Also known as: MXFM100 Index (Bloomberg) · 702259 (MSCI code)
At a glance
- Review frequencySemi-annual
- Constituent count85-115
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 9 fields | |||
| Constituent count range | Minimum: 85; Maximum: 115 | Between 85 and 115: all the securities counted are included in the MSCI Frontier Markets 100 Index.Open p.5 ↗ |
The number of constituents can fluctuate within a target range of 85 to 115. |
| Index name | MSCI Frontier Markets 100 Index | The MSCI Frontier Markets 100 Index1 is based on the MSCI Frontier Markets (FM) Investable Market Index (IMI) (the “Parent Index”).Open p.4 ↗ |
The official English index name is MSCI Frontier Markets 100 Index. |
| Administrator | MSCI | MSCI is a leading provider of critical decision support tools and services for the global Canada + 1 416 687 6270 investment community.Open p.28 ↗ |
MSCI is the index provider and administrator. |
| Index family | MSCI Frontier Markets | The MSCI Frontier Markets 100 Index aims to reflect the performance of frontier markets while putting stronger emphasis on tradability compared to the Parent Index.Open p.4 ↗ |
The index belongs to MSCI's frontier markets index family. |
| Parent index | MSCI Frontier Markets (FM) Investable Market Index (IMI) | The MSCI Frontier Markets 100 Index1 is based on the MSCI Frontier Markets (FM) Investable Market Index (IMI) (the “Parent Index”).Open p.4 ↗ |
The Parent Index is the MSCI Frontier Markets Investable Market Index. |
| Objective | The MSCI Frontier Markets 100 Index aims to reflect the performance of frontier markets while putting stronger emphasis on tradability compared to the Parent Index. | The MSCI Frontier Markets 100 Index aims to reflect the performance of frontier markets while putting stronger emphasis on tradability compared to the Parent Index.Open p.4 ↗ |
The index aims to reflect the performance of frontier markets with a stronger emphasis on tradability than its Parent Index. |
| Market classification | Frontier | The MSCI Frontier Markets 100 Index aims to reflect the performance of frontier markets while putting stronger emphasis on tradability compared to the Parent Index.Open p.4 ↗ |
The index covers frontier markets. |
| Size segment | IMI | is based on the MSCI Frontier Markets (FM) Investable Market Index (IMI) (the “Parent Index”).Open p.4 ↗ |
The parent universe is an Investable Market Index, while the 100 Index applies a higher free-float-adjusted market capitalization requirement. |
| Index family type | Capped | In addition, a country cap is applied in the MSCI Frontier Markets 100 Index in order to avoid excessive country concentration.Open p.4 ↗ |
The index is a market-capitalization-based frontier market index with country and group-entity capping rules. |
| M2 Universe · 5 fields | |||
| Eligible market rule | All markets included in the parent MSCI Frontier Market Index are eligible. | All markets included in the parent MSCI Frontier Market Index are eligible for the MSCI Frontier Markets 100 Index.Open p.8 ↗ |
Market eligibility follows the markets included in the parent MSCI Frontier Market Index. |
| Markets | — | All markets included in the parent MSCI Frontier Market Index are eligible for the MSCI Frontier Markets 100 Index.Open p.8 ↗ |
All markets included in the parent MSCI Frontier Market Index are eligible, but the provided sections do not list the individual markets. |
| Security types | Common | Only stocks exhibiting sufficient foreign room3 are eligible for inclusionOpen p.4 ↗ |
The eligible universe consists of stocks selected from the Parent Index. |
| Parent universe index | MSCI Frontier Markets (FM) Investable Market Index (IMI) | The Eligible Universe for the MSCI Frontier Markets 100 Index is derived by applying investability screens to securities in the Parent Index.Open p.5 ↗ |
The eligible universe is derived from securities in the MSCI Frontier Markets IMI Parent Index. |
| Exclusions | Securities subject to a Limited Investability Factor due to low foreign room | Must not be subject to a Limited Investability Factor (LIF) due to low foreign room;Open p.5 ↗ |
Securities subject to a Limited Investability Factor because of low foreign room are excluded from the Eligible Universe. |
| M3 Eligibility screens · 5 fields | |||
| Minimum size review updates | May, November, February, August | During a May and November Index Reviews, the Minimum Free Float-Adjusted Market Capitalization Requirement is updated using the rules described in SectionOpen p.8 ↗ |
The Minimum Free Float-Adjusted Market Capitalization Requirement is updated during the May, November, February, and August Index Reviews. |
