Also known as: MXUSSNQ Index (Bloomberg) · 705911 (MSCI code)
At a glance
- Weighting schemeFactor tilted
- Review frequencySemi-annual
- Single cap5
- Buffer240 / 360
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 19 fields | |||
| Quality company characteristics | high return on equity, stable earnings uncorrelated with the broad business cycle, strong balance sheets, low financial leverage | Companies that tend to have high ROE, stable earnings that are uncorrelated with the broad business cycle, and strong balance sheets with low financial leverage are targeted for quality growth.Open p.3 ↗ |
Quality growth companies are characterized by high ROE, stable earnings that are uncorrelated with the broad business cycle, strong balance sheets, and low financial leverage. |
| Construction approach | Select a fixed number of Parent Index securities with the highest Quality Scores and weight market capitalization based on Quality Score. | the MSCI Quality Indexes are constructed by selecting a set number of securities from the Parent Index (defined below) with the highest Quality Scores (defined in Section 2). The market capitalization of securities is then weighted based on the Quality Score.Open p.3 ↗ |
The indexes select a set number of Parent Index securities with the highest Quality Scores and weight their market capitalization based on the Quality Score. |
| Liquidity capacity turnover objective | Reasonably high trading liquidity and investment capacity, with moderate index turnover. | while ensuring reasonably high trading liquidity and investment capacity of constituent companies, as well as moderate Index turnover.Open p.3 ↗ |
The methodology seeks reasonably high trading liquidity and investment capacity as well as moderate index turnover. |
| Related indexes | MSCI Quality Tilt Indexes, MSCI Sector Neutral Quality Indexes | In addition to the MSCI Quality Indexes, MSCI also constructs the MSCI Quality Tilt Indexes and the MSCI Sector Neutral Quality Indexes.Open p.3 ↗ |
MSCI also constructs MSCI Quality Tilt Indexes and MSCI Sector Neutral Quality Indexes. |
| Methodology set | The indexes are governed by a methodology and policy document set, including the present methodology document and Appendix VII. | The Indexes are governed by a set of methodology and policy documents (“Methodology Set”), including the present index methodology document. Please refer to Appendix VII for more detailsOpen p.3 ↗ |
The indexes are governed by a Methodology Set that includes the present methodology document and the details in Appendix VII. |
| Sector neutral construction | Yes | They are constructed by using the Quality Score that is computed within the sector.Open p.16 ↗ |
The index uses a sector-relative Quality Score and sector-neutral weighting rather than the standard non-sector-neutral Quality construction. |
| Index name | MSCI USA Sector Neutral Quality | The MSCI Sector Neutral Quality Index aims to reflect the performance of securities that exhibit stronger quality characteristics relative to their peers within the same GICS® sector.Open p.16 ↗ |
The index-specific name is MSCI USA Sector Neutral Quality. |
| Index short name | MXUSSNQ | — (not found verbatim in the PDF) |
The short name supplied for this index is MXUSSNQ. |
| Index code | 705911 | — (not found verbatim in the PDF) |
The vendor code supplied for this index is 705911. |
| Vendor codes | Bloomberg: BBG009L2YCJ8 | — (not found verbatim in the PDF) |
The Bloomberg identifier supplied for this index is BBG009L2YCJ8. |
| Administrator | MSCI | MSCI is a leading provider of critical decision support tools and services for the globalOpen p.19 ↗ |
MSCI is the index provider and administrator of the methodology. |
| Index family | MSCI Sector Neutral Quality Indexes | In addition to the MSCI Quality Indexes, MSCI also constructs the MSCI Quality Tilt Indexes and the MSCI Sector Neutral Quality Indexes.Open p.3 ↗ |
The index belongs to the MSCI Sector Neutral Quality Indexes variant of the MSCI Quality Indexes. |
| Parent index | Any MSCI Country or Regional Index used as the Parent Index | The relevant MSCI Parent Index would be any Country or Regional Index.Open p.4 ↗ |
The applicable Parent Index may be any MSCI Country or Regional Index. |
| Methodology date | 2025-05 | The following sections have been modified as of May 2025: Update of the Appendix II to make both Return on Equity (ROE) and Debt to Equity figures mandatoryOpen p.18 ↗ |
The document identifies modifications as of May 2025. |
