Status (1) Finland Nasdaq Helsinki Observation Status (1) Sweden Nasdaq Stockholm Observation Status (1) Singapore Singapore Exchange Watch List Securities Under Supervision & Japan Tokyo Stock Exchange Securities to Be Delisted (2)
+Emerging Markets China Shanghai Stock Exchange Special Treatment (ST / *ST) Shenzhen Stock Exchange Greece Athens Stock Exchange Under Surveillance Special Segment (4) Mumbai Stock Exchange Z Group Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) India Insolvency Resolution Process (6) National Stock Exchange Graded Surveillance Measure (4) Enhanced Surveillance Measure (6) Insolvency Resolution Process (6) Indonesia Indonesia Stock Exchange Watch List Board (3) Korea Korea Exchange Administrative Issues Malaysia Bursa Malaysia PN17 Companies Taiwan Stock Exchange Taiwan Altered Trading Method (ATM) Taipei Stock Exchange Thailand Stock Exchange of Thailand Possible Delisting Companies Turkey Borsa Istanbul Watch List Companies
+Frontier Markets Estonia Nasdaq Tallinn Observation Status (1) Iceland Nasdaq Iceland Observation Status (1) Country Name Stock Exchange Alert Board Latvia Nasdaq Riga Observation Status (1) Lithuania Nasdaq Vilnius Observation Status (1) Pakistan Pakistan Stock Exchange Defaulter’s Segment (5) Watch List Board Sri Lanka Colombo Stock Exchange Second Board Vietnam Ho Chi Minh Stock Exchange CK is Subject to Control
Standalone Markets Bulgaria Bulgarian Stock Exchange Alternative Market Segment (1) Not applicable to securities under Observation Status due to public takeover offers (2) Not applicable to securities under Securities Under Supervision & Securities to Be Delisted due to public takeover offers (3) Not applicable to existing constituents under Watch List Board due to Criteria 10 effective February 2024 Index Review (4) Effective at February 2024 Index Review (5) Effective at August 2024 Index Review (6) Effective at November 2024 Index Review
2 unchanged sections
- M3 Non-Index Constituents
- M8 Deletion of Existing Index Constituents
M6 modified Other Casessimilarity 89%
--- Other Cases (2026-10-02_33869117)
+++ Other Cases (2026-10-02_0ca3a0d2)
@@ -1,2 +1,2 @@
During Index Reviews, starting from the previous Index Review Price Cutoff Date (as defined in
-section 3.1.9) until three business days before the current Index Review effective date, MSCI will not implement any additions to IMI and size-segment migrations between Standard and Small Cap for securities that enter the following boards: Indonesia Watchlist Board due to Criteria 10 Taiwan Disposition Board Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.
+section 3.1.9) until three business days before the current Index Review effective date, MSCI will not implement any additions to IMI and size-segment migrations between Standard and Small Cap for securities that enter the following boards: India Short Term and Long Term Additional Surveillance Measure (ASM) Indonesia Watchlist Board due to Criteria 10 Korea Investment Alert Issue and Investment Risk Issue Taiwan Disposition Board Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.
M1 modified Appendix II: Market Classification Frameworksimilarity 99%
--- Appendix II: Market Classification Framework (2026-10-02_33869117)
+++ Appendix II: Market Classification Framework (2026-10-02_0ca3a0d2)
@@ -2,7 +2,7 @@
The approach used by MSCI aims to reflect the views and practices of the international investment community by striking a balance between a country’s economic development and the accessibility of its market while preserving index stability.
The MSCI Market Classification Framework consists of following three criteria: Economic Development, Size and Liquidity Requirements as well as Market Accessibility.
In order to be classified in a given investment universe, a country must meet the requirements of all three criteria as described in the table below.
-Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 181 mm USD 3,338 mm USD 6,676 mm Security size (float market cap) ** USD 90 mm USD 1,669 mm USD 3,338 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 181 mm USD 3,338 mm USD 6,676 mm Security size (float market cap) ** USD 90 mm USD 1,669 mm USD 3,338 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2024 GNI per capita of USD 13,935 (World Bank, Atlas method) ** Minimum in use for the August 2025 Index Review, updated on a quarterly basis
+Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 205 mm USD 3,577 mm USD 7,153 mm Security size (float market cap) ** USD 102 mm USD 1,788 mm USD 3,577 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 205 mm USD 3,577 mm USD 7,153 mm Security size (float market cap) ** USD 102 mm USD 1,788 mm USD 3,577 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2024 GNI per capita of USD 13,935 (World Bank, Atlas method) ** Minimum in use for the November 2025 Index Review, updated on a quarterly basis
The Economic Development criterion is only used in determining the classification of Developed Markets while that distinction is not relevant between Emerging and Frontier Markets given the very wide variety of development levels within each of these two universes.
The Size and Liquidity Requirements are based on the minimum investability requirements for the MSCI Global Standard Indexes.
The Size and Liquidity Entry Requirements are used for evaluating markets for reclassification, requiring a minimum number of companies meeting Standard Index criteria over each of the last eight Index Reviews.
2 unchanged sections
- M1 Advanced Frontier Markets
- M1 Market Accessibility Measures
M4 modified Markets Under Index Continuitysimilarity 98%
--- Markets Under Index Continuity (2026-10-02_33869117)
+++ Markets Under Index Continuity (2026-10-02_0ca3a0d2)
@@ -1,3 +1,3 @@
In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a minimum number of five constituents will be maintained for a DM Standard Index, three constituents for an EM Standard Index, and one constituent for an FM Standard Index.
-The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the August 2025 Index Review.
-Developed Markets Emerging Markets Frontier Markets New Zealand Czech Republic Serbia Egypt Peru
+The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the November 2025 Index Review.
+Developed Markets Emerging Markets Frontier Markets New Zealand Egypt Serbia Peru
2 unchanged sections
- M2 Appendix III: Country Classification of Securities
- M2 General Framework
M2 moved Other Cases → Other Cases
Moved without text changes.
M2 modified Country Specific Cases
--- Country Specific Cases (2026-10-02_33869117)
+++ Country Specific Cases (2026-10-02_0ca3a0d2)
@@ -2,23 +2,22 @@
Companies incorporated in Puerto Rico and listed in the US are generally included in the US Equity Universe.
Companies listed in the US that do not file a Form 10‐K/10‐Q are assessed as per the rules highlighted in the above “Other Cases” sub-section.
Europe: Companies incorporated in a European DM country (including Luxembourg) which have their securities’ most liquid listing in a different European DM country are generally classified in the country of the most liquid listing.
-China: The MSCI China universe includes companies incorporated in Mainland China and listed in the form of A shares39, CDRs or B shares on the Shanghai Stock Exchange (in US$) or Shenzhen Stock Exchange (in HK$), or H shares on the Hong Kong Stock Exchange (in HK$).
+China: The MSCI China universe includes companies incorporated in Mainland China and listed in the form of A shares38F38, CDRs or B shares on the Shanghai Stock Exchange (in US$) or Shenzhen Stock Exchange (in HK$), or H shares on the Hong Kong Stock Exchange (in HK$).
The MSCI China universe may include companies not incorporated in Mainland China, but are listed on the Shanghai Stock Exchange or Shenzhen Stock Exchange.
Securities with “ST” or “*ST” status are excluded from the Equity Universe (see Appendix I for more details).
In addition, the MSCI China universe includes companies not incorporated in Mainland China but listed on the Hong Kong Stock Exchange provided that they meet the following definitions: Red-Chip: company whose largest shareholder is an organization or enterprise that is owned by the state, provinces, or municipalities of Mainland China.
P-Chip: the company satisfies following conditions: For a company with headquarters in Mainland China: It derives more than 50% of its revenue from Mainland China (40% for existing securities in China universe) or it allocates more than 50% of its non-current assets in Mainland China (40% for existing securities in China universe) For a company with headquarters in Hong Kong, Macau or elsewhere: It derives more than 80% of its revenue from Mainland China (70% for existing securities in China universe) and it allocates more than 60% of its non-current assets in Mainland China (50% for existing securities in China universe)
-39 Currently Stock Connect eligible Large Cap and Mid Cap China A shares/CDRs are eligible for inclusion in the MSCI China Index.
+38 Currently Stock Connect eligible Large Cap and Mid Cap China A shares/CDRs are eligible for inclusion in the MSCI China Index.
Companies which exhibit strong linkage to China but do not satisfy the H Shares, Red Chip or P Chip conditions above are included in MSCI Hong Kong universe, if they satisfy two out of three of the following conditions: The company’s headquarter is located in either Mainland China or Hong Kong or Macau The company derives more than 50% of its revenues from Mainland China, Hong Kong and Macau combined The company has more than 50% of its non-current assets in Mainland China, Hong Kong and Macau combined The MSCI China universe excludes companies which satisfy the above conditions but derive more than 80% of their revenues from the Hong Kong Special Administrative Region (HKSAR).
These companies will be included in the MSCI Hong Kong universe.
However existing securities may remain in the MSCI Hong Kong universe if they meet the threshold of 70%.
Also, the companies which derive a majority of revenues and assets from Macau are included in the MSCI Hong Kong universe.
Companies that do not satisfy the H Shares, Red Chip, P Chip or HKSAR conditions, but are incorporated in Hong Kong, are included in MSCI Hong Kong universe.
Securities classified in China may be represented by a foreign listing (i.e. a listing outside China or Hong Kong) in the MSCI China Indexes.
-However, such securities listed in the US and resulting from reverse mergers 40 are not eligible for index inclusion.
+However, such securities listed in the US and resulting from reverse mergers39F39 are not eligible for index inclusion.
Australia: The MSCI Australia universe includes companies incorporated in Papua New Guinea that are listed on the Australian Securities Exchange.
-41 Greece: The MSCI Greece universe includes companies incorporated in Cyprus that are listed on the Athens Exchange.
-42 Countries subject to economic sanctions: MSCI does not cover certain countries for which significant economic sanctions are applied.
+40F40 Greece: The MSCI Greece universe includes companies incorporated in Cyprus that are listed on the Athens Exchange.41F41 Countries subject to economic sanctions: MSCI does not cover certain countries for which significant economic sanctions are applied.
Examples of such countries as of February 2018 are Cuba, Democratic Republic of the Congo, Libya, North Korea, Iran, Iraq, Somalia, Sudan and Syria.
Companies that are classified to and/or incorporated in such countries are not eligible for inclusion in the MSCI Global Investable Market Indexes.
MSCI regularly assesses eligibility of new markets and communicates their potential inclusion in the MSCI GIMI in advance of implementation.
-40 Companies resulting from reverse merger but are later listed through a formal IPO will be considered eligible. 41 Effective since the November 2015 Index Review. 42 Effective since the May 2009 Index Review.
+39 Companies resulting from reverse merger but are later listed through a formal IPO will be considered eligible. 40 Effective since the November 2015 Index Review. 41 Effective since the May 2009 Index Review.
1 unchanged section
- M2 Change in Country Classification
M3 modified Appendix IV: Foreign Listing Materiality Requirementsimilarity 99%
--- Appendix IV: Foreign Listing Materiality Requirement (2026-10-02_33869117)
+++ Appendix IV: Foreign Listing Materiality Requirement (2026-10-02_0ca3a0d2)
@@ -3,13 +3,12 @@
Foreign listings may become eligible to represent securities only from the countries that meet the Foreign Listing Materiality Requirement.
This requirement is applied at the time of Index Reviews to the countries that do not yet include securities represented by foreign listings.
In order to assess whether a country meets the Foreign Listing Materiality Requirement, the following steps are undertaken: Apply Index Review index maintenance rules described in Sub-section 3.1 to determine which securities represented by a foreign listing would be included in the MSCI Country IMI if foreign listings were eligible from that country.
-Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - -
-5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 43, and 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI.
+Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - 5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 42F42, and - 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI.
The second condition is not applied to Frontier Markets countries.
Once a country meets the Foreign Listing Materiality Requirement at a given Index Review, foreign listings will become eligible from this country after two Index Reviews.
-For example, foreign listings will become eligible for a country at the February 2026 Index Review once that country meets the Foreign Listing Materiality Requirement at the August 2025 Index Review.
+For example, foreign listings will become eligible for a country at the May 2026 Index Review once that country meets the Foreign Listing Materiality Requirement at the November 2025 Index Review.
Then, foreign listings will remain eligible even if the aggregate market capitalization of securities represented by foreign listings decreases over time below the materiality thresholds.
The following table provides the list of countries for which securities may be represented by foreign listings:
-43 Securities represented by foreign listings are included in the free float-adjusted market capitalization of the MSCI Country IMI for the purpose of this calculation.
+42 Securities represented by foreign listings are included in the free float-adjusted market capitalization of the MSCI Country IMI for the purpose of this calculation.
Countries for which foreign listings are eligible Argentina Israel Peru Bahrain Jordan Romania Botswana Kazakhstan Singapore Brazil Lebanon Slovenia China Mauritius Sweden Hong Kong Netherlands Ukraine Iceland Panama (*) (*) The MSCI Panama Index was launched as a Standalone Market Index as part of the May 2017 Index Review and currently includes only foreign listings.
-At the August 2025 Index Review, no additional markets met the Foreign Listing Materiality Requirement.
+At the November 2025 Index Review, no additional markets met the Foreign Listing Materiality Requirement.
M3 modified Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959similarity 99%
--- Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-02_33869117)
+++ Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-02_0ca3a0d2)
@@ -1,4 +1,3 @@
-U.S. Executive Order 13959
The U.S.
Executive Order 13959 dated November 12, 2020 which Prohibits Transactions by U.S.
Persons in Certain Chinese Companies (the Order), along with clarification from the Office of Foreign Assets Control (OFAC), results in the deletion from / non-inclusion in the MSCI GIMI of relevant impacted securities.
2 unchanged sections
- M1 MSCI J-Series Indexes
- M1 MSCI China A Onshore Indexes
M5 modified Appendix VI: Free Float Definition and Estimation Guidelinessimilarity 46%
--- Appendix VI: Free Float Definition and Estimation Guidelines (2026-10-02_33869117)
+++ Appendix VI: Free Float Definition and Estimation Guidelines (2026-10-02_0ca3a0d2)
@@ -1 +1,2 @@
-MSCI calculates the free float-adjusted market capitalization of each security in the equity index universe. The process of free float-adjusting market capitalization involves:
+MSCI calculates the free float-adjusted market capitalization of each security in the equity index universe.
+The process of free float-adjusting market capitalization involves: Defining and estimating the free float available to foreign investors for each security, using MSCI’s definition of free float Assigning a free float-adjustment factor to each security (Foreign Inclusion Factor or FIF) Calculating the free float-adjusted market capitalization of each security The free float-adjusted market capitalization is used to calculate the weights of the securities in the indexes.
M5 modified Defining and Estimating Free Floatsimilarity 82%
--- Defining and Estimating Free Float (2026-10-02_33869117)
+++ Defining and Estimating Free Float (2026-10-02_0ca3a0d2)
@@ -1,5 +1,4 @@
-MSCI’s definition of free float Assigning a free float-adjustment factor to each security (Foreign Inclusion Factor or FIF) Calculating the free float-adjusted market capitalization of each security The free float-adjusted market capitalization is used to calculate the weights of the securities in the indexes.
-Defining and Estimating Free Float MSCI’s estimation of free float is based solely on publicly available shareholder information.
+MSCI’s estimation of free float is based solely on publicly available shareholder information.
For each security, all available shareholdings are considered where public data is available, regardless of the size of the shareholding.
MSCI defines the free float of a security as the proportion of shares outstanding that is deemed to be available for purchase in the public equity markets by international investors.
Therefore, MSCI primarily classifies shareholdings as free float or non-free float based on a categorization of investor types into non-strategic and strategic respectively.
1 unchanged section
- M5 Calculation of Free Float
M5 modified Assigning a Free Float-Adjustment Factor
--- Assigning a Free Float-Adjustment Factor (2026-10-02_33869117)
+++ Assigning a Free Float-Adjustment Factor (2026-10-02_0ca3a0d2)
@@ -9,17 +9,16 @@
While instituted at a country level these restrictions may have different consequences depending on the characteristics of the investor, including legal status, size of assets under management or date of application.
In the case of individual companies with Foreign Ownership Limits, it may happen that the maximum ownership by non-national investors is reached while depositary receipts may continue to be available to foreign investors.
In such cases, the depositary receipts typically trade at a persistent premium relative to the domestic shares, highlighting the difficulties for international investors to replicate the security’s weight in the index.
-Therefore, where deemed necessary, a LIF will be determined and applied based on an extensive, case-by-case analysis 44.
+Therefore, where deemed necessary, a LIF will be determined and applied based on an extensive, case-by-case analysis 43F43.
The application of this LIF permits a more accurate comparison of constituent markets and securities that have more complex and subtle restrictions on the investment process to markets and securities where investment limitations can be appropriately reflected in their standard FIFs.
In cases where MSCI applies a LIF, the free float adjusted for limited investability is defined as the product of the available free float for foreign investors and the LIF.
Free Float-Adjusted for Limited Investability = Free Float for Foreign Investors times the LIF Therefore, for securities subject to other foreign investment restrictions, the Foreign Inclusion Factor is equal to the lesser of: Estimated free float-adjusted for limited investability, - Rounded up to the closest 5%, if the free float-adjusted for limited investability is greater than 15%. - Rounded to the closest 1%, if the free float-adjusted for limited investability is less than 15%.
FOL rounded to the closest 1%.
-44 For example- In Iceland, MSCI applies a LIF of 0 due to investability issues in Fisheries companies.
+43 For example- In Iceland, MSCI applies a LIF of 0 due to investability issues in Fisheries companies.
Foreign Room For a security that is subject to a Foreign Ownership Limit (FOL), in determining eligibility for index inclusion and in determining an affected constituent’s weight in an index, MSCI will additionally take into consideration the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”).
In general, securities with low foreign room may be in some instances not eligible for index inclusion or subject to a weight reduction through the application of an adjustment factor.
For more details, please refer to Subsections 2.3.6.2 and 3.1.6.
The table below provides a list of countries for which MSCI monitors foreign room on a quarterly basis.
-Eligible Markets Country Name
-AUSTRALIA Developed Markets (DM) JAPAN CHINA INDIA INDONESIA KOREA PHILIPPINES Emerging Markets (EM) QATAR SAUDI ARABIA TAIWAN THAILAND* UNITED ARAB EMIRATES
+Eligible Markets Country Name AUSTRALIA Developed Markets (DM) JAPAN CHINA INDIA INDONESIA KOREA PHILIPPINES Emerging Markets (EM) QATAR SAUDI ARABIA TAIWAN THAILAND* UNITED ARAB EMIRATES
TUNISIA Frontier Markets (FM) VIETNAM Standalone Markets ZIMBABWE * Refer Treatment of Non-Voting Depository Receipts in Thailand Other than countries mentioned above, MSCI also monitors foreign room for telecommunication companies in Canada, airlines companies in Europe and USA for which the foreign room information is available on public sources.
Example: Calculating Foreign Room Foreign ownership Limit (FOL) applied to the =40% company Foreign shareholdings =20% Foreign room =(40%-20%)/40% =50%
1 unchanged section
- M5 Calculating the Free Float-Adjusted Market Capitalization
M3 modified Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues
--- Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-02_33869117)
+++ Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-Issues Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI.
+Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI.
Such securities will remain ineligible until sufficient public disclosure is made by the issuing companies confirming an increase in free float that results in a Foreign Inclusion Factor equal to or larger than 0.15, following the SFC high shareholding concentration notice.
Constituents of the MSCI GIMI included on the SFC high shareholding concentration notices will be deleted on a quarterly basis coinciding with the regular Index Reviews.
At each regular Index Review MSCI will reflect the SFC high shareholding concentration notices until the Price Cutoff Date (as defined in section 3.1.9).
M5 modified Treatment of Non-Voting Depositary Receipts in Thailand
--- Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-02_33869117)
+++ Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-02_0ca3a0d2)
@@ -2,7 +2,7 @@
NVDRs are depositary receipts issued by the Thai NVDR Company Limited, a subsidiary of the Stock Exchange of Thailand (SET) and backed by shares listed on the SET.
NVDRs entitle their holders to all financial benefits of the underlying shares, except voting rights.
Foreign ownership limits that apply to common shares do not apply to NVDRs, and therefore the NVDR scheme may allow foreign investors to own a greater percentage of shares than the foreign ownership limit of Thai companies.
-However, there is a limit on the amount of NVDRs that may be issued for financial institutions45 (generally set at 25%).
+However, there is a limit on the amount of NVDRs that may be issued for financial institutions 44F44 (generally set at 25%).
NVDRs are traded through the Local Line and as such, investors can buy and sell them at the price of the Local Line.
Aside from NVDRs, foreign investors may purchase the Foreign Line, where they are entitled to all economic rights as well as voting rights.
Foreign Lines are subject to Foreign Ownership Limits, and investors can buy and sell them at the price of the Foreign Line.
@@ -10,11 +10,11 @@
Treatment for companies with NVDR issuance limits Companies with limits on NVDR issuance, may be represented in the MSCI Indexes using both Foreign Lines and Local Lines.
Each line is evaluated independently for potential inclusion or exclusion from the MSCI Thailand Indexes as per the index maintenance rules.
Company Full Market Capitalization.
-The company full market capitalization is calculated based on the price46 of the Local Line.
+The company full market capitalization is calculated based on the price45F45 of the Local Line.
Foreign Inclusion Factor.
The free float distribution between the Foreign Line and the Local Line is determined as follows: If Foreign Line is not included in If Foreign Line is included in Index Index FIF (Local Line) = Minimum (DIF, NVDR FIF (Foreign Line) = Minimum (DIF, FOL limit – NVDR strategic holdings) FOREIGN strategic shareholding) FIF (Local Line) = Minimum (DIF – FIF (Foreign Line), NVDR limit – NVDR strategic holdings)
Foreign Room. Foreign room is assessed for the Local Line relative to the NVDR issuance limits in line with the quarterly review of foreign room described in section 3.1.6.2.
-45 Financial institutions including banks and finance companies that accept deposits from the public 46 This will result in changes to the company full market capitalization of BANGKOK BANK and KASIKORNBANK.
