Also known as: 129788 (MSCI code)
At a glance
- Weighting schemeCapped market cap
- Review frequencySemi-annual
- Single cap5
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 17 fields | |||
| Dividend yield entry threshold | Multiplier: 1.3; Comparison: respective Parent Index yield | Securities entering the index must have a dividend yield which is at least 30% higher than the respective Parent Index yieldOpen p.3 ↗ (not found verbatim in the PDF) |
Entering securities must have a dividend yield at least 30% higher than, or 1.3 times, the respective Parent Index yield. |
| Weighting scheme family level | free float market capitalization weighted | Are free float market capitalization weighted to allow replicability in institutional and retail portfolios of reasonable size.Open p.3 ↗ |
The indexes are free-float market-capitalization weighted. |
| Index name | MSCI USA High Dividend Yield | MSCI compares the yield of a European security to the yield of the MSCI Europe Index to determine if it is eligible for inclusion in the MSCI Europe High Dividend Yield Index.Open p.6 ↗ |
The index-specific subject is the MSCI USA High Dividend Yield index. |
| Index short name | Yield | — (not found verbatim in the PDF) |
The supplied index identifier gives the short name Yield. |
| Index code | 129788 | — (not found verbatim in the PDF) |
The supplied index identifier gives the MSCI index code 129788. |
| Administrator | MSCI | 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.Open p.17 ↗ |
MSCI is the index provider and administrator of the methodology. |
| Index family | MSCI High Dividend Yield Indexes | MSCI High Dividend Yield Indexes Methodology | July 2025Open p.1 ↗ |
The indexes belong to the MSCI High Dividend Yield Indexes family. |
| Parent index | MSCI USA Index | Only securities with a dividend yield3 greater than or equal to 1.3 times the dividend yield of the Parent Index are included in the Index.Open p.6 ↗ |
The USA High Dividend Yield index is derived from the corresponding USA Parent Index, the MSCI USA Index. |
| Methodology date | 2025-07 | MSCI High Dividend Yield Indexes Methodology | July 2025Open p.17 ↗ |
The methodology is dated July 2025. |
| Benchmark type | Not stated | — (not found verbatim in the PDF) |
The provided sections do not classify the index family as a regulated, significant, or non-significant benchmark. |
| Objective | The indexes are designed to focus on dividend yield and represent the opportunity set of securities with high Dividend Income and Quality Characteristics. | The MSCI High Dividend Yield Indexes (the “Indexes”)1 are designed to focus on dividend yield and to represent the opportunity set of securities with high Dividend Income and Quality Characteristics.Open p.3 ↗ |
The indexes focus on dividend yield and represent securities with high dividend income and quality characteristics. |
| Intended use | replicability in institutional portfolios, replicability in retail portfolios | Are free float market capitalization weighted to allow replicability in institutional and retail portfolios of reasonable size.Open p.3 ↗ |
The free-float market-cap weighting is intended to allow replication by institutional and retail portfolios of reasonable size. |
| Market classification | Developed | For the USA and Canada, the current annualized dividend per share is calculated by annualizing the latest published quarterly dividend.Open p.9 ↗ |
The index targets the U.S. equity market, classified by MSCI as a developed market. |
| Size segment | Standard | Eligible Universe: Parent Index : MSCI Parent Index MSCI Standard or ex REITs DomesticOpen p.4 ↗ |
The construction diagram identifies the eligible parent universe as MSCI Standard or Domestic parent indexes. |
| Index family type | Dividend yield | The Indexes aim to depict the high dividend yield opportunity set within MSCI equity indexes.Open p.3 ↗ |
The index family is a dividend-yield strategy family. |
| Factor exposures | Yield, Quality | Securities with negative Quality Z-score are not considered for inclusion in the Indexes.Open p.5 ↗ |
The indexes target high dividend yield and apply quality screening. |
| Limitations | Securities without sufficient data to calculate a 5Y DPS growth rate are not excluded. | Securities which have insufficient data to calculate a 5Y DPS growth rate are not excluded from the Indexes.Open p.5 ↗ |
A stated limitation is that securities lacking sufficient data to calculate five-year DPS growth are not excluded. |
| M2 Universe · 5 fields | |||
| Eligible universe definition | Eligible universe | Defining the eligible universeOpen p.4 ↗ |