| Objective | Reflect the performance of securities that exhibit stronger quality characteristics relative to peers within the same GICS sector, with minimal active sector weights. | The MSCI Sector Neutral Quality Index aims to reflect the performance of securities that exhibit stronger quality characteristics relative to their peers within the same Global Industry Classification Standard (GICS®) Sector.Open p.3 ↗ |
The Sector Neutral Quality Index aims to reflect securities with stronger quality characteristics than peers in the same GICS sector and targets minimal active sector weights. |
| Market classification | Developed | — (not found verbatim in the PDF) |
The USA index covers the U.S. developed market, although this classification is implied by the index name rather than stated in the supplied section text. |
| Index family type | Factor | MSCI categorizes the MSCI Quality Indexes as Factor Indexes, which are designed to reflect the systematic elements of particular investment styles or strategies.Open p.3 ↗ |
MSCI categorizes the MSCI Quality Indexes as Factor Indexes. |
| Factor exposures | Quality | They are constructed by using the Quality Score that is computed within the sector.Open p.16 ↗ |
The index targets the Quality factor on a sector-neutral basis. |
| Limitations | Quality is based on historical variables and does not endorse or predict future performance. | Quality is an objective measure of certain historical variables and is not an endorsement or recommendation by MSCI as to the future performance of any constituents or the index.Open p.3 ↗ |
Quality is an objective measure of historical variables and is not an endorsement or recommendation regarding future index or constituent performance. |
| M2 Universe · 4 fields | |||
| Parent index scope | MSCI Country Index, MSCI Regional Index | The relevant MSCI Parent Index would be any Country or Regional Index.Open p.4 ↗ |
The relevant Parent Index can be any MSCI Country or Regional Index. |
| Universe rationale | The Parent Index approach is intended to provide an opportunity set with sufficient liquidity and capacity. | This approach aims to provide an opportunity set with sufficient liquidity and capacity.Open p.4 ↗ |
Using existing Parent Index constituents aims to provide an opportunity set with sufficient liquidity and capacity. |
| Markets | US | — (not found verbatim in the PDF) |
The index is a USA index, so its market is the United States; the supplied methodology body does not separately list a market table. |
| Parent universe index | MSCI USA Index | the weight of each sector in the MSCI Sector Neutral Quality Index is equated with the weight of that sector in the Parent Index at the rebalancing.Open p.16 ↗ |
The sector-neutral USA Quality index is constructed from the relevant USA Parent Index, although the supplied excerpt does not print a full parent-index table. |
| M4 Selection and constituent count · 15 fields | |||
| Eligible securities | Existing constituents of relevant msci parent index | All the existing constituents of the relevant MSCI Parent Index are ranked based on their Quality Scores.Open p.5 ↗ |
Selection is made from existing constituents of the relevant MSCI Parent Index rather than from a broader external universe. |
| Selected score condition | Highest positive quality scores | A fixed number of securities with the highest positive Quality Scores are predetermined for every MSCI Quality Index at initial constructionOpen p.5 ↗ |
The fixed number of securities selected are those with the highest positive Quality Scores. |
| Missing return on equity treatment | Exclude | If ROE is missing, Composite Quality Z Score is not calculated and the security Case 1 ROE is missing will not be part of the MSCI Quality IndexOpen p.10 ↗ |
If ROE is missing, the composite Quality Z-Score is not calculated and the security cannot enter the Quality Index. |
| Missing debt to equity treatment | Exclude | If Debt to Equity is missing, Composite Quality Z Score is not calculated and the Case 2 Debt to Equity is missing security will not be part of the MSCI Quality IndexOpen p.10 ↗ |
If Debt to Equity is missing, the composite Quality Z-Score is not calculated and the security cannot enter the Quality Index. |
| Missing earnings variability treatment | Calculate from return on equity and debt to equity | Earnings Variability is missing, Composite Quality Z Score is calculated Case 3 but other two variables are using ROE & Debt to Equity Z Scores availableOpen p.10 ↗ |