+44 Financial institutions including banks and finance companies that accept deposits from the public 45 This will result in changes to the company full market capitalization of BANGKOK BANK and KASIKORNBANK.
The changes in the company full market capitalization were reflected in the MSCI product files effective April 16, 2019.
Foreign Lines are not monitored for low foreign room since Foreign Lines have secondary market trading.
Early Inclusions.
M5 modified Treatment of Depository Receipts where Underlying Shares are Not Available for Trading
--- Treatment of Depository Receipts where Underlying Shares are Not Available for Trading (2026-10-02_33869117)
+++ Treatment of Depository Receipts where Underlying Shares are Not Available for Trading (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-Trading Starting from the May 2024 Index Review, MSCI will apply the below approach to calculate the Foreign Inclusion Factor (FIF) for Depository Receipts (DRs) where underlying shares are not available for trading.
+Starting from the May 2024 Index Review, MSCI will apply the below approach to calculate the Foreign Inclusion Factor (FIF) for Depository Receipts (DRs) where underlying shares are not available for trading.
For additions to the MSCI Global Investable Market Indexes, including the MSCI ACWI IMI Index, the MSCI Frontier Markets IMI, the MSCI China All Shares IMI and relevant MSCI J-Series Indexes, the FIF will be calculated as the lower of: the FIF derived based on publicly disclosed capital raising activities at the time of listing and any subsequent offerings; or the FIF computed on the basis of the MSCI Free Float Data Methodology.
For securities added to the indexes using the capital raising method, MSCI will continue to review such securities using the capital raising method in the subsequent Index Reviews.
For existing constituents of the MSCI Global Investable Market Indexes, including the MSCI ACWI IMI Index, the MSCI Frontier Markets IMI, the MSCI China All Shares IMI and relevant MSCI J-Series Indexes, the FIF will be calculated as the lower of: the ratio of Depository Number of Shares (NOS)/Total NOS (wherever such data is available); or the FIF computed on the basis of the MSCI Free Float Data Methodology.
2 unchanged sections
- M9 Appendix VII: Price Source for Securities
- M9 Markets open on Saturday and/or Sunday
M6 modified Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stresssimilarity 0%
--- Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress (2026-10-02_33869117)
+++ Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress (2026-10-02_0ca3a0d2)
@@ -1 +0,0 @@
-Switch to a Light Rebalancing under Conditions of Market Stress
3 unchanged sections
- M6 MSCI Market Monitoring Framework
- M6 Potential Switch to a Light Rebalancing during Index Reviews
- M6 “Light” Rebalancing
M6 modified Market Monitoring Period and Criteriasimilarity 99%
--- Market Monitoring Period and Criteria (2026-10-02_33869117)
+++ Market Monitoring Period and Criteria (2026-10-02_0ca3a0d2)
@@ -1,3 +1 @@
-MSCI sets the last ten business days of the month prior to the announcement date of an Index Review as the “market monitoring period.” If within the “market monitoring period”, one of the following two conditions related to the Market Liquidity and Market Functioning pillars of the Market Monitoring Framework is met, a review by the relevant MSCI Index Committee(s) whether or not to switch to a “light rebalancing” would be triggered: - Market Liquidity, for any 3 days within the “market monitoring period”
-o MSCI ACWI-weighted bid-ask spread, measured as index market capitalizationweighted bid-ask spread ( [ask-bid] / ask )47, breaching 0.19% AND o MSCI ACWI volatility, measured as the annualized standard deviation48 of the daily o returns of the MSCI ACWI over the past 10 business days, breaching 0.55 - OR - Market Functioning
-Unexpected full day or partial stock exchange closures impacting 20% of MSCI o ACWI constituents cumulatively over the “market monitoring period”
+MSCI sets the last ten business days of the month prior to the announcement date of an Index Review as the “market monitoring period.” If within the “market monitoring period”, one of the following two conditions related to the Market Liquidity and Market Functioning pillars of the Market Monitoring Framework is met, a review by the relevant MSCI Index Committee(s) whether or not to switch to a “light rebalancing” would be triggered: Market Liquidity, for any 3 days within the “market monitoring period” - MSCI ACWI-weighted bid-ask spread, measured as index market capitalizationo weighted bid-ask spread ( [ask-bid] / ask )46, breaching 0.19% AND o MSCI ACWI volatility, measured as the annualized standard deviation47 of the daily o returns of the MSCI ACWI over the past 10 business days, breaching 0.55 - OR - Market Functioning Unexpected full day or partial stock exchange closures impacting 20% of MSCI o ACWI constituents cumulatively over the “market monitoring period”
M10 modified Communication Date and Policy
--- Communication Date and Policy (2026-10-02_33869117)
+++ Communication Date and Policy (2026-10-02_0ca3a0d2)
@@ -4,4 +4,4 @@
MSCI would no longer consider a potential switch to a “light” rebalancing after the “market monitoring period” and would proceed with the scheduled Index Review.
Over time, MSCI may review the thresholds used in the MSCI Market Monitoring Framework.
Any resulting changes would be made public in the relevant index methodology documentation well in advance of the “market monitoring period”.
-47 MSCI uses the closing bid/ask as provided by its data source. If these are unavailable, then the most recent bid/ask prices are used instead. 48 The 10-day standard deviation of daily returns is annualized by multiplying it by the square root of 260.
+46 MSCI uses the closing bid/ask as provided by its data source. If these are unavailable, then the most recent bid/ask prices are used instead. 47 The 10-day standard deviation of daily returns is annualized by multiplying it by the square root of 260.
1 unchanged section
- M6 Index Review of the MSCI GIMI under Light Rebalancing
M7 modified Size-Segment Migrations during Light Rebalancings
--- Size-Segment Migrations during Light Rebalancings (2026-10-02_33869117)
+++ Size-Segment Migrations during Light Rebalancings (2026-10-02_0ca3a0d2)
@@ -20,26 +20,23 @@
Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
Similar to the foreign room treatment during Index Reviews, current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
-foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25%
-room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1
-1 1
+foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25% room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
0.5
0.25 0 Current adjustment factor = 0.5 1
0.5
0.5
-0.25 0 Current adjustment factor = 0.25
-1
+0.25 0 Current adjustment factor = 0.25 1
0.5
0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0 49.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 046F48.
Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months after the weight reduction or deletion; unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL51 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9: Date of Data Used for Index Review.
-49 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
+48 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
In case of India, MSCI monitors securities appearing on the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached on a daily basis.
MSCI deletes securities from the MSCI India Indexes that are (i) Appearing on the Breach list (ii) Appearing on the Red Flag/Caution list and have foreign room below 3.75% by giving 2 business days’ notice.
In the case of Mexico, MSCI monitors the foreign investments under the Neutral Trust Program (NTP).
The NTP structure mandates foreign investors to acquire shares only through it.
MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
For example, to be considered for the February Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the November Index Review.
-During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL50 until five business days before the effective date of that Index Review.
+During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL 47F49 until five business days before the effective date of that Index Review.
Securities that are part of the Market Investable Equity Universe, but did not meet additional investability requirements at the previous Index Review are not added to the Investable Market Indexes as part of the light rebalancing, unless they meet the criteria outlined in Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings.
M4 modified Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancingssimilarity 99%
--- Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_33869117)
+++ Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_0ca3a0d2)
@@ -1,9 +1,9 @@
-Light Rebalancings Securities that are currently not constituents of the Investable Market Indexes and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase are not eligible for inclusion into the Standard Indexes.
+Securities that are currently not constituents of the Investable Market Indexes and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase are not eligible for inclusion into the Standard Indexes.
Please refer to section 2.3.6.3 for more details.
These companies are assigned to the Large Cap Index if their full market capitalization exceeds the Interim Market Size-Segment Cutoff for the Large Cap Size-Segment; they are assigned to the Mid Cap Index otherwise.
In addition, IPOs eligible for early inclusion according to Sub-section 3.2.7, and for which the effective date of inclusion is either 5 days before the effective date of the Index Review or 3 days after, will be made effective to coincide with the Index Review.
For example, when the effective date of inclusion of the IPO is August 29 (3 business days before September 1), while
-50 Applicable only for securities still subject to FOLs.
+49 Applicable only for securities still subject to FOLs.
For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
M3 modified Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancingssimilarity 99%
--- Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_33869117)
+++ Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-02_0ca3a0d2)
@@ -1,9 +1,9 @@
-Rebalancings Existing constituents of the Investable Market Indexes can remain in the Investable Market Indexes only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing51 Foreign listing in the same geographical region 52 Foreign listing in a different geographical region 53 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
+Existing constituents of the Investable Market Indexes can remain in the Investable Market Indexes only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing48F50 Foreign listing in the same geographical region 49F51 Foreign listing in a different geographical region 50F52 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI:
-51 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
-52 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
+50 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
+51 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
-53 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
+52 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor; or Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews; or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
0.5 if none of the above conditions are met.
3 unchanged sections
- M5 Changes in FIF and NOS during Light Rebalancings
- M6 Date of Data Used for Light Rebalancings
- M6 Index Maintenance for the Micro Cap Size-Segment during Light Rebalancings
M9 modified Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviewssimilarity 0%
--- Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviews (2026-10-02_33869117)
+++ Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviews (2026-10-02_0ca3a0d2)
@@ -1 +0,0 @@
-Market Closures during Index Reviews
M9 modified Policy Regarding Trading Suspensions for Individual Securities during Index Reviewssimilarity 99%
--- Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-02_33869117)
+++ Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-02_0ca3a0d2)
@@ -1,5 +1,5 @@
-Reviews MSCI will postpone the implementation of Index Review changes for IMI constituents, as well as Micro Cap constituents, when the affected securities are suspended54 on the day prior to the effective implementation date55 of the Index Review.
+MSCI will postpone the implementation of Index Review changes for IMI constituents, as well as Micro Cap constituents, when the affected securities are suspended 51F53 on the day prior to the effective implementation date52F54 of the Index Review.
The postponed Index Review changes will be implemented by giving two full business days (excluding the trading resumption day) after the securities starts trading.
Index Review changes include: Additions to, deletions from or migrations between the MSCI Large Cap, MSCI Mid Cap, MSCI Small Cap and MSCI Micro Cap Indexes Changes in Foreign Inclusion Factor (FIF), Domestic Inclusion Factor (DIF), Number of Shares (NOS) or style for the relevant current and pro forma IMI and Micro Cap constituents All Index Review changes that are postponed due to suspension will be cancelled two months after the effective date of the Index Review if the securities are still suspended and will be implemented at the Index Review following the securities’ resumption of trading if still warranted.
-Additions of Chinese securities to all MSCI Indexes56 (including pro forma MSCI China Indexes, MSCI China A Inclusion Indexes, MSCI China All Shares Indexes and MSCI China A Onshore Indexes) will be cancelled instead of postponed if the securities are suspended on the day prior to the effective implementation of the Index Review.
+Additions of Chinese securities to all MSCI Indexes53F55 (including pro forma MSCI China Indexes, MSCI China A Inclusion Indexes, MSCI China All Shares Indexes and MSCI China A Onshore Indexes) will be cancelled instead of postponed if the securities are suspended on the day prior to the effective implementation of the Index Review.
The inclusion of the security will be re-evaluated at the next Index Review.
M9 modified Policy Regarding Market Closures during Index Reviews
--- Policy Regarding Market Closures during Index Reviews (2026-10-02_33869117)
+++ Policy Regarding Market Closures during Index Reviews (2026-10-02_0ca3a0d2)
@@ -1,5 +1,5 @@
During Index Reviews, the following principles apply in case of market closures on the day of implementation. As a reminder, the effective implementation date for each Index Reviews is as of the close of the last business day of February, May, August and November.
-54 The suspension status is taken as per the close of the regular trading time of the relevant stock exchange.
-55 In cases where the Index Review effective date falls on a Tuesday, the postponement for suspended securities in indexes calculated from Sunday to Thursday will be reviewed on Sunday.
+53 The suspension status is taken as per the close of the regular trading time of the relevant stock exchange.
+54 In cases where the Index Review effective date falls on a Tuesday, the postponement for suspended securities in indexes calculated from Sunday to Thursday will be reviewed on Sunday.
For details on the Sunday – Thursday Index Calculation Methodology, refer to Appendix XII of the MSCI Index Calculation Methodology.
-56 Non-current IMI constituent
+55 Non-current IMI constituent
4 unchanged sections
- M9 Market Closures Due to Scheduled Stock Market Holidays
- M9 Unexpected Full Trading Day Market Closures
- M9 Unexpected Market Closures of Less Than a Full Trading Day
- M9 Market Outage during the Trading Day
M4 modified Appendix X: Updating the Global Minimum Size References and Rangessimilarity 97%
--- Appendix X: Updating the Global Minimum Size References and Ranges (2026-10-02_33869117)
+++ Appendix X: Updating the Global Minimum Size References and Ranges (2026-10-02_0ca3a0d2)
@@ -1 +1 @@
-and Ranges As markets evolve due to events and price performance, the Global Minimum Size Reference and ranges are calculated on a daily basis using the following general principles.
+As markets evolve due to events and price performance, the Global Minimum Size Reference and ranges are calculated on a daily basis using the following general principles.
5 unchanged sections
- M4 General Principles for Updating the Global Minimum Size References and Ranges
- M3 Appendix XI: Frontier Markets Country Classification
- M1 Appendix XII: MSCI DR Indexes
- M4 Constructing the MSCI DR Indexes
- M6 Maintaining the MSCI DR Indexes
M5 modified Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexessimilarity 99%
--- Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes (2026-10-02_33869117)
+++ Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes (2026-10-02_0ca3a0d2)
@@ -1,3 +1,3 @@
-Indexes The NOS of the DRs in the MSCI DR Indexes is based on the maximum DRs that could be issued by dividing the number of shares of the Parent Index by the DR ratio (ratio between the common shares and the DRs).
+The NOS of the DRs in the MSCI DR Indexes is based on the maximum DRs that could be issued by dividing the number of shares of the Parent Index by the DR ratio (ratio between the common shares and the DRs).
The purpose of this is to allow the DR to reflect accurately the full market capitalization of the company in the DR Indexes.
The FIF is the same as the Parent Index constituent´s FIF in order to reflect accurately the freefloat adjusted market capitalization of the security.
8 unchanged sections
- M6 Quarterly Listing Reviews
- M5 Index Review of Changes in NOS and in FIF
- M8 Ongoing Event Related Changes
- M8 Additions and Deletions due to Corporate Events
- M8 IPOs
- M9 Dividend Reinvestment for DRs Indexes
- M9 Withholding tax
- M9 Dividend Fees Payable by DR Holders
M1 modified Appendix XIII: MSCI Domestic Indexessimilarity 99%
--- Appendix XIII: MSCI Domestic Indexes (2026-10-02_33869117)
+++ Appendix XIII: MSCI Domestic Indexes (2026-10-02_0ca3a0d2)
@@ -1,9 +1,9 @@
The MSCI Domestic Indexes are designed to represent the performance of the domestic equity markets of certain countries.
Most of the MSCI Domestic Indexes are based on the MSCI Global Investable Market Indexes Methodology.
The indexes use the Domestic Inclusion Factor (DIF) as the free float adjustment factor for the market capitalization of each security.
-MSCI defines the free float of a security as the proportion of tradable shares outstanding that are deemed to be available for purchase in the public equity markets by domestic investors57.
+MSCI defines the free float of a security as the proportion of tradable shares outstanding that are deemed to be available for purchase in the public equity markets by domestic investors56.
In practice, limitations on free float available to domestic investors also include strategic and other shareholdings and these are not considered as part of available free float.
Free float of MSCI GIMI and MSCI Domestic indexes are reviewed, as defined in Sub-Section 3.1.7 based on the date of data defined in Sub-Section
3.1.9.
Please see Appendix VI for details on MSCI Free Float Definition and Estimation Guidelines.
-Currently, MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available for China58, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Korea and Australia59.
+Currently, MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available for China54F57, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Canada, Korea and Australia55F58.
1 unchanged section
- M1 MSCI China A Onshore Indexes
M2 modified Equity Universe
--- Equity Universe (2026-10-02_33869117)
+++ Equity Universe (2026-10-02_0ca3a0d2)
@@ -1,6 +1,6 @@
For the MSCI China A Onshore Indexes, the universe is defined as all China A shares listed on the Shanghai and Shenzhen Stock Exchanges.
In general, all listed equity securities, or listed securities that exhibit characteristics of equity securities, except investment trusts, mutual funds and equity derivatives, are eligible for inclusion in the universe.
Securities with a “ST” or “*ST” status are excluded from the Equity Universe (see Appendix I for more details).
-57 For the MSCI Saudi Arabia Domestic Index, the DIF is calculated from the perspective of a GCC regional investor.
-58 The domestic China Index is known the MSCI China A Onshore Index.
-59 The domestic Australia and Korea Indexes are known as the MSCI Australian Shares Indexes and the MSCI Korean Shares Indexes respectively.
+56 For the MSCI Saudi Arabia Domestic Index, the DIF is calculated from the perspective of a GCC regional investor.
+57 The domestic China Index is known the MSCI China A Onshore Index.
+58 The domestic Australia and Korea Indexes are known as the MSCI Australian Shares Indexes and the MSCI Korean Shares Indexes respectively.
1 unchanged section
- M3 Equity Universe Minimum Size
M5 moved Assigning a Free Float-Adjustment Factor → Assigning a Free Float-Adjustment Factor
Moved without text changes.
M3 moved Investment Sanctions Related to U.S. Executive Order 13959 → Investment Sanctions Related to U.S. Executive Order 13959
Moved without text changes.
M1 moved MSCI K-Series Indexes → MSCI K-Series Indexes
Moved without text changes.
1 unchanged section
- M1 Appendix XIV: MSCI China Indexes
M1 modified MSCI China Indexes Offeringsimilarity 99%
--- MSCI China Indexes Offering (2026-10-02_33869117)
+++ MSCI China Indexes Offering (2026-10-02_0ca3a0d2)
@@ -1,24 +1,18 @@
-Share Class Domestic MSCI China Indexes P Foreign Connect Index Free Float B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe MSCI China All Shares Index
-L/M/S Onshore FIF MSCI China A International Index L/M/S Onshore FIF MSCI China Indexes
-L/M Connect 20% FIF MSCI China A Inclusion Index
-L/M Connect FIF MSCI China A Inclusion RMB Index
-L/M Onshore FIF MSCI China A Index
-L/M Connect FIF MSCI China A RMB Index
-L/M Onshore FIF Domestic China A Shares Equity Universe MSCI China A Onshore Index
-L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
+Share Class Domestic MSCI China Indexes P Connect Index Free Float Foreign B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe ✓ ✓ ✓ ✓ ✓ ✓ ✓ MSCI China All Shares Index L/M/S Onshore FIF ✓ MSCI China A International Index L/M/S Onshore FIF ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ MSCI China Indexes L/M Connect 20% FIF ✓ ✓ MSCI China A Inclusion Index L/M Connect FIF ✓ ✓ MSCI China A Inclusion RMB Index L/M Onshore FIF MSCI China A Index
+✓ ✓ L/M Connect FIF ✓ ✓ MSCI China A RMB Index L/M Onshore FIF Domestic China A Shares Equity Universe ✓ MSCI China A Onshore Index L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
CDRs are not included in the MSCI China A Onshore Index, MSCI China A Index, MSCI China A Inclusion Index and MSCI China A International Index.
The MSCI China All Shares Indexes are built on the basis of the integrated China Equity Universe, including China A shares.
The MSCI China All Shares Indexes are designed to represent the opportunity set of China share classes.
They will be used as the basis for the construction of the MSCI China Indexes, included in Emerging Markets, subject to additional screening and inclusion factors, as well as the newly launched MSCI China A Indexes, which reflect only securities available through the Stock Connect program.
The MSCI China A International Indexes are constructed to represent the performance of the China A shares component of the MSCI China All Shares Indexes.
These indexes include China A shares regardless of their eligibility for trading through the Stock Connect program.
-For more details on the MSCI China All Shares and MSCI China A International Indexes, please refer to the MSCI China All Shares Indexes Methodology60.
+For more details on the MSCI China All Shares and MSCI China A International Indexes, please refer to the MSCI China All Shares Indexes Methodology56F59.
The MSCI China Indexes are designed to represent the performance of the Chinese securities that are included in the MSCI Emerging Markets Indexes.
In addition to the Red-chips, P-chips, B shares, H shares and foreign listings, Stock Connect eligible Large Cap and Mid Cap China A shares and CDRs are included at 20% of their actual free float-adjusted market capitalization using the Stock Connect listing.
-60 Available on https://www.msci.com/index-methodology Following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index in the November 2019 Index Review, the MSCI China A Indexes61 represent the performance of the China A shares portion of the MSCI China Index.
+59 Available on https://www.msci.com/index-methodology Following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index in the November 2019 Index Review, the MSCI China A Indexes57F60 represent the performance of the China A shares portion of the MSCI China Index.
The MSCI China A Indexes are calculated using the Stock Connect listing based on the offshore RMB exchange rate (CNH), while the MSCI China A RMB Indexes are variants of the MSCI China A Indexes that are calculated using China A local listings based on the onshore RMB exchange rate (CNY).
-The MSCI China A Inclusion Indexes62 represent the China A share portion of the MSCI China Index and are identical to the MSCI China A Indexes following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index.
+The MSCI China A Inclusion Indexes58F61 represent the China A share portion of the MSCI China Index and are identical to the MSCI China A Indexes following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index.
These indexes are also calculated using the CNH and CNY rates similar to the MSCI China A Indexes.
-In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes63 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
+In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes59F62 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
Until March 1 2018, these indexes were named the MSCI China A Indexes.
-61 Please refer to Appendix XVII for more details. 62 Please refer to Appendix XVI for more details. 63 Please refer to Appendix XII for more details on the MSCI China A Onshore Indexes.
+60 Please refer to Appendix XVII for more details. 61 Please refer to Appendix XVI for more details. 62 Please refer to Appendix XII for more details on the MSCI China A Onshore Indexes.
M6 modified Appendix XV: Index Maintenance of the MSCI China Indexessimilarity 95%
--- Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-02_33869117)
+++ Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-02_0ca3a0d2)
@@ -1 +1 @@
-This section has been updated in January 2020 64.
