Also known as: MXUSESG Index (Bloomberg) · 710493 (MSCI code)
At a glance
- Weighting schemeOptimized
- Review frequencyQuarterly
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 15 fields | |||
| Construction process | Constituents of a Parent Index are selected through an optimization process that maximizes ESG exposure for a target tracking-error budget subject to constraints. | The Indexes are constructed by selecting constituents of a market capitalization weighted index (the ‘Parent Index’) through an optimization process that aims to maximize exposure to ESG factors for a target tracking error budget under certain constraints.Open p.3 ↗ |
The indexes select Parent Index constituents through optimization to maximize ESG exposure within a target tracking-error budget and constraints. |
| Sector diversification | Yes | The Indexes are sector-diversified and target companies with high ESG ratings in each sector.Open p.3 ↗ |
The indexes are sector-diversified and target companies with high ESG ratings in each sector. |
| Data provider | MSCI Solutions LLC | The Indexes are products of MSCI Inc. that utilize information such as company ratings and research produced and provided by MSCI Solutions LLC (MSCI Solutions)Open p.9 ↗ |
The indexes use company ratings and research produced and provided by MSCI Solutions LLC. |
| Index name | MSCI Focus Indexes | The MSCI Focus Indexes (the ‘Indexes’) are designed to maximize their exposure to positive environmental, social and governance (ESG) factorsOpen p.3 ↗ |
The official index family name is the MSCI Focus Indexes. |
| Index short name | Indexes | The MSCI Focus Indexes (the ‘Indexes’) are designed to maximize their exposure to positive environmental, social and governance (ESG) factorsOpen p.3 ↗ |
The document refers to the MSCI Focus Indexes collectively as the “Indexes.” |
| Administrator | MSCI Limited and MSCI Deutschland GmbH | MSCI Indexes are administered by MSCI Limited and MSCI Deutschland GmbH.Open p.9 ↗ |
MSCI Indexes are administered by MSCI Limited and MSCI Deutschland GmbH. |
| Index family | MSCI Focus Indexes | MSCI Focus Indexes MethodologyOpen p.1 ↗ |
The index family covered by the methodology is the MSCI Focus Indexes. |
| Methodology version | — | December 2025Open p.1 ↗ |
No methodology version label other than the December 2025 date is stated. |
| Methodology date | 2025-12 | December 2025Open p.1 ↗ |
The methodology is dated December 2025. |
| Benchmark type | Not stated | The process for submitting a formal index complaint can be found on the index regulation page of MSCI’s websiteOpen p.21 ↗ |
The document does not classify the indexes as regulated, significant, or non-significant benchmarks. |
| Objective | The MSCI Focus Indexes are designed to maximize their exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the underlying market capitalization weighted index. | The MSCI Focus Indexes (the ‘Indexes’) are designed to maximize their exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the underlying market capitalization weighted index.Open p.3 ↗ |
The indexes are designed to maximize exposure to positive ESG factors while maintaining risk and return characteristics similar to the underlying market-capitalization-weighted index. |
| Size segment | Custom | The underlying universe for the Indexes is defined by the constituents of the MSCI Global Investable Market Indexes (“GIMI”).Open p.4 ↗ |
The methodology does not identify a Standard, IMI, Large, Mid, Small, Micro, or all-cap segment, so the segment is custom to the parent-index-based ESG strategy. |
| Index family type | ESG | The Indexes are constructed by selecting constituents of a market capitalization weighted index (the ‘Parent Index’) through an optimization process that aims to maximize exposure to ESG factorsOpen p.3 ↗ |
The indexes are ESG-oriented indexes constructed using an optimization process to maximize exposure to ESG factors. |
| Factor exposures | Multi factor | designed to maximize their exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristicsOpen p.3 ↗ |
The indexes target positive aggregate environmental, social, and governance factor exposure rather than a single standard style factor. |
| Limitations | Companies involved in Tobacco, Controversial Weapons, Fossil Fuel Extraction and Thermal Coal Power are not eligible for inclusion in the Indexes. | Companies involved in Tobacco, Controversial Weapons, Fossil Fuel Extraction and Thermal Coal Power are not eligible for inclusion in the Indexes1.Open p.3 ↗ |
The indexes exclude companies involved in tobacco, controversial weapons, fossil fuel extraction, and thermal coal power. |
| M2 Universe · 5 fields | |||