If only Earnings Variability is missing, the composite Quality Z-Score is calculated from the ROE and Debt to Equity Z-Scores. |
| Variable winsorization | Scope: Within each msci parent index; Lower percentile: 5; Upper percentile: 95; Missing values: Excluded from ranking | Then, for securities that lie below the 5th percentile rank or above the 95th percentile rank, their value is set equal to the value of the 5th percentile ranked or 95th percentile ranked security, as applicable.Open p.4 ↗ |
Each fundamental variable is winsorized within each Parent Index, setting values below the 5th percentile or above the 95th percentile to those boundary values. |
| Composite score method | Average of three standardized fundamental z scores | The Quality Z-Scores are computed by averaging the Z scores of all the three fundamental descriptor as calculated in section 2.2.2.Open p.5 ↗ |
The composite Quality Z-Score is the average of the standardized fundamental descriptor Z-Scores and is transformed into the Quality Score. |
| Fixed count rounding rules | From: 0; To: 100; Round to nearest: 10, From: 100; To: 300; Round to nearest: 25, From: 300; Round to nearest: 50 | If NumSec in Previous Step < 100, Upward Rounding Off to 10 Securities If NumSec in Previous Step > = 100 but < 300, Upward Rounding Off to 25 Securities If NumSec in Previous Step >= 300, Upward Rounding Off to 50 SecuritiesOpen p.11 ↗ |
At initial construction, the calculated security count is rounded upward: to 10 below 100, to 25 from 100 to below 300, and to 50 at 300 or more. |
| Missing sector reallocation rule | Redistribute unrepresented sector weight to remaining selected sectors | If no securities are selected from any particular sector(s) of the Parent Index to the MSCI Sector Neutral Quality Index during rebalancing, the proforma weight of that sector in the Parent Index will be re-distributed amongst remaining sectors of the MSCI Sector Neutral Quality Index.Open p.16 ↗ |
If no securities are selected from a Parent Index sector, that sector's pro forma Parent Index weight is redistributed among sectors represented in the Quality Index. |
| Selection method | Rank by metric | All the existing constituents of the relevant MSCI Parent Index are ranked based on their Quality Scores.Open p.5 ↗ |
The index selects a fixed number of existing parent-index constituents ranked highest by their Quality Scores. |
| Ranking metrics | Name: Sector relative quality score; Direction: Higher is better; Step order: 1 | A sector-relative quality score is then derived from the composite quality z-score. It is arrived at by standardizing the composite quality z-score within each sector.Open p.16 ↗ |
Securities are selected using a Quality Score derived by standardizing the composite quality Z-score within each GICS sector and winsorizing it at plus or minus 3. |
| Target constituent count | — | The MSCI Quality Index is constructed using a fixed number of securities approach.Open p.5 ↗ |
Each MSCI Quality Index uses a fixed number of constituents, predetermined at initial construction and reevaluated at each Index Review, but the document does not provide the numeric count for every index. |
| Tie break rule | Higher parent index weight ranks first | If multiple securities have the same Quality Score, then the security having a higher weight in the Parent Index is given a higher rank.Open p.5 ↗ |
If securities have equal Quality Scores, the security with the higher weight in the Parent Index receives the higher rank. |
| Industry neutrality rule | Sector relative scores and parent index sector weights | It is arrived at by standardizing the composite quality z-score within each sector.Open p.16 ↗ |
Quality scores are standardized within GICS sectors, and final sector weights are set equal to Parent Index sector weights at rebalancing. |
| Reserve list | — | — (not found verbatim in the PDF) |
The sections do not state a reserve list or any pre-ranked candidates kept specifically for ad hoc replacement. |
| M5 Weighting and capping · 18 fields | |||
| Quality weight formula | Quality Score multiplied by market capitalization weight in the Parent Index, then normalized | Quality Weight = Quality Score * Market Capitalization Weight in the Parent IndexOpen p.6 ↗ |
Quality Weight equals Quality Score times Market Capitalization Weight in the Parent Index, and the resulting weights normalize to 100%. |