+This section has been updated in January 2020 60F63.
1 unchanged section
- M4 Inclusion of China A Shares in the MSCI China Indexes
M6 modified Index Maintenance of the MSCI China Indexes
--- Index Maintenance of the MSCI China Indexes (2026-10-02_33869117)
+++ Index Maintenance of the MSCI China Indexes (2026-10-02_0ca3a0d2)
@@ -1,3 +1,3 @@
This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’ as it describes only the points specific to maintenance of the MSCI China Indexes.
The MSCI China All Shares Indexes are the basis for the construction of the MSCI China Indexes included in Emerging Markets, subject to additional screening and inclusion factors.
-64 The MSCI China Indexes in this section refers to the MSCI China Indexes included in the MSCI Emerging Markets Indexes.
+63 The MSCI China Indexes in this section refers to the MSCI China Indexes included in the MSCI Emerging Markets Indexes.
M2 added INTEGRATED MSCI CHINA EQUITY UNIVERSE
M2 moved Integrated MSCI China Equity Universe → Integrated MSCI China Equity Universe similarity 97%
--- Integrated MSCI China Equity Universe (2026-10-02_33869117)
+++ Integrated MSCI China Equity Universe (2026-10-02_0ca3a0d2)
@@ -1,6 +1,6 @@
-Integrated MSCI China Equity Universe -> A-shares, CDRs and B-shares listed in China China A Share component -> H-shares, Red-chips, P-chips listed in HK -> foreign listed companies
+-> A-shares, CDRs and B-shares listed in China China A Share component -> H-shares, Red-chips, P-chips listed in HK -> foreign listed companies
Apply Investability Screens
-MSCI China A MSCI China A Integrated MSCI China Investable MSCI China A International (exclude Mid and Small Cap China A shares) Inclusion Universe Stock Connect Screen on China A shares
+MSCI China A MSCI China A Integrated MSCI China Investable MSCI China A (exclude Mid and Small Cap China A shares) International Inclusion Stock Connect Screen on China A shares Universe
Size-Segment Consideration Reassessing Segment Number of Companies and Market Size-Segment Cutoffs
Assigning Companies to Appropriate Size Segments
Assessing Conformity with Final Size-Segment Investability Requirements MSCI China All MSCI China Shares
@@ -9,7 +9,7 @@
Integrated MSCI China Equity Universe
The MSCI China Indexes will be maintained using the MSCI Global Investable Market Indexes
methodology under the Emerging Market framework. They will be constructed on the basis of
-the integrated MSCI China Equity Universe comprised of A‐shares, CDRs 65 and B‐shares
+the integrated MSCI China Equity Universe comprised of A‐shares, CDRs61F64 and B‐shares
listed in China, H‐shares, Red‐chips, and P‐chips listed in Hong Kong and foreign listings
listed outside China or Hong Kong, identical to the universe used for the construction of the
MSCI China All Shares Index.
M5 moved Calculation of Market Capitalization → Calculation of Market Capitalization
--- Calculation of Market Capitalization (2026-10-02_33869117)
+++ Calculation of Market Capitalization (2026-10-02_0ca3a0d2)
@@ -1,3 +1,3 @@
For the purpose of index rebalancing, the security market capitalization of all the China A shares in the integrated China equity universe will be converted to US Dollars using onshore RMB
-65 CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in this section.
+64 CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in this section.
exchange rate (CNY) regardless whether CNY or CNH rate is used for index calculation. For example, the issuer market capitalization of a company used as part of the rebalancing for the CNY or CNH based indexes would be the same and would be based on the CNY exchange rate.
M5 moved Impact of the Index Inclusion Factor for the Index Construction → Impact of the Index Inclusion Factor for the Index Construction
Moved without text changes.
M3 moved Investability Requirements → Investability Requirements similarity 99%
--- Investability Requirements (2026-10-02_33869117)
+++ Investability Requirements (2026-10-02_0ca3a0d2)
@@ -1,2 +1,2 @@
-In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the Investable Market Indexes) from the investable equity universe if the securities: - - Are suspended on the Price Cutoff date, or Have been suspended for at least 50 days consecutively in the past 12 months66 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
+In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the Investable Market Indexes) from the investable equity universe if the securities: Are suspended on the Price Cutoff date, or - - Have been suspended for at least 50 days consecutively in the past 12 months 62F65 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
China A shares of companies will be assessed based on their current status in the MSCI China All Shares Indexes for this requirement, subject to the relevant buffer rules.
M4 moved Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments → Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size- Segments similarity 99%
--- Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments (2026-10-02_33869117)
+++ Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size- Segments (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-Segments The Market Size-Segment Cutoffs and the Size-Segment allocation of companies are based on the integrated MSCI China Investable Equity Universe.
+The Market Size-Segment Cutoffs and the Size-Segment allocation of companies are based on the integrated MSCI China Investable Equity Universe.
China A shares of companies will be assessed based on their current status in the MSCI China All Shares Indexes for this requirement, subject to the relevant buffer rules.
After this step, allocation to Size-Segments within the MSCI China Indexes is identical to the MSCI China All Shares Indexes.
-66 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review)
+65 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review)
M3 moved Foreign Ownership Limits and Foreign Room → Foreign Ownership Limits and Foreign Room
Moved without text changes.
M3 moved Assessing Conformity with Final Size-Segment Investability Requirements → Assessing Conformity with Final Size-Segment Investability Requirements
--- Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-02_33869117)
+++ Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-02_0ca3a0d2)
@@ -1,8 +1,6 @@
Like for any other market, once companies are assigned to each Size-Segment, the securities of companies are evaluated for conformity with the additional Size-Segment Investability Requirements for each Size-Segment.
However, in addition to the requirements described in the relevant sections, such as Section 2.3.6 and 3.1.6, China A shares are further screened on the basis of their Stock Connect eligibility, Size-Segment allocation status, as well additional full company market capitalization requirements.
-More specifically, during Index Reviews, China A shares that are non-current constituents of the MSCI China Index and assigned to the Large Cap or Mid Cap Size-Segments must meet the following requirements to be added to the MSCI China Index: - 1.0x the Standard Cutoff in terms of company full market capitalization - 0.5x the Standard Cutoff in terms of security FIF-adjusted market capitalization
-Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of o Security FIF-adjusted Market Capitalization - Stock Connect eligibility
-China A shares assigned to Small Cap Size-Segment will not be added to the MSCI China Indexes.
+More specifically, during Index Reviews, China A shares that are non-current constituents of the MSCI China Index and assigned to the Large Cap or Mid Cap Size-Segments must meet the following requirements to be added to the MSCI China Index: 1.0x the Standard Cutoff in terms of company full market capitalization - - 0.5x the Standard Cutoff in terms of security FIF-adjusted market capitalization o Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of Security FIF-adjusted Market Capitalization - Stock Connect eligibility China A shares assigned to Small Cap Size-Segment will not be added to the MSCI China Indexes.
China A shares that are existing constituents of the MSCI China Index must meet the requirements specified in Section 3.1.6 and remain Stock Connect eligible to be retained in the MSCI China Index.
Stock Connect Eligibility China A Shares that are eligible for both buy and sell under either the Shanghai Connect or the Shenzhen Connect program will be eligible for inclusion to the MSCI China Index.
Stock Connect eligibility will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
M4 moved Additions of China A Shares during Light Rebalancings → Additions of China A Shares during Light Rebalancings similarity 99%
--- Additions of China A Shares during Light Rebalancings (2026-10-02_33869117)
+++ Additions of China A Shares during Light Rebalancings (2026-10-02_0ca3a0d2)
@@ -1,3 +1 @@
-During a Light Rebalancing, China A shares that are non-current constituents of the MSCI China Index must meet the following requirements to be added to the MSCI China Index: - 1.8x the Interim Market Size-Segment Cutoff in terms of company full market
-capitalization - 1.8x one-half times the Interim Market Size-Segment Cutoff in terms of security FIF-
-adjusted market capitalization - Stock Connect eligibility
+During a Light Rebalancing, China A shares that are non-current constituents of the MSCI China Index must meet the following requirements to be added to the MSCI China Index: - 1.8x the Interim Market Size-Segment Cutoff in terms of company full market capitalization - 1.8x one-half times the Interim Market Size-Segment Cutoff in terms of security FIFadjusted market capitalization Stock Connect eligibility -
M9 moved Stock Connect Daily Limit Breach → Stock Connect Daily Limit Breach
Moved without text changes.
M8 moved Ongoing Event Related Changes → Ongoing Event Related Changes
--- Ongoing Event Related Changes (2026-10-02_33869117)
+++ Ongoing Event Related Changes (2026-10-02_0ca3a0d2)
@@ -7,7 +7,7 @@
The postponed deletions will be implemented two days after the securities resume trading.
Stock Connect Daily Limit Breach MSCI will not postpone the implementation of corporate events for Stock Connect listings of China A shares when the Stock Connect daily limit is breached on the effective implementation date.
Early Inclusions IPOs of China A shares will only be reviewed for addition to the MSCI China Index at subsequent Index Reviews in order to assess the Stock Connect eligibility of the security.
-Other cases of early inclusion of China A shares (for example but not limited to spin off, merger, acquisition) will only be considered for inclusion in the MSCI China Indexes - if the event involves an existing constituent of the index, if the new security is assigned to the Large Cap or Mid Cap size-segment, and if the Stock Connect eligibility of the security is announced on or before the day of MSCI sending “Confirmed” corporate event announcement for the relevant event.
+Other cases of early inclusion of China A shares (for example but not limited to spin off, merger, acquisition) will only be considered for inclusion in the MSCI China Indexes - if the event involves an existing constituent of the index, - if the new security is assigned to the Large Cap or Mid Cap size-segment, - and if the Stock Connect eligibility of the security is announced on or before the day of MSCI sending “Confirmed” corporate event announcement for the relevant event.
The IIF applicable to a newly added security will be the same as the IIF of the Parent security.
The treatment for such cases, if any, would be communicated to clients with sufficient advance notice through the regular channels.
For example, a spin-off resulting from an existing Large Cap or Mid Cap China A share constituent of the MSCI China Index that qualifies for the Small Cap size-segment would not be added to the MSCI China Index but would be reviewed for inclusion in the following Index Review.
4 unchanged sections
- M1 Appendix XVI: MSCI China A Inclusion Indexes
- M4 Index Construction
- M6 Index Maintenance
- M9 Index Calculation
M1 modified Appendix XVII: MSCI China A Indexessimilarity 99%
--- Appendix XVII: MSCI China A Indexes (2026-10-02_33869117)
+++ Appendix XVII: MSCI China A Indexes (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-The MSCI China A Indexes 67 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
+The MSCI China A Indexes63F66 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
The MSCI China A Indexes are designed for global investors accessing the China A shares market through the Stock Connect program.
The MSCI China A RMB Indexes are designed for domestic China investors and have the same constituents as the MSCI China A Indexes.
Currently, MSCI calculates the Standard as well as the Large Cap and the Mid Cap Size Segment Indexes for both the MSCI China A and the MSCI China A RMB Indexes.
2 unchanged sections
- M4 Index Construction
- M6 Index Maintenance
M8 moved Ongoing Event Related Changes → Ongoing Event Related Changes
--- Ongoing Event Related Changes (2026-10-02_33869117)
+++ Ongoing Event Related Changes (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI Methodology and the MSCI Corporate Events Methodology.
In order to reflect accessibility of securities trading on Stock Connect and keep the MSCI Indexes replicable, methodologies were enhanced in order to more accurately reflect the investment process of Stock Connect investors, especially for cases when Stock Connect is closed but the onshore Chinese domestic market is trading.
Details of the treatment of Stock Connect China A shares can be found in Appendix VIII of the MSCI Corporate Events Methodology.
-67 The MSCI China A Onshore Indexes were previously known as the MSCI China A Indexes prior to March 1, 2018. Please refer to Appendixes XII and XIV of the MSCI GIMI Methodology for more details on the MSCI China A Onshore Indexes.
+66 The MSCI China A Onshore Indexes were previously known as the MSCI China A Indexes prior to March 1, 2018. Please refer to Appendixes XII and XIV of the MSCI GIMI Methodology for more details on the MSCI China A Onshore Indexes.
6 unchanged sections
- M9 Index Calculation
- other Appendix XVIII: Transition to the MSCI GIMI Methodology
- other Provisional Indexes
- other Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes
- other Publication of Provisional Indexes
- other Reflecting Constituent Changes in the Standard Indexes at the Transition Points
other modified Index Reviews and Treatment of On-Going Market Events during the Transition Period
--- Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-02_33869117)
+++ Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-Period During the transition period, from May 4, 2007 through May 30, 2008, MSCI was maintaining its
+During the transition period, from May 4, 2007 through May 30, 2008, MSCI was maintaining its
schedule of regular Index Reviews for its Standard and Small Cap Index series.
The Provisional Indexes and Size-Segment Indexes were maintained according to the index maintenance principles of the Global Investable Market Indexes methodology.
To minimize changes not related to the transition, all changes in the Standard Indexes were coordinated with the Provisional Indexes.
1 unchanged section
- other Ongoing Event Related Changes
other modified May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Indexsimilarity 99%
--- May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-02_33869117)
+++ May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-02_0ca3a0d2)
@@ -1,4 +1,4 @@
-Review of the Small Cap Index The changes resulting from the May 2007 Annual Full Country Index Review of the existing Standard Indexes were announced on May 3, 2007, earlier than its normal announcement
+The changes resulting from the May 2007 Annual Full Country Index Review of the existing Standard Indexes were announced on May 3, 2007, earlier than its normal announcement
schedule, to coincide with the availability of the pro-forma list of constituents of the MSCI Global Investable Market Indexes.
Further, in order to minimize reverse turnover, the May 2007 Annual Full Country Index Review for the Standard Indexes used the same Global Minimum Size Requirement and other investability requirements that were applied in the construction and maintenance of the Provisional Standard Indexes.
Only securities that were constituents of the Provisional Standard Indexes were added to the Standard Indexes to bring the Industry Group representation closer to 85%, if necessary.
10 unchanged sections
- other August 2007 Quarterly Index Review
- other November 2007 Semi-Annual Index Review
- other February 2008 Quarterly Index Review
- other May 2008 Semi-Annual Index Review
- other Transitioning Other Indexes
- other Global Value and Growth Indexes
- other Euro and Pan-Euro Indexes
- other Indexes Based on the Standard Indexes
- other GCC Countries Indexes
- other Summary Transition Timeline
other modified Appendix XIX: Transition to a Quarterly Comprehensive Index Reviewsimilarity 99%
--- Appendix XIX: Transition to a Quarterly Comprehensive Index Review (2026-10-02_33869117)
+++ Appendix XIX: Transition to a Quarterly Comprehensive Index Review (2026-10-02_0ca3a0d2)
@@ -1,6 +1,4 @@
-Index Review
-Prior to the February 2023 Index Review, the MSCI Global Investable Market Indexes were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August
-The objective of the SAIRs was to systematically reassess the various dimensions of the Equity Universe for all markets, involving a comprehensive review of the Size-Segment Indexes.
+Prior to the February 2023 Index Review, the MSCI Global Investable Market Indexes were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August The objective of the SAIRs was to systematically reassess the various dimensions of the Equity Universe for all markets, involving a comprehensive review of the Size-Segment Indexes.
QIRs aimed to capture significant market driven changes that were not captured in the index at the time of their actual occurrence but are significant enough to be reflected before the next SAIR.
Following positive feedback from market participants in a market consultation, MSCI transitioned to a Quarterly Comprehensive Index Review (QCIR) schedule starting from the February 2023 Index Review.
In a QCIR, MSCI employs the index maintenance methodology of an SAIR across each of the quarterly Index Reviews.
M6 modified Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexessimilarity 98%
--- Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-02_33869117)
+++ Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-02_0ca3a0d2)
@@ -1,2 +1,2 @@
-compared to Parent Indexes Indexes constructed from a parent index that follows GIMI methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
+Indexes constructed from a parent index that follows GIMI methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
For Derived Indexes whose Index Review schedule is less frequent compared to their parent, for example less frequent than quarterly (e.g. semi-annual, annual) compared to the MSCI Global Investable Market Indexes which are reviewed on a quarterly basis, changes resulting from the parent index, such as deletions, additions, as well as Number of Shares and Foreign Inclusion Factor changes, will be reflected as per the intra-rebalance treatment specified in their respective methodologies.
other modified Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology
--- Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-02_33869117)
+++ Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-02_0ca3a0d2)
@@ -1,3 +1,2 @@
-Methodology
In August 2022, a consultation was launched with proposals to enhance the MSCI Frontier Markets Indexes Methodology with the aim of addressing the following: A limited number of eligible securities and much smaller investment opportunity set caused by higher size cutoffs linked to Developed Markets (DM) Significantly higher country concentration, as a few heavily-weighted markets at the top of the index exist along with a longer list of smaller markets at the bottom Frequent changes in index composition, often driven by market reclassifications Following feedback from market participants, the changes below were implemented at the August 2023 Index Review: Independent size cutoffs for Frontier Markets are no longer linked to Developed Markets, For each individual Frontier Market, a reduction in the minimum number of companies meeting Standard Index requirements for Size and Liquidity from two companies to one, and Regional consolidation of individual markets for the purpose of index construction and maintenance where appropriate, starting with the Baltic States, i.e., Estonia, Lithuania and Latvia: MSCI considers Estonia, Lithuania and Latvia as a single market for the purpose of o index construction and maintenance under the MSCI Global Investable Market Indexes Methodology to derive the constituents of the MSCI Baltic States Indexes.
-The MSCI Estonia, MSCI Lithuania and MSCI Latvia Indexes are then derived from the constituents of the MSCI Baltic States Indexes, As part of the August 2023 Index Review, the constituents of the MSCI Estonia and o MSCI Lithuania Indexes were considered as existing constituents of the MSCI Baltic States Index for rebalancing purpose, The MSCI Baltic States Indexes is maintained as a Very Low Liquidity market with a o minimum Annualized Traded Value Ratio (ATVR) requirement of 2.5%.
+The MSCI Estonia, MSCI Lithuania and MSCI Latvia Indexes are then derived from the constituents of the MSCI Baltic States Indexes, As part of the August 2023 Index Review, the constituents of the MSCI Estonia and o MSCI Lithuania Indexes were considered as existing constituents of the MSCI Baltic States Index for rebalancing purpose, o The MSCI Baltic States Indexes is maintained as a Very Low Liquidity market with a minimum Annualized Traded Value Ratio (ATVR) requirement of 2.5%.
other modified Changes to the Methodology Book
--- Changes to the Methodology Book (2026-10-02_33869117)
+++ Changes to the Methodology Book (2026-10-02_0ca3a0d2)
@@ -100,8 +100,7 @@
Appendix V: Free Float Definition and Estimation Guidelines Updates in the table on the Classification of Shareholder Types
Appendix X: Frontier Markets Country Classification Updates in the format of the table
Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes
-Appendix deleted
-The following sections have been modified since February 2016:
+Appendix deleted The following sections have been modified since February 2016:
Section 3.1.9: Date of data used for Semi-Annual Index Review Updates in this section on ongoing maintenance of securities’ share classes, share types and alternate listing
Appendix V: Free Float Definition and Estimation Guidelines Added sub-section on Treatment of High Shareholding Concentration
The following sections have been modified since April 2016:
@@ -204,8 +203,7 @@
Appendix XV: Inclusion of China A Shares in the MSCI China Indexes Clarified migrations outside of Index Reviews
Appendix XVII: MSCI China A Indexes Added new section, previously from MSCI China All Shares Indexes
Appendix XVIII: Provisional GICS Indexes New Appendix
-Appendix XIX: Transition to the MSCI GIMI Methodology Previously Appendix XVII
-The following sections have been modified since August 2018:
+Appendix XIX: Transition to the MSCI GIMI Methodology Previously Appendix XVII The following sections have been modified since August 2018:
APPENDIX I: EQUITY MARKETS AND UNIVERSE Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for Stock Exchanges in Standalone Markets”
Section 2.2.8 Minimum Foreign Room Requirement Updated Footnote
Section 3.1.6.2 For Existing Constituents Updated Footnote
@@ -313,7 +311,8 @@
Appendix XII: Reclassification of the MSCI Kuwait Indexes to Emerging Markets
Appendix deleted
The following section has been modified since February 2021:
-Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets” The following sections have been modified since March 2021:
+Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets”
+The following sections have been modified since March 2021:
Section 2.3.6.3: Treatment of Securities that Exhibit Extreme Price Increase New section added following consultation
Section 3.1.6.2: For Existing Constituents Clarifications added following consultation
Section 3.2.1.4: Assessing Conformity with Final Size-Segment Investability Requirements Clarifications added following consultation
@@ -324,7 +323,8 @@
Appendix II: Market Classification Framework Updated the table “Markets Under Index Continuity”
Appendix IX: Frontier Markets Country Classification Removed Iceland from Standalone Markets, added to Frontier Markets
Appendix XIV: MSCI China Indexes Added clarifications
-Appendix XV: Index Maintenance of the MSCI China Indexes Added clarifications The following sections have been modified since May 2021:
+Appendix XV: Index Maintenance of the MSCI China Indexes Added clarifications
+The following sections have been modified since May 2021:
Section 3.3.3.2 Changes in Size or Style Segment Classification as a Result of a Large Corporate Event Update for Micro Cap
Section 3.3.3.4 Early Deletions of Existing Constituents Update for Micro Cap
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Frontier Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Developed Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Frontier Markets” Updated the table “Ineligible Alert Boards”
@@ -358,7 +358,8 @@
The following sections have been modified as of August 2022:
Section 2.2.5 DM and EM Minimum Liquidity Requirement Updated Footnote
Section 3.2.5 Quarterly Index Review of Changes in Number of Shares (NOS) Updated Footnote
-Appendix I: Eligible Markets (Developed Markets) Updated Footnote The following sections have been modified as of November 2022:
+Appendix I: Eligible Markets (Developed Markets) Updated Footnote
+The following sections have been modified as of November 2022:
Section 3.3.3.3 Early Inclusions of Non-Index Constituents Clarification on foreign room requirement when non-constituent acquires constituent
Appendix I: Eligible Markets (Developed Markets) Updated Footnote
The following section has been modified as of December 2022:
@@ -456,69 +457,10 @@
The following section has been modified as of August 2025:
Section 3.1.9 Date of Data Used for Index Reviews Updated footnote 28 for clarification on Business day
Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)”, “Eligible Markets (Emerging Markets)”, “Eligible Markets (Frontier Markets)” and “Eligible Markets (Standalone Markets)” Updated list of countries in REITs Updated the table “Ineligible Alert Boards” Updated Other Cases
-Appendix II: Market Classification Framework Updated table and text to account for changes to the Size and Liquidity Requirements Added section for Advanced Frontier Markets Contact Us About MSCI AMERICA MSCI is a leading provider of critical decision United States + 1 888 588 4567 * support tools and services for the global Canada + 1 416 687 6270 investment community.
