Also known as: PU721417 Index (Bloomberg) · 721417 (MSCI code)
At a glance
- Weighting schemeFree float market cap
- Review frequencyQuarterly
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 11 fields | |||
| Carbon emission intensity reduction target | Minimum reduction: 30%; Relative to: underlying Parent Indexes | In addition, the Indexes target a minimum 30% reduction in carbon emission intensity relative to the underlying Parent Indexes1.Open p.3 ↗ |
The indexes target a minimum 30% reduction in carbon emission intensity relative to their underlying Parent Indexes. |
| Construction steps | Defining the Eligible Universe, Applying the Greenhouse Gas (GHG) Intensity Reduction | Constructing the Indexes involves the following steps Defining the Eligible Universe Applying the Greenhouse Gas (GHG) Intensity ReductionOpen p.4 ↗ |
Index construction consists of defining the eligible universe and applying the greenhouse-gas intensity reduction. |
| Index name | MSCI Screened Indexes | The MSCI Screened Indexes (“the Indexes”) are free float-adjusted market capitalization-weighted indexes that exclude companies from underlying MSCI indexesOpen p.3 ↗ |
The document identifies the indexes as the MSCI Screened Indexes. |
| Index short name | the Indexes | The MSCI Screened Indexes (“the Indexes”) are free float-adjusted market capitalization-weighted indexesOpen p.3 ↗ |
The methodology refers to the MSCI Screened Indexes by the short name “the Indexes.” |
| Administrator | MSCI Limited, MSCI Deutschland GmbH | MSCI Indexes are administered by MSCI Limited and MSCI Deutschland GmbH.Open p.9 ↗ |
MSCI Limited and MSCI Deutschland GmbH administer the MSCI indexes. |
| Index family | MSCI Screened Indexes | MSCI Screened Indexes MethodologyOpen p.1 ↗ |
The index family covered by the methodology is the MSCI Screened Indexes. |
| Parent index | underlying MSCI indexes (Parent Indexes) | underlying MSCI indexes (“Parent Indexes”) based on Environmental, Social and Governance (ESG) criteria.Open p.3 ↗ |
The indexes exclude companies from underlying MSCI indexes referred to as Parent Indexes. |
| Objective | Free float-adjusted market capitalization-weighted indexes that exclude companies from underlying MSCI Parent Indexes based on ESG criteria and target a minimum 30% reduction in carbon emission intensity relative to the Parent Indexes. | The MSCI Screened Indexes (“the Indexes”) are free float-adjusted market capitalization-weighted indexes that exclude companies from underlying MSCI indexes (“Parent Indexes”) based on Environmental, Social and Governance (ESG) criteria.Open p.3 ↗ |
The indexes are free float-adjusted market capitalization-weighted ESG-screened versions of underlying MSCI Parent Indexes and target at least a 30% reduction in carbon emission intensity. |
| Market classification | Custom | underlying MSCI indexes (“Parent Indexes”) based on Environmental, Social and Governance (ESG) criteria.Open p.3 ↗ |
Because the family can be based on various underlying MSCI Parent Indexes and the document does not specify one market classification, the applicable market classification is custom at the family level. |
| Index family type | ESG | based on Environmental, Social and Governance (ESG) criteria.Open p.3 ↗ |
The index family is an ESG-screened index family. |
| Limitations | Companies not assessed by MSCI Solutions on MSCI Controversy Score, MSCI Climate Change Metrics, or MSCI Business Involvement Screening Research data are not eligible for inclusion. | Companies not assessed by MSCI Solutions on data for any of the following MSCI sustainability and climate products are not eligible for inclusion in the Indexes.Open p.6 ↗ |
Companies lacking the required MSCI Solutions sustainability or climate assessments cannot be included. |
| M2 Universe · 3 fields | |||
| Unrated company eligibility | Eligible: No; Required assessments: MSCI Controversy Score, MSCI Climate Change Metrics, MSCI Business Involvement Screening Research (BISR) | MSCI Controversy Score MSCI Climate Change Metrics MSCI Business Involvement Screening Research (BISR)Open p.6 ↗ |
Companies lacking an MSCI Controversy Score, MSCI Climate Change Metrics assessment, or BISR assessment are ineligible. |
| Parent universe index | Parent Index | The Eligible Universe for the Indexes is defined by applying the following exclusions from the Parent IndexOpen p.4 ↗ |
The eligible universe is formed from the Parent Index by applying the methodology's exclusions. |
| Exclusions | Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Fossil Fuel Extraction, Thermal Coal Power, Arctic Oil & Gas, Palm Oil, Red Flag controversies, Orange Flag Land Use and Biodiversity controversies, Orange Flag Supply Chain Management controversies, United Nations Global Compact non-compliance, companies without required MSCI sustainability or climate ratings | Controversial Weapons Nuclear Weapons Civilian Firearms Tobacco Fossil Fuel Extraction Thermal Coal Power Arctic Oil & Gas Palm OilOpen p.4 ↗ |