| Parent index construction role | The Parent Index is a market-capitalization-weighted index whose constituents are selected for the Focus Indexes. | The Indexes are constructed by selecting constituents of a market capitalization weighted index (the ‘Parent Index’) through an optimization processOpen p.3 ↗ |
The Focus Indexes are constructed by selecting constituents from a market-capitalization-weighted Parent Index. |
| Markets | — | The underlying universe for the Indexes is defined by the constituents of the MSCI Global Investable Market Indexes (“GIMI”).Open p.4 ↗ |
The provided sections define a global GIMI constituent universe but do not list individual covered markets or countries. |
| Security types | — | The underlying universe for the Indexes is defined by the constituents of the MSCI Global Investable Market Indexes (“GIMI”).Open p.4 ↗ |
The provided sections do not enumerate eligible security types beyond constituents of GIMI. |
| Parent universe index | MSCI Global Investable Market Indexes (GIMI) | The underlying universe for the Indexes is defined by the constituents of the MSCI Global Investable Market Indexes (“GIMI”).Open p.4 ↗ |
The underlying universe is defined by the constituents of the MSCI Global Investable Market Indexes (GIMI). |
| Exclusions | Tobacco, Controversial Weapons, Fossil Fuel Extraction, Thermal Coal Power, Red Flag Controversies, Unrated companies | Controversial Weapons Tobacco Fossil Fuel Extraction Thermal Coal PowerOpen p.4 ↗ |
The indexes exclude companies involved in tobacco, controversial weapons, fossil fuel extraction, thermal coal power, red-flag controversies, and companies not assessed for the required MSCI datasets. |
| M3 Eligibility screens · 7 fields | |||
| Tobacco thresholds | Producers or licensors: Excluded; Distributors retailers suppliers revenue threshold (%): 15; Ownership categories: Excluded | All companies classified as “Producer” or “Licensor” o All companies classified as “Distributor”, “Retailer”, or “Supplier” that earn 15% or more of o revenues from tobacco productsOpen p.11 ↗ |
Tobacco producers and licensors are excluded; distributors, retailers, and suppliers are excluded at 15% or more tobacco-related revenue, along with specified ownership categories. |
| Controversial weapons thresholds | Producer: Excluded; Key component producer scope: cluster bombs, Landmines, depleted uranium weapons, chemical and biological weapons; Ownership threshold general (%): 20; Ownership threshold financial company (%): 50; Owned by weapons company threshold (%): 50; Revenue threshold (%): 0 | Ownership of 20% or more of a weapons or components producer The minimum limit is raised to 50% for financial companiesOpen p.11 ↗ |
Controversial-weapons exclusions cover producers, specified key-component producers, qualifying ownership stakes, and any identifiable weapons-related revenues. |
| Fossil fuel extraction threshold | Aggregate revenue threshold (%): 5; Activities: thermal coal mining, unconventional oil and gas extraction | Fossil Fuel Extraction - All companies deriving 5% or more aggregate revenue (either reported or estimated) from thermal coal mining and unconventional oil and gas extraction.Open p.12 ↗ |
Companies deriving 5% or more aggregate revenue from thermal coal mining and unconventional oil and gas extraction are excluded. |
| Thermal coal power threshold | Revenue threshold (%): 5 | Thermal Coal Power - All companies deriving 5% or more revenue (either reported or estimated) from thermal coalbased power generation.Open p.12 ↗ |
Companies deriving 5% or more revenue from thermal-coal-based power generation are excluded. |
| Red flag definition | An ongoing Very Severe controversy implicating a company directly through its actions, products, or operations, represented by MSCI Controversies Score of 0. | A Red Flag indicates an ongoing Very Severe controversy implicating a company directly through its actions, products, or operations.Open p.4 ↗ |
A Red Flag is an ongoing very severe controversy directly implicating the company and corresponds to an MSCI Controversies Score of 0. |
| Required ratings and research | MSCI ESG Ratings, MSCI Controversies, MSCI Climate Change Metrics, MSCI Business Involvement Screening Research | MSCI ESG Ratings MSCI Controversies MSCI Climate Change Metrics MSCI Business Involvement Screening Research (BISR)Open p.5 ↗ |
Companies must be assessed by MSCI Solutions across ESG Ratings, Controversies, Climate Change Metrics, and Business Involvement Screening Research. |