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+Appendix II: Market Classification Framework Updated table and text to account for changes to the Size and Liquidity Requirements Added section for Advanced Frontier Markets
+The following section has been modified as of October 2025:
+Appendix XIII: MSCI Domestic Indexes Updated to reflect the availability of MSCI Canada Domestic Indexes.
+The following section has been modified as of November 2025:
+Section 3.3 Announcement Policy Section simplified and consolidated in the MSCI Corporate Events methodology
+Section 3.1.9 Date of Data Used for Index Reviews Updated footnote 28 for Business Day clarification
+Appendix I: Equity Markets and Universe Updated the table Ineligible Alert Boards and Other Cases
other added Contact Us
--- /dev/null
+++ Contact Us (2026-10-02_0ca3a0d2)
@@ -0,0 +1,7 @@
+About MSCI AMERICA MSCI is a leading provider of critical decision United States + 1 888 588 4567 * support tools and services for the global Canada + 1 416 687 6270 investment community.
+With over 50 years of Brazil + 55 11 4040 7830 expertise in research, data and technology, we Mexico + 52 81 1253 4020 power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more EUROPE, MIDDLE EAST & AFRICA effective portfolios.
+We create industry-leading research-enhanced solutions that clients use to South Africa + 27 21 673 0103 gain insight into and improve transparency across Germany + 49 69 133 859 00 the investment process.
+Switzerland + 41 22 817 9777 United Kingdom + 44 20 7618 2222 Italy + 39 02 5849 0415 To learn more, please visit www.msci.com.
+France + 33 17 6769 810 msci.com/contact-us
+ASIA PACIFIC The process for submitting a formal index complaint China + 86 21 61326611 can be found on the index regulation page of MSCI’s Hong Kong + 852 2844 9333 website at: https://www.msci.com/index-regulation.
+India + 91 22 6784 9160 Malaysia 1800818185 * South Korea + 82 70 4769 4231 Singapore + 65 67011177 Australia + 612 9033 9333 Taiwan 008 0112 7513 * Thailand 0018 0015 6207 7181 * Japan + 81 3 4579 0333 * toll-free
other added Notice and Disclaimer
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+++ Notice and Disclaimer (2026-10-02_0ca3a0d2)
@@ -0,0 +1,66 @@
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147 unchanged sections in all.
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MSCI Global Investable Market Indexes Methodology p.1 editorial · added The updated version identifies an added section titled "MSCI Global Investable Market Indexes Methodology," but the supplied section text and unified diff contain no substantive rule. Therefore, no index methodology change can be identified from the provided text. Rated editorial: No rule, threshold, formula, eligibility criterion, or other substantive methodology language is present, so no changed rule can be named. The apparent addition of an empty or non-extracted section is not a substantive methodology change.Model-written, for reference only. Open p.1 ↗
Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes p.1 editorial · added Although the section is marked as added, the supplied updated text contains no visible rule, principle, or methodology language. No substantive index construction requirement can be identified from the provided excerpt. Rated editorial: No identifiable rule, threshold, formula, or affected security set is added because the provided section text is blank; therefore the change cannot affect what an index user would do or expect.Model-written, for reference only. Open p.1 ↗
Outline of the Methodology Book p.11 editorial · modified The methodology book's "last updated" date was changed from August 2025 to November 2025. No index construction, maintenance, eligibility, weighting, or calculation rules were modified. Rated editorial: This is a documentation update-date change only. It does not add, remove, or alter any rule affecting index users or index outcomes, so it is an editorial under M10 disclosure-related changes.Model-written, for reference only. Open p.11 ↗
2 Constructing the MSCI Global Investable Market Indexes p.14 editorial · modified The only change is the formatting of the footnote reference after "Market," from "Market1" to "Market0F1." No index construction, eligibility, selection, weighting, or other methodological rule was changed. Rated editorial: This is a footnote-marker formatting change only. It does not add, remove, or modify any rule affecting index users or the securities covered.Model-written, for reference only. Open p.14 ↗
2.1.1 Identifying Eligible Equity Securities p.14 editorial · modified The update changes only the formatting/encoding of footnote reference markers in the eligible equity securities paragraph, such as "(REITs)2" becoming "(REITs) 1F2" and moving the marker for footnote 4 to a separate line. No eligibility categories, criteria, or other index rules are changed. Rated editorial: No equity-eligibility rule changed. The only differences are footnote marker formatting and line placement, which do not affect the securities eligible for the Equity Universe and are therefore editorial-level changes.Model-written, for reference only. Open p.14 ↗
2.2.3 Equity Universe Minimum Size Requirement p.17 minor · modified The disclosed Equity Universe Minimum Size Requirement was updated from the August 2025 Index Review level of USD 448 million for Developed and Emerging Markets and USD 10 million for Frontier Markets to USD 505 million and USD 12 million, respectively, at the November 2025 Index Review. Other differences are footnote-marker formatting and table layout changes. Rated minor: The Equity Universe Minimum Size Requirement is an eligibility threshold, and the updated numerical levels change which companies may be included in the Market Investable Equity Universe. This is an M3 eligibility change, so the materiality is minor; the remaining changes are formatting and do not add a separate rule.Model-written, for reference only. Open p.17 ↗
2.2.5 DM and EM Minimum Liquidity Requirement p.18 editorial · modified The update changes internal footnote/reference markers in the listing-priority and China suspension passages, such as "6" appearing as "5F6," and reformats the bulleted ATVR calculation note. The liquidity thresholds, suspension conditions, listing priority rules, and ATVR adjustment provisions remain substantively unchanged. Rated editorial: No eligibility or liquidity rule changed: the 20%/15% ATVR thresholds, 90%/80% Frequency of Trading thresholds, China suspension tests, listing priorities, and ATVR adjustments are unchanged. The edits are limited to footnote/cross-reference markers and formatting, which are non-substantive.Model-written, for reference only. Open p.18 ↗
2.3.2.1 Defining the Global Minimum Size Reference p.24 minor · modified The methodology refreshes the Global Minimum Size Reference levels from July 16, 2025 (Aug-25 table) to October 15, 2025 (Nov-25 table). The DM Standard reference rises from USD 13.35 billion to USD 14.31 billion, changing the DM Standard range to USD 7.15–16.45 billion and the EM range to USD 3.58–8.23 billion; all tabulated Large Cap, Standard/Mid Cap, Small Cap, DM, EM, and Frontier references also change. The 70%/85%/99% coverage derivation and 50% EM relationship are unchanged. Rated minor: The changed rule is the numerical Global Minimum Size Reference and associated size ranges, which are eligibility/selection thresholds under M4. Although the calculation formula is unchanged, substituting new numeric thresholds can affect the securities covered, so this is substantive; M1–M5 changes have a minor ceiling.Model-written, for reference only. Open p.24 ↗
2.3.3 Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs p.26 editorial · modified The update removes the duplicated lead-in phrase "Segment Cutoffs" and reformats line breaks, hyphenation, and bullet layout in the procedure for deriving Market Size-Segment Cutoffs. No coverage targets, thresholds, ranking logic, initial-construction treatment, or maintenance rules change. Rated editorial: No substantive rule for determining segment numbers or market size-segment cutoffs was added, removed, or modified; the 70%/85%/99% coverage targets and Global Minimum Size Range procedure remain the same. The change is limited to deleting a duplicated heading phrase and reformatting or rewrapping text, so it is an editorial.Model-written, for reference only. Open p.26 ↗
2.3.5 Determining Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments: Example p.28 editorial · modified The update removes the redundant leading phrase “Size-Segments: Example” before the USA example and changes only line wrapping in the Hungary chart text. All illustrative companies, rankings, market capitalizations, coverage levels, and size-segment cutoff rules remain unchanged. Rated editorial: No size-segment cutoff, eligibility, selection, weighting, threshold, or calculation rule changed. The edit removes a duplicated heading phrase and reformats chart line breaks, so it is non-substantive.Model-written, for reference only. Open p.28 ↗
2.4 Index Continuity Rules p.31 editorial · modified Editorial change: wording only, no rule changed. Open p.31 ↗
2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes p.32 editorial · modified The updated version removes the isolated text fragment "Markets Indexes" from the section. No index construction, selection, calculation, or other methodology rule is changed. Rated editorial: The change only deletes a stray heading-like text fragment. No identifiable rule, threshold, condition, security set, or calculation methodology is added or removed, so it is non-substantive.Model-written, for reference only. Open p.32 ↗
2.5.2 Composite Indexes13 p.33 editorial · modified The updated section retains the same definition and examples of Composite Indexes. The only differences are formatting and numbering changes to footnote/reference markers, such as "Market Classification14" becoming "Market Classification 14F14" and "MSCI World 15" becoming "MSCI World15F15". Rated editorial: No rule governing composite index construction, eligibility, selection, weighting, or affected securities changed. The update only reformats footnote/reference markers and related spacing, which is non-substantive renumbering and formatting.Model-written, for reference only. Open p.33 ↗
3.1.2.4 Minimum Liquidity Requirement for Existing Constituents p.38 editorial · modified The listing-priority rule for existing constituents is unchanged: local listing, then foreign listing in the same geographical region, then foreign listing in a different geographical region. The only modification is the formatting of the inline footnote markers, which change from 17/18/19 to 17F17/18F18/19F19. Rated editorial: The substantive listing-priority rule is unchanged. Only footnote/reference markers were altered, which is a non-substantive formatting or cross-reference change and therefore an editorial.Model-written, for reference only. Open p.38 ↗
3.1.3 Recalculating the Global Minimum Size References and Global Minimum Size Ranges p.40 editorial · modified The updated text removes the stray word "Ranges" from the beginning of the paragraph. The substantive rule—that Global Minimum Size References and ranges are reset at Index Reviews using a process similar to updating the Equity Universe Minimum Size Requirement—is unchanged. Rated editorial: No index rule, threshold, process, or affected security set changed; the edit only removes an apparent stray heading word and restates the same sentence. Therefore this is an editorial.Model-written, for reference only. Open p.40 ↗
3.1.4 Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs p.40 editorial · modified The updated text removes the stray heading word "Cutoffs" from the beginning of the sentence. The substantive rule for updating the Segment Number of Companies and Market Size-Segment Cutoffs is unchanged. Rated editorial: No index rule, threshold, formula, trigger, or affected security set changed. The edit only removes a redundant heading word and does not alter what an index user would do or expect.Model-written, for reference only. Open p.40 ↗
3.1.4.1 Determining Initial Segment Number of Companies p.40 editorial · modified The methodology for determining the Initial Segment Number of Companies is unchanged. The only edit is the in-text footnote/reference marker after "Interim Market Size-Segment Cutoff," changing from "20" to "20F20"; the substantive rule and footnote text remain identical. Rated editorial: No eligibility, selection, calculation, threshold, or affected-securities rule changed. The alteration is solely a footnote/cross-reference marker and is therefore an editorial.Model-written, for reference only. Open p.40 ↗
3.1.4.2 Changes in the Segment Number of Companies p.41 editorial · modified The update reformats the procedure for adjusting the Segment Number of Companies by removing line breaks, joining hyphenated text, splitting one sentence into a separate paragraph, and changing footnote reference formatting (for example, "21" appears as "21F21"). No addition, deletion, threshold, percentage, trigger, or procedural condition was changed. Rated editorial: No index rule changed: the same Segment Number adjustment process, 5%/20% reduction limits, addition ordering, cutoff treatment, and small-market exception remain. The differences are only line-wrap consolidation, paragraph formatting, and footnote-marker encoding, so the change is an editorial.Model-written, for reference only. Open p.41 ↗
3.1.5 Assigning Companies to Appropriate Size-Segments p.43 editorial · modified The updated text reformats the size-segment assignment priority list, consolidating the bullet points for companies above the lower segment's upper buffer threshold. The footnote-style marker is also changed from "threshold23" to "threshold 23F23." The eligibility categories and assignment priorities are otherwise unchanged. Rated editorial: The rule for assigning companies above the lower Size-Segment's upper buffer threshold is substantively identical; only formatting, bullet separation, and a footnote/reference marker change. No condition, threshold, security set, or index-user action changes, so this is an editorial.Model-written, for reference only. Open p.43 ↗
3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes p.43 editorial · modified The updated text removes the extraneous word "Indexes" from the opening line and changes the footnote reference formatting from "24" to "24F24." The buffer-zone rules, thresholds, and small-cap entry treatment are unchanged. Rated editorial: No buffer-zone rule or threshold changed. The edits only remove an apparent stray heading word and alter footnote reference formatting, so they do not affect index user actions or expectations.Model-written, for reference only. Open p.43 ↗
3.1.6.2 For Existing Constituents p.45 editorial · modified The update reformats the foreign-room adjustment-factor table by joining two wrapped lines and changes the rendering of footnote anchors (for example, "F25", "F26", and "F27"). No adjustment factors, foreign-room thresholds, review timing, or constituent treatment changes. Rated editorial: The foreign-room adjustment-factor rules and the related 12-month/FOL review conditions are substantively unchanged. The diff only reflects table line reflow and footnote-marker formatting, so no index user action or expectation changes.Model-written, for reference only. Open p.45 ↗
3.1.9 Date of Data Used for Index Reviews p.48 major · modified MSCI added Thanksgiving to the global holidays treated as non-business days when determining Price Cutoff Dates. Correspondingly, the example for a November 26, 2024 Index Review changes the 10-business-day price cutoff window from October 14–25, 2024 to October 15–28, 2024. Other changes are list and footnote formatting. Rated major: The changed rule is the non-business-day calendar used to determine Index Review Price Cutoff Dates: Thanksgiving is now expressly included, changing the applicable cutoff window. This affects review scheduling/data timing under M6, so the materiality is major; the remaining list and footnote-marker changes are formatting only.Model-written, for reference only. Open p.48 ↗
3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance p.50 editorial · modified The updated text changes the footnote marker after "significant IPOs" from "30" to "30F30" and joins a line-broken "upper bound" phrase. The rules for setting the Interim Market Size-Segment Cutoff and the use of previous-trading-day data are unchanged. Rated editorial: No index methodology rule changed; the only differences are a footnote-reference formatting change and removal of a line break. This does not alter eligibility, cutoff calculations, thresholds, affected securities, or review timing.Model-written, for reference only. Open p.50 ↗
3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Event p.52 editorial · modified The updated section removes the stray introductory phrase "Corporate Event" from the beginning of the first paragraph. The substantive rules for reviewing size-segment classification after a large corporate event are unchanged. Rated editorial: No corporate-action rule, threshold, trigger, affected security set, or implementation procedure changed. The edit only removes an extraneous introductory label, so it is an editorial.Model-written, for reference only. Open p.52 ↗
3.3.1 Ongoing Event-Related Changes p.57 editorial · modified The updated section adds an announcement policy for corporate-event-related changes. Such changes must be announced to clients before implementation, and constituent additions and deletions must also be publicly announced before implementation, with a cross-reference to Section 8 of the MSCI Corporate Events methodology. Rated editorial: This adds an M10 disclosure/announcement rule for corporate-event changes, but it does not specify a notice period or consultation obligation. Under the provided materiality rules, M10 disclosure changes are editorial unless notice periods or consultation obligations change.Model-written, for reference only. Open p.57 ↗
3.3.1.1 Client Announcements p.57 minor · removed The updated methodology deletes the entire “3.3.1.1 Client Announcements” subsection. The previous version set out client announcement requirements for corporate events, including expected, undetermined, confirmed, correction, and acknowledged announcements; minimum lead times; daily ACE File delivery; and criteria for descriptive text announcements. No corresponding text remains in the updated version. Rated minor: The deleted rule is the client corporate-event announcement and notice regime. Removing explicit minimum notice periods and related announcement obligations changes what index users can expect. Because this is an M10 disclosure change affecting notice periods, the applicable materiality ceiling is minor.Model-written, for reference only. Open old p.57 ↗
3.3.1.2 Public Announcements p.59 minor · removed The updated methodology deletes the entire “Public Announcements” section. Previously, corporate-event constituent additions and deletions had to be publicly announced before implementation, other corporate-event changes were announced only to clients, and changes were announced at least two business days before becoming effective. The deletion also removes the specified publication channels. Rated minor: This is an M10 disclosure change, but it removes an explicit announcement obligation and the “at least two business days” notice period, so it cannot be classified as editorial.Model-written, for reference only. Open old p.59 ↗
3.3.2 IPOs and Other Early Inclusions p.59 minor · removed The updated methodology deletes Section 3.3.2, “IPOs and Other Early Inclusions,” in its entirety. This removes the announcement windows for early inclusions following large IPOs and large secondary offerings, MSCI’s no-comment policy for future listings and pending events, and the special STAR Market early-inclusion announcement and market-cap timing provision. Rated minor: The deletion removes explicit early-inclusion announcement windows and related disclosure expectations, so it is substantive rather than reformatting. Under the M10 governance/disclosure category, the change affects notice timing for market participants, raising the classification from editorial to minor.Model-written, for reference only. Open old p.59 ↗
5.1 Frontier Markets Definition p.63 editorial · modified The criteria defining the initial frontier-market universe are unchanged. The only edit is the footnote/reference marker after “developed markets universe,” which changes from “35” to “34F34,” with a preceding space. Rated editorial: The frontier-markets eligibility conditions themselves do not change; only a footnote marker is renumbered or reformatted. Footnote and cross-reference changes are non-substantive patches.Model-written, for reference only. Open p.63 ↗
5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes p.63 editorial · modified The updated section removes the stray opening words "Markets Indexes" and renumbers footnote 35 to footnote 34. No index construction, eligibility, liquidity, size, continuity, or corporate-action rule changes. Rated editorial: No substantive index rule changed. The edit removes a redundant heading fragment and renumbers a footnote; the methodology text governing Frontier Markets construction remains identical.Model-written, for reference only. Open p.63 ↗
5.2.3.2 Minimum Liquidity Requirement for Existing Constituents p.65 editorial · modified The update only renumbers the footnotes supporting the eligible-listing priority rules, from 36–38 to 35–37. The liquidity thresholds, listing-priority substance, and Frontier Markets treatment are unchanged. Rated editorial: No index rule changed; the only modifications are footnote and cross-reference numbers for the listing priority rules. Renumbering is expressly non-substantive, so the change is an editorial.Model-written, for reference only. Open p.65 ↗
6.4 Inclusion of Standalone Market Indexes in the MSCI Composite Indexes p.69 editorial · modified The updated version removes the standalone word "Indexes" from section 6.4. No index methodology rule, threshold, formula, or affected security set is changed. Rated editorial: The change only deletes an isolated heading-like word and does not add, remove, or modify any identifiable index rule; therefore it is a non-substantive editorial.Model-written, for reference only. Open p.69 ↗
Eligible Markets (Developed Markets) p.72 editorial · modified Editorial change: wording only, no rule changed. Open p.72 ↗
Eligible Markets (Emerging Markets) p.73 editorial · modified Editorial change: wording only, no rule changed. Open p.73 ↗
Eligible Markets (Standalone Markets) p.75 minor · modified The standalone-market table adds the Ukrainian Exchange as an exchange entry for Ukraine, while retaining PFTS Stock Exchange. This expands the eligible exchange/listing venues for Ukrainian securities; other differences are line-break and table-layout adjustments. Rated minor: The changed rule is the set of eligible stock exchanges for Ukraine: the updated table includes Ukrainian Exchange in addition to PFTS Stock Exchange. This affects index eligibility and therefore the potential securities universe, placing it in M2 with a ceiling of minor. No explicit effective date is stated.Model-written, for reference only. Open p.75 ↗
Ineligible Alert Boards p.81 minor · modified The updated ineligible-alert-board table removes the "S+ Framework" as a listed alert board for the Mumbai Stock Exchange. Other differences in the table are primarily cell reordering or reflow and do not alter the listed boards or footnotes. Rated minor: The eligibility rule for Mumbai Stock Exchange alert boards changed because "S+ Framework" was removed from the list of boards whose securities are ineligible, affecting the set of securities covered. This is an M3 eligibility change, which has a minor materiality ceiling; no explicit effective date is stated.Model-written, for reference only. Open p.81 ↗
Other Cases p.83 major · modified The updated methodology expands the list of regulatory boards that trigger a delay in IMI additions and Standard/Small Cap size-segment migrations during Index Reviews. It adds India's Short Term and Long Term Additional Surveillance Measure (ASM) boards and Korea's Investment Alert Issue and Investment Risk Issue boards. Affected securities are re-evaluated in the subsequent Index Review. Rated major: The rule delaying IMI additions and size-segment migrations during Index Reviews is expanded to cover additional Indian and Korean boards, changing the set of affected securities and their review timing. This is a substantive M6 review-treatment change, so the materiality is major.Model-written, for reference only. Open p.83 ↗
Appendix II: Market Classification Framework p.84 minor · modified The market-classification Size and Liquidity thresholds were increased for both entry and maintenance tests. Full market-cap thresholds rose from USD 181/3,338/6,676 mm to USD 205/3,577/7,153 mm for Frontier/Emerging/Developed markets, and float market-cap thresholds rose from USD 90/1,669/3,338 mm to USD 102/1,788/3,577 mm. The footnote also changes the referenced index review from August 2025 to November 2025; ATVR and company-count requirements remain unchanged. Rated minor: The update changes numeric full- and float-market-cap thresholds used in market-classification eligibility, affecting what markets and securities can satisfy the Size and Liquidity criteria. This is substantive and falls within M1-M5 eligibility/universe rules, so the materiality is minor; no exact effective date is stated.Model-written, for reference only. Open p.84 ↗
Markets Under Index Continuity p.88 minor · modified The minimum constituent counts (5 for DM, 3 for EM, and 1 for FM) are unchanged. The index continuity table is updated from the August 2025 to the November 2025 Index Review: Czech Republic is removed from the Emerging Markets list, Egypt appears under Emerging Markets rather than Frontier Markets, and New Zealand, Serbia, and Peru remain listed. Rated minor: The named rule is the minimum-constituent index continuity rule. Its minimum thresholds do not change, but the markets to which the continuity rules are applied changes: Czech Republic is removed and Egypt moves from the Frontier to the Emerging Markets column in the updated table. This changes the affected market set under M4, so it is substantive but capped at minor.Model-written, for reference only. Open p.88 ↗
Country Specific Cases p.90 editorial · modified The update renumbers the footnotes in the Country Specific Cases section and changes some inline footnote markers to linked-reference formatting (for example, the China A-share footnote changes from 39 to 38). No country classification, universe, eligibility, or selection rule is changed. Rated editorial: No substantive index rule changed; the differences are limited to footnote numbering and inline cross-reference markers. Renumbering and cross-reference changes are expressly editorial, and the M2 country-universe and eligibility requirements themselves remain unchanged.Model-written, for reference only. Open p.90 ↗