| Trading history | Minimum value: 2 months | Must have started trading at least two months before the implementation date of the Index Review.Open p.5 ↗ |
A security must have started trading at least two months before the Index Review implementation date. |
| Liquidity screen | Metric: Liquidity ratio; Window: 12 months; Threshold: >10% | Must have a 12-month Annualized Traded Value Ratio (ATVR)4 above 10% and;Open p.5 ↗ |
A security must have a 12-month Annualized Traded Value Ratio above 10%. |
| Minimum size | Metric: Float adjusted market cap; Threshold: The free float-adjusted market capitalization of the security at the point where sorted Parent Index securities achieve cumulative 90% coverage | when the cumulative free float-adjusted market capitalization coverage of 90% of the sorted Parent Index is achieved the free float-adjusted market capitalization of the security at that point defines the Minimum Free Float- Adjusted Market Capitalization Requirement.Open p.5 ↗ |
The minimum size is the free-float-adjusted market capitalization at which cumulative coverage reaches 90% of the sorted Parent Index. |
| Foreign room | 0% | Only stocks exhibiting sufficient foreign room3 are eligible for inclusionOpen p.4 ↗ |
Only securities with sufficient foreign room are eligible, and securities subject to a Limited Investability Factor due to low foreign room are excluded. |
| M4 Selection and constituent count · 6 fields | |||
| Review selection schedule | May, November | This section describes the rules used for including securities in the MSCI Frontier Markets 100 Index during the May and November Index Reviews.Open p.8 ↗ |
The rules for including securities in the index apply during the May and November Index Reviews. |
| Initial count existing constituent threshold | 2/3 of the Minimum Free Float-Adjusted Market Capitalization Requirement | Existing constituents of the MSCI Frontier Markets 100 Index that have a free float-adjusted market capitalization above or equal to 2/3rd of the Minimum Free Float-Adjusted Market Capitalization RequirementOpen p.8 ↗ |
Existing constituents are initially counted when their free-float-adjusted market capitalization is at least two-thirds of the minimum requirement. |
| Initial count non constituent threshold | Minimum Free Float-Adjusted Market Capitalization Requirement | Securities not currently constituents of the MSCI Frontier Markets 100 Index that have a free float-adjusted market capitalization above or equal to the Minimum Free Float-Adjusted Market Capitalization RequirementOpen p.8 ↗ |
Non-constituents are initially counted when their free-float-adjusted market capitalization is at least the minimum requirement. |
| Selection method | Rank by metric | Within each of the above steps, the securities are selected in descending order of free float-adjusted market capitalization.Open p.8 ↗ |
Securities are selected through prioritized eligibility steps and ranked within each step by descending free-float-adjusted market capitalization. |
| Ranking metrics | Name: Free float adjusted market capitalization; Direction: Descending; Step order: 1 | Within each of the above steps, the securities are selected in descending order of free float-adjusted market capitalization.Open p.9 ↗ |
Within each selection step, securities are ranked in descending order of free-float-adjusted market capitalization. |
| Target constituent count | 85-115 | Then, if the resulting number is: between 85 and 115: all the securities counted are included in the MSCI Frontier Markets 100 Index. above 115:Open p.8 ↗ |
If the counted securities number between 85 and 115, all are included; if there are more than 115 or fewer than 85, securities are selected until 115 or 85 are reached, respectively. |
| M5 Weighting and capping · 6 fields | |||
| February august partial review updates | Review months: February, August; Updates: Foreign Inclusion Factors, number of shares; Scope: existing constituents | The composition of the MSCI Frontier Markets 100 Index is partially reviewed at the time of the February and August Index Reviews of the MSCI Global Investable Market Indexes.Open p.10 ↗ |
At the February and August partial reviews, Foreign Inclusion Factor changes and number-of-shares updates for existing constituents are reflected. |
| Free float factor | Method: Free float | Changes in Foreign Inclusion Factors (FIFs) and updates in number of shares for existing constituents effective at the February and August Index ReviewsOpen p.10 ↗ |