| Final security inclusion factor | Final security weight divided by pro forma parent index market capitalization weight | The final security level inclusion factor is determined as the ratio of the final security level weight and the security level pro forma market capitalization weight in the relevant MSCI Parent Index.Open p.6 ↗ |
The final security-level inclusion factor is the ratio of final security weight to the security's pro forma market capitalization weight in the Parent Index. |
| Narrow parent index definition | Maximum parent index market capitalization weight more than 10 percent | Narrow Parent Indexes are defined as those indexes for which the maximum market capitalization weight in the Parent Index is more than 10%.Open p.6 ↗ |
A narrow Parent Index is one whose largest market capitalization weight exceeds 10%. |
| Narrow parent index cap | Greater of 10 percent or maximum issuer weight in parent index | Cap for narrow Country/Regional Indexes = max (10%, maximum issuer weight in the Parent Index)Open p.14 ↗ |
For narrow Country or Regional Quality Indexes, the issuer cap is the maximum of 10% and the maximum issuer weight in the Parent Index; Section 2.4 also describes the cap as the maximum Parent Index weight. |
| Broad index cap examples | MSCI ACWI Quality Index, MSCI World Quality Index, MSCI EM Quality Index, MSCI Europe Quality Index, MSCI USA Quality Index | 1. MSCI ACWI Quality Index
2. MSCI World Quality Index
3. MSCI EM Quality Index
4. MSCI Europe Quality Index
5. MSCI USA Quality IndexOpen p.14 ↗ |
The broad regional Quality Indexes capped at 5% include MSCI ACWI, World, EM, Europe, and USA Quality Indexes. |
| Quality tilt index treatment | Include all parent index constituents with quality scores and use quality weighting | The MSCI Quality Tilt Index includes all the existing constituents of underlying Parent Index for which Quality Scores are available.Open p.15 ↗ |
The separate Quality Tilt Indexes include all Parent Index constituents with Quality Scores and follow the same Quality Score weighting scheme. |
| Sector weight adjustment | Match parent index sector weights | the weight of each sector in the MSCI Sector Neutral Quality Index is equated with the weight of that sector in the Parent Index at the rebalancing.Open p.16 ↗ |
At each rebalancing, each sector's weight in the Sector Neutral Quality Index is equated to its weight in the Parent Index. |
| Weighting scheme | Factor tilted | The selection of securities for inclusion in the index and the index weighting is done as described in Section 2 using the Quality Score computed as mentioned in the above step.Open p.16 ↗ |
Securities are first factor-weighted using sector-relative Quality Scores and Parent Index market-capitalization weights, then normalized within sectors to match Parent Index sector weights. |
| Free float factor | — | — (not found verbatim in the PDF) |
The provided sections do not specify the Foreign Inclusion Factor method or free-float bands for these indexes. |
| Domestic inclusion factor | — | — (not found verbatim in the PDF) |
The provided sections do not state a Domestic Inclusion Factor for domestic index variants. |
| Foreign ownership limit | — | — (not found verbatim in the PDF) |
The provided sections do not describe how foreign ownership limits affect weights. |
| Weight cap | 5% | Issuers in the MSCI Quality Indexes based on broad Parent Indexes (e.g. MSCI World Index, MSCI Emerging Markets Index etc.) will be capped at 5%Open p.6 ↗ |
Issuer weights in Quality Indexes based on broad Parent Indexes are capped at 5%. |
| Group cap | — | — (not found verbatim in the PDF) |
The sections do not specify an aggregate cap on a top group of issuers. |
| Sector cap (%) | — | — (not found verbatim in the PDF) |
The sections do not impose a percentage sector cap, although the Sector Neutral variant matches Parent Index sector weights. |
| Country cap (%) | — | — (not found verbatim in the PDF) |
The sections do not specify a country-level percentage cap. |
| Cap application timing | At review | At each rebalancing, all the securities eligible for inclusion in the MSCI Quality Indexes are weighted by the product of their market capitalization weight in the Parent Index and the Quality Score.Open p.6 ↗ |
Constituent weights and issuer caps are applied at each rebalancing. |
| Shares outstanding | — | — (not found verbatim in the PDF) |
The provided sections do not identify the source or update timing for shares outstanding. |
| Divisor adjustment rule | — | — (not found verbatim in the PDF) |
The provided sections do not state a divisor or Price Adjustment Factor continuity rule. |
| M6 Review and rebalance schedule · 8 fields | |||
