Also known as: MXUSESU Index (Bloomberg) · 712648 (MSCI code)
At a glance
- Weighting schemeFactor tilted
- Review frequencyQuarterly
- Single cap5
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 11 fields | |||
| Construction inputs | MSCI ESG Ratings, MSCI Controversies, MSCI Business Involvement Screening Research | In particular, the Indexes use the following MSCI sustainability and climate products: MSCI ESG Ratings, MSCI Controversies and MSCI Business Involvement Screening Research.Open p.9 ↗ |
The indexes use MSCI ESG Ratings, MSCI Controversies, and MSCI Business Involvement Screening Research. |
| Index name | MSCI USA Universal | MSCI Universal Indexes MethodologyOpen p.1 ↗ |
The official index-specific name is MSCI USA Universal. |
| Index short name | Universal | MSCI Universal Indexes MethodologyOpen p.1 ↗ |
The provided index-specific short name is Universal. |
| Index code | 712648 | — (not found verbatim in the PDF) |
The index-specific MSCI code is 712648. |
| Vendor codes | Msci index code: 712648; Msci ticker: MXUSESU; Bloomberg: BBG00H914B10; Key: usa-universal | — (not found verbatim in the PDF) |
The index-specific identifiers include MXUSESU, BBG00H914B10, and usa-universal. |
| 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 Universal Indexes | The MSCI Universal Indexes (the ‘Indexes’) aim to represent the performance of an investment strategyOpen p.3 ↗ |
The indexes belong to the MSCI Universal Index family. |
| Methodology date | 2025-12 | December 2025Open p.1 ↗ |
The methodology is dated December 2025. |
| Objective | The MSCI Universal Indexes aim to represent the performance of an investment strategy that by re-weighting free-float market cap weights based upon certain ESG metrics seeks to increase exposure to those companies demonstrating both a robust ESG profile as well as a positive trend in improving that profile, while seeking to minimize exclusions from the parent index. | The MSCI Universal Indexes (the ‘Indexes’) aim to represent the performance of an investment strategy that by re-weighting free-float market cap weights based upon certain ESG metrics seeks to increase exposure to those companies demonstrating both a robust ESG profile as well as a positive trend in improving that profile, while seeking to minimize exclusions from the parent index.Open p.3 ↗ |
The indexes aim to represent an ESG re-weighted strategy that increases exposure to companies with robust and improving ESG profiles while minimizing parent-index exclusions. |
| Size segment | Custom | Finally, we re-weight securities from the free-float market cap weights of the Parent Index using this combined ESG score to construct the Index1.Open p.3 ↗ |
The document does not define a standalone market-cap tier; the indexes are custom ESG re-weighted versions of parent market-cap indexes. |
| Index family type | ESG | re-weighting free-float market cap weights based upon certain ESG metrics seeks to increase exposure to those companies demonstrating both a robust ESG profile as well as a positive trend in improving that profileOpen p.3 ↗ |
The index family is an ESG strategy that re-weights parent-index constituents using ESG metrics. |
| M2 Universe · 4 fields | |||
| Opportunity set objective | 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 the parent-index constituents is intended to provide an opportunity set with sufficient liquidity and capacity. |
| Markets | United States | — (not found verbatim in the PDF) |
The index covers the US market. |
| Parent universe index | MSCI USA Index | — (not found verbatim in the PDF) |
The USA Universal index is expected to draw its universe from the MSCI USA Index. |
| Exclusions | Companies with MSCI Controversies Score of 0 classified as Red Flags, Companies involved in controversial weapons businesses, Companies not assessed by MSCI ESG Ratings, MSCI Controversies, or MSCI Business Involvement Screening Research | The Eligible Universe is constructed by excluding securities based on the following criteria:Open p.4 ↗ |
The eligible universe excludes red-flag controversy companies, controversial-weapons companies, and companies lacking the required MSCI sustainability assessments. |
| M3 Eligibility screens · 3 fields | |||
| Controversial weapons involvement criteria | Producer involvement: Producers of the weapons, Producers of key components for cluster bombs, landmines, depleted uranium weapons, and chemical or biological weapons, Ownership of 20% or more of a weapons or components producer, 50% ownership threshold for financial companies owning a weapons or components manufacturer, Owned 50% or more by a company involved in weapons or components production; Revenue threshold (%): 0 | Involvement criteria: Producers of the weapons Producers of key components of the weapons (only applies to cluster bombs, landmines, depleted uranium weapons as well as chemical and biological weapons)Open p.10 ↗ |
Controversial-weapons exclusions cover producers, specified key-component producers, qualifying ownership stakes, and any identifiable revenues. |
| Thermal coal exclusion thresholds | Variant: MSCI Universal ex Thermal Coal Indexes; Threshold (%): 30; Activities: mining thermal coal and sale to external parties, thermal-coal-based power generation, Variant: MSCI Universal ex Thermal Coal 5% Indexes; Threshold (%): 5; Activities: mining thermal coal and sale to external parties, thermal-coal-based power generation | MSCI Universal ex Thermal Coal Indexes which use 30% revenue thresholds, as described below MSCI Universal ex Thermal Coal 5% Indexes which use 5% revenue thresholdsOpen p.12 ↗ |