Changes in Foreign Inclusion Factors for existing constituents are reflected at the February and August Index Reviews under the MSCI Global Investable Market Indexes methodology. |
| Group cap | Top n: 2; Aggregate (%): 40 | During May and November Index Reviews, a cap of 40% is applied to the cumulative weight of the two largest countries in the MSCI Frontier Markets 100 IndexOpen p.10 ↗ |
The cumulative weight of the two largest countries is capped at 40%. |
| Country cap (%) | 40% | During May and November Index Reviews, a cap of 40% is applied to the cumulative weight of the two largest countries in the MSCI Frontier Markets 100 Index as described in section 2.4.Open p.10 ↗ |
At country level, the two largest countries together are capped at 40% during the May and November Index Reviews. |
| Cap application timing | At review | During May and November Index Reviews, a cap of 40% is applied to the cumulative weight of the two largest countries in the MSCI Frontier Markets 100 IndexOpen p.10 ↗ |
The country cap is applied during the May and November Index Reviews. |
| Shares outstanding | Number-of-shares updates for existing constituents follow the MSCI Global Investable Market Indexes methodology and are reflected when effective at February and August Index Reviews. | Changes in Foreign Inclusion Factors (FIFs) and updates in number of shares for existing constituents effective at the February and August Index Reviews as per the MSCI Global Investable Market Indexes methodologyOpen p.10 ↗ |
Updates in the number of shares for existing constituents are reflected at the February and August Index Reviews according to the MSCI Global Investable Market Indexes methodology. |
| M6 Review and rebalance schedule · 8 fields | |||
| Review frequency | Semi-annual | The composition of the MSCI Frontier Markets 100 Index is fully reviewed on a semiannual basis coinciding with the May and November Index Reviews of the MSCI Global Investable Market Indexes.Open p.8 ↗ |
The MSCI Frontier Markets 100 Index is fully reviewed semi-annually in May and November. |
| Review types | Semi annual review, Quarterly review, Ad hoc | The composition of the MSCI Frontier Markets 100 Index is fully reviewed on a semiannual basis coinciding with the May and November Index Reviews of the MSCI Global Investable Market Indexes.Open p.8 ↗ |
The index has full May and November reviews, February and August review additions and parent-index deletions, and ongoing event-related changes. |
| Review months | February, May, August, November | coinciding with the May and November Index Reviews of the MSCI Global Investable Market Indexes.Open p.8 ↗ |
Full index reviews occur in May and November, and February and August reviews include specified additions and parent-index deletions. |
| Data cutoff rule | MSCI uses pro forma data as of the close of the announcement date, nine business days before the effective date of each Index Review. | MSCI uses pro forma data as of the close of the announcement date (nine business days before the effective date of each Index Review) to derive the pro forma MSCI Frontier Markets 100 Index for each Index Review.Open p.12 ↗ |
For each rebalancing, MSCI uses pro forma market capitalization and price data as of the close on the announcement date, nine business days before the review effective date. |
| Announcement rule | The pro forma index is announced nine business days before the effective date of each Index Review. | The pro forma MSCI Frontier Markets 100 Index is announced nine business days before the effective date of each Index Review.Open p.12 ↗ |
MSCI announces the pro forma MSCI Frontier Markets 100 Index nine business days before each Index Review becomes effective. |
| Effective date rule | — | nine business days before the effective date of each Index ReviewOpen p.12 ↗ |
Changes take effect on the effective date of the relevant MSCI Index Review, but the provided text does not specify a calendar rule such as a particular Friday. |
| Rebalance frequency | Quarterly | During February and August Index Reviews, securities from the pro forma Parent Index are added to the MSCI Frontier Markets 100 IndexOpen p.11 ↗ |
The index is rebalanced for Index Reviews in February, May, August, and November. |
| Weight reset frequency | Semi-annual | The securities are added to the MSCI Frontier Markets 100 Index with a capping factor equal to the capping factor determined at the previous Index Review (May or November) for securities classified in the same country.Open p.11 ↗ |
Securities added in February or August receive the capping factor set at the previous May or November Index Review, indicating capping factors are determined in May and November. |