| Business or ESG exclusions | Tobacco producers or licensors, Tobacco distributors, retailers, or suppliers earning 15% or more of revenues from tobacco products, Ownership by a tobacco company or ownership of a tobacco company, Controversial weapons involvement, Cluster bombs, Landmines, Depleted uranium weapons, Chemical and biological weapons, Blinding laser weapons, Non-detectable fragments, Incendiary weapons using white phosphorus, Fossil fuel extraction with 5% or more aggregate revenue from thermal coal mining and unconventional oil and gas extraction, Thermal coal power with 5% or more revenue from thermal-coal-based power generation, Red Flag controversies with MSCI Controversies Score of 0, Companies not assessed for required MSCI ESG, controversies, climate, or business-involvement data | Companies that meet the business involvement criteria are excluded from the Indexes. Please refer to Appendix I for details on these criteria. Controversial Weapons Tobacco Fossil Fuel Extraction Thermal Coal PowerOpen p.4 ↗ |
Eligibility excludes specified tobacco, controversial-weapons, fossil-fuel-extraction, thermal-coal-power, red-flag-controversy, and unrated-company categories. |
| M4 Selection and constituent count · 11 fields | |||
| Tracking error targets | Index: MSCI EAFE Focus Index; Parent index: MSCI EAFE Index; Target (%): 0.5, Index: MSCI EM (Emerging Markets) Focus Index; Parent index: MSCI EM Index; Target (%): 1, Index: MSCI USA Focus Index; Parent index: MSCI USA Index; Target (%): 0.5, Index: MSCI World Focus Index; Parent index: MSCI World Index; Target (%): 0.5, Index: MSCI Taiwan Focus Index; Parent index: MSCI Taiwan Index; Target (%): 1, Index: MSCI ACWI Focus Index; Parent index: MSCI ACWI Index; Target (%): 0.5, Index: MSCI AC Asia ex Japan Focus Index; Parent index: MSCI AC Asia ex Japan Index; Target (%): 1, Index: MSCI ACWI ex USA Focus Index; Parent index: MSCI ACWI ex USA Index; Target (%): 0.5, Index: MSCI USA Small Cap Focus Index; Parent index: MSCI USA Small Cap Index; Target (%): 0.75, Index: MSCI Canada Focus Index; Parent index: MSCI Canada Index; Target (%): 2.5 | No. Index Parent Index Predicted Tracking Error 1 MSCI EAFE Focus Index MSCI EAFE Index 0.5% 2 MSCI EM (Emerging Markets) MSCI EM Index 1.0%Open p.4 ↗ |
The optimization uses index-specific predicted tracking-error targets ranging from 0.5% to 2.5%. |
| Country neutrality rule | Rule: Active weight band with small country exception; Relative to: Parent index; Band (%): 5; Small country threshold (%): 2.5; Small country multiple: 3 | In case there are countries in the parent index which weigh less than 2.5% in the parent index then for such countries the active country upper bound of +5% is not applicable.Open p.14 ↗ |
Active country weights are generally limited to plus or minus 5% versus the parent index, but countries below 2.5% in the parent index have an upper bound equal to three times their parent-index weight. |
| Minimum constituent weight | 0.1% | Min Constituent 2 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% WeightOpen p.13 ↗ |
Each constituent has a minimum weight of 0.1%. |
| Constituent active weight band | Lower (%): -2; Upper (%): 2 | Constituent Active +/-2% 3 +/-2% +/-2% +/-2% +/-2% +/-2% WeightOpen p.13 ↗ |
Each constituent's active weight is constrained between -2% and +2%. |
| Security weight parent multiple | 20 | Security Weight as a 4 Multiple of its weight 20 20 20 20 20 20 in the Parent IndexOpen p.13 ↗ |
A security's weight may be up to 20 times its weight in the parent index. |
| Turnover limits | May november one way (%): 10; February august one way (%): 5 | One Way Turnover during May and 7 10% 10% 10% 10% 10% 10% November Index ReviewOpen p.13 ↗ |
One-way turnover is capped at 10% in May and November reviews and 5% in February and August reviews. |
| Risk aversion parameters | Specific risk aversion: 0.075; Common factor risk aversion: 0.0075 | Specific Risk 9 0.075 0.075 0.075 0.075 0.075 0.075 AversionOpen p.13 ↗ |
The optimization uses specific-risk aversion of 0.075 and common-factor-risk aversion of 0.0075. |
| Infeasible solution relaxation | Turnover relaxation maximum (%): 30; Turnover relaxation step (%): 1; Tracking error relaxation step (%): 0.1; Tracking error maximum multiple: 5 | First, the turnover constraint is relaxed up to a maximum level of 30% in steps of 1% until an optimal solution is found.Open p.15 ↗ |
If constraints are infeasible, turnover may be relaxed in 1% steps to 30%, tracking error may be relaxed by 0.1% iteratively up to five times the original target, and the index may otherwise skip that review. |
| Selection method | Optimization | Optimization is a quantitative process that considers the market capitalization weights from the Parent Index, ESG scores and additional constraints to select and weight the constituents of the Index.Open p.4 ↗ |
Constituents are selected and weighted through a quantitative optimization that maximizes ESG exposure subject to tracking-error and other constraints. |