The ex Thermal Coal variants exclude companies deriving at least 30% or 5% of revenue from thermal-coal mining for external sale or thermal-coal-based power generation. |
| Business or ESG exclusions | Criterion: Red flag controversies; Rule: Excludes companies assessed as having involvement in controversies classified as Red Flags, with an MSCI Controversies Score of 0, Criterion: Controversial weapons; Rule: Excludes companies involved in cluster munitions, landmines, depleted uranium weapons, biological or chemical weapons, blinding lasers, non-detectable fragments, or incendiary weapons, Criterion: Missing msci sustainability assessment; Rule: Excludes companies not assessed by MSCI ESG Ratings, MSCI Controversies, or MSCI Business Involvement Screening Research, Criterion: Thermal coal variant only; Rule: The ex Thermal Coal variants additionally exclude companies meeting the applicable 30% or 5% thermal-coal revenue threshold | Companies assessed as having involvement in controversies that are classified as Red Flags (MSCI Controversies Score of 0).Open p.4 ↗ |
Eligibility excludes red-flag controversy companies, controversial-weapons companies, companies without required MSCI sustainability data, and thermal-coal companies in the ex Thermal Coal variants. |
| M5 Weighting and capping · 8 fields | |||
| Score capping bounds | Combined ESG Score is capped between the ESG Rating Scores corresponding to AAA and CCC. | the Combined ESG Score of a security is capped between the ESG Rating Scores corresponding to MSCI ESG Rating of ‘AAA’ (best rating) and ‘CCC’ (worst rating).Open p.6 ↗ |
A security's Combined ESG Score is capped between the scores for the AAA and CCC ESG ratings to reduce reverse turnover. |
| ESG score formula | ESG Rating Score multiplied by ESG Trend Score | The Combined ESG Score is calculated for each company as follows: Combined ESG Score = ESG Rating Score * ESG Trend Score.Open p.5 ↗ |
The Combined ESG Score equals the ESG Rating Score multiplied by the ESG Trend Score. |
| Weight normalization | Weights are normalized to 100%. | The above weights are then normalized to 100%.Open p.6 ↗ |
After applying the Combined ESG Score to parent-index market capitalization weights, the resulting security weights are normalized to total 100%. |
| Narrow parent index definition | A narrow Parent Index has a maximum market capitalization weight above 10%. | 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 constituent has a market capitalization weight greater than 10%. |
| Narrow parent index issuer cap | Issuer weights in indexes based on narrow Parent Indexes are capped at that Parent Index's maximum weight. | Issuers in the Indexes based on narrow Parent Indexes will be capped at the maximum weight in the Parent Index.Open p.6 ↗ |
For indexes based on narrow Parent Indexes, each issuer is capped at the maximum issuer weight in the Parent Index. |
| Weighting scheme | Factor tilted | all the securities from the Eligible Universe are weighted by the product of their market capitalization weight in the Parent Index and the Combined ESG Score.Open p.6 ↗ |
Securities are weighted by their Parent Index market capitalization weight multiplied by their Combined ESG Score, then normalized. |
| Weight cap | 5% | Issuers in the Indexes based on broad Parent Indexes (e.g. MSCI World Index) will be capped at 5%Open p.6 ↗ |
Issuers in indexes based on broad Parent Indexes are capped at 5%. |
| Cap application timing | At review | 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 ↗ |
Issuer capping is performed only for the pro forma index as of the effective date and is not reapplied between semi-annual reviews. |
| M6 Review and rebalance schedule · 8 fields | |||
| Quarterly review scope | Quarterly reviews do not reconstitute the indexes, except that existing constituents are deleted if they are involved in controversial weapons or receive a red flag based on MSCI Solutions Controversies research. | At quarterly reviews, the indexes are not re-constituted, but existing constituents will be deleted from the Indexes if they are involved in controversial weapons or have received a red flag based on MSCI Solutions Controversies research.Open p.7 ↗ |
At February and August reviews, the indexes are not reconstituted, but existing controversial-weapons or red-flag constituents may be deleted. |
| Review frequency | Quarterly | The indexes are reviewed on a quarterly basis to coincide with the regular Index Reviews of the MSCI Global Investable Market Indexes, as of the close of the last business day of February and August.Open p.7 ↗ |
The indexes are reviewed quarterly, with semi-annual rebalancing in May and November and quarterly reviews in February and August. |
| Review types | Semi annual review, Quarterly review | The Indexes are rebalanced on a semi-annual basis, as of the close of the last business day of May and November, coinciding with the May and November Index ReviewsOpen p.7 ↗ |
The index has semi-annual index reviews in May and November and quarterly index reviews in February and August. |
| Review months | February, May, August, November | The Indexes are rebalanced on a semi-annual basis, as of the close of the last business day of May and NovemberOpen p.7 ↗ |
Reviews occur as of the close of the last business day of February, May, August, and November. |