The eligible universe excludes specified weapons, tobacco, fossil-fuel-related, palm-oil, controversy, global-norms, and unrated companies from the Parent Index. |
| M3 Eligibility screens · 10 fields | |||
| Controversial weapons screen | Screen: Controversial Weapons; Restrictiveness: Most Restrictive; Rule: Excludes all companies with any tie to controversial weapons | “Most Restrictive” screen applied Controversial Weapons - All companies with any tie to Controversial WeaponsOpen p.11 ↗ |
The Most Restrictive controversial weapons screen excludes all companies with any tie to controversial weapons. |
| Civilian firearms screen | Screen: Civilian Firearms; Restrictiveness: Highly Restrictive; Revenue threshold (%): 5; Threshold scope: aggregate revenue from production and distribution of civilian firearms or small arms ammunition | All companies deriving 5% or more aggregate revenue from the production and distribution (wholesale or retail) of firearms or small arms ammunition intended for civilian use.Open p.11 ↗ |
Civilian firearms exclusions include producers and companies deriving at least 5% aggregate revenue from civilian firearms or small arms ammunition production and distribution. |
| Tobacco screen | Screen: Tobacco; Restrictiveness: Highly Restrictive; Revenue threshold (%): 5; Threshold scope: aggregate revenue from production, distribution, retail, supply and licensing of tobacco-related products | All companies deriving 5% or more aggregate revenue from the production, distribution, retail, supply and licensing of tobacco-related products.Open p.11 ↗ |
Tobacco exclusions include tobacco producers and companies deriving at least 5% aggregate revenue from tobacco-related products. |
| Nuclear weapons screen | Screen: Nuclear Weapons; Rule: Excludes manufacturers of nuclear warheads or whole nuclear missiles and manufacturers of components developed or significantly modified for exclusive use in nuclear weapons | All companies that manufacture nuclear warheads and/or whole nuclear missiles. - All companies that manufacture components that were developed or are significantly modified for exclusive use in nuclear weaponsOpen p.11 ↗ |
Nuclear weapons exclusions cover warhead or missile manufacturers and certain exclusively designed nuclear-weapon component manufacturers. |
| Fossil fuel extraction screen | Screen: Fossil Fuel Extraction; Revenue threshold (%): 5; Activities: thermal coal mining, unconventional oil and gas 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.11 ↗ |
Fossil fuel extraction exclusions cover companies deriving at least 5% revenue from thermal coal mining or unconventional oil and gas extraction. |
| Thermal coal power screen | Screen: Thermal Coal Power; Revenue threshold (%): 5 | All companies deriving 5% or more revenue (either reported or estimated) from thermal coalbased power generation.Open p.12 ↗ |
Companies deriving at least 5% revenue from thermal coal-based power generation are excluded. |
| Arctic oil and gas screen | Screen: Arctic Oil & Gas; Revenue threshold (%): 5; Geographic scope: north of latitude 66.5 | All companies deriving 5% or more revenue from arctic oil and arctic gas production. The definition of Arctic is geographical and includes production activities north of the 66.5 latitude.Open p.12 ↗ |
Companies deriving at least 5% revenue from arctic oil or gas production north of latitude 66.5 are excluded. |
| Palm oil screen | Screen: Palm Oil; Revenue threshold (%): 5 | Palm Oil - All companies deriving 5% or more aggregate revenue from the production of Palm Oil.Open p.12 ↗ |
Companies deriving at least 5% aggregate revenue from palm oil production are excluded. |
| Un global compact screen | Screen: Global Norms – United Nations Global Compact Compliance; Rule: All companies that fail to comply with the United Nations Global Compact principles are excluded | Global Norms – United Nations Global Compact Compliance All companies that fail to comply with the United Nations Global Compact principlesOpen p.12 ↗ |
Companies that fail to comply with UN Global Compact principles are excluded. |
| Business or ESG exclusions | Controversial Weapons, Nuclear Weapons, Civilian Firearms, Tobacco, Fossil Fuel Extraction, Thermal Coal Power, Arctic Oil & Gas, Palm Oil, Red Flag controversies, Orange Flag Land Use and Biodiversity controversies, Orange Flag Supply Chain Management controversies, United Nations Global Compact non-compliance, unrated companies | Companies that are associated with controversial, civilian and nuclear weapons as well as tobacco, palm oil and arctic oil & gas or Companies that derive revenues from thermal coal power and extraction of select fossil fuelsOpen p.3 ↗ |
Eligibility excludes companies involved in specified controversial businesses, severe or orange-flag environmental and supply-chain controversies, UN Global Compact failures, or companies without required ratings. |
| M4 Selection and constituent count · 3 fields | |||
| Ghg intensity reduction target | 30% | If the GHG intensity4 is not at least 30% lower than the Parent Index, additional securities are excluded from the Eligible Universe to achieve a reduction of 30% GHG intensity relative to the Parent Index.Open p.5 ↗ |