| Ranking metrics | Name: ESG score; Direction: Maximize; Step order: 1 | Constituents are selected to maximize exposure to higher ESG scores, subject to maintaining risk and return characteristics similar to the Parent Index.Open p.4 ↗ |
The optimizer maximizes the index's exposure to normalized ESG scores for a specified predicted tracking error. |
| Industry neutrality rule | Rule: Active weight band; Relative to: Parent index; Band (%): 5 | Active Sector 5 +/-5% +/-5% +/-5% +/-5% +/-5% +/-5% WeightsOpen p.13 ↗ |
Active sector weights are constrained to plus or minus 5% relative to the parent index. |
| M5 Weighting and capping · 8 fields | |||
| Minimum constituent weight | 0.1% | Min Constituent 2 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% WeightOpen p.13 ↗ |
The optimizer applies a 0.1% minimum constituent weight. |
| Constituent active weight limit | Lower (%): -2; Upper (%): 2 | Constituent Active +/-2% 3 +/-2% +/-2% +/-2% +/-2% +/-2% WeightOpen p.13 ↗ |
Each constituent's active weight relative to the parent index is limited to plus or minus 2%. |
| Security weight parent multiple limit | 20 | Security Weight as a 4 Multiple of its weight 20 20 20 20 20 20 in the Parent IndexOpen p.13 ↗ |
A constituent's index weight is limited to 20 times its parent-index weight. |
| Sector active weight limit | Lower (%): -5; Upper (%): 5 | Active Sector 5 +/-5% +/-5% +/-5% +/-5% +/-5% +/-5% WeightsOpen p.13 ↗ |
Sector weights may deviate from the parent index by no more than plus or minus 5%. |
| Country active weight limit | Lower (%): -5; Upper (%): 5; Small country threshold (%): 2.5; Small country upper weight multiple: 3 | Active Country 6 +/-5% +/-5% +/-5% +/-5% Weights*Open p.13 ↗ |
Country active weights are generally limited to plus or minus 5%, with a separate upper-bound rule for countries under 2.5% of the parent index. |
| China A Stock Connect group constraint | Rule: Separate country weight group | The country weight constraint also applies on China A Stock Connect listings as a group separately in addition to the usual country weight constraint on China.Open p.14 ↗ |
The country-weight constraint also applies separately to China A Stock Connect listings as a group. |
| Turnover constraint | May november one way (%): 10; February august one way (%): 5 | One Way Turnover during May and 7 10% 10% 10% 10% 10% 10% November Index ReviewOpen p.13 ↗ |
The optimization imposes one-way turnover limits of 10% at May and November reviews and 5% at February and August reviews. |
| Weighting scheme | Optimized | Optimization is a quantitative process that considers the market capitalization weights from the Parent Index, ESG scores and additional constraints to select and weight the constituents of the Index.Open p.4 ↗ |
Securities are weighted by the optimizer using parent-index market-capitalization weights, ESG scores, and constraints. |
| M6 Review and rebalance schedule · 8 fields | |||
| Additions only at regular reviews | Yes | Companies can only be added to the Indexes only at regular Index Reviews.Open p.7 ↗ |
Companies generally can be added to the indexes only at regular index reviews. |
| Review frequency | Quarterly | The Indexes are rebalanced on a quarterly basis to coincide with the regular Index Reviews in February, May, August and November of the MSCI Global Investable Market Indexes.Open p.7 ↗ |
The indexes are rebalanced quarterly. |
| Review types | Quarterly review, Ad hoc | The Indexes are rebalanced on a quarterly basis to coincide with the regular Index Reviews in February, May, August and NovemberOpen p.7 ↗ |
The indexes undergo regular quarterly index reviews and event-related maintenance between reviews. |
| Review months | February, May, August, November | regular Index Reviews in February, May, August and November of the MSCI Global Investable Market Indexes.Open p.7 ↗ |
Quarterly index reviews occur in February, May, August, and November. |
| Data cutoff rule | ESG scores and, in general, MSCI Solutions data are taken as of the end of the month preceding each index review: January, April, July, or October; later-published ESG data may be used when available. | ESG scores used for the Quarterly Index Reviews will be taken as of the end of the month preceding the Index Review, i.e., January, April, July and October.Open p.7 ↗ |
Review data are generally taken at month-end before the February, May, August, and November reviews, with later ESG data used for certain securities if needed. |
| Announcement rule | Pro forma indexes are generally announced nine business days before the effective date. | The pro forma indexes are in general announced nine business days before the effective date.Open p.7 ↗ |
Quarterly review results are generally announced nine business days before implementation. |