The eligible universe is the Parent Index with REITs removed before the dividend, quality, and price screens. |
| Markets | USA | For the USA and Canada, the current annualized dividend per share is calculated by annualizing the latest published quarterly dividend.Open p.9 ↗ |
The index-specific market is the USA. |
| Security types | Common, REIT | All securities belonging to the underlying Parent Index are eligible for inclusion in the Indexes, with the exception of Real Estate Investment Trusts (REITs).Open p.4 ↗ |
The Parent Index equity securities are eligible, while REITs are a separately identified equity security type in the universe discussion. |
| Parent universe index | MSCI USA Index, excluding REITs | All securities belonging to the underlying Parent Index are eligible for inclusion in the Indexes, with the exception of Real Estate Investment Trusts (REITs).Open p.4 ↗ |
The eligible universe consists of securities in the MSCI USA Parent Index, excluding REITs. |
| Exclusions | Real Estate Investment Trusts (REITs) | REITs have structurally very high dividend yield and, if included, would represent a disproportionate constituency in the Indexes.Open p.4 ↗ |
REITs are excluded from the eligible universe because of structurally high yields, disproportionate representation, and regulatory constraints. |
| M3 Eligibility screens · 6 fields | |||
| Dividend persistence requirement | Metric: 5Y DPS Growth; Requirement: non-negative; Insufficient data treatment: not excluded | Securities with a negative 5Y DPS growth are also excluded from the Indexes as this is an indicator of shrinking dividend growth is which could be a precursor to lower dividends.Open p.5 ↗ |
Securities must not have negative five-year DPS growth, but securities lacking enough data to calculate it are not excluded. |
| Quality z score components | Return on Equity, Earnings Variability, Debt to Equity | The Quality Z-scores are calculated using fundamental variables such as Return on Equity, Earnings Variability and Debt to Equity.Open p.5 ↗ |
Quality Z-scores are calculated using Return on Equity, Earnings Variability, and Debt to Equity. |
| Payout ratio formula | Dividends per share divided by Earnings per share | The payout ratio is calculated as follows: 𝑃𝑂= Dividends per share ⁄ Earnings per share The most recently reported earnings value is used to for earnings per share while the current annualized dividend per share is used for dividends.Open p.9 ↗ |
The payout ratio is current annualized dividends per share divided by the most recently reported earnings per share. |
| Five year dps growth data requirement | General requirement: 5 years of DPS values; Minimum required: 4 years of DPS values | In order to compute a meaningful long-term historical growth trend for the DPS, 5 years of comparable data are generally required.Open p.10 ↗ |
Five years of comparable DPS data are generally required, but a minimum of the last four DPS values is required to calculate growth. |
| Financial screens | Screen: Dividend yield relative to parent; Rule: Dividend yield must be at least 1.3 times the Parent Index dividend yield for entering securities, Screen: Zero or negative payout ratio; Rule: Securities with zero or negative payout ratios are ineligible, Screen: Extremely high payout ratio; Rule: The top 5% of securities by number among securities with positive payout are ineligible, Screen: Five year dividend per share growth; Rule: Securities with negative 5Y DPS growth are excluded, while securities with insufficient data are not excluded, Screen: Quality z score; Rule: Securities with a negative Quality Z-score are ineligible | Securities with zero or negative payout ratios are not considered for inclusion in the Indexes as they either do not pay dividends or have negative earnings which may put their future dividend payments at risk.Open p.5 ↗ |
Eligibility requires a sufficiently high relative dividend yield, non-zero and non-negative payout, no extremely high payout, non-negative five-year DPS growth, and a non-negative Quality Z-score. |
| Extreme price screen | Metric: negative 1-year Price Performance rank; Threshold: bottom 5%; Rule: Securities ranked in the bottom 5% of the universe of securities with negative one-year price performance are excluded | Securities ranked in the bottom 5% of the universe of securities with negative 1-year Price Performance are excluded from the Indexes.Open p.5 ↗ |
Securities ranked in the bottom 5% among securities with negative one-year price performance are excluded. |
| M4 Selection and constituent count · 2 fields | |||