After the section 2.1 exclusions, additional securities are excluded iteratively until the index's GHG intensity is at least 30% lower than that of the Parent Index. |
| Ghg intensity ranking | Metric: GHG intensity; Direction: Descending; Step order: 1 | 1. Securities are ranked in descending order of GHG intensity.Open p.5 ↗ |
Securities are ranked in descending order of GHG intensity when selecting additional exclusions. |
| Highest ghg intensity exclusion process | Iteratively exclude the highest-GHG-intensity security until the 30% reduction target is achieved. | 2. The security with the highest GHG intensity is excluded and the resulting Index is compared to the Parent Index, to determine if a 30% reduction in GHG intensity has been achieved.Open p.5 ↗ |
The security with the highest GHG intensity is excluded one at a time, and the process repeats until the resulting index meets the 30% reduction target. |
| M5 Weighting and capping · 1 field | |||
| Weighting scheme | Free float market cap | The remaining securities, after the exclusions based on sections 2.1 and 2.2, are weighted in proportion of their free float-adjusted market capitalization.Open p.6 ↗ |
The remaining securities are weighted in proportion to their free float-adjusted market capitalization. |
| M6 Review and rebalance schedule · 10 fields | |||
| Monthly controversy review | Constituents are reviewed monthly for controversies and UN Global Compact compliance and deleted for a score of 0 or noncompliance. | Index constituents are reviewed on a monthly basis for the involvement in controversies and for compliance with the United Nations Global Compact Principles.Open p.7 ↗ |
A monthly review checks constituents for controversies and UN Global Compact compliance; red-flag constituents with an MSCI Controversies Score of 0 or noncompliant constituents are deleted. |
| Monthly controversy data cutoff rule | MSCI Controversies data is generally used as of the end of the month preceding the monthly review; later-published data is used when month-end data is unavailable. | MSCI uses MSCI Controversies data as of the end of the month preceding the review (e.g., end of June data for the end of July monthly review).Open p.7 ↗ |
The monthly controversy review uses MSCI Controversies data as of the end of the preceding month, except that later-published data is used when necessary. |
| Ghg exclusion reinstatement waiting period | 12 months | Any security excluded due to the GHG Intensity Reduction described in Section 2.2 will be subject to a 12-month waiting period before it becomes eligible for re-inclusion in the Indexes.Open p.5 ↗ |
A security excluded due to GHG intensity reduction must wait 12 months before becoming eligible for re-inclusion. |
| Review frequency | Quarterly | The MSCI Screened Indexes are reviewed on a quarterly basis to coincide with the regular Index Reviews of the MSCI Global Investable Market Indexes.Open p.7 ↗ |
The MSCI Screened Indexes are reviewed quarterly to coincide with the regular MSCI Global Investable Market Index reviews. |
| Review types | Quarterly review, Ad hoc | The MSCI Screened Indexes are reviewed on a quarterly basis to coincide with the regular Index Reviews of the MSCI Global Investable Market Indexes.Open p.7 ↗ |
The indexes undergo quarterly index reviews, plus monthly controversy reviews and ongoing event-related maintenance. |
| Review months | February, May, August, November | The changes are implemented as of the close of the last business day of February, May, August and November.Open p.7 ↗ |
Quarterly review changes are implemented at the close of the last business day of February, May, August, and November. |
| Data cutoff rule | MSCI Solutions data is generally used as of the end of the month preceding the index review; data published after month-end is used when otherwise unavailable. | In general, MSCI uses MSCI Solutions data5 (including MSCI Controversies Scores, MSCI Business Involvement Screening Research and MSCI Climate Change Metrics) as of the end of the month preceding the Index Reviews for the rebalancing of the Index.Open p.7 ↗ |
For quarterly rebalancing, MSCI generally uses MSCI Solutions data as of the end of the month preceding the review, with later-published data used for securities lacking that data. |
| Announcement rule | Pro forma indexes are generally announced nine business days before the quarterly effective date; monthly controversy pro forma indexes are generally announced nine business days before the first business day of the month. | The pro forma Indexes are in general announced nine business days before the effective date.Open p.7 ↗ |
Quarterly pro forma indexes are generally announced nine business days before implementation, and monthly controversy results are generally announced nine business days before the first business day of the month. |