| Parent index review coordination | Reviews coincide with the May and November Index Reviews of the MSCI Global Investable Market Indexes. | coinciding with the May and November Index Reviews of the MSCI Global Investable Market Indexes.Open p.7 ↗ |
The Quality Index reviews coincide with the May and November reviews of the MSCI Global Investable Market Indexes. |
| Review frequency | Semi-annual | The MSCI Quality Indexes are reviewed on a semi-annual basis, usually as of the close of the last business day of May and November, coinciding with the May and November Index ReviewsOpen p.7 ↗ |
The MSCI Quality Indexes are reviewed semi-annually, usually as of the close of the last business day of May and November. |
| Review types | Semi annual review | The MSCI Quality Indexes are reviewed on a semi-annual basis, usually as of the close of the last business day of May and November, coinciding with the May and November Index ReviewsOpen p.7 ↗ |
The stated review cycle consists of semi-annual index reviews in May and November. |
| Review months | May, November | usually as of the close of the last business day of May and November, coinciding with the May and November Index Reviews of the MSCI Global Investable Market Indexes.Open p.7 ↗ |
The reviews occur in May and November. |
| Data cutoff rule | Fundamental variables as of the end of April and October are used for the May and November reviews, respectively. | Fundamental variables as of the end of April and October are used respectively.Open p.7 ↗ |
The May and November reviews use fundamental variables as of the end of April and October, respectively. |
| Announcement rule | Pro forma indexes are generally announced nine business days before the effective date. | The pro forma MSCI Quality Indexes are in general announced nine business days before the effective date.Open p.7 ↗ |
Pro forma MSCI Quality Indexes are generally announced nine business days before the effective date. |
| Effective date rule | Changes are effective as of the close of the last business day of May and November. | The MSCI Quality Indexes are reviewed on a semi-annual basis, usually as of the close of the last business day of May and NovemberOpen p.7 ↗ |
The review is effective as of the close of the last business day of May and November. |
| Rebalance frequency | Semi-annual | This approach aims to capture timely updates to Quality characteristics of the companies and coincides with the rebalancing frequency of the relevant MSCI Parent Indexes.Open p.7 ↗ |
The semi-annual review approach coincides with the rebalancing frequency of the relevant MSCI Parent Indexes. |
| M7 Buffers and turnover control · 4 fields | |||
| Buffer width | 20% | buffer rules are applied at 20% of the fixed number of securities in the MSCI Quality Index.Open p.7 ↗ |
Buffer rules are applied at 20% of the fixed number of securities in the MSCI Quality Index. |
| Buffer purpose | Reduce index turnover and enhance index stability. | To reduce Index turnover and enhance Index stability, buffer rules are applied at 20% of the fixed number of securitiesOpen p.7 ↗ |
The buffer rules are intended to reduce index turnover and enhance index stability. |
| Buffer application procedure | Add Parent Index securities ranked at or above 240, then successively add existing constituents ranked 241 to 360, then add the highest-ranked remaining Parent Index securities until the target count is reached. | The existing constituents that have a Quality rank between 241 and 360 are then successively added until the number of securities in the MSCI World Quality Index reaches 300.Open p.7 ↗ |
The index first adds candidates ranked at or above 240, then retained existing constituents ranked 241 through 360, then the highest-ranked remaining Parent Index securities until it reaches 300 securities. |
| Buffer zone | Entry rank: 240; Exit rank: 360 | For example, the MSCI World Quality Index targets 300 securities and the buffers are applied between rank 241 and 360. The securities in the MSCI Parent Index with a Quality rank at or above 240 will be addedOpen p.7 ↗ |
For the 300-security MSCI World Quality Index example, Parent Index securities ranked at or above 240 enter on a priority basis, and existing constituents ranked 241 through 360 may be retained to fill the index to 300. |
| M8 Corporate actions, IPOs, ad-hoc changes · 9 fields | |||