| Selection method | Screen all eligible | Securities that have passed the above screens are then considered for inclusion in the Indexes. Only securities with a dividend yield3 greater than or equal to 1.3 times the dividend yield of the Parent Index are included in the Index.Open p.6 ↗ |
Securities that pass the preceding screens and meet the dividend-yield threshold are considered for inclusion. |
| Ranking metrics | Name: Dividend yield relative to parent index; Direction: Greater than or equal to threshold; Step order: 1 | Only securities with a dividend yield3 greater than or equal to 1.3 times the dividend yield of the Parent Index are included in the Index.Open p.6 ↗ |
A security is included when its dividend yield is at least 1.3 times the dividend yield of its Parent Index; the yield is adjusted at rebalancing for price movement. |
| M5 Weighting and capping · 8 fields | |||
| Narrow parent index definition | A Narrow Parent Index is a Parent Index whose largest capitalization weight is more than 10%. | MSCI defines Narrow Parent Indexes as those indexes where the largest capitalization weight in the index is more than 10%.Open p.6 ↗ |
MSCI defines Narrow Parent Indexes as indexes in which the largest capitalization weight is greater than 10%. |
| Cap breach after announcement rule | Capping is not reapplied when issuer weights breach the cap because of market price movements or corporate events after the announcement date or between reviews. | In cases where an issuer weight breaches the cap as a result of market price movements or corporate events between the announcement date and the effective date, the capping is not applied again.Open p.6 ↗ |
If an issuer breaches the cap after the pro forma capping because of price movements or corporate events, the cap is not reapplied before the next review. |
| Capping price basis | Pro forma issuer capping as of the effective date uses closing prices as of the Index Review announcement date. | Note that the capping of the issuer weight is done for the pro forma index as of the effective date, based on the closing prices as of the Index Review announcement date.Open p.6 ↗ |
The pro forma index is capped for the effective date using closing prices from the Index Review announcement date. |
| Excess weight redistribution | Excess weight from capped issuers is distributed to remaining constituents in proportion to free-float market capitalization. | The excess weight of such issuers is distributed among the remaining constituents in proportion to their free float market capitalization.Open p.6 ↗ |
Weight removed from issuers above the cap is redistributed among remaining constituents in proportion to their free-float market capitalization. |
| Weighting scheme | Capped market cap | The constituents of the Indexes are first weighted based on their free float market capitalization, and are then capped at the issuer level in order to mitigate concentration risk.Open p.6 ↗ |
Constituents are initially weighted by free-float market capitalization and then capped at issuer level. |
| Free float factor | Method: Free float | The constituents of the Indexes are first weighted based on their free float market capitalization, and are then capped at the issuer level in order to mitigate concentration risk.Open p.6 ↗ |
Initial constituent weights are based on free-float market capitalization. |
| Weight cap | 5% | Issuers in the Indexes based on Broad Parent MSCI Indexes (e.g. MSCI World Index, MSCI Emerging Markets Index etc.) will be capped at 5%Open p.6 ↗ |
Indexes based on Broad Parent MSCI Indexes cap each issuer at 5%. |
| Cap application timing | At review | The issuer level capping is applied only at Semi-Annual Index Reviews.Open p.6 ↗ |
Issuer-level capping is applied only at Semi-Annual Index Reviews. |
| M6 Review and rebalance schedule · 8 fields | |||
| Fundamental data maintenance frequency | Monthly | The fundamental data used to determine the Indexes is maintained monthly.Open p.7 ↗ |
The fundamental data used to determine the indexes is maintained monthly. |
| Parent quarterly review changes | Parent Index deletions, share-count changes, and foreign inclusion factor changes from the Parent Index Quarterly Index Review are reflected. | Deletions from the Parent Indexes resulting from the Quarterly Index Review of the Parent Indexes will result in deletion from the MSCI High Dividend Yield Indexes.Open p.7 ↗ |
Between semi-annual reviews, parent-index quarterly review deletions and changes in NOS and FIF are reflected in the High Dividend Yield Indexes. |
| Review frequency | Semi-annual | The Indexes are reviewed semi-annually.Open p.7 ↗ |
The indexes are reviewed semi-annually. |