| Effective date rule | Changes are implemented as of the close of the last business day of February, May, August, and November. | The changes are implemented as of the close of the last business day of February, May, August and November.Open p.7 ↗ |
Quarterly index review changes take effect as of the close of the last business day of February, May, August, or November. |
| Rebalance frequency | Quarterly | The MSCI Screened Indexes are reviewed on a quarterly basis to coincide with the regular Index Reviews of the MSCI Global Investable Market Indexes.Open p.7 ↗ |
The indexes are rebalanced at the quarterly index reviews. |
| M8 Corporate actions, IPOs, ad-hoc changes · 9 fields | |||
| Parent index linkage | Securities can be added between reviews only if added to the Parent Index, and Parent Index deletions are reflected simultaneously. | For cases where additions are noted below, securities will be added to the Index only if added to the Parent Index. Parent Index deletions will be reflected simultaneously.Open p.7 ↗ |
Inter-review additions require addition to the Parent Index, and deletions from the Parent Index are reflected in the screened indexes at the same time. |
| No business involvement or compliance deletion between reviews | Yes | There are no deletions from the MSCI Screened Indexes between Index Reviews on account of a security becoming ineligible because of a change in business involvement and/or failure to comply with the UN Global Compact Principles and/or decrease in MSCI Controversies Score.Open p.7 ↗ |
Securities are not deleted between quarterly index reviews solely because business involvement changes, UN Global Compact compliance fails, or the MSCI Controversies Score decreases. |
| Missing controversy score treatment | Existing constituents with missing MSCI Controversies Scores are not deleted during the monthly controversies review. | Existing Index constituents with missing MSCI Controversies Scores are not deleted during Monthly Review of Controversies.Open p.7 ↗ |
A missing MSCI Controversies Score does not cause deletion of an existing constituent during the monthly controversy review. |
| Fast entry | Timing: New securities added to the Parent Index, including IPOs and other early inclusions, are not added between index reviews | No new securities will be added (except where noted below) to the Indexes between Index Reviews.Open p.7 ↗ |
There is no fast entry: a new Parent Index security, including an IPO or other early inclusion, is not added to the screened indexes between reviews. |
| Ad-hoc deletion | Acquisition, Delisting, Risk warning | Parent Index deletions will be reflected simultaneously.Open p.7 ↗ |
Between reviews, constituents are deleted when removed from the Parent Index, when acquired by a non-constituent, or at the monthly review for a red-flag controversy score or UN Global Compact noncompliance. |
| Replacement policy | None | All securities created as a result of the spin-off of an existing Index constituent will not be added to the MSCI Screened Indexes at the time of event implementation. Reevaluation for addition in the Indexes will occur at the subsequent Index Review.Open p.8 ↗ |
No replacement securities are added between quarterly index reviews; spin-offs and acquiring non-constituents are evaluated only at the subsequent review. |
| Merger spinoff rules | Spin-off securities are not added at event implementation and are reevaluated at the subsequent index review; if a constituent is acquired by a non-constituent, the constituent is deleted and the acquirer is not added. | Spin-Offs All securities created as a result of the spin-off of an existing Index constituent will not be added to the MSCI Screened Indexes at the time of event implementation. Reevaluation for addition in the Indexes will occur at the subsequent Index Review.Open p.8 ↗ |
Spin-offs are excluded at implementation and reconsidered at the next review, while acquisitions by non-constituents cause deletion of the acquired constituent without adding the acquirer. |
| Share or float change threshold | Security characteristic changes, including country, sector, and size segment, do not cause immediate removal; continued inclusion is reevaluated at the subsequent index review. | Changes in Security Characteristics 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 ↗ |
A constituent remains in the index after changes in security characteristics, with continued inclusion reevaluated at the next index review. |
| 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 book.Open p.8 ↗ |
Further corporate-event treatment is provided in the MSCI Corporate Events Methodology book. |
| M9 Calculation and return variants · 3 fields | |||
| Ghg intensity formula | Security-level GHG intensity equals scope 1, 2, and 3 carbon emissions divided by enterprise value plus cash in millions of U.S. dollars; index-level GHG intensity is the weighted average across constituents with both carbon emissions and EVIC data. | The security level and Index level GHG intensity are calculated as per below formula:Open p.13 ↗ |