Appendix IV: Foreign Listing Materiality Requirement p.93 editorial · modified The appendix updates the illustrative example of the two-index-review lag from August 2025/February 2026 to November 2025/May 2026. It also updates the latest review statement to say that no additional markets met the requirement at the November 2025 review. The eligibility thresholds, country list, and other foreign-listing rules are unchanged; bullet formatting and footnote numbering were also updated. Rated editorial: The Foreign Listing Materiality Requirement itself—the 5% and 0.05% thresholds, Frontier Markets exception, two-index-review lag, and eligible-country list—does not change. The updated dates are illustrative/current-review status information, with no additional markets added; the remaining changes are formatting and footnote renumbering. Therefore no substantive eligibility rule or affected security set changes.Model-written, for reference only. Open p.93 ↗
Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 p.95 editorial · modified The update removes the standalone heading line "U.S. Executive Order 13959" from the appendix. The substantive treatment of securities affected by Executive Order 13959, including ineligibility, deletion, adjustment factors, and universe retention, remains unchanged. Rated editorial: No index rule changed; the only modification is removal of a standalone title/heading line. This is formatting or editorial cleanup and therefore an editorial, notwithstanding the page-number shift.Model-written, for reference only. Open p.95 ↗
Appendix VI: Free Float Definition and Estimation Guidelines p.97 minor · modified The updated introduction explicitly enumerates the free-float process: defining and estimating free float available to foreign investors, assigning a Foreign Inclusion Factor, and calculating free float-adjusted market capitalization. It also states that free float-adjusted market capitalization is used to calculate index weights. Rated minor: The update adds an explicit description of how free float is reflected in security weights, including the Foreign Inclusion Factor and the use of free float-adjusted market capitalization. This relates to M5 weighting methodology, so the substantive change is classified as minor; no effective date is stated.Model-written, for reference only. Open p.97 ↗
Defining and Estimating Free Float p.97 editorial · modified The updated version deletes an introductory overview line and the repeated section heading at the beginning of the passage. The substantive description of free float, including its basis in public shareholder data and classification of strategic and non-strategic investors, is unchanged. Rated editorial: No free-float definition, investor classification, FIF assignment, or weighting rule is added or removed. The deleted text is an introductory overview and duplicated heading, so the change is presentational rather than substantive.Model-written, for reference only. Open p.97 ↗
Assigning a Free Float-Adjustment Factor p.98 editorial · modified The footnote attached to the case-by-case Limited Investability Factor analysis was renumbered from 44 to 43, with the updated inline marker rendered as “43F43.” The foreign-room country table was also reformatted onto fewer extracted lines. No FIF, LIF, rounding, foreign-room, eligibility, or weighting rule was changed. Rated editorial: The substantive LIF rule remains that MSCI may determine and apply a LIF through extensive case-by-case analysis. Only the footnote number/reference marker and text formatting changed; footnote renumbering and layout changes are explicitly non-substantive, so this is an editorial.Model-written, for reference only. Open p.98 ↗
Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues p.103 editorial · modified The updated text removes the extraneous leading word "Issues" from the first sentence of the section. The eligibility, deletion, review, free-float, and 12-month re-addition rules are unchanged. Rated editorial: No substantive index rule changed; the edit only removes an apparent stray heading word before the opening sentence. Therefore it is an editorial despite the page-number change.Model-written, for reference only. Open p.103 ↗
Treatment of Non-Voting Depositary Receipts in Thailand p.103 editorial · modified The updated section changes only the footnote markers for financial institutions and the Local Line price calculation, renumbering them from 45/46 to 44/45 (with altered marker formatting). The NVDR rules, 25% limit, FIF formulas, foreign-room treatment, and early-inclusion requirements are unchanged. Rated editorial: No substantive index rule changed. The only modifications are footnote/reference numbering and marker formatting, which are expressly non-substantive renumbering changes; therefore the change is an editorial.Model-written, for reference only. Open p.103 ↗
Treatment of Depository Receipts where Underlying Shares are Not Available for Trading p.105 editorial · modified The updated text removes the extraneous opening word "Trading" from the section. The FIF calculation methodology for depository receipts whose underlying shares are not available for trading is otherwise unchanged. Rated editorial: No index rule, threshold, formula, affected security set, or review treatment changed. The edit only removes a stray word, so it is a presentational correction and therefore an editorial.Model-written, for reference only. Open p.105 ↗
Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress p.107 editorial · modified The updated version removes the standalone line "Switch to a Light Rebalancing under Conditions of Market Stress." The provided text does not include any operative rule, threshold, trigger, or procedural change accompanying that removal. Rated editorial: The deleted text is an isolated heading or label; no index methodology rule can be identified from the provided passage. Because no user-facing condition, trigger, schedule, or calculation changed, this is an editorial under Step 1.Model-written, for reference only. Open p.107 ↗
Market Monitoring Period and Criteria p.108 editorial · modified The market monitoring criteria for a potential light rebalancing are unchanged: the last ten business days, any three days of spread/volatility breaches, and exchange closures affecting 20% of constituents remain the same. The update only reformats bullet placement and renumbers footnote references from 47/48 to 46/47. Rated editorial: The light-rebalancing market-monitoring triggers and all numeric thresholds are unchanged. The only differences are presentation/bullet reflow and footnote renumbering, which are non-substantive.Model-written, for reference only. Open p.108 ↗
Communication Date and Policy p.108 editorial · modified The substantive communication-date policy is unchanged. The only modification is the renumbering of the two footnotes from 47 and 48 to 46 and 47; the section also moves from page 110 to page 108. Rated editorial: No index rule, threshold, timing condition, or disclosure obligation changed. The update only renumbers footnotes and reflects a page change, which is expressly non-substantive.Model-written, for reference only. Open p.108 ↗
Size-Segment Migrations during Light Rebalancings p.109 editorial · modified The updated text reformats the foreign-room adjustment-factor table and changes footnote/reference markers, including renumbering the relevant footnote from 49 to 48. The foreign-room thresholds, adjustment factors, quarterly review, 12-month upward-adjustment condition, and India/Mexico treatment remain unchanged. Rated editorial: The change affects only the layout of the adjustment-factor table and its footnote/citation numbering. The substantive 3.75% threshold, zero-factor treatment, table values, monitoring frequency, and deletion rules are unchanged, so this is a non-substantive editorial.Model-written, for reference only. Open p.109 ↗
Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings p.112 editorial · modified The updated text removes the run-in heading phrase "Light Rebalancings" from the first sentence and renumbers the intervening footnote from 50 to 49. The eligibility criteria, market-capitalization thresholds, assignment rules, and IPO timing treatment are unchanged. Rated editorial: No index rule changes: the substantive addition requirements remain identical, while the edits remove a heading label and renumber a footnote. These are formatting and footnote-numbering changes, so the materiality is editorial.Model-written, for reference only. Open p.112 ↗
Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings p.113 editorial · modified The liquidity retention rules for existing Investable Market Index constituents are unchanged, including the 5% ATVR and 80%/70% Frequency of Trading thresholds, listing priority, and the Emerging Markets liquidity-adjustment exception. The update removes the stray heading word "Rebalancings" from the opening sentence and renumbers the associated footnotes from 51–53 to 50–52, with corresponding page shifts. Rated editorial: No eligibility, threshold, selection, weighting, or review rule changed. The only differences are removal of a heading fragment and footnote/cross-reference renumbering, which are expressly non-substantive.Model-written, for reference only. Open p.113 ↗
Appendix IX: Policy Regarding Trading Suspensions and Market Closures during Index Reviews p.115 editorial · modified The updated version removes the standalone line "Market Closures during Index Reviews" from the provided text. No operative rule, threshold, procedure, or affected-security condition is added or removed in the supplied passage. Rated editorial: The only change is deletion of a heading-like line; no substantive index calculation or market-closure rule can be identified from the text, so this is a formatting or editorial editorial.Model-written, for reference only. Open p.115 ↗
Policy Regarding Trading Suspensions for Individual Securities during Index Reviews p.115 editorial · modified The updated text removes the stray opening word "Reviews" and changes the footnote reference markers in the trading-suspension policy. No substantive rule, timing condition, threshold, or security treatment changes. Rated editorial: The policy for postponing, cancelling, or re-evaluating Index Review changes for suspended securities is unchanged. The edit only removes an extraneous word and updates footnote/reference markers, which is non-substantive formatting and cross-reference maintenance.Model-written, for reference only. Open p.115 ↗
Policy Regarding Market Closures during Index Reviews p.115 editorial · modified The market-closure review principles are unchanged. The associated footnotes were renumbered from 54–56 to 53–55, and the section moved from page 117 to page 115. Rated editorial: No rule, threshold, condition, or affected security set changed. The only edits are footnote renumbering and a page-number change, which are non-substantive.Model-written, for reference only. Open p.115 ↗
Appendix X: Updating the Global Minimum Size References and Ranges p.117 editorial · modified The updated text removes the stray heading fragment "and Ranges" that appeared immediately before the opening sentence. The statement that Global Minimum Size References and ranges are calculated daily remains unchanged. Rated editorial: No index rule, threshold, formula, frequency, or affected security set changed; the update only removes a duplicated heading fragment from the beginning of the sentence.Model-written, for reference only. Open p.117 ↗
Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes p.120 editorial · modified The updated text removes the stray opening word "Indexes" from the paragraph. The rules for calculating DR number of shares and applying the parent constituent's FIF remain unchanged. Rated editorial: No index methodology rule, formula, threshold, eligibility condition, or affected security set changed. The edit only removes an extraneous word, so it is an editorial.Model-written, for reference only. Open p.120 ↗
Appendix XIII: MSCI Domestic Indexes p.123 minor · modified The updated list of countries for which MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available adds Canada. The footnote reference numbers were also renumbered, but the substantive change is the expansion of country coverage. Rated minor: The rule changed is the stated country coverage of MSCI Domestic Indexes based on the GIMI Methodology: Canada is added, expanding the indexes/markets covered. This is an M1 identity/universe-coverage change and therefore minor; footnote renumbering alone would be editorial.Model-written, for reference only. Open p.123 ↗
Equity Universe p.123 editorial · modified Editorial change: wording only, no rule changed. Open p.123 ↗
MSCI China Indexes Offering p.125 editorial · modified The MSCI China share-class/index matrix is reformatted with check marks showing which share classes appear in each index. The surrounding narrative rules are unchanged, while footnote/reference numbers shift from 60–63 to 59–62 (appearing with revision artifacts such as "56F59"). Rated editorial: No index identity, universe, eligibility, selection, or weighting rule is added or removed; the check marks visually restate share-class coverage already described in the prose, and the other changes are footnote/cross-reference renumbering. This is therefore an editorial.Model-written, for reference only. Open p.125 ↗
Appendix XV: Index Maintenance of the MSCI China Indexes p.127 editorial · modified The only change is to the reference marker following the January 2020 update note, from “64” to “60F63.” No index maintenance rule, date, threshold, or procedure is changed. Rated editorial: This is a footnote or cross-reference marker renumbering only; no substantive index maintenance rule is added, removed, or modified.Model-written, for reference only. Open p.127 ↗
Index Maintenance of the MSCI China Indexes p.127 editorial · modified The footnote defining “the MSCI China Indexes” as those included in the MSCI Emerging Markets Indexes was renumbered from 64 to 63. The substantive text and all maintenance rules remain unchanged. Rated editorial: The only change is a footnote number changing from 64 to 63. This is renumbering only, with no rule, threshold, condition, security set, or calculation methodology changed.Model-written, for reference only. Open p.127 ↗
INTEGRATED MSCI CHINA EQUITY UNIVERSE p.128 editorial · added A new section titled "INTEGRATED MSCI CHINA EQUITY UNIVERSE" is indicated on pages 128-133 of the updated version. However, no section text or unified diff content is provided, so no actual universe, eligibility, or other index rule can be verified from the supplied materials. Rated editorial: Although the outline identifies an added M2-related section, the supplied text contains no operative rule to evaluate. Because no changed universe or eligibility rule can be named from the text, the change cannot be classified as substantive.Model-written, for reference only. Open p.128 ↗
Integrated MSCI China Equity Universe p.128 editorial · moved The section was moved from page 130 to page 128, and the associated diagram was reflowed without changing its meaning. The only textual alteration in the universe description is the footnote/reference marker for CDRs, changing from "65" to "61F64"; the definition of the integrated MSCI China Equity Universe is unchanged. Rated editorial: No universe, eligibility, selection, or weighting rule changed. The differences result from moving the section, reflowing a diagram, and changing a footnote/reference marker, so the change is an editorial.Model-written, for reference only. Open p.128 ↗
Calculation of Market Capitalization p.128 editorial · moved The text is unchanged except that the footnote reference preceding the CDR statement is renumbered from 65 to 64. The substantive rule that CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility, remains identical. Rated editorial: No index rule changed; the only difference is a footnote/reference number from 65 to 64, which is renumbering associated with the moved section. Therefore the change is an editorial.Model-written, for reference only. Open p.128 ↗
Investability Requirements p.129 editorial · moved The suspension exclusion rule for newly eligible securities is unchanged: securities are excluded if suspended on the Price Cutoff date or suspended for at least 50 consecutive days in the past 12 months. The update only relocates bullet markers, changes the footnote/reference marker from "66" to "62F65", and moves the section from page 131 to page 129. Rated editorial: No eligibility rule, threshold, condition, or affected security set changed. The 50-day suspension test and Price Cutoff date test remain identical; the differences are bullet formatting, a footnote/reference marker, and a page relocation, which are non-substantive editorial changes.Model-written, for reference only. Open p.129 ↗
Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size- Segments p.129 editorial · moved The updated text removes the stray run-in word "Segments" from the opening sentence and renumbers the associated footnote from 66 to 65. The substantive rules for market size-segment cutoffs, China A share assessment, and the one-year suspension look-back remain unchanged. Rated editorial: No index rule, threshold, eligibility condition, or affected security set changed. The edit only removes a formatting artifact and renumbers a footnote, which is expressly an editorial.Model-written, for reference only. Open p.129 ↗
Assessing Conformity with Final Size-Segment Investability Requirements p.130 editorial · moved The China A size-segment investability section was moved from page 132 to page 130 and its bullet/list formatting was consolidated. The substantive requirements for adding or retaining China A shares, including market-capitalization thresholds, FIF treatment, Stock Connect eligibility, and the Small Cap exclusion, remain unchanged. Rated editorial: No eligibility rule, threshold, trigger, condition, or affected security set changed. The update only relocates the section and reformats list markers and line breaks, so it is an editorial despite the M3 subject matter.Model-written, for reference only. Open p.130 ↗
Additions of China A Shares during Light Rebalancings p.131 editorial · moved The section was moved from page 133 to page 131 and its text was reflowed. The eligibility requirements for adding non-current China A shares to the MSCI China Index during a Light Rebalancing remain unchanged. Rated editorial: No substantive selection or eligibility rule changed: the two 1.8x market-capitalization requirements and Stock Connect eligibility are unchanged. The differences are page relocation and line-wrapping or formatting, so this is an editorial.Model-written, for reference only. Open p.131 ↗
Ongoing Event Related Changes p.131 editorial · moved Editorial change: wording only, no rule changed. Open p.131 ↗
Appendix XVII: MSCI China A Indexes p.136 editorial · modified The only change is to the superscript/reference marker attached to "MSCI China A Indexes," replacing "67" with "63F66" and removing the preceding space. The descriptive methodology, index families, investor orientation, constituent relationship, and calculated size segments remain unchanged. Rated editorial: No substantive index rule changed; the update only alters a footnote/reference marker and reflects a page-number shift. It does not affect index identity, universe, eligibility, selection, weighting, or any other user-facing rule.Model-written, for reference only. Open p.136 ↗
Ongoing Event Related Changes p.136 editorial · moved The footnote number attached to the note on the former naming of the MSCI China A Onshore Indexes changed from 67 to 66. The substantive wording, date, and methodology references remain unchanged. Rated editorial: No index rule changed; only the footnote number was renumbered from 67 to 66, including its page position. Renumbering is expressly non-substantive, so the change is an editorial.Model-written, for reference only. Open p.136 ↗
Index Reviews and Treatment of On-Going Market Events during the Transition Period p.141 editorial · modified The updated text removes the extraneous leading word "Period" from the first sentence. No index review, maintenance, or transition-period rule is changed. Rated editorial: This is a wording/formatting correction removing a stray word; no substantive rule, date, threshold, affected security set, or calculation treatment changed.Model-written, for reference only. Open p.141 ↗
May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index p.142 editorial · modified The updated text removes the introductory run-in phrase "Review of the Small Cap Index" from the beginning of the paragraph. All substantive descriptions of the May 2007 review, eligibility screens, additions, deletions, and industry-group targets remain unchanged. Rated editorial: No index rule, threshold, date, formula, security set, or review procedure changed. The edit only removes an introductory label or heading, so it is non-substantive reformatting/rewording.Model-written, for reference only. Open p.142 ↗
Appendix XIX: Transition to a Quarterly Comprehensive Index Review p.148 editorial · modified The updated text removes the standalone "Index Review" heading and merges the first two paragraphs into one block. The substantive description of the transition from SAIRs/QIRs to QCIRs is unchanged. Rated editorial: No index rule, threshold, schedule, or affected security set changed. The update only removes a heading and combines paragraph formatting, so it is an editorial.Model-written, for reference only. Open p.148 ↗
Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes p.148 editorial · modified The updated text removes the duplicated heading fragment "compared to Parent Indexes" from the beginning of the paragraph. The substantive rule for reflecting parent-index changes in less frequently reviewed Derived Indexes remains unchanged. Rated editorial: No index rule, schedule, trigger, affected security set, or treatment changed. The update only removes a duplicated title phrase from the paragraph, so it is a non-substantive editorial correction.Model-written, for reference only. Open p.148 ↗
Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology p.149 editorial · modified The standalone heading "Methodology" was removed, and the stray "o" marker before "minimum" was relocated to the beginning of the final sentence concerning the MSCI Baltic States Indexes. These are formatting-only changes; the described index rules and the 2.5% ATVR requirement remain unchanged. Rated editorial: No index rule, threshold, condition, or affected security set changed. The update only removes a heading and moves a bullet/list marker, so it is a non-substantive formatting editorial.Model-written, for reference only. Open p.149 ↗
Changes to the Methodology Book p.150 editorial · modified The methodology change history is reformatted and extended with October and November 2025 entries. These note the availability of MSCI Canada Domestic Indexes, consolidation of the Announcement Policy into the MSCI Corporate Events methodology, a Business Day footnote clarification, and updates to the Ineligible Alert Boards and Other Cases tables. No operative rule text or specific effective day is provided in this section. Rated editorial: The passage is a change-log/disclosure section (M10). Line-break changes are formatting, and the added entries only identify updates elsewhere without stating a new operative threshold, condition, formula, affected security set, notice period, or consultation obligation in the provided text. Therefore no concrete operative rule change can be identified from the excerpt.Model-written, for reference only. Open p.150 ↗
Contact Us p.189 editorial · added Editorial change: wording only, no rule changed. Open p.189 ↗
Notice and Disclaimer p.190 editorial · added The updated document adds a two-page MSCI Notice and Disclaimer covering intellectual property, permitted use and AI restrictions, warranty and liability disclaimers, back-tested data and signals, valuation limitations, investment-advice disclaimers, conflicts of interest, and governing law. It does not change any ACWI index construction, eligibility, selection, weighting, review, or calculation rule. Rated editorial: No index methodology rule changed; the update adds governance, licensing, and disclaimer language. This falls under M10 disclosure/governance and does not alter notice periods, consultation obligations, or any index rule, threshold, schedule, formula, or affected securities.Model-written, for reference only. Open p.190 ↗
Edition steps (3)
| Date | Step | Major | Minor | Editorial | Largest change |
|---|---|---|---|---|---|
| 2026-10-02 | v2026.02 → v2026.08 Step page | 10 | 20 | 97 | M7 Size-Segment Migrations during Light Rebalancings ↗ |
| M3 Eligibility screens Assessing Conformity with Final Size-Segment Investability Requirements | ● | The updated methodology adds a special measurement rule for China A shares that are current constituents of the MSCI China All Shares IMI™. For these securities, the relevant assessment uses free float-adjusted market capitalization before application of the adjustment factor, within the low-FIF Size-Segment investability requirements. Show in redline | |||
| M4 Selection and constituent count Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens Investability Requirements | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M9 Calculation and return variants Calculation of Market Capitalization | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M2 Universe Integrated MSCI China Equity Universe | ● | The methodology name is abbreviated from "MSCI Global Investable Market Indexes" to "MSCI GIMI™," with a trademark symbol added. The text also reflects footnote-number and typographic spacing changes. The definition of the integrated MSCI China Equity Universe and the related China A-share exclusions are unchanged. Show in redline | |||
| M6 Review and rebalance schedule Index Maintenance of the MSCI China Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule Appendix XV | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification MSCI China Indexes Offering | ● | The updated version only reformats the MSCI China Indexes share-class table by collapsing line breaks and renumbers the associated footnotes from 59–62 to 60–63. The described index universes, share classes, inclusion factors, and eligibility treatment remain unchanged. Show in redline | |||
| M3 Eligibility screens MSCI K-Series Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M5 Weighting and capping Assigning a Free Float-Adjustment Factor | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.3 | ● | The updated text removes the specific provision excluding Indian securities on the NSDL/CDSL official list when the Red flag or Breach limit has been reached, while retaining the general exclusion for securities subject to foreign-ownership purchase restrictions. It also replaces “MSCI Global Investable Market Indexes” and “Investable Market Index” with “GIMI™” and “IMI™/IMI,” respectively, and moves the size-segment derivation paragraph without changing that rule. Show in redline | |||