| Review types | Semi annual review, Ad hoc | The Indexes are reviewed semi-annually.Open p.7 ↗ |
The indexes undergo semi-annual index reviews and ongoing event-related changes between reviews. |
| Review months | May, November | Changes are implemented as of the close of the last business day of May and November, to coincide with the Index Reviews of their Parent Indexes.Open p.7 ↗ |
Review changes are implemented in May and November. |
| Data cutoff rule | Fundamental data as of the end of April is used for the May review and data as of the end of October is used for the November review. | For the May and November Index Reviews, the fundamental data as of the end of April and the end of October is used, respectively.Open p.7 ↗ |
The May and November reviews use fundamental data as of the ends of April and October, respectively. |
| 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 ↗ |
Pro forma indexes are generally announced nine business days before the effective date. |
| Effective date rule | Changes take effect as of the close of the last business day of May and November. | Changes are implemented as of the close of the last business day of May and November, to coincide with the Index Reviews of their Parent Indexes.Open p.7 ↗ |
Changes are effective as of the close of the last business day of May and November. |
| M7 Buffers and turnover control · 5 fields | |||
| Dividend payout existing constituent buffer | Threshold: 2%; Rule: An existing constituent remains until it reaches the top 2% by increasing order of dividend payout, at which point it is excluded | If a security is already an Index constituent, it will remain in the Index until it reaches the top 2% by increasing order of dividend payout. If it is within the top 2% limit, it will be excluded from the Index.Open p.7 ↗ |
An existing constituent remains in the index until it reaches the top 2% by increasing order of dividend payout, and then it is excluded. |
| Dividend growth existing constituent tolerance | An existing constituent with negative 5-year DPS growth may remain if its 1-year DPS growth is nonnegative. | If a security is already an Index constituent but its 5Y DPS growth rate turns negative, it will still be allowed to remain in the Index, provided that the 1Y DPS growth rate4 of that security is nonnegative.Open p.7 ↗ |
An existing constituent may remain despite negative five-year DPS growth if its one-year DPS growth is nonnegative. |
| Quality zscore existing constituent threshold | -0.5 zscore | If a security is already an Index constituent, it will remain in the index as long as its Quality Zscore is higher than or equal to -0.5.Open p.7 ↗ |
An existing constituent remains as long as its Quality Z-score is at least -0.5. |
| Dividend yield existing constituent threshold | At least the Parent Index yield | If a security is already an Index constituent, it will remain in the index as long as its dividend yield is higher than or equal to the Parent Index yield.Open p.7 ↗ |
An existing constituent remains as long as its dividend yield is at least the Parent Index yield. |
| Insufficient growth data treatment | Eligible to remain | Securities which do not have sufficient data to calculate a 5Y DPS growth rate or 1Y DPS growth rate would still be eligible to remain in the index.Open p.7 ↗ |
Securities lacking sufficient data to calculate five-year or one-year DPS growth remain eligible to stay in the index. |
| M8 Corporate actions, IPOs, ad-hoc changes · 7 fields | |||
| Parent index event maintenance | The indexes follow the Parent Index's event maintenance between semi-annual reviews. | Between Semi-Annual Index Reviews, the MSCI High Dividend Yield Indexes follow the event maintenance of the Parent Index.Open p.7 ↗ |
Between Semi-Annual Index Reviews, the High Dividend Yield Indexes follow the event maintenance of the Parent Index. |
| Parent quarterly deletion treatment | Deletion from the High Dividend Yield Indexes. | Deletions from the Parent Indexes resulting from the Quarterly Index Review of the Parent Indexes will result in deletion from the MSCI High Dividend Yield Indexes.Open p.7 ↗ |
Securities deleted from the Parent Indexes in a Parent Index Quarterly Index Review are deleted from the High Dividend Yield Indexes. |
| Simultaneous deletion for corporate event | Simultaneous with deletion from the Parent Index. | A constituent deleted from the Parent Index following a corporate event will be simultaneously deleted from the MSCI High Dividend Yield Index.Open p.8 ↗ |
A constituent deleted from the Parent Index after a corporate event is deleted simultaneously from the High Dividend Yield Index. |