| General corporate events objective | Minimize turnover outside index reviews and represent investor participation based on deal terms and pre-event constituent weighting. | The general treatment of corporate events in the MSCI Quality Indexes aims to minimize turnover outside of Index Reviews.Open p.7 ↗ |
Corporate-event treatment aims to minimize turnover outside reviews and represent investor participation using deal terms and pre-event weights. |
| Variable weighting factor offset | Changes in index market capitalization resulting from corporate-event implementation are offset by a corresponding change in the Variable Weighting Factor. | 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 changes in index market capitalization are offset through the constituent's Variable Weighting Factor. |
| Intermediate parent index review neutralization | If the Parent Index has more frequent reviews, changes made during intermediate Parent Index reviews are neutralized in the Quality Index. | if the frequency of Index Reviews in the Parent Index is greater than the frequency of Index Reviews in the MSCI Quality Index, the changes made to the Parent Index during intermediate Index Reviews will be neutralizedOpen p.7 ↗ |
Intermediate Parent Index review changes are neutralized when the Parent Index is reviewed more frequently than the Quality Index. |
| Security characteristic changes | A security remains in the Index after changes in country, sector, size segment, or other characteristics and is reevaluated 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 ↗ |
Changes in security characteristics do not cause immediate removal; continued inclusion is reevaluated at the next index review. |
| Fast entry | Timing: No new security is added between index reviews; a new Parent Index security such as an IPO or other early inclusion is not added | 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 ↗ |
Early inclusions and IPOs added to the Parent Index are not added to the Quality Index between scheduled index reviews. |
| Ad-hoc deletion | Delisting, Acquisition | No new securities will be added (except where noted below) to the Index between Index Reviews. Parent Index deletions will be reflected simultaneously.Open p.8 ↗ |
Parent Index deletions are reflected simultaneously, and a constituent acquired by a non-index constituent is deleted from the Index. |
| Replacement policy | None | No new securities will be added (except where noted below) to the Index between Index Reviews.Open p.8 ↗ |
The document states that no new securities are added between reviews except spin-off securities, and acquiring non-constituents are not added as replacements. |
| Merger spinoff rules | Spin-off securities of existing constituents are added at event implementation and reevaluated at the next review; in mergers and acquisitions, the acquirer's post-event weight reflects shares used as deal consideration, cash proceeds are invested across the Index, and an acquired constituent is deleted without adding a non-constituent acquirer. | 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. Reevaluation for continued inclusion in the Index will occur at the subsequent Index Review.Open p.8 ↗ |
Spin-offs are added at implementation and reviewed later; in mergers, deal shares affect the acquirer's weight, cash is reinvested across the Index, and a non-constituent acquirer does not replace an acquired constituent. |
| 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 ↗ |
Further corporate-event treatment is specified in the MSCI Corporate Events Methodology book, under the sections for capped weighted and non-market capitalization weighted indexes. |
| M9 Calculation and return variants · 1 field | |||
| Index calculation methodology reference | MSCI Index Calculation Methodology | MSCI Index Calculation Methodology – https://www.msci.com/index/methodology/latest/IndexCalcOpen p.17 ↗ |
Calculation procedures are governed by the MSCI Index Calculation Methodology document in 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 Indexes are governed by a set of methodology and policy documents (“Methodology Set”), including the present index methodology document as mentioned below:Open p.17 ↗ |
The indexes are governed by a set of methodology and policy documents called the Methodology Set. |
| Methodology documents 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.17 ↗ |
The Methodology Set can be accessed on MSCI's index methodology webpage. |
Open points · 50Model-written, for reference
- 1No index ticker, index code, ISIN, vendor codes, launch date, base date, base value, calculation currency, or formal methodology version label is stated.