| M3 Eligibility screens Equity Universe Minimum Size | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M2 Universe Equity Universe | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification MSCI China A Onshore Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification Appendix XIII | ● | The updated text abbreviates “MSCI Global Investable Market Indexes Methodology” to “MSCI GIMI™ Methodology” and renumbers the associated footnotes. The described indexes, country coverage, DIF treatment, and free-float review references remain unchanged; the remaining differences are line reflows. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes IPOs | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count General Principles for Updating the Global Minimum Size References and Ranges | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M9 Calculation and return variants Unexpected Market Closures of Less Than a Full Trading Day | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M9 Calculation and return variants Unexpected Full Trading Day Market Closures | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M9 Calculation and return variants Policy Regarding Market Closures during Index Reviews | ● | The footnote/reference numbers in this section are shifted by one (53–55 become 54–56). The fragmentary closing note is also changed from “Non-current IMI constituent” to “Non-current IMIT constituent.” The operative market-closure and suspended-security review rules are unchanged. Show in redline | |||
| M9 Calculation and return variants Policy Regarding Trading Suspensions for Individual Securities during Index Reviews | ● | The updated section makes no substantive change to the trading-suspension policy. It adds the ™ symbol to IMI and renumbers the associated footnote references from 53–55 to 54–56, including a minor spacing adjustment before a footnote marker. Show in redline | |||
| M3 Eligibility screens 2.2.8 | ● | The minimum foreign-room requirement itself is unchanged at 15%, but the updated section adds an India-specific eligibility restriction: securities on the NSDL/CDSL official list for which the Red flag or Breach limit has been reached would not be considered. In the supplied text, the inserted sentence is spliced directly into the following sentence beginning with “For a security.” Show in redline | |||
| M3 Eligibility screens Deletion of Companies Currently Constituents of the IMI™ during Light Rebalancings | ● | The section was reworded to use the abbreviated trademarked terms "IMI™" and "GIMI™" instead of "Investable Market Indexes" and "GIMI." The liquidity thresholds, alternative-listing priority, Emerging Markets retention condition, and Liquidity Adjustment Factor rules were unchanged; footnotes were renumbered from 50–52 to 51–53. Show in redline | |||
| M4 Selection and constituent count Addition of Companies Currently not Constituents of the IMI™ during Light Rebalancings | ● | The light-rebalancing addition rule narrows the exclusion for securities with extreme price increases. Under the updated methodology, such securities are ineligible only when their FIF is less than 0.75, whereas the previous text excluded all securities exhibiting extreme price increases. The abbreviation of "Investable Market Indexes" to "IMI™," footnote renumbering, and sentence relocation are formatting changes. Show in redline | |||
| M7 Buffers and turnover control Size-Segment Migrations during Light Rebalancings | ● | The light-rebalancing rule for Small Cap-to-Standard migration after an extreme price increase has been narrowed: the updated text makes ineligibility conditional on having a FIF below 0.75, whereas the previous text applied the bar to all existing IMI constituents exhibiting an extreme price increase. The explicit statement that such migrants would be retained as Small Cap constituents was removed and replaced by a cross-reference to the detailed treatment. Other edits are IMI naming/trademark changes, formatting, and footnote renumbering. Show in redline | |||
| M6 Review and rebalance schedule Index Review of the MSCI GIMI™ under Light Rebalancing | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule Communication Date and Policy | ● | The substantive communication-date and light-rebalancing policy is unchanged. The only update renumbers the two footnotes at the end of the section from 46 and 47 to 47 and 48. Show in redline | |||
| M6 Review and rebalance schedule Market Monitoring Period and Criteria | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule “Light” Rebalancing | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule MSCI Market Monitoring Framework | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M5 Weighting and capping Treatment of Depository Receipts where Underlying Shares are Not Available for Trading | ● | The FIF methodology for depository receipts whose underlying shares are not available for trading is replaced beginning with the May 2026 Index Review. New additions will use the lower of (i) the higher of adjusted 13F ownership or capital-raising float and (ii) free float under the current MSCI Free Float Data Methodology. Existing constituents will transition in phases, with a midpoint adjustment in May 2026 and full application of the new approach from November 2026 if enhanced transparency remains unavailable. Show in redline | |||
| M5 Weighting and capping Treatment of Non-Voting Depositary Receipts in Thailand | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 2.2.5 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M5 Weighting and capping Calculating the Free Float-Adjusted Market Capitalization | ● | The core free-float-adjusted market capitalization formula is unchanged, but the illustrative tables are revised. The non-FOL example adds a third company and changes sample FIFs and adjusted capitalizations; the FOL example now uses two companies, a "Rounded Free Float" line and 33.33% foreign ownership limits, while omitting the prior foreign-strategic-adjustment rows and the special footnote. Show in redline | |||
| M5 Weighting and capping Assigning a Free Float-Adjustment Factor | ● | The FIF methodology replaces the prior >15% / <15% split with three free-float bands: >25%, 5–25%, and <5%. Rounding changes to 2.5%, 0.5%, and 0.1% respectively, with the upper band now rounded to the nearest increment rather than rounded up, and FOLs are rounded to 0.1%. For securities with a LIF, both adjusted free float and FOL are now rounded to 0.1%, replacing the prior tiered 5%/1% treatment. Show in redline | |||
| M5 Weighting and capping Calculation of Free Float | ● | For securities subject to foreign ownership limits, the methodology no longer adjusts the FOL downward for foreign non-free-float shareholdings. The foreign-investor free float is now the lower of the estimated free float and the unadjusted FOL, and the prior applicability note for countries where foreign room is not monitored was removed. Show in redline | |||
| M3 Eligibility screens MSCI J-Series Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens Appendix V | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens Appendix IV | ● | The illustrative example of the two-Index-Review lag is rolled forward from February/August 2026 to August 2026/February 2027. The reported review result is updated from no additional markets qualifying in February 2026 to no additional markets qualifying in August 2026. Index names are also abbreviated with GIMI™/IMI™ trademarks; the eligibility thresholds, Frontier Markets exception, two-review lag, and country list are unchanged. Show in redline | |||
| M2 Universe Country Specific Cases | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count Markets Under Index Continuity | ● | The list of markets subject to minimum-constituent index continuity rules has been updated from the February 2026 Index Review to the August 2026 Index Review. Within the affected frontier markets, Hungary is replaced by Peru; New Zealand and Egypt remain listed for developed and emerging markets, respectively. Show in redline | |||
| M1 Identity, objective, classification Appendix II | ● | The update increases the full and float market-cap thresholds used in the market classification Size and Liquidity Requirements for Frontier, Emerging, and Developed Markets, in both entry and maintenance requirements. It also updates the World Bank high-income GNI reference from USD 13,935 in 2024 to USD 14,375 in 2025, and changes the stated minimum-in-use review from February 2026 to August 2026. ATVR requirements, company counts, and market accessibility criteria are unchanged. Show in redline | |||
| M3 Eligibility screens 2.2.3 | ● | The disclosed Equity Universe Minimum Size Requirement was updated from the February 2026 Index Review level to the August 2026 level. The minimum full market capitalization rose from USD 507 million to USD 585 million for Developed and Emerging Markets, and from USD 13 million to USD 14 million for Frontier Markets. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Other Cases | ● | The surveillance-board lookback period for India ASM, Korea Investment Alert/Investment Risk, and Taiwan Disposition Board securities now starts at the current Index Review Price Cutoff Date rather than the previous one. Indonesia Watchlist Board Criteria 10 is separately retained under the previous cutoff date. The affected securities remain ineligible for IMI additions and Standard/Small Cap size-segment migrations at that review and are re-evaluated at the next review. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Deletion of Existing Index Constituents | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens Non-Index Constituents | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M2 Universe Eligible Markets (Emerging Markets) | ● | The updated Emerging Markets eligible-markets table adds "Taiwan Innovation Board" to the Taiwan market segments. The other differences are primarily line-break and table-layout reformatting. Show in redline | |||
| Effective 2026-07-06 | M2 Universe Eligible Markets (Developed Markets) | ● | The developed-markets eligible exchange table adds Texas Stock Exchange under the USA, marked with footnote (6). The new footnote states that listings on this exchange are eligible for the MSCI Indexes from July 06, 2026. Other table changes appear to be formatting or line-break adjustments. Show in redline | ||
| M2 Universe Appendix I | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 6.5 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification 6.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 5.2.4 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M7 Buffers and turnover control 5.2.3.2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 2.2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 5.2.3.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 5.2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule 4.2.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 4.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification 4 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.3.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.8 | ● | The updated methodology adds an exception to the existing five-business-day deadline for amending Index Review changes. If new information emerges after that deadline but before the Index Review effective date, MSCI may make amendments on shorter notice to minimize turnover or avoid replicability issues. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.7 | ● | The updated section abbreviates the index name to MSCI GIMI™ and adds footnote 33. The new footnote establishes a special minimum float-adjusted market capitalization requirement when a Standard Index constituent has a post-event FIF below 0.15, equal to two-thirds of 1.8 times one-half of the Standard Index Interim Size-Segment Cutoff. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.6 | ● | The updated section renames MSCI Global Investable Market Indexes as “MSCI GIMI™” and inserts a line break, which are presentational changes. More importantly, it deletes former footnote 33 stating a minimum float-adjusted market capitalization requirement for Standard Index constituents with a post-event FIF below 0.15. No effective date for the change is stated in the text. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.5 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.4 | ● | The revised section replaces the spelled-out Global Investable Market Indexes and Investable Market Index terminology with GIMI™ and IMI™, and it adjusts paragraph/table formatting. The 50% increase and 33% decrease triggers, FIF and float-adjusted capitalization conditions, size-segment migration rules, and deletion criteria remain unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.3 | ● | The methodology title is abbreviated from “MSCI Global Investable Market Indexes Methodology” to “MSCI GIMI™ Methodology” (and subsequently “MSCI GIMI Methodology”). The text also removes a footnote/cross-reference artifact (“30 As described in section 3.2.7”), restoring the sentence to “When subsequent public disclosure…”. No implementation thresholds, timing, deletion rules, or NOS/FIF treatment changes. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.1 | ● | The updated text replaces "Investable Market Indexes" with the abbreviated trademark form "IMI™ Indexes," adds a space before footnote marker 30, and includes the footnote reference directing readers to section 3.2.7 for significant IPOs. The methodology for calculating and applying Interim Market Size-Segment Cutoffs is unchanged. Show in redline | |||
| M6 Review and rebalance schedule 3.1.9 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M5 Weighting and capping 3.1.7 | ● | The FIF review replaces the prior single free-float change threshold of more than 1% for existing constituents with tiered thresholds based on the security’s free float: at least 2.5% for free float above 25%, 0.5% for free float from 5% to 25%, and 0.1% for free float below 5%. The exceptions to these thresholds are also revised to cover size-segment migrations, deletions from the IMI in connection with Micro Cap additions, and FOL-driven FIF changes, while retaining corrections. Show in redline | |||
| M3 Eligibility screens 3.1.6.4 | ● | A new rule excludes existing IMI constituents with an extreme price increase and FIF below 0.75 from migration into the Standard Indexes. Their treatment depends on 1.8x market-capitalization cutoff tests: smaller constituents remain Small Caps, while larger constituents are deleted from the Small Cap Index, retained in the investable universe, and reconsidered at the next Index Review. Show in redline | |||
| M5 Weighting and capping 3.1.6.3 | ● | The section was renumbered and retitled as the minimum foreign-room requirement, with the general existing-constituent free-float buffer and extreme-price-increase paragraphs removed from this section as part of the split. The foreign-room adjustment factor, quarterly review, 12-month upward-adjustment waiting period, and related monitoring rules remain substantively unchanged. Show in redline | |||
| M7 Buffers and turnover control 3.1.6.2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 3.1.6.1 | ● | The updated text adds a provision stating that at “light” rebalancings, size-segment buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff. The surrounding investability-requirements sentence is unchanged but split by the inserted footnote. Show in redline | |||
| M7 Buffers and turnover control 3.1.5.1 | ● | The update removes the footnote specifying different buffer-zone boundaries at “light” rebalancings: one half of and 1.8 times the Market Size-Segment Cutoff. The remaining changes are terminology, trademark, hyphenation, and footnote-placement edits and do not alter the standard 2/3 and 1.5 times buffer boundaries. Show in redline | |||
| M1 Identity, objective, classification 1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 3.1.5 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 3.1.4.2 | ● | The updated section adds footnote 20 defining the Interim Market Size-Segment Cutoff during an Index Review. It must use post-review Number of Shares and Foreign Inclusion factor, is not limited by the Global Minimum Size Range, and is floored at the Equity Universe Minimum Size Requirement. Other differences are formatting, line-break, diagram, and footnote-placement changes. Show in redline | |||
| M4 Selection and constituent count 3.1.4.1 | ● | The updated document deletes footnote 20, which defined how the Interim Market Size-Segment Cutoff is calculated during an Index Review. The removed text specified use of post-review Number of Shares and Foreign Inclusion factors, no limitation by the Global Minimum Size Range, and a floor at the Equity Universe Minimum Size Requirement. The main formula for the Initial Segment Number of Companies is otherwise unchanged. Show in redline | |||
| M7 Buffers and turnover control 3.1.2.4 | ● | The updated section replaces "Investable Market Indexes" with "IMI" and adds a trademark symbol to "GIMI™," while reflowing text and relocating a footnote. All liquidity thresholds, listing-priority rules, and the 0.5 Liquidity Adjustment Factor requirements remain unchanged. Show in redline | |||
| M3 Eligibility screens 3.1.2.3 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 3.1.2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule 3.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule 3 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.5.3 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.5.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Outline of the Methodology Book | ● | The outline replaces the full name "MSCI Global Investable Market Indexes" with the trademarked abbreviation "MSCI GIMI™" in Section 1. It also changes the stated last-update date from February 2026 to August 2026 and removes the November 2025 document footer. No index construction, maintenance, eligibility, weighting, or calculation rule is changed. Show in redline | |||
| M4 Selection and constituent count 2.5 | ● | The section title was abbreviated from “MSCI Global Investable Markets Indexes” to “MSCI GIMI™ Indexes,” and the residual text “Markets Indexes” was removed. No index construction, selection, weighting, calculation, or other substantive rule was changed. Show in redline | |||
| M4 Selection and constituent count 2.4 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 2.3.6.3 | ● | The updated EPI rule introduces a Foreign Inclusion Factor exemption: securities with a FIF of at least 0.75 are not subject to EPI screens. It also specifies that non-IMI constituents exhibiting EPI with a FIF below 0.75 are ineligible for Standard Index addition but remain in the market investable universe. The EPI monitoring periods and return thresholds are unchanged. Show in redline | |||
| M3 Eligibility screens 2.3.6.2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 2.3.6.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 2.3.6 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.3.3 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Notice and disclaimer | ● | The updated document adds a “Notice and disclaimer” section covering MSCI’s intellectual-property rights, permitted use restrictions, AI-use limitations, warranties, liability disclaimers, investment-advice disclaimers, performance caveats, conflicts, and governing law. It does not add or alter any index construction, eligibility, selection, weighting, review, or calculation rule. Show in redline | |||
| other Other Contact us | ● | A new "Contact us" section was added, providing MSCI company information, regional telephone contact numbers, the MSCI website and contact page, and a link to the formal index-complaint process. No index methodology rule, eligibility criterion, calculation, or review process was changed. Show in redline | |||
| other Other Changes to the Methodology Book | ● | The updated change history adds 2026 methodology entries covering FIF implementation, free-float rounding and depository-receipt treatment, a new MSCI Southbound Index section, market-eligibility table updates, Extreme Price Increase exemptions, corporate-event-related review reversals, ineligible-alert-board monitoring, light-rebalancing treatment, and China index maintenance. The update also replaces fuller index names with IMI™/GIMI™ and adds formatting line breaks, which are non-substantive branding/format changes. Show in redline | |||
| other Other Appendix XXI | ● | The appendix was renumbered from XX to XXI, the opening label was changed from "Methodology" to "Indexes Methodology," and "MSCI Global Investable Market Indexes Methodology" was abbreviated to "MSCI GIMI™ Methodology." The document footer was also removed. No index rule, threshold, date, or constituent treatment was changed. Show in redline | |||
| M6 Review and rebalance schedule Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Appendix XX | ● | The appendix was renumbered from XIX to XX, the heading was shortened from "Index Review" to "Review," and "MSCI Global Investable Market Indexes" was replaced by the trademarked abbreviation "MSCI GIMI™." The substantive historical description of the transition to Quarterly Comprehensive Index Reviews is unchanged. Show in redline | |||
| other Other Summary Transition Timeline | ● | The updated transition timeline abbreviates "Global Investable Market Indexes" to "GIMI™" and "Investable Market Indexes" to "IMI™," with trademark symbols added. Some table text is also reflowed onto separate lines. No transition dates, actions, eligibility criteria, or methodology requirements are changed. Show in redline | |||
| other Other Euro and Pan-Euro Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.3.2.1 | ● | The methodology refreshes the Global Minimum Size Reference values from the January 16, 2026/February 2026 cycle to the July 20, 2026/August 2026 cycle. For DM Standard Indexes, the 85% coverage threshold rises from USD 15.20 billion to USD 16.28 billion, changing the DM range from USD 7.60–17.48 billion to USD 8.14–18.72 billion and the EM range from USD 3.80–8.74 billion to USD 4.07–9.36 billion. The coverage percentages, EM one-half rule, and 0.5–1.15 range multiplier remain unchanged; “DM Investable Market Index” is restyled as “DM IMI™.” Show in redline | |||
| other Other Global Value and Growth Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other May 2008 Semi-Annual Index Review | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other February 2008 Quarterly Index Review | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other November 2007 Semi-Annual Index Review | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other August 2007 Quarterly Index Review | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Index Reviews and Treatment of On-Going Market Events during the Transition Period | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Reflecting Constituent Changes in the Standard Indexes at the Transition Points | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Publication of Provisional Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.3.2 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Provisional Indexes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Appendix XIX | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Ongoing Event Related Changes | ● | A new "Ongoing Event Related Changes" section sets out ad-hoc maintenance rules for MSCI Southbound Indexes. Additions are prohibited between Index Reviews, deletions from MSCI China and MSCI Hong Kong Indexes are reflected simultaneously, and Stock Connect eligibility is reviewed daily. Constituents losing eligibility for both buying and selling are removed after two days' notice, excluding market holidays, with a special rule when the implementation date coincides with a holiday. Show in redline | |||
| M6 Review and rebalance schedule Index Maintenance | ● | A new Index Maintenance rule states that MSCI Southbound Indexes are updated at each Index Review to include eligible constituents from the MSCI China Indexes, MSCI Hong Kong Indexes, and the Hong Kong listing of HSBC that can be both bought and sold through Stock Connect Southbound Trading. The eligibility determination is made nine business days before the Index Review effective date. Show in redline | |||
| M4 Selection and constituent count Index Construction | ● | A new index construction rule states that the MSCI Southbound Indexes select all constituents from the MSCI China Indexes, MSCI Hong Kong Indexes, and the Hong Kong listing of HSBC, provided they are available for both buying and selling through Stock Connect Southbound Trading. This introduces a selection and eligibility condition for index membership. Show in redline | |||
| M1 Identity, objective, classification Appendix XVIII | ● | The updated document adds Appendix XVIII, which introduces the MSCI Southbound Indexes and states that they aim to measure the performance of securities available through Southbound Trading under the Stock Connect Program. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Ongoing Event Related Changes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification Appendix XVII | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M6 Review and rebalance schedule Index Maintenance | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Ongoing Event Related Changes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.3.1 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Front matter | ● | The updated extraction no longer contains the front-matter title block for the MSCI Global Investable Market Indexes Methodology. No index construction, eligibility, weighting, review, or calculation rule is added, removed, or modified. Show in redline | |||
| 2026-10-02 | v2025.11 → v2026.02 Step page | 4 | 9 | 67 | M7 Size-Segment Migrations during Light Rebalancings ↗ |
| M4 Selection and constituent count 2.3.2.1 | ● | The methodology for deriving the Global Minimum Size Reference is unchanged, but the referenced market-capitalization levels and ranges are refreshed from October 15, 2025/November 2025 data to January 16, 2026/February 2026 data. The DM Standard reference increases from USD 14.31 billion to USD 15.20 billion, with corresponding changes to the DM and EM Standard ranges and the tabulated size-segment references. Show in redline | |||
| other Other Notice and Disclaimer | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M3 Eligibility screens 2.2.5 | ● | The update corrects malformed footnote/reference markers, such as “8F9” becoming “9”, removes a stray space, and reformats Note 11 into clearer bullet points. It does not change the DM/EM liquidity thresholds, China suspension rules, listing priority, USD 10,000 screen, or ATVR adjustment provisions. Show in redline | |||