| Fast entry | Timing: Next semi annual index review | IPOs and other newly listed securities will only be considered for inclusion at the next Semi-Annual Index Review, even if they qualify for early inclusion in the Parent Indexes.Open p.8 ↗ |
IPOs and other newly listed securities are considered only at the next Semi-Annual Index Review, even if they qualify for early inclusion in the Parent Indexes. |
| Ad-hoc deletion | Acquisition, Other | A constituent deleted from the Parent Index following a corporate event will be simultaneously deleted from the MSCI High Dividend Yield Index.Open p.8 ↗ |
A constituent deleted from the Parent Index following a corporate event is simultaneously deleted from the High Dividend Yield Index. |
| Replacement policy | None | There will be no early inclusion of new securities to the High Dividend Yield Index, except when the new security results from an event affecting an existing constituent (e.g., spin off, merger).Open p.8 ↗ |
There is no early inclusion of new securities except for a new security resulting from a corporate event affecting an existing constituent. |
| Merger spinoff rules | New securities created by spin-offs, mergers, or other events affecting existing constituents may be added early; otherwise no early additions are made. | There will be no early inclusion of new securities to the High Dividend Yield Index, except when the new security results from an event affecting an existing constituent (e.g., spin off, merger).Open p.8 ↗ |
A new security resulting from an event affecting an existing constituent, such as a spin-off or merger, may be included early; other new securities are not. |
| M9 Calculation and return variants · 5 fields | |||
| Market mean calculation | Market capitalization weighted average | The market mean is the market capitalization weighted average of the variable and is computed as follows:Open p.11 ↗ |
The market mean is a market-capitalization-weighted average of the variable used to determine the market average dividend yield. |
| Market mean inputs | current security price, total current security shares outstanding, exchange rate, inclusion factor, security-level per-share figure | ∑ (Current security price × Total current security shares outstanding × Exchange Rate × Inclusion Factor) 𝑖 = 1 1 𝑛 ∑ (Security level per share figure × Total current security shares outstanding × Exchange Rate × Inclusion Factor)Open p.11 ↗ |
The market-mean ratio uses current price, total current shares outstanding, exchange rate, inclusion factor, and the security-level per-share figure. |
| Missing variable treatment | Exclude security from affected ratio | If any per share figure is not available for a particular security, the security is not included in the calculation for that particular ratio. Only securities with non-missing variables are included in the market mean and standard deviation.Open p.11 ↗ |
If a per-share figure is unavailable, that security is excluded only from the calculation of the particular ratio, and only securities with non-missing variables enter the market mean and standard deviation. |
| Index calculation methodology reference | MSCI Index Calculation Methodology | MSCI Index Calculation Methodology – https://www.msci.com/index/methodology/latest/IndexCalcOpen p.14 ↗ |
The indexes refer to the separate MSCI Index Calculation Methodology document within their Methodology Set. |
| Usa annualized dividend calculation | Markets: USA, Canada; Method: annualize the latest published quarterly dividend | For the USA and Canada, the current annualized dividend per share is calculated by annualizing the latest published quarterly dividend.Open p.9 ↗ |
For the USA and Canada, current annualized dividend per share is calculated by annualizing the latest published quarterly dividend. |
| M10 Governance, change policy, disclosure · 2 fields | |||
| Methodology set | present index methodology document, 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 Quality Indexes 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.14 ↗ |
The indexes are governed by a Methodology Set comprising the index methodology and specified MSCI methodology and policy documents. |
| Methodology access channel | https://www.msci.com/index/methodology/latest/ReadMe, 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.14 ↗ |
The Methodology Set can be accessed through MSCI's methodology links and the MSCI webpage section for searching methodology by index name or code. |
Open points · 36Model-written, for reference
- 1No index code, ISIN, Bloomberg ticker, Refinitiv ticker, Wind ticker, or local vendor code is stated.