| M7 Buffers and turnover control · 1 field | |||
| Liquidity buffer existing | Metric: 12-month ATVR; Threshold: 6.67% | an existing constituent of the MSCI Frontier Markets 100 Index may remain in the Eligible Universe if its 12-month ATVR falls below the minimum level requirement of 10% as long as it is above 2/3rd of that level.Open p.8 ↗ |
An existing constituent may remain in the Eligible Universe if its 12-month ATVR is below the 10% minimum but remains above two-thirds of that level, approximately 6.67%. |
| M8 Corporate actions, IPOs, ad-hoc changes · 7 fields | |||
| Suspended security review implementation rule | If a security scheduled for review implementation is suspended on the day before the effective implementation date, MSCI cancels that security's implementation; a postponed parent-index deletion is mirrored after trading resumes. | When the implementation of a deletion from the Parent Index is postponed, the implementation of the deletion from the MSCI Frontier Markets 100 Index will also be postponed.Open p.12 ↗ |
Scheduled review changes for a suspended security are canceled on the day before implementation, and a postponed parent-index deletion is applied simultaneously after the security resumes trading. |
| Post corporate event count tolerance | Minimum: 85; Maximum: 115 | In the event that the number of securities in the MSCI Frontier Markets 100 Index would fall below 85 or rise above 115 due to corporate eventsOpen p.12 ↗ |
Corporate events may temporarily leave the index with fewer than 85 or more than 115 securities until the next May or November review. |
| Fast entry | Timing: Spin-offs added to the Parent Index at event time are simultaneously added to the MSCI Frontier Markets 100 Index; IPOs and other early inclusions are considered only at the Index Review following the event | Companies spun off from existing constituents of the MSCI Frontier Markets 100 Index that are added to the Parent Index at the time of the event will be simultaneously added to the MSCI Frontier Markets 100 Index.Open p.12 ↗ |
Spin-offs from existing constituents that enter the Parent Index at the event are added simultaneously, while IPOs and other early inclusions wait until the next Index Review. |
| Ad-hoc deletion | Delisting, Prolonged suspension | Deletions from the Parent Index at the time of February and August Index Reviews are simultaneously deleted from the MSCI Frontier Markets 100 Index.Open p.11 ↗ |
Securities deleted from the Parent Index are simultaneously deleted, while scheduled additions or deletions are canceled if the security is suspended on the day before implementation and postponed deletion occurs after trading resumes. |
| Replacement policy | Next review | no additions or deletions would be made to restore the number of securities to 85 or 115 until the next Index Review (May or November).Open p.12 ↗ |
If corporate events push the number of securities below 85 or above 115, the index makes no restorative additions or deletions until the next May or November Index Review. |
| Merger spinoff rules | The index generally follows the Parent Index's event maintenance; spin-offs from existing constituents added to the Parent Index at event time are added simultaneously. | With the exception of the treatment as described below, the MSCI Frontier Markets 100 Index follows the event maintenance of the Parent Index.Open p.12 ↗ |
Except for specified treatments, the index follows Parent Index event maintenance, and qualifying spin-offs are added to the index at the same time they are added to the Parent Index. |
| Corporate actions guide ref | MSCI Corporate Events Methodology Book | Details regarding the treatment of corporate events not covered below can be found in the MSCI Corporate Events Methodology Book, available at: https://www.msci.com/index/methodology/latest/CEOpen p.12 ↗ |
Corporate-event treatments not covered in the index methodology are found in the MSCI Corporate Events Methodology Book. |
| M9 Calculation and return variants · 3 fields | |||
| Calculation methodology reference | MSCI Index Calculation Methodology | MSCI Index Calculation Methodology – https://www.msci.com/index/methodology/latest/IndexCalcOpen p.21 ↗ |
Index calculation rules are governed by the MSCI Index Calculation Methodology within the Methodology Set. |
| Corporate events methodology reference | MSCI Corporate Events Methodology | MSCI Corporate Events Methodology – https://www.msci.com/index/methodology/latest/CEOpen p.21 ↗ |