| other Other Contact Us | ● | The updated document removes the entire “Contact Us” section, including MSCI’s regional telephone numbers, website contact link, and pointer to the formal index-complaint process. This does not alter any index methodology rule, eligibility, weighting, calculation, review, or notice requirement. Show in redline | |||
| other Other Changes to the Methodology Book | ● | The methodology-book change history adds a February 2026 block covering foreign-room weight increases for existing constituents, micro-cap liquidity treatment for last-quarter suspensions, the Appendix I ineligible alert-boards table, Appendix II Advanced FM effective dates and Index Continuity markets, and Appendix VIII foreign-room weight increases. Contact information and the standard legal disclaimer are also appended. Show in redline | |||
| other Other Appendix XX | ● | The update adds a "Methodology" heading at the beginning and a document footer dated November 2025. It also reformats/reflows a stray bullet marker in the Baltic States ATVR sentence. No index rule, threshold, date, or eligibility requirement is changed. Show in redline | |||
| M6 Review and rebalance schedule Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes | ● | The updated text inserts the phrase "compared to Parent Indexes" at the start of the section's first sentence. No rule, threshold, schedule, treatment, or affected set of securities changes; the insertion appears to duplicate wording from the section title and does not alter the substance. Show in redline | |||
| M6 Review and rebalance schedule Appendix XIX | ● | The updated section adds the heading "Index Review" and separates the introductory historical schedule from the description of SAIR objectives. No index methodology, schedule, threshold, or treatment is changed. Show in redline | |||
| other Other May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index | ● | The updated text prepends the label "Review of the Small Cap Index" to the opening sentence. The substantive description of the May 2007 review, eligibility requirements, additions, deletions, and market-capitalization ranges remains unchanged. Show in redline | |||
| other Other Index Reviews and Treatment of On-Going Market Events during the Transition Period | ● | The updated text adds the word "Period" before "During" at the beginning of the section. No index review, eligibility, weighting, calculation, or transition rule is changed. Show in redline | |||
| M1 Identity, objective, classification Appendix XVII | ● | The only change is the footnote/reference marker attached to "MSCI China A Indexes," which changes from "63F66" to "66." The stated purpose, investor audience, constituent relationship, and calculated index size segments remain unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Ongoing Event Related Changes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count Additions of China A Shares during Light Rebalancings | ● | The updated version only reformats the Light Rebalancing eligibility requirements for China A shares, inserting line breaks and a hyphen in "FIF-adjusted" and presenting Stock Connect eligibility as a separate bullet. The 1.8x market-capitalization thresholds and Stock Connect requirement are unchanged. Show in redline | |||
| M3 Eligibility screens 2.2.3 | ● | The disclosed Equity Universe Minimum Size Requirement was updated from the November 2025 Index Review levels to the February 2026 levels. For Developed and Emerging Markets, the minimum full market capitalization increased from USD 505 million to USD 507 million; for Frontier Markets, it increased from USD 12 million to USD 13 million. The footnote marker and example table formatting were also corrected without changing the methodology. Show in redline | |||
| M3 Eligibility screens Assessing Conformity with Final Size-Segment Investability Requirements | ● | The updated version splits the run-on list of China A share size-segment investability requirements into separate lines. The substantive requirements—1.0x company full market capitalization, 0.5x security FIF-adjusted market capitalization, the 1.8x requirement for securities with FIF below 0.15, Stock Connect eligibility, and exclusion of Small Cap additions—remain unchanged. Show in redline | |||
| M4 Selection and constituent count Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size-Segments | ● | The updated text prepends the word "Segments" to the first sentence of the section. The substantive requirements for market size-segment cutoffs and company size-segment allocation remain unchanged. Show in redline | |||
| M3 Eligibility screens Investability Requirements | ● | The paragraph was reformatted so the bullet marker appears before the first suspension condition, and the footnote marker spacing was adjusted. The two exclusion conditions for newly eligible securities remain unchanged: suspension on the Price Cutoff date, or suspension for at least 50 consecutive days in the past 12 months. Show in redline | |||
| M2 Universe Integrated MSCI China Equity Universe | ● | The updated exhibit labels the start of the flowchart as “Integrated MSCI China Equity Universe” and rearranges diagram labels, while the narrative text only changes spacing and removes the anomalous “61F” from the CDR footnote reference. The definition of the integrated China equity universe and the applicable exclusions for China A shares remain unchanged. Show in redline | |||
| M2 Universe INTEGRATED MSCI CHINA EQUITY UNIVERSE | ● | The dedicated "INTEGRATED MSCI CHINA EQUITY UNIVERSE" section appearing on pages 128-133 of the previous methodology has been removed and is absent from the updated version. No replacement text is provided, so the specific universe rules affected cannot be identified from the supplied passage. Show in redline | |||
| M6 Review and rebalance schedule Appendix XV | ● | The text removes the space and apparent marker between "2020" and "63," changing "January 2020 60F63" to "January 202063." No index maintenance rule, date, threshold, or procedure is substantively modified. Show in redline | |||
| M1 Identity, objective, classification MSCI China Indexes Offering | ● | The MSCI China Indexes share-class matrix is reflowed into separate rows, and the visible ✓ markers from the previous table no longer appear. Internal footnote-link markers are also simplified, such as “56F59” to “59.” The narrative eligibility and 20% Stock Connect inclusion-factor rules are unchanged. Show in redline | |||
| M1 Identity, objective, classification Appendix XIII | ● | The updated text removes the stray "54F" and "55F" characters from the footnote references following China and Australia, leaving footnotes 57 and 58 respectively. The list of countries for which MSCI Domestic Indexes are available is unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes IPOs | ● | The wording of the IPO inclusion rule is unchanged except for an inserted space in the term "Sub‐ section." This is a formatting-only change and does not alter the rule for including DRs of significant IPOs in the MSCI DR Indexes. Show in redline | |||
| M5 Weighting and capping Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes | ● | The updated text adds the word "Indexes" before the first sentence of the section. The rules for calculating DR number of shares and applying the parent index constituent's FIF remain unchanged. Show in redline | |||
| M2 Universe 2.1.1 | ● | The update only repairs footnote-reference formatting and spacing in the eligibility paragraph. The substantive eligibility rules for REITs, Canadian income trusts, mutual funds, ETFs, equity derivatives, and investment trusts are unchanged. Show in redline | |||
| M4 Selection and constituent count Appendix X | ● | The updated text adds the stray phrase "and Ranges" before the opening sentence. The substantive statement that Global Minimum Size References and ranges are calculated daily remains unchanged. Show in redline | |||
| M9 Calculation and return variants Policy Regarding Trading Suspensions for Individual Securities during Index Reviews | ● | The updated text adds the stray word "Reviews" at the beginning of the section and normalizes footnote reference markers. The substantive policy for postponing, cancelling, or resuming index review changes for suspended securities remains unchanged. Show in redline | |||
| M9 Calculation and return variants Appendix IX | ● | The updated version adds the text fragment "Market Closures during Index Reviews," which appears to be a heading or extracted title rather than an index methodology rule. No substantive policy, threshold, procedure, or affected-security condition is introduced. Show in redline | |||
| M7 Buffers and turnover control Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings | ● | The liquidity-deletion rules are unchanged. The update only adds a stray/repeated “Rebalancings” heading fragment, changes footnote reference labels, and relocates the existing deletion bullet before the footnotes without altering its conditions. Show in redline | |||
| M4 Selection and constituent count Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings | ● | The updated text adds the run-in heading "Light Rebalancings" and makes the illustrative IPO timing sentence contiguous by moving the footnote placement. No eligibility, market-capitalization, assignment, or inclusion-timing rule is changed. Show in redline | |||
| M7 Buffers and turnover control Size-Segment Migrations during Light Rebalancings | ● | The 12-month waiting period for generally restoring a foreign-room adjustment factor after a weight reduction, or for reconsidering a security deleted for low foreign room, is now expressly measured from the effective date of that reduction or deletion. The update adds a May 2026/May 2025 example. Other changes are formatting, paragraph placement, and footnote-marker cleanup. Show in redline | |||
| M6 Review and rebalance schedule Market Monitoring Period and Criteria | ● | The passage is reformatted from one continuous paragraph into separate lines and presents Market Liquidity as a bulleted condition. The monitoring period, liquidity and volatility thresholds, and market-functioning closure trigger remain unchanged. Show in redline | |||
| M6 Review and rebalance schedule Appendix VIII | ● | The updated text adds the heading or fragment “Switch to a Light Rebalancing under Conditions of Market Stress.” The supplied passage contains no operative rule, threshold, trigger, schedule, or other methodology requirement. Show in redline | |||
| M5 Weighting and capping Treatment of Depository Receipts where Underlying Shares are Not Available for Trading | ● | The updated section adds the stray word "Trading" at the beginning of the first sentence. No substantive rule, threshold, formula, eligibility condition, or treatment of depository receipts is changed. Show in redline | |||
| M5 Weighting and capping Treatment of Non-Voting Depositary Receipts in Thailand | ● | The updated text corrects the footnote reference markers for Thai NVDR issuance limits and company full market capitalization, changing "44F44" to "44" and "45F45" to "45". It also removes the space before footnote 44. No index eligibility, selection, weighting, or calculation rule is changed. Show in redline | |||
| M4 Selection and constituent count 2 | ● | The updated text changes “Market0F1” to “Market1” in the opening description of index construction. The listed construction steps and all substantive methodology requirements remain unchanged. Show in redline | |||
| M3 Eligibility screens Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues | ● | The updated text inserts the word "Issues" at the beginning of the first sentence. No eligibility, deletion, free-float, Foreign Inclusion Factor, timing, or readmission rule is changed. Show in redline | |||
| M5 Weighting and capping Assigning a Free Float-Adjustment Factor | ● | The update corrects a malformed footnote reference from “43F43” to “43” and adds a line break before the foreign-room country list. No FIF, LIF, rounding, eligibility, foreign-room, or monitored-market rule changes. Show in redline | |||
| M5 Weighting and capping Defining and Estimating Free Float | ● | The update adds an overview-style line listing the definition of free float, assignment of the Foreign Inclusion Factor, calculation of free float-adjusted market capitalization, and its use in index weights. It also repeats the section heading before the existing text. The substantive free-float estimation and classification rules are unchanged. Show in redline | |||
| M5 Weighting and capping Appendix VI | ● | The updated opening removes the previous inline list describing the free-float process, including estimating foreign-available free float, assigning the Foreign Inclusion Factor, calculating free float-adjusted market capitalization, and using it for security weights. The text retains only the introductory statement that the process involves those steps. No methodology parameter, formula, threshold, or affected-security rule is changed. Show in redline | |||
| M3 Eligibility screens Appendix V | ● | The updated version adds the standalone heading "U.S. Executive Order 13959" before the existing appendix text. No eligibility, deletion, adjustment-factor, review, or other methodology rule is changed. Show in redline | |||
| M3 Eligibility screens Appendix IV | ● | The methodology update refreshes the example of the two-index-review lag from November 2025/May 2026 to February 2026/August 2026. It also updates the latest review-status note to state that no additional markets met the requirement at the February 2026 review, and corrects the footnote marker from “42F42” to “42.” The eligibility thresholds, two-review timing rule, and eligible-country list are unchanged. Show in redline | |||
| M2 Universe Country Specific Cases | ● | The update removes duplicate footnote-reference artifacts (for example, “A shares38F38” becomes “A shares38”) in the Country Specific Cases section. The corresponding footnote numbers remain, and no country-classification, universe, or eligibility rule is changed. Show in redline | |||
| M4 Selection and constituent count Markets Under Index Continuity | ● | The minimum constituent-count continuity rule itself is unchanged. The listed markets to which the rule was applied are updated from the November 2025 Index Review to the February 2026 Index Review, with Peru removed and Hungary added under Frontier Markets. Show in redline | |||
| M1 Identity, objective, classification Advanced Frontier Markets | ● | The updated text adds that any annual changes to the Advanced Frontier Markets subcategory will take effect at the subsequent November Index Review. The classification criteria, annual review announcement, and statement that Frontier Markets classification and indexes are unaffected remain unchanged. Show in redline | |||
| M1 Identity, objective, classification Appendix II | ● | MSCI updated the Size and Liquidity market-cap thresholds used in the Market Classification Framework. Full market-cap requirements rose from USD 205mm/3,577mm/7,153mm to USD 226mm/3,800mm/7,599mm, and float market-cap requirements rose from USD 102mm/1,788mm/3,577mm to USD 113mm/1,900mm/3,800mm for Frontier, Emerging, and Developed Markets, respectively. The changes apply to both Entry and Maintenance requirements, and the referenced minimums moved from the November 2025 Index Review to the February 2026 Index Review; ATVR and company-count requirements were unchanged. Show in redline | |||
| other Other Outline of the Methodology Book | ● | The methodology book's "last updated" date changes from November 2025 to February 2026. A document footer identifying the methodology as "MSCI Global Investable Market Indexes Methodology | November 2025" is also added. No index construction, maintenance, or calculation rule is changed. Show in redline | |||
| M2 Universe Other Cases | ● | The provision was restructured to state that securities entering the specified Indian, Indonesian, Korean, or Taiwanese boards during the review window are assessed under all relevant review criteria, but qualifying IMI additions and Standard/Small Cap migrations are still not implemented. The affected boards, observation period, deferred movements, and re-evaluation in the subsequent review remain unchanged. Show in redline | |||
| M2 Universe Ineligible Alert Boards | ● | The updated ineligible alert-board table removes Singapore Exchange's Watch List. Consequently, securities on that board are no longer identified by this section as ineligible for the MSCI Equity Universe. Other visible differences are table ordering/formatting and the Sri Lanka board label being shown as "Watch List Board/Second Board." Show in redline | |||
| M2 Universe Eligible Markets (Standalone Markets) | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M2 Universe Eligible Markets (Emerging Markets) | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M2 Universe Eligible Markets (Developed Markets) | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification 6.4 | ● | The updated section contains only the word "Indexes," while the previous section text is empty. No index rule, threshold, security set, or procedural requirement is added, removed, or modified. Show in redline | |||
| M7 Buffers and turnover control 5.2.3.2 | ● | The update changes only formatting in the minimum-liquidity section: "12‐month ATVR" is rendered with an extra space as "12‐ month ATVR," and footnote/reference markers around the listing-priority rules are cleaned up. No liquidity thresholds, eligibility conditions, listing priorities, or index treatment rules are changed. Show in redline | |||
| M3 Eligibility screens 5.2.3.1 | ● | The updated text inserts a space in the phrase "12‐ month ATVR." The 2.5%, 5%, and 15% minimum ATVR levels and all other Frontier Markets liquidity categorization rules remain unchanged. Show in redline | |||
| M4 Selection and constituent count 5.2 | ● | The updated text adds the words "Markets Indexes" immediately before the opening sentence of the section. No index construction, eligibility, selection, weighting, or maintenance rule is changed. Show in redline | |||
| M1 Identity, objective, classification 5.1 | ● | The text of the frontier markets definition is unchanged. The only edit is a typographical correction to the footnote reference, changing “universe 34F34” to “universe34.” Show in redline | |||
| other Other Front matter | ● | The updated version adds front-matter title text identifying the document as the MSCI Global Investable Market Indexes Methodology, dated November 2025. No index construction, eligibility, weighting, review, calculation, or governance rule is added or changed. Show in redline | |||
| M3 Eligibility screens 4.1.3 | ● | The Micro Cap minimum liquidity requirement now adds an eligibility exclusion: if a security’s latest 3-month ATVR is not calculated because of suspensions, non-constituents of the MSCI All Cap Indexes cannot be added to the MSCI Micro Cap Indexes. The existing 12-month ATVR and frequency-of-trading thresholds are unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.7 | ● | The updated text removes footnote 33, which set a special minimum float-adjusted market capitalization requirement when a Standard Index constituent had a post-event FIF below 0.15. The surrounding sentence is rejoined to read “MSCI Global Investable Market Indexes,” and no replacement threshold appears in the provided updated passage. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.6 | ● | The update adds a new minimum float-adjusted market capitalization requirement for Standard Index constituents whose FIF is below 0.15 after a corporate event. The requirement is expressed as 2/3rd of 1.8 times one half of the Standard Index Interim Size-Segment Cutoff. No explicit effective date is stated. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.4 | ● | The update adds a “Corporate Event” label at the start of the section and merges two adjacent sentences concerning post-event size-segment determination and deletion. The size-segment table and footnotes are reflowed, but the 50% increase and 33% decrease significance thresholds and the stated size-segment criteria are unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.3 | ● | The updated text inserts footnote/reference number 30, "As described in section 3.2.7," into the sentence concerning subsequent public disclosure of post-event shareholder structures. No index rule, threshold, timing, or security treatment is changed. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.1 | ● | The methodology for setting Interim Market Size-Segment Cutoffs is unchanged. The update corrects the malformed footnote reference "IPOs30F30" to "IPOs30," removes the footnote cross-reference phrase "As described in section 3.2.4.1," and reformats the surrounding text and bullet points. Show in redline | |||
| M6 Review and rebalance schedule 3.1.9 | ● | The update reflows Section 3.1.9 and changes the display of footnote anchors, while relocating footnote text around the price-cutoff list and market-capitalization formula. The cutoff schedules, relevant data uses, 80% business-day definition, market-cap formula, and implementation timing remain unchanged. Show in redline | |||
| M7 Buffers and turnover control 3.1.6.2 | ● | The 12-month waiting period for increasing a foreign-room adjustment factor or re-adding a previously deleted security is now measured from the effective date of the weight reduction or deletion. A new May 2026 example states that the prior action must have been effective on or before the May 2025 Index Review. Other differences are line-wrap and footnote-marker formatting corrections. Show in redline | |||
| M7 Buffers and turnover control 3.1.5.1 | ● | The update adds the word “Indexes” before the opening sentence and corrects a malformed footnote reference from “24F24” to “24”. The buffer-zone boundaries, small-cap entry treatment, and light-rebalancing rules are unchanged. Show in redline | |||
| M4 Selection and constituent count 3.1.5 | ● | The text changes the upper buffer threshold reference from "23F23" to "23" and adds a line break within the word sequence "Final Size-Segment Investability Requirement." The priority rules for assigning companies to size-segments are otherwise unchanged. Show in redline | |||
| M1 Identity, objective, classification Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes | ● | The listed M1 section is marked as removed in the updated version, but the provided previous text contains no substantive rule language and the unified diff is empty. Therefore, no identifiable index rule, threshold, or methodology change can be established from the supplied text. Show in redline | |||
| M4 Selection and constituent count 3.1.4.2 | ● | The updated section only reformats the existing segment-number adjustment procedure: lines are rewrapped and footnote markers are changed from compact forms such as "21F21" and "22F22" to spaced "21" and "22". No addition, deletion, threshold, percentage, condition, or security-selection rule was changed. Show in redline | |||
| M4 Selection and constituent count 3.1.4.1 | ● | The only change is the footnote/reference marker attached to "Interim Market Size-Segment Cutoff," which changes from "20F20" to "20." The methodology for determining the Initial Segment Number of Companies is unchanged. Show in redline | |||
| M4 Selection and constituent count 3.1.4 | ● | The updated text adds the word "Cutoffs" immediately before the existing opening sentence. No rule, threshold, formula, condition, or affected security set is changed. Show in redline | |||
| M4 Selection and constituent count 3.1.3 | ● | The updated text adds the standalone word "Ranges" at the beginning of the paragraph. The stated process for recalculating Global Minimum Size References and ranges is otherwise unchanged. Show in redline | |||
| M7 Buffers and turnover control 3.1.2.4 | ● | The update changes only the formatting of footnote references in the listing-priority sentence, removing characters such as "F17" and adjusting spacing. The priority order for eligible listings—local, foreign in the same geographical region, then foreign in a different geographical region—and all liquidity requirements remain unchanged. Show in redline | |||
| M1 Identity, objective, classification 2.5.2 | ● | The updated text only normalizes footnote/reference markers in the Composite Indexes section, such as changing "14F14" to "14", "15F15" to "15", and "16F16" to "16", with a minor spacing adjustment. The substantive description of how Market Indexes may be combined into Composite Indexes is unchanged. Show in redline | |||
| M1 Identity, objective, classification 2.5 | ● | The updated text only adds the fragment "Markets Indexes"; no index methodology rule, eligibility criterion, calculation, or other substantive requirement is changed. Show in redline | |||
| M4 Selection and constituent count 2.4 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.3.5 | ● | The updated section prepends the fragment "Size-Segments: Example" to the USA example and changes line wrapping in the Hungary chart text. The methodology, example figures, thresholds, ranks, and security-assignment logic remain unchanged. Show in redline | |||
| M4 Selection and constituent count 2.3.3 | ● | The updated section adds a leading "Segment Cutoffs" label and reformats the text with additional line breaks and hyphenation. The methodology for deriving Market Size-Segment Cutoffs, including the 70%, 85%, and 99% coverage levels and Global Minimum Size Range adjustments, is unchanged. Show in redline | |||
| M1 Identity, objective, classification MSCI Global Investable Market Indexes Methodology | ● | The M1 section is listed as removed, but the supplied previous text contains no substantive rule and the unified diff is empty. No index identity, universe, eligibility, selection, or weighting requirement can be identified as changed. Show in redline | |||
| 2026-10-02 | v2025.08 → v2025.11 Step page | 2 | 11 | 69 | M6 Other Cases ↗ |
| M4 Selection and constituent count 2.3.3 | ● | The update removes the duplicated lead-in phrase "Segment Cutoffs" and reformats line breaks, hyphenation, and bullet layout in the procedure for deriving Market Size-Segment Cutoffs. No coverage targets, thresholds, ranking logic, initial-construction treatment, or maintenance rules change. Show in redline | |||
| other Other Notice and Disclaimer | ● | The updated document adds a two-page MSCI Notice and Disclaimer covering intellectual property, permitted use and AI restrictions, warranty and liability disclaimers, back-tested data and signals, valuation limitations, investment-advice disclaimers, conflicts of interest, and governing law. It does not change any ACWI index construction, eligibility, selection, weighting, review, or calculation rule. Show in redline | |||