- 2No launch date, base date, or base value is stated.
- 3No calculation currency is stated because the methodology is generic across MSCI parent indexes.
- 4No methodology version label is stated beyond the July 2025 methodology date.
- 5The specific market or country list is not fixed in the provided family-level sections.
- 6No exchanges, boards, or company nationality assignment rule are stated.
- 7No separate minimum trading-history rule is stated; only DPS data-history requirements are provided.
- 8No explicit liquidity screen, ATVR threshold, minimum market-capitalization threshold, free-float minimum, foreign-room threshold, voting-rights threshold, or minimum share price is stated.
- 9No business, controversy, or ESG exclusion screen other than REIT exclusion and dividend/quality/price screens is stated.
- 10No treatment of suspended securities at reviews is stated.
- 11No fixed target constituent count, count range, or coverage percentage is stated.
- 12No tie-breaking rule is stated.
- 13No sector or industry neutrality requirement is stated.
- 14No reserve-list size rule or replacement candidate pool is stated.
- 15The document does not specify free-float adjustment bands, the Domestic Inclusion Factor, or foreign ownership limit treatment in these sections.
- 16No aggregate group, sector, or country cap is stated apart from issuer-level capping.
- 17The source and update timing for shares outstanding are not stated.
- 18The divisor continuity rule for weight resets is not stated.
- 19The single-issuer cap for Narrow Parent Indexes is defined as the issuer's maximum weight in the Parent Index, but no universal numeric percentage is provided.
- 20No explicit rank buffer with entry and exit ranks was stated.
- 21No market-cap size-segment buffer was stated.
- 22No relaxed liquidity threshold for existing constituents was stated.
- 23No maximum turnover limit per review was stated.
- 24No separate rebalancing frequency distinct from the semi-annual review was stated.
- 25No capped-weight reset frequency was stated.
- 26No deletion price or Price Adjustment Factor rule was stated.
- 27No numerical threshold or timing rule for implementing ad hoc share or float changes was stated, although quarterly Parent Index NOS and FIF changes are reflected.
- 28No separate corporate-actions guide is named.
- 29The fast-entry rule gives no size threshold or excluded boards because early entry for IPOs and other new listings is generally unavailable.
- 30M9 does not specify the index formula type, price source, calculation frequency, published precision, return variants, withholding tax basis, dividend treatment, divisor adjustment events, market disruption rule, or recalculation policy.
- 31M10 lists the Methodology Set but does not state the oversight body, discretion points, methodology review frequency, external review, material change definition, consultation procedure, notice period, error correction policy, constituent publication schedule, or cessation policy.
- 32The index-specific sections do not state the ISIN, Bloomberg ticker, Refinitiv ticker, launch date, base date, base value, calculation currency, or a printed methodology version for MSCI USA High Dividend Yield.
- 33The index-specific sections do not provide a target constituent count or any USA-specific issuer cap differing from the family rule.
- 34The index-specific sections do not list exchanges, boards, nationality rules, or USA-specific inclusion factors.
- 35The supplied index code 129788 and short name Yield are not printed text.
- 36The document references the USA market but does not explicitly print the full phrase 'MSCI USA Index'.
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