| Effective date rule | Changes are implemented at the end of February, May, August, and November. | The changes are implemented at the end of February, May, August and November.Open p.7 ↗ |
Quarterly review changes take effect at the end of February, May, August, and November. |
| Rebalance frequency | Quarterly | The Indexes are rebalanced on a quarterly basis to coincide with the regular Index ReviewsOpen p.7 ↗ |
The indexes are rebalanced on a quarterly basis. |
| M7 Buffers and turnover control · 2 fields | |||
| Turnover minimization principle | Corporate event treatment aims to minimize turnover outside index reviews. | The general treatment of corporate events in the Indexes aims to minimize turnover outside of Index Reviews.Open p.7 ↗ |
Event-related maintenance is designed to minimize turnover between scheduled index reviews. |
| Parent index intermediate review neutralization | If the parent index has more frequent reviews, changes made during intermediate parent reviews are neutralized in these indexes. | if the frequency of Index Reviews in the Parent Index is greater than the frequency of Index Reviews in the Indexes, the changes made to the Parent Index during intermediate Index Reviews will be neutralized in the Indexes.Open p.7 ↗ |
Intermediate parent-index review changes are neutralized when the parent index is reviewed more frequently than these indexes. |
| M8 Corporate actions, IPOs, ad-hoc changes · 8 fields | |||
| Characteristic change treatment | A security remains in the index after changes in country, sector, size segment, or other characteristics, with continued inclusion reassessed at the subsequent review. | A security will continue to be an Index constituent if there are changes in characteristics (country, sector, size segment, etc.) Reevaluation for continued inclusion in the Index will occur at the subsequent Index Review.Open p.8 ↗ |
Securities whose country, sector, size segment, or other characteristics change remain constituents until reassessed at the next index review. |
| Spinoff reevaluation timing | Subsequent index review | Reevaluation for continued inclusion in the Index will occur at the subsequent Index Review.Open p.8 ↗ |
Spin-off securities added at event implementation are reassessed for continued inclusion at the next index review. |
| Fast entry | Timing: A new security added to the parent index, including an IPO or other early inclusion, is not added to this index between reviews | A new security added to the parent index (such as IPO and other early inclusions) will not be added to the index.Open p.8 ↗ |
Large or early new listings added to the parent index are not fast-entered into these indexes. |
| Ad-hoc deletion | Acquisition, Delisting | Parent Index deletions will be reflected simultaneously.Open p.8 ↗ |
Parent-index deletions are reflected simultaneously, and an existing constituent acquired by a non-constituent is deleted. |
| Replacement policy | None | the existing constituent will be deleted from the Index and the acquiring nonconstituent will not be added to the Index.Open p.8 ↗ |
No replacement security is added when an acquired constituent is deleted or when a new security is added to the parent index between reviews. |
| Merger spinoff rules | Securities created from a spin-off of an existing constituent are added at event implementation and reassessed at the next review; in mergers and acquisitions, the acquirer's post-event weight reflects shares used as deal consideration and cash proceeds are invested across the index; if a constituent is acquired by a non-constituent, the target is deleted and the acquirer is not added. | All securities created as a result of the spin-off of an existing Index constituent will be added to the Index at the time of event implementation.Open p.8 ↗ |
Spin-offs are added temporarily at implementation, mergers reflect share consideration in the acquirer's weight and distribute cash proceeds, and non-constituent acquirers are not added. |
| Share or float change threshold | Changes in index market capitalization resulting from corporate events are offset by a corresponding change in the constituent's Variable Weighting Factor; no numerical threshold is stated. | Further, changes in index market capitalization that occur as a result of corporate event implementation will be offset by a corresponding change in the Variable Weighting Factor (VWF) of the constituent.Open p.7 ↗ |
Corporate-event-driven market-capitalization changes are neutralized through the Variable Weighting Factor, but the document does not specify a numerical threshold. |
| Corporate actions guide ref | MSCI Corporate Events Methodology book | Further detail and illustration regarding specific treatment of corporate events relevant to this Index can be found in the MSCI Corporate Events Methodology bookOpen p.8 ↗ |