- 2No separate calculation agent is identified.
- 3The benchmark regulation status is not stated.
- 4Specific markets, countries, exchanges, listing boards, and security types are not enumerated; only Country or Regional MSCI Parent Indexes are described.
- 5No nationality rule or explicit universe exclusions are stated.
- 6Eligibility rules for trading history, liquidity, size, free float, foreign room, voting rights, minimum price, financial screens, ESG or business exclusions, suspensions, and extreme price increases are not provided text.
- 7The May 2025 date comes from a changes appendix; the document does not explicitly label it as the formal methodology publication date.
- 8No numeric fixed constituent count is stated for each individual MSCI Quality Index.
- 9No reserve list size or replacement-candidate rule is stated.
- 10No Foreign Inclusion Factor/free-float bands are stated.
- 11No Domestic Inclusion Factor is stated.
- 12No foreign ownership limit treatment is stated.
- 13No shares outstanding source or update timing is stated.
- 14No divisor adjustment or Price Adjustment Factor continuity rule is stated.
- 15No aggregate top-issuer group cap, sector percentage cap, or country percentage cap is stated.
- 16The full Appendix III algorithm that determines the unrounded number of securities is not included.
- 17No explicit liquidity buffer threshold for existing constituents was stated.
- 18No maximum turnover limit per review was stated.
- 19No separate size-segment buffer thresholds for semi-annual or quarterly reviews were stated.
- 20No deletion price or last-traded-price rule was stated.
- 21No numerical threshold for implementing share or free-float changes between reviews was stated.
- 22No fast-entry size threshold or excluded board list was stated; the document instead says new Parent Index securities are not added.
- 23The specific effective day beyond the close of the last business day of May and November was not stated.
- 24Formula type is not stated.
- 25Price source is not stated.
- 26Calculation frequency is not stated.
- 27Published index precision is not stated.
- 28Return variants are not stated.
- 29Withholding tax basis is not stated.
- 30Dividend treatment is not stated.
- 31Divisor adjustment events are not stated.
- 32Market disruption rule is not stated.
- 33Recalculation policy is not stated.
- 34Oversight body is not stated.
- 35Discretion points are not stated.
- 36Methodology review frequency is not stated.
- 37External review or consultation procedure is not stated.
- 38Material change definition is not stated.
- 39Notice period is not stated.
- 40Error correction policy is not stated.
- 41Disclosure channels beyond MSCI methodology webpages are not stated.
- 42Constituent publication details are not stated.
- 43Index cessation policy is not stated.
- 44The supplied index-specific sections do not state the MSCI index code 705911, short name MXUSSNQ, or Bloomberg identifier BBG009L2YCJ8; these came from the request metadata and therefore have no document quote.
- 45No launch date, base date, base value, calculation currency, or ISIN is stated.
- 46The supplied sections do not provide the fixed target constituent count for the MSCI USA Sector Neutral Quality Index.
- 47The supplied sections do not identify the exact Parent Index ticker for the USA Sector Neutral Quality Index, although the index name and methodology imply the MSCI USA Index.
- 48The supplied sections do not state the issuer cap specifically for the MSCI USA Sector Neutral Quality Index.
- 49No index-specific exchange list, security-type list, eligibility screen, shares-outstanding source, inclusion-factor bands, calculation precision, return variants, or governance/notification details are provided in the supplied index-specific text.
- 50Not coveredM3 Eligibility screens: not covered by this edition
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