Corporate-event treatment is governed by the MSCI Corporate Events Methodology within the Methodology Set. |
| Index policy reference | MSCI Index Policies | MSCI Index Policies – https://www.msci.com/index/methodology/latest/IndexPolicyOpen p.21 ↗ |
Index policies are governed by the MSCI Index Policies within the Methodology Set. |
| M10 Governance, change policy, disclosure · 2 fields | |||
| Methodology set | Description of methodology set, MSCI Corporate Events Methodology, MSCI Fundamental Data Methodology, MSCI Index Calculation Methodology, MSCI Index Glossary of Terms, MSCI Index Policies, MSCI Global Industry Classification Standard (GICS) Methodology, MSCI Global Investable Market Indexes Methodology | The Index is governed by a set of methodology and policy documents (“Methodology Set”), including the present index methodology document as mentioned below:Open p.21 ↗ |
The index is governed by a Methodology Set comprising multiple MSCI methodology and policy documents. |
| Methodology web access | https://www.msci.com/index/methodology/latest/ReadMe, https://www.msci.com/index/methodology/latest/CE, https://www.msci.com/index/methodology/latest/FundData, https://www.msci.com/index/methodology/latest/IndexCalc, https://www.msci.com/index/methodology/latest/IndexGlossary, https://www.msci.com/index/methodology/latest/IndexPolicy, https://www.msci.com/index/methodology/latest/GICS, https://www.msci.com/index/methodology/latest/GIMI, https://www.msci.com/index-methodology | The Methodology Set for the Indexes can also be accessed from MSCI’s webpage https://www.msci.com/index-methodology in the section ‘Search Methodology by Index Name or Index Code’Open p.21 ↗ |
The Methodology Set documents can be accessed through their MSCI links or the MSCI index methodology webpage. |
Open points · 31Model-written, for reference
- 1Index short name or abbreviation is not stated.
- 2Index code, ISIN, and third-party vendor tickers are not stated.
- 3Launch date, base date, base value, and calculation currency are not stated.
- 4Methodology version, methodology date, and benchmark regulatory status are not stated.
- 5Stated intended uses such as ETF or derivatives usage are not provided.
- 6The individual frontier markets and exchanges are not listed; the text only refers to all markets in the parent MSCI Frontier Market Index.
- 7A numeric minimum free-float percentage is not stated separately; the document defines a dynamic minimum free-float-adjusted market capitalization requirement.
- 8A numeric foreign-room percentage threshold is not stated; the document refers to sufficient foreign room and absence of a LIF.
- 9Minimum voting rights, minimum share price, financial screens, ESG exclusions, suspension rules, and an extreme price screen are not stated.
- 10Whether existing constituents receive a liquidity buffer is not stated.
- 11No explicit tie-break rule is stated for securities with equal free-float-adjusted market capitalization.
- 12No sector or industry neutrality requirement is stated.
- 13No reserve list or pre-ranked replacement candidate rule is stated.
- 14The base weighting scheme is not explicitly named, although selection and updates reference free-float-adjusted market capitalization and Foreign Inclusion Factors.
- 15No single-issuer cap, sector cap, domestic inclusion factor, foreign ownership limit treatment, or divisor continuity rule is stated.
- 16Free Float Factor banding details, if any, are not provided in these sections.
- 17The exact effective-date calendar rule is not stated.
- 18No explicit rank buffer or size-segment buffer is stated.
- 19No maximum turnover cap per review is stated.
- 20No deletion price rule is stated.
- 21No inter-review share or free-float change threshold is stated.
- 22The fast-entry rule provides no market-capitalization threshold or excluded boards for IPOs; IPOs are deferred to the next review.
- 23Calculation formula type was not stated.
- 24Price source and treatment of unavailable prices were not stated.
- 25Calculation frequency and published-index precision were not stated.
- 26Return variants, withholding-tax basis, and dividend treatment were not stated.
- 27Divisor-adjustment events and market-disruption procedures were not stated.
- 28Recalculation and error-correction policy was not stated.
- 29Oversight body and discretionary powers were not stated.
- 30Methodology review frequency, external consultation procedure, material-change definition, and notice period were not stated.
- 31Constituent publication frequency and index cessation policy were not stated.
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