| other Other Contact Us | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| other Other Changes to the Methodology Book | ● | The methodology change history is reformatted and extended with October and November 2025 entries. These note the availability of MSCI Canada Domestic Indexes, consolidation of the Announcement Policy into the MSCI Corporate Events methodology, a Business Day footnote clarification, and updates to the Ineligible Alert Boards and Other Cases tables. No operative rule text or specific effective day is provided in this section. Show in redline | |||
| M4 Selection and constituent count 2.3.2.1 | ● | The methodology refreshes the Global Minimum Size Reference levels from July 16, 2025 (Aug-25 table) to October 15, 2025 (Nov-25 table). The DM Standard reference rises from USD 13.35 billion to USD 14.31 billion, changing the DM Standard range to USD 7.15–16.45 billion and the EM range to USD 3.58–8.23 billion; all tabulated Large Cap, Standard/Mid Cap, Small Cap, DM, EM, and Frontier references also change. The 70%/85%/99% coverage derivation and 50% EM relationship are unchanged. Show in redline | |||
| other Other Appendix XX | ● | The standalone heading "Methodology" was removed, and the stray "o" marker before "minimum" was relocated to the beginning of the final sentence concerning the MSCI Baltic States Indexes. These are formatting-only changes; the described index rules and the 2.5% ATVR requirement remain unchanged. Show in redline | |||
| M6 Review and rebalance schedule Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes | ● | The updated text removes the duplicated heading fragment "compared to Parent Indexes" from the beginning of the paragraph. The substantive rule for reflecting parent-index changes in less frequently reviewed Derived Indexes remains unchanged. Show in redline | |||
| other Other Appendix XIX | ● | The updated text removes the standalone "Index Review" heading and merges the first two paragraphs into one block. The substantive description of the transition from SAIRs/QIRs to QCIRs is unchanged. Show in redline | |||
| other Other May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index | ● | The updated text removes the introductory run-in phrase "Review of the Small Cap Index" from the beginning of the paragraph. All substantive descriptions of the May 2007 review, eligibility screens, additions, deletions, and industry-group targets remain unchanged. Show in redline | |||
| other Other Index Reviews and Treatment of On-Going Market Events during the Transition Period | ● | The updated text removes the extraneous leading word "Period" from the first sentence. No index review, maintenance, or transition-period rule is changed. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Ongoing Event Related Changes | ● | The footnote number attached to the note on the former naming of the MSCI China A Onshore Indexes changed from 67 to 66. The substantive wording, date, and methodology references remain unchanged. Show in redline | |||
| M1 Identity, objective, classification Appendix XVII | ● | The only change is to the superscript/reference marker attached to "MSCI China A Indexes," replacing "67" with "63F66" and removing the preceding space. The descriptive methodology, index families, investor orientation, constituent relationship, and calculated size segments remain unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Ongoing Event Related Changes | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count Additions of China A Shares during Light Rebalancings | ● | The section was moved from page 133 to page 131 and its text was reflowed. The eligibility requirements for adding non-current China A shares to the MSCI China Index during a Light Rebalancing remain unchanged. Show in redline | |||
| M3 Eligibility screens Assessing Conformity with Final Size-Segment Investability Requirements | ● | The China A size-segment investability section was moved from page 132 to page 130 and its bullet/list formatting was consolidated. The substantive requirements for adding or retaining China A shares, including market-capitalization thresholds, FIF treatment, Stock Connect eligibility, and the Small Cap exclusion, remain unchanged. Show in redline | |||
| M3 Eligibility screens 2.2.5 | ● | The update changes internal footnote/reference markers in the listing-priority and China suspension passages, such as "6" appearing as "5F6," and reformats the bulleted ATVR calculation note. The liquidity thresholds, suspension conditions, listing priority rules, and ATVR adjustment provisions remain substantively unchanged. Show in redline | |||
| M4 Selection and constituent count Calculation of the Market Size-Segment Cutoffs and Assigning Companies to the Size- Segments | ● | The updated text removes the stray run-in word "Segments" from the opening sentence and renumbers the associated footnote from 66 to 65. The substantive rules for market size-segment cutoffs, China A share assessment, and the one-year suspension look-back remain unchanged. Show in redline | |||
| M3 Eligibility screens Investability Requirements | ● | The suspension exclusion rule for newly eligible securities is unchanged: securities are excluded if suspended on the Price Cutoff date or suspended for at least 50 consecutive days in the past 12 months. The update only relocates bullet markers, changes the footnote/reference marker from "66" to "62F65", and moves the section from page 131 to page 129. Show in redline | |||
| M5 Weighting and capping Calculation of Market Capitalization | ● | The text is unchanged except that the footnote reference preceding the CDR statement is renumbered from 65 to 64. The substantive rule that CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility, remains identical. Show in redline | |||
| M2 Universe Integrated MSCI China Equity Universe | ● | The section was moved from page 130 to page 128, and the associated diagram was reflowed without changing its meaning. The only textual alteration in the universe description is the footnote/reference marker for CDRs, changing from "65" to "61F64"; the definition of the integrated MSCI China Equity Universe is unchanged. Show in redline | |||
| M2 Universe INTEGRATED MSCI CHINA EQUITY UNIVERSE | ● | A new section titled "INTEGRATED MSCI CHINA EQUITY UNIVERSE" is indicated on pages 128-133 of the updated version. However, no section text or unified diff content is provided, so no actual universe, eligibility, or other index rule can be verified from the supplied materials. Show in redline | |||
| M6 Review and rebalance schedule Index Maintenance of the MSCI China Indexes | ● | The footnote defining “the MSCI China Indexes” as those included in the MSCI Emerging Markets Indexes was renumbered from 64 to 63. The substantive text and all maintenance rules remain unchanged. Show in redline | |||
| M6 Review and rebalance schedule Appendix XV | ● | The only change is to the reference marker following the January 2020 update note, from “64” to “60F63.” No index maintenance rule, date, threshold, or procedure is changed. Show in redline | |||
| M1 Identity, objective, classification MSCI China Indexes Offering | ● | The MSCI China share-class/index matrix is reformatted with check marks showing which share classes appear in each index. The surrounding narrative rules are unchanged, while footnote/reference numbers shift from 60–63 to 59–62 (appearing with revision artifacts such as "56F59"). Show in redline | |||
| M2 Universe Equity Universe | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M1 Identity, objective, classification Appendix XIII | ● | The updated list of countries for which MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available adds Canada. The footnote reference numbers were also renumbered, but the substantive change is the expansion of country coverage. Show in redline | |||
| M3 Eligibility screens 2.2.3 | ● | The disclosed Equity Universe Minimum Size Requirement was updated from the August 2025 Index Review level of USD 448 million for Developed and Emerging Markets and USD 10 million for Frontier Markets to USD 505 million and USD 12 million, respectively, at the November 2025 Index Review. Other differences are footnote-marker formatting and table layout changes. Show in redline | |||
| M5 Weighting and capping Number of Shares (NOS) and Foreign Inclusion Factors (FIF) used for DRs in the MSCI DR Indexes | ● | The updated text removes the stray opening word "Indexes" from the paragraph. The rules for calculating DR number of shares and applying the parent constituent's FIF remain unchanged. Show in redline | |||
| M4 Selection and constituent count Appendix X | ● | The updated text removes the stray heading fragment "and Ranges" that appeared immediately before the opening sentence. The statement that Global Minimum Size References and ranges are calculated daily remains unchanged. Show in redline | |||
| M9 Calculation and return variants Policy Regarding Market Closures during Index Reviews | ● | The market-closure review principles are unchanged. The associated footnotes were renumbered from 54–56 to 53–55, and the section moved from page 117 to page 115. Show in redline | |||
| M9 Calculation and return variants Policy Regarding Trading Suspensions for Individual Securities during Index Reviews | ● | The updated text removes the stray opening word "Reviews" and changes the footnote reference markers in the trading-suspension policy. No substantive rule, timing condition, threshold, or security treatment changes. Show in redline | |||
| M9 Calculation and return variants Appendix IX | ● | The updated version removes the standalone line "Market Closures during Index Reviews" from the provided text. No operative rule, threshold, procedure, or affected-security condition is added or removed in the supplied passage. Show in redline | |||
| M3 Eligibility screens Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings | ● | The liquidity retention rules for existing Investable Market Index constituents are unchanged, including the 5% ATVR and 80%/70% Frequency of Trading thresholds, listing priority, and the Emerging Markets liquidity-adjustment exception. The update removes the stray heading word "Rebalancings" from the opening sentence and renumbers the associated footnotes from 51–53 to 50–52, with corresponding page shifts. Show in redline | |||
| M4 Selection and constituent count Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings | ● | The updated text removes the run-in heading phrase "Light Rebalancings" from the first sentence and renumbers the intervening footnote from 50 to 49. The eligibility criteria, market-capitalization thresholds, assignment rules, and IPO timing treatment are unchanged. Show in redline | |||
| M7 Buffers and turnover control Size-Segment Migrations during Light Rebalancings | ● | The updated text reformats the foreign-room adjustment-factor table and changes footnote/reference markers, including renumbering the relevant footnote from 49 to 48. The foreign-room thresholds, adjustment factors, quarterly review, 12-month upward-adjustment condition, and India/Mexico treatment remain unchanged. Show in redline | |||
| M10 Governance, change policy, disclosure Communication Date and Policy | ● | The substantive communication-date policy is unchanged. The only modification is the renumbering of the two footnotes from 47 and 48 to 46 and 47; the section also moves from page 110 to page 108. Show in redline | |||
| M6 Review and rebalance schedule Market Monitoring Period and Criteria | ● | The market monitoring criteria for a potential light rebalancing are unchanged: the last ten business days, any three days of spread/volatility breaches, and exchange closures affecting 20% of constituents remain the same. The update only reformats bullet placement and renumbers footnote references from 47/48 to 46/47. Show in redline | |||
| M2 Universe 2.1.1 | ● | The update changes only the formatting/encoding of footnote reference markers in the eligible equity securities paragraph, such as "(REITs)2" becoming "(REITs) 1F2" and moving the marker for footnote 4 to a separate line. No eligibility categories, criteria, or other index rules are changed. Show in redline | |||
| M6 Review and rebalance schedule Appendix VIII | ● | The updated version removes the standalone line "Switch to a Light Rebalancing under Conditions of Market Stress." The provided text does not include any operative rule, threshold, trigger, or procedural change accompanying that removal. Show in redline | |||
| M5 Weighting and capping Treatment of Depository Receipts where Underlying Shares are Not Available for Trading | ● | The updated text removes the extraneous opening word "Trading" from the section. The FIF calculation methodology for depository receipts whose underlying shares are not available for trading is otherwise unchanged. Show in redline | |||
| M5 Weighting and capping Treatment of Non-Voting Depositary Receipts in Thailand | ● | The updated section changes only the footnote markers for financial institutions and the Local Line price calculation, renumbering them from 45/46 to 44/45 (with altered marker formatting). The NVDR rules, 25% limit, FIF formulas, foreign-room treatment, and early-inclusion requirements are unchanged. Show in redline | |||
| M3 Eligibility screens Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues | ● | The updated text removes the extraneous leading word "Issues" from the first sentence of the section. The eligibility, deletion, review, free-float, and 12-month re-addition rules are unchanged. Show in redline | |||
| M5 Weighting and capping Assigning a Free Float-Adjustment Factor | ● | The footnote attached to the case-by-case Limited Investability Factor analysis was renumbered from 44 to 43, with the updated inline marker rendered as “43F43.” The foreign-room country table was also reformatted onto fewer extracted lines. No FIF, LIF, rounding, foreign-room, eligibility, or weighting rule was changed. Show in redline | |||
| M5 Weighting and capping Defining and Estimating Free Float | ● | The updated version deletes an introductory overview line and the repeated section heading at the beginning of the passage. The substantive description of free float, including its basis in public shareholder data and classification of strategic and non-strategic investors, is unchanged. Show in redline | |||
| M5 Weighting and capping Appendix VI | ● | The updated introduction explicitly enumerates the free-float process: defining and estimating free float available to foreign investors, assigning a Foreign Inclusion Factor, and calculating free float-adjusted market capitalization. It also states that free float-adjusted market capitalization is used to calculate index weights. Show in redline | |||
| M3 Eligibility screens Appendix V | ● | The update removes the standalone heading line "U.S. Executive Order 13959" from the appendix. The substantive treatment of securities affected by Executive Order 13959, including ineligibility, deletion, adjustment factors, and universe retention, remains unchanged. Show in redline | |||
| M3 Eligibility screens Appendix IV | ● | The appendix updates the illustrative example of the two-index-review lag from August 2025/February 2026 to November 2025/May 2026. It also updates the latest review statement to say that no additional markets met the requirement at the November 2025 review. The eligibility thresholds, country list, and other foreign-listing rules are unchanged; bullet formatting and footnote numbering were also updated. Show in redline | |||
| M2 Universe Country Specific Cases | ● | The update renumbers the footnotes in the Country Specific Cases section and changes some inline footnote markers to linked-reference formatting (for example, the China A-share footnote changes from 39 to 38). No country classification, universe, eligibility, or selection rule is changed. Show in redline | |||
| M4 Selection and constituent count 2 | ● | The only change is the formatting of the footnote reference after "Market," from "Market1" to "Market0F1." No index construction, eligibility, selection, weighting, or other methodological rule was changed. Show in redline | |||
| M4 Selection and constituent count Markets Under Index Continuity | ● | The minimum constituent counts (5 for DM, 3 for EM, and 1 for FM) are unchanged. The index continuity table is updated from the August 2025 to the November 2025 Index Review: Czech Republic is removed from the Emerging Markets list, Egypt appears under Emerging Markets rather than Frontier Markets, and New Zealand, Serbia, and Peru remain listed. Show in redline | |||
| M1 Identity, objective, classification Appendix II | ● | The market-classification Size and Liquidity thresholds were increased for both entry and maintenance tests. Full market-cap thresholds rose from USD 181/3,338/6,676 mm to USD 205/3,577/7,153 mm for Frontier/Emerging/Developed markets, and float market-cap thresholds rose from USD 90/1,669/3,338 mm to USD 102/1,788/3,577 mm. The footnote also changes the referenced index review from August 2025 to November 2025; ATVR and company-count requirements remain unchanged. Show in redline | |||
| M6 Review and rebalance schedule Other Cases | ● | The updated methodology expands the list of regulatory boards that trigger a delay in IMI additions and Standard/Small Cap size-segment migrations during Index Reviews. It adds India's Short Term and Long Term Additional Surveillance Measure (ASM) boards and Korea's Investment Alert Issue and Investment Risk Issue boards. Affected securities are re-evaluated in the subsequent Index Review. Show in redline | |||
| M3 Eligibility screens Ineligible Alert Boards | ● | The updated ineligible-alert-board table removes the "S+ Framework" as a listed alert board for the Mumbai Stock Exchange. Other differences in the table are primarily cell reordering or reflow and do not alter the listed boards or footnotes. Show in redline | |||
| M2 Universe Eligible Markets (Standalone Markets) | ● | The standalone-market table adds the Ukrainian Exchange as an exchange entry for Ukraine, while retaining PFTS Stock Exchange. This expands the eligible exchange/listing venues for Ukrainian securities; other differences are line-break and table-layout adjustments. Show in redline | |||
| M2 Universe Eligible Markets (Emerging Markets) | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M2 Universe Eligible Markets (Developed Markets) | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 6.4 | ● | The updated version removes the standalone word "Indexes" from section 6.4. No index methodology rule, threshold, formula, or affected security set is changed. Show in redline | |||
| M7 Buffers and turnover control 5.2.3.2 | ● | The update only renumbers the footnotes supporting the eligible-listing priority rules, from 36–38 to 35–37. The liquidity thresholds, listing-priority substance, and Frontier Markets treatment are unchanged. Show in redline | |||
| M4 Selection and constituent count 5.2 | ● | The updated section removes the stray opening words "Markets Indexes" and renumbers footnote 35 to footnote 34. No index construction, eligibility, liquidity, size, continuity, or corporate-action rule changes. Show in redline | |||
| other Other Outline of the Methodology Book | ● | The methodology book's "last updated" date was changed from August 2025 to November 2025. No index construction, maintenance, eligibility, weighting, or calculation rules were modified. Show in redline | |||
| M1 Identity, objective, classification 5.1 | ● | The criteria defining the initial frontier-market universe are unchanged. The only edit is the footnote/reference marker after “developed markets universe,” which changes from “35” to “34F34,” with a preceding space. Show in redline | |||
| M10 Governance, change policy, disclosure 3.3.2 | ● | The updated methodology deletes Section 3.3.2, “IPOs and Other Early Inclusions,” in its entirety. This removes the announcement windows for early inclusions following large IPOs and large secondary offerings, MSCI’s no-comment policy for future listings and pending events, and the special STAR Market early-inclusion announcement and market-cap timing provision. Show in redline | |||
| M10 Governance, change policy, disclosure 3.3.1.2 | ● | The updated methodology deletes the entire “Public Announcements” section. Previously, corporate-event constituent additions and deletions had to be publicly announced before implementation, other corporate-event changes were announced only to clients, and changes were announced at least two business days before becoming effective. The deletion also removes the specified publication channels. Show in redline | |||
| M10 Governance, change policy, disclosure 3.3.1.1 | ● | The updated methodology deletes the entire “3.3.1.1 Client Announcements” subsection. The previous version set out client announcement requirements for corporate events, including expected, undetermined, confirmed, correction, and acknowledged announcements; minimum lead times; daily ACE File delivery; and criteria for descriptive text announcements. No corresponding text remains in the updated version. Show in redline | |||
| M10 Governance, change policy, disclosure 3.3.1 | ● | The updated section adds an announcement policy for corporate-event-related changes. Such changes must be announced to clients before implementation, and constituent additions and deletions must also be publicly announced before implementation, with a cross-reference to Section 8 of the MSCI Corporate Events methodology. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 3.2.4 | ● | The updated section removes the stray introductory phrase "Corporate Event" from the beginning of the first paragraph. The substantive rules for reviewing size-segment classification after a large corporate event are unchanged. Show in redline | |||
| M4 Selection and constituent count 3.2.1 | ● | The updated text changes the footnote marker after "significant IPOs" from "30" to "30F30" and joins a line-broken "upper bound" phrase. The rules for setting the Interim Market Size-Segment Cutoff and the use of previous-trading-day data are unchanged. Show in redline | |||
| M6 Review and rebalance schedule 3.1.9 | ● | MSCI added Thanksgiving to the global holidays treated as non-business days when determining Price Cutoff Dates. Correspondingly, the example for a November 26, 2024 Index Review changes the 10-business-day price cutoff window from October 14–25, 2024 to October 15–28, 2024. Other changes are list and footnote formatting. Show in redline | |||
| M7 Buffers and turnover control 3.1.6.2 | ● | The update reformats the foreign-room adjustment-factor table by joining two wrapped lines and changes the rendering of footnote anchors (for example, "F25", "F26", and "F27"). No adjustment factors, foreign-room thresholds, review timing, or constituent treatment changes. Show in redline | |||
| M7 Buffers and turnover control 3.1.5.1 | ● | The updated text removes the extraneous word "Indexes" from the opening line and changes the footnote reference formatting from "24" to "24F24." The buffer-zone rules, thresholds, and small-cap entry treatment are unchanged. Show in redline | |||
| M1 Identity, objective, classification Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes | ● | Although the section is marked as added, the supplied updated text contains no visible rule, principle, or methodology language. No substantive index construction requirement can be identified from the provided excerpt. Show in redline | |||
| M4 Selection and constituent count 3.1.5 | ● | The updated text reformats the size-segment assignment priority list, consolidating the bullet points for companies above the lower segment's upper buffer threshold. The footnote-style marker is also changed from "threshold23" to "threshold 23F23." The eligibility categories and assignment priorities are otherwise unchanged. Show in redline | |||
| M4 Selection and constituent count 3.1.4.2 | ● | The update reformats the procedure for adjusting the Segment Number of Companies by removing line breaks, joining hyphenated text, splitting one sentence into a separate paragraph, and changing footnote reference formatting (for example, "21" appears as "21F21"). No addition, deletion, threshold, percentage, trigger, or procedural condition was changed. Show in redline | |||
| M4 Selection and constituent count 3.1.4.1 | ● | The methodology for determining the Initial Segment Number of Companies is unchanged. The only edit is the in-text footnote/reference marker after "Interim Market Size-Segment Cutoff," changing from "20" to "20F20"; the substantive rule and footnote text remain identical. Show in redline | |||
| M4 Selection and constituent count 3.1.4 | ● | The updated text removes the stray heading word "Cutoffs" from the beginning of the sentence. The substantive rule for updating the Segment Number of Companies and Market Size-Segment Cutoffs is unchanged. Show in redline | |||
| M4 Selection and constituent count 3.1.3 | ● | The updated text removes the stray word "Ranges" from the beginning of the paragraph. The substantive rule—that Global Minimum Size References and ranges are reset at Index Reviews using a process similar to updating the Equity Universe Minimum Size Requirement—is unchanged. Show in redline | |||
| M7 Buffers and turnover control 3.1.2.4 | ● | The listing-priority rule for existing constituents is unchanged: local listing, then foreign listing in the same geographical region, then foreign listing in a different geographical region. The only modification is the formatting of the inline footnote markers, which change from 17/18/19 to 17F17/18F18/19F19. Show in redline | |||
| M4 Selection and constituent count 2.5.2 | ● | The updated section retains the same definition and examples of Composite Indexes. The only differences are formatting and numbering changes to footnote/reference markers, such as "Market Classification14" becoming "Market Classification 14F14" and "MSCI World 15" becoming "MSCI World15F15". Show in redline | |||
| M4 Selection and constituent count 2.5 | ● | The updated version removes the isolated text fragment "Markets Indexes" from the section. No index construction, selection, calculation, or other methodology rule is changed. Show in redline | |||
| M4 Selection and constituent count 2.4 | ● | Editorial change: wording only, no rule changed. Show in redline | |||
| M4 Selection and constituent count 2.3.5 | ● | The update removes the redundant leading phrase “Size-Segments: Example” before the USA example and changes only line wrapping in the Hungary chart text. All illustrative companies, rankings, market capitalizations, coverage levels, and size-segment cutoff rules remain unchanged. Show in redline | |||
| M1 Identity, objective, classification MSCI Global Investable Market Indexes Methodology | ● | The updated version identifies an added section titled "MSCI Global Investable Market Indexes Methodology," but the supplied section text and unified diff contain no substantive rule. Therefore, no index methodology change can be identified from the provided text. Show in redline |