| Data cutoff rule | For semi-annual rebalancing, MSCI Solutions data are generally used as of the end of the month preceding the May and November reviews; for February and August quarterly reviews, Controversies Score and controversial-weapons data are as of January and July, respectively. If data are unavailable by the preceding month-end, later-published ESG data may be used when available. | In general, MSCI uses MSCI Solutions data3 (including MSCI ESG Ratings, MSCI Controversies and MSCI Business Involvement Screening Research) as of the end of the month preceding the Index ReviewsOpen p.7 ↗ |
Semi-annual reviews generally use MSCI Solutions data from the prior month-end, with later ESG data used when unavailable; quarterly reviews use January or July controversy data. |
| 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 semi-annual index changes are generally announced nine business days before they become effective. |
| Effective date rule | Changes take effect as of the close of the last business day of May and November for semi-annual reviews and as of the close of the last business day of February and August for quarterly reviews. | The Indexes are rebalanced on a semi-annual basis, as of the close of the last business day of May and NovemberOpen p.7 ↗ |
Semi-annual changes are effective at the close on the last business day of May and November, and quarterly review changes at the close on the last business day of February and August. |
| Rebalance frequency | Semi-annual | The Indexes are rebalanced on a semi-annual basis, as of the close of the last business day of May and NovemberOpen p.7 ↗ |
The indexes are rebalanced semi-annually at the May and November index reviews. |
| M7 Buffers and turnover control · 2 fields | |||
| Turnover minimization principle | The general treatment of ongoing corporate events aims to minimize turnover outside index reviews. | The general treatment of corporate events in the MSCI Universal Indexes aims to minimize turnover outside of Index Reviews.Open p.7 ↗ |
Between scheduled reviews, corporate-event treatment is designed to minimize turnover. |
| Intermediate parent index review treatment | If the parent index reviews more frequently, changes made at intermediate parent-index reviews are neutralized in the MSCI Universal Index. | if the frequency of Index Reviews in the Parent Index is greater than the frequency of Index Reviews in the MSCI Universal Index, the changes made to the Parent Index during intermediate Index Reviews will be neutralized in the MSCI Universal Index.Open p.7 ↗ |
Intermediate parent-index review changes are neutralized when the parent index is reviewed more often than the MSCI Universal Index. |
| M8 Corporate actions, IPOs, ad-hoc changes · 9 fields | |||
| New additions between reviews | New securities added to the parent index between reviews, including IPOs, early inclusions, and migrations from another size segment, are not added immediately and are considered at the subsequent index review. | New securities added to the Parent Index (such as IPOs, other early inclusions and migrations from a different size-segment) will not be added to the Index at the time of event implementation. Such securities will be considered for addition in the Index at the subsequent Index Review.Open p.8 ↗ |
IPOs, other early parent-index inclusions, and size-segment migrations wait until the next index review for possible addition. |
| Parent index deletions | Deletions from the parent index are reflected in the MSCI Universal Index simultaneously. | Parent Index deletions will be reflected simultaneously.Open p.7 ↗ |
Securities deleted from the parent index are deleted from the MSCI Universal Index at the same time. |
| Security characteristic changes | Changes in country, sector, size segment, or other security characteristics do not cause immediate removal; continued inclusion is reevaluated at the next index 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 ↗ |
A constituent remains in the index after characteristic changes until its continued inclusion is reassessed at the next review. |
| Fast entry | Timing: Subsequent index review | New securities added to the Parent Index (such as IPOs, other early inclusions and migrations from a different size-segment) will not be added to the Index at the time of event implementation. Such securities will be considered for addition in the Index at the subsequent Index Review.Open p.8 ↗ |
New parent-index additions, including IPOs, other early inclusions, and size-segment migrations, are not added when the event occurs but are considered at the next index review. |
| Ad-hoc deletion | Delisting, Acquisition, Other | Parent Index deletions will be reflected simultaneously.Open p.8 ↗ |
Parent-index deletions are reflected simultaneously, an existing constituent acquired by a nonconstituent is deleted without adding the acquirer, and quarterly controversial-weapons or red-flag constituents are deleted. |
| Replacement policy | None | No new securities will be added (except where noted below) to the Index between Index Reviews.Open p.7 ↗ |
No new securities are generally added between index reviews, and spin-offs are the stated exception, so no reserve-list replacement policy is specified. |
| Merger spinoff rules | Spin-off securities created from an existing constituent are added at event implementation and reassessed at the next review. In mergers or acquisitions, the acquirer's post-event weight reflects the proportionate shares used as deal consideration, while cash proceeds are invested across the index; if a constituent is acquired by a nonconstituent, 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. Reevaluation for continued inclusion in the Index will occur at the subsequent Index Review.Open p.8 ↗ |