Detailed corporate-event treatment is provided in the MSCI Corporate Events Methodology book. |
| M9 Calculation and return variants · 1 field | |||
| Calculation methodology reference | MSCI Index Calculation Methodology | MSCI Index Calculation Methodology – https://www.msci.com/index/methodology/latest/IndexCalcOpen p.16 ↗ |
Calculation rules are incorporated through the MSCI Index Calculation Methodology document in the Methodology Set. |
| M10 Governance, change policy, disclosure · 3 fields | |||
| Methodology set documents | Description of methodology set, MSCI Corporate Events Methodology, MSCI Fundamental Data Methodology, MSCI Index Calculation Methodology, MSCI Index Glossary of Terms, MSCI Index Policies, MSCI Global Industry Classification Standard (GICS) Methodology, MSCI Global Investable Market Indexes Methodology, MSCI Global ex Controversial Weapons Indexes Methodology, ESG Factors In Methodology | The Indexes are governed by a set of methodology and policy documents (“Methodology Set”), including the present index methodology document as mentioned below:Open p.16 ↗ |
The indexes are governed by a Methodology Set comprising the listed methodology and policy documents. |
| Methodology publication webpage | 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.16 ↗ |
The Methodology Set can be accessed on MSCI's index methodology webpage. |
| ESG methodology reference | ESG Factors In Methodology | ‘ESG Factors in Methodology’ contains the list of environmental, social, and governance factors considered, and how they are applied in the methodology (e.g., selection, weighting or exclusion).Open p.16 ↗ |
The ESG Factors in Methodology document lists environmental, social, and governance factors and explains how they are applied. |
Open points · 27Model-written, for reference
- 1No official index code or ISIN is stated.
- 2No Bloomberg, Refinitiv, Wind, local, or other third-party tickers are stated.
- 3No separate calculation agent is identified; the sections only identify MSCI index administrators.
- 4No launch date, base date, base value, or calculation currency is stated.
- 5No stated use as a benchmark, ETF underlying, derivatives underlying, or other investable product is provided in the sections.
- 6The market classification is not explicitly stated; GIMI is global but may include developed, emerging, and frontier markets.
- 7No markets, countries, exchanges, boards, or security-type list are enumerated.
- 8No company nationality rule is stated.
- 9No minimum trading history, liquidity screen, size threshold, free-float threshold, foreign-room threshold, voting-rights threshold, minimum price, financial screen, suspension rule, or extreme-price screen is stated because eligibility in the excerpt relies on GIMI membership plus ESG exclusions.
- 10No fixed target constituent count, constituent-count range, or coverage percentage is stated.
- 11No tie-break rule for optimizer outcomes or tied ESG scores is stated.
- 12No reserve list or pre-ranked replacement-candidate mechanism is stated.
- 13No free-float factor methodology or Foreign Inclusion Factor bands are stated.
- 14No domestic inclusion factor is stated.
- 15No foreign ownership limit treatment is stated.
- 16No explicit single-issuer, aggregate top-N, sector, or country percentage cap independent of the optimizer constraints is stated.
- 17No cap application timing beyond optimization at index reviews is stated.
- 18No shares-outstanding source or update schedule is stated.
- 19No divisor adjustment or Price Adjustment Factor rule is stated.
- 20No rank buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review was stated.
- 21No fast-entry market-capitalization threshold or excluded board rule was stated; the document only says IPOs and other early parent-index additions are not added.
- 22No deletion price rule was stated.
- 23No numerical threshold for implementing share or free-float changes between reviews was stated.
- 24The sections do not specify how often capped weights or factor weights are reset apart from the quarterly optimization process at index reviews.
- 25Calculation formula type is not stated; it is only referenced through the MSCI Index Calculation Methodology.
- 26Price source, calculation frequency, published precision, return variants, withholding tax basis, dividend treatment, divisor adjustment events, market disruption rule, and recalculation policy are not stated.
- 27Oversight body, discretion points, methodology review frequency, external review, material change definition, consultation procedure, notice period, error correction policy, disclosure channels, constituent publication frequency, and cessation policy are not stated.
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