GHG intensity is calculated at security level as scope 1, 2, and 3 carbon emissions divided by enterprise value plus cash, and at index level as a constituent-weighted average over securities with available data. |
| Missing ghg data treatment | Securities missing carbon emissions and/or enterprise value plus cash are not considered for potential exclusion under section 2.2. | Securities with missing Carbon Emissions and/or Enterprise Value + Cash are not considered for potential exclusion under section 2.2.Open p.13 ↗ |
Securities with missing carbon emissions data, enterprise value plus cash data, or both are not considered for potential exclusion under section 2.2. |
| Index calculation methodology reference | MSCI Index Calculation Methodology | MSCI Index Calculation Methodology – https://www.msci.com/index/methodology/latest/IndexCalcOpen p.14 ↗ |
Index 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.14 ↗ |
The indexes are governed by a Methodology Set comprising the current methodology and related MSCI methodology, policy, glossary, data, corporate-events, calculation, GICS, GIMI, controversial-weapons, and ESG-factor documents. |
| Methodology set 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/latest/XCW, 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 the listed MSCI methodology links or from MSCI's index-methodology webpage by searching by index name or index code. |
| ESG factors methodology note | ESG Factors in Methodology lists environmental, social, and governance factors and explains how they are applied in selection, weighting, or exclusion. | ‘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.14 ↗ |
The ESG Factors in Methodology document identifies the environmental, social, and governance factors considered and describes their application, such as selection, weighting, or exclusion. |
Open points · 29Model-written, for reference
- 1No specific index code, ISIN, third-party vendor tickers, launch date, base date, base value, calculation currency, methodology version label, or methodology edition date was stated.
- 2The provided sections do not identify the concrete Parent Index or its markets, exchanges, boards, security types, or nationality rule for this family-level methodology.
- 3No conventional eligibility rules for trading history, liquidity, minimum size, minimum free float, foreign room, voting rights, minimum share price, financial screens, suspensions, or extreme price increases were stated.
- 4No size segment or factor exposure was specified beyond the family being free float-adjusted market capitalization-weighted and ESG screened.
- 5No benchmark regulatory status such as regulated, significant, or non-significant was stated.
- 6No explicit overall selection-method enum is stated beyond iterative GHG-intensity screening.
- 7No target constituent count or coverage percentage is stated.
- 8No tie-break rule is stated.
- 9No industry or sector neutrality rule is stated.
- 10No reserve-list rule is stated.
- 11No free-float factor methodology or bands are stated.
- 12No domestic inclusion factor or foreign ownership limit treatment is stated.
- 13No constituent, group, sector, or country caps are stated.
- 14No shares-outstanding source or update timing is stated.
- 15No divisor adjustment rule is stated.
- 16No rank-based entry or exit buffer was stated.
- 17No size-segment buffer thresholds for semi-annual or quarterly reviews were stated.
- 18No relaxed liquidity threshold for existing constituents was stated.
- 19No maximum turnover limit per review was stated.
- 20No deletion price for removed constituents was stated.
- 21No numerical threshold for share or free-float changes between reviews was stated.
- 22No weight-reset frequency for capped or factor weights was stated.
- 23M9 does not state the index pricing formula type, price source, calculation frequency, published-level precision, return variants, withholding tax basis, dividend treatment, divisor adjustment events, market disruption rule, or recalculation policy.
- 24M10 does not identify an oversight body, discretionary powers, methodology review frequency, external review process, material-change definition, consultation procedure, notice period, error correction policy, disclosure channels, constituent publication frequency, or cessation policy.
- 25Index-specific sections do not state the official index name, short name, index code, ISIN, vendor tickers, launch date, base date, base value, currency, or methodology version/date for MSCI USA Screened.
- 26Index-specific sections do not identify the exact Parent Index for MSCI USA Screened.
- 27Index-specific sections do not state USA market classification, size segment, exchanges, boards, security types, or nationality rules.
- 28Index-specific sections do not provide constituent count, caps, inclusion factors, share-count source, buffers, turnover limits, calculation return variants, price source, precision, or governance details specific to MSCI USA Screened.
- 29Not coveredM7 Buffers and turnover control: not covered by this edition
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