Spin-offs from constituents are added immediately and reviewed later; merger consideration paid in shares affects the acquirer's weight, cash proceeds are reinvested across the index, and nonconstituent acquirers are not added. |
| Share or float change threshold | No numerical threshold is stated; changes in index market capitalization from corporate events are offset by a corresponding change in the constituent's Variable Weighting Factor. | 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 changes in market capitalization are neutralized through the Variable Weighting Factor, but the document gives no share or float change 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 | |||
| Index calculation methodology reference | MSCI Index Calculation Methodology: https://www.msci.com/index/methodology/latest/IndexCalc | MSCI Index Calculation Methodology – https://www.msci.com/index/methodology/latest/IndexCalcOpen p.13 ↗ |
The index methodology set incorporates the separate MSCI Index Calculation Methodology. |
| 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.13 ↗ |
The indexes are governed by a Methodology Set comprising multiple methodology and policy documents. |
| Methodology set web access | 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.13 ↗ |
The Methodology Set can be accessed on MSCI's webpage under Search Methodology by Index Name or Index Code. |
| Index policies reference | MSCI Index Policies: https://www.msci.com/index/methodology/latest/IndexPolicy | MSCI Index Policies – https://www.msci.com/index/methodology/latest/IndexPolicyOpen p.13 ↗ |
The Methodology Set includes MSCI Index Policies, which may cover governance and policy matters not stated in this section. |
Open points · 34Model-written, for reference
- 1No index short name, local-language name, index code, ISIN, or third-party vendor tickers were stated.
- 2No calculation agent distinct from the administrators was identified.
- 3No launch date, base date, base value, calculation currency, or methodology version label was stated.
- 4No benchmark-regulation classification or intended-use statement was provided.
- 5The specific Parent Indexes, covered markets, exchanges, boards, and security types were not listed.
- 6No trading-history, numeric liquidity, minimum-size, free-float, foreign-room, voting-rights, minimum-price, financial-screen, suspension, or extreme-price screen was stated for the Universal Indexes themselves.
- 7No factor exposures such as value, momentum, or quality were stated; the document describes ESG ratings and trends rather than the listed factor-enum exposures.
- 8The provided sections do not specify an explicit security selection method, ranking metric, target constituent count, tie-break rule, industry neutrality rule, or reserve list.
- 9The provided sections do not specify the Foreign Inclusion Factor or free-float methodology.
- 10The provided sections do not specify a Domestic Inclusion Factor.
- 11The provided sections do not specify foreign ownership limit treatment.
- 12The provided sections do not specify group, sector, or country caps.
- 13The provided sections do not specify the source or update timing for shares outstanding.
- 14The provided sections do not specify a divisor adjustment or continuity rule.
- 15No rank buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review is stated.
- 16No separate reserve list or explicit replacement mechanism is stated.
- 17No deletion price rule is stated.
- 18No numerical threshold for implementing share or free-float changes between reviews is stated.
- 19No size threshold or excluded boards for early inclusion are stated; the document instead says new parent-index additions wait for the subsequent review.
- 20Calculation formula type was not stated.
- 21Price source and handling of securities without trades were not stated.
- 22Calculation frequency, publication interval, and index level precision were not stated.
- 23Price, gross total return, net total return, withholding tax, dividend treatment, divisor adjustment events, market disruption, and recalculation rules were not stated.
- 24Oversight body and discretionary decision points were not stated.
- 25Methodology review frequency, external consultation procedure, material-change definition, and notice period were not stated.
- 26Error correction policy, disclosure channels, constituent publication frequency, and index cessation policy were not stated.
- 27The supplied index-specific sections do not print the official MSCI USA Universal name, code 712648, ticker MXUSESU, Bloomberg ID BBG00H914B10, key usa-universal, or short name Universal; these were supplied only in the request metadata.
- 28No appendix or section identifies the Parent Index for MSCI USA Universal.
- 29No provided text confirms the market or country classification for the USA-specific index.
- 30No provided text gives the constituent count or target coverage for MSCI USA Universal.
- 31No provided text gives the launch date, base date, base value, calculation currency, ISIN, or vendor tickers for MSCI USA Universal.
- 32No provided text states index-specific free-float factors, inclusion factors, caps, or special maintenance rules that differ from the family profile.
- 33No provided text confirms whether MSCI USA Universal is a broad or narrow Parent Index variant for issuer-cap treatment.
- 34Not coveredM4 Selection and constituent count: not covered by this edition
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