Also known as: 726315 (MSCI code)
At a glance
- Weighting schemeFactor tilted
- Review frequencySemi-annual
- Single cap10
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Reweighting input | MSCI Low Carbon Transition score and category | use the MSCI Low Carbon Transition0F1 (LCT) score and category to reweight constituents of the Parent Indexes to increase exposure to companies participating in opportunitiesOpen p.4 ↗ |
The indexes use the MSCI Low Carbon Transition score and category to reweight parent-index constituents. |
| Greenhouse gas intensity reduction | 30% | Reduce the weighted average greenhouse gas intensity by 30% (compared to the underlying investment universe.Open p.4 ↗ |
The indexes target a 30% reduction in weighted-average greenhouse gas intensity relative to the underlying investment universe or parent index. |
| Annual decarbonization path | 7 pct per year | Reduce the weighted average greenhouse gas (GHG) intensity by 7% on an annualized basisOpen p.4 ↗ |
The indexes target a 7% annualized reduction in weighted-average greenhouse gas intensity. |
| Potential emissions intensity reduction | 30% | Reduce the weighted average potential emissions intensity by 30% (compared to the underlying investment universe.Open p.4 ↗ |
The indexes target a 30% reduction in weighted-average potential emissions intensity relative to the underlying investment universe or parent index. |
| Green to fossil fuel revenue ratio | at least equivalent to the parent index | Minimum ratio of Green Revenue/ Fossil fuels-based Revenue relative At least equivalent to Parent IndexOpen p.5 ↗ |
The ratio of weighted-average green revenues to fossil-fuel-based revenues must be at least equivalent to that of the parent index. |
| Index name | MSCI Climate Change CTB Indexes | The MSCI Climate Change CTB Indexes (the ‘Indexes’) aim to represent the performance of an investment strategy that re-weights securities based on the opportunities and risks associated with the transition to a lower carbon economy.Open p.4 ↗ |
The official index family name is the MSCI Climate Change CTB Indexes. |
| Index short name | Indexes | The MSCI Climate Change CTB Indexes (the ‘Indexes’) aim to represent the performance of an investment strategyOpen p.4 ↗ |
The document refers to the indexes collectively as the “Indexes.” |
| Administrator | MSCI Limited and MSCI Deutschland GmbH | MSCI Limited and MSCI Deutschland GmbH are the benchmark administrators for the MSCI indexes.Open p.5 ↗ |
MSCI Limited and MSCI Deutschland GmbH are the benchmark administrators for the MSCI indexes. |
| Index family | MSCI Climate Change CTB Indexes | The MSCI Climate Change CTB Indexes (the ‘Indexes’) aim to represent the performance of an investment strategyOpen p.4 ↗ |
The index family is the MSCI Climate Change CTB Indexes. |
| Parent index | corresponding market capitalization weighted Parent Indexes | The Indexes are constructed from their corresponding market capitalization weighted indexes (the ‘Parent Indexes’)Open p.4 ↗ |
Each index is constructed from its corresponding market-capitalization-weighted parent index. |
| Objective | The Indexes aim to represent the performance of an investment strategy that re-weights securities based on the opportunities and risks associated with the transition to a lower carbon economy. | The MSCI Climate Change CTB Indexes (the ‘Indexes’) aim to represent the performance of an investment strategy that re-weights securities based on the opportunities and risks associated with the transition to a lower carbon economy.Open p.4 ↗ |
The indexes aim to represent the performance of a strategy that reweights securities according to opportunities and risks from the transition to a lower-carbon economy. |
| Market classification | Global | The Indexes are constructed from their corresponding market capitalization weighted indexes (the ‘Parent Indexes’) and use the MSCI Low Carbon Transition0F1 (LCT) score and categoryOpen p.4 ↗ |
The family methodology is not limited to one listed market and uses corresponding parent indexes; no specific market classification is stated for the family. |
| Index family type | Climate | As a final step, the Indexes are designed to exceed the minimum standards of the EU Climate Transition Benchmark (CTB)1F2.Open p.4 ↗ |
The indexes are climate-transition indexes designed to exceed EU Climate Transition Benchmark minimum standards. |
| M2 Universe · 4 fields | |||
| Thermal coal mining revenue threshold | 1% | All companies that derive 1% or more revenue (either reported or estimated) from the mining of thermal coal (including lignite, bituminous, anthracite and steam coal) and its sale to external parties.Open p.6 ↗ |
Companies deriving 1% or more reported or estimated revenue from thermal coal mining and external sales are excluded. |
| Thermal coal exclusions scope limitation | Excludes metallurgical coal, internally mined coal for power generation, intra-company sales, and coal trading revenue. | It does not cover revenue from metallurgical coal, coal mined for internal power generation (e.g. in the case of vertically integrated power producers), intra-company sales of mined thermal coal, and revenue from coal tradingOpen p.6 ↗ |
The thermal-coal screen does not cover metallurgical coal, coal mined for internal power generation, intra-company sales, or coal trading revenue. |
| Parent universe index | Parent Index | The Eligible Universe is constructed from the constituents for the Parent Index by excluding securities based on the exclusion criteria listed below:Open p.6 ↗ |
The eligible universe is constructed from the constituents of the parent index. |
| Exclusions | Controversial weapons, Red flag controversies, Tobacco involvement, Red or orange flag environmental controversies, Thermal coal mining | Controversial Weapons: Companies involved in Controversial Weapons as defined by the methodology of the MSCI Ex-Controversial Weapons Indexes.Open p.6 ↗ |
Parent-index constituents are excluded for controversial weapons, red-flag controversies, tobacco involvement, red- or orange-flag environmental controversies, and thermal coal mining. |
| M3 Eligibility screens · 13 fields | |||
| Data provider | MSCI Solutions LLC | The Indexes use company ratings and research provided by MSCI Solutions LLC (‘MSCI Solutions’)3F4 to determine eligibility for Index inclusion.Open p.5 ↗ |
The indexes use company ratings and research from MSCI Solutions LLC to determine eligibility. |
| Unrated companies | Companies not assessed in MSCI Controversies, MSCI Climate Change Metrics, or MSCI Business Involvement Screening Research are ineligible. | Companies not assessed by MSCI Solutions on data for any of the following MSCI Solutions products are not eligible for inclusion in the Indexes: MSCI Controversies MSCI Climate Change Metrics MSCI Business Involvement Screening Research (BISR)Open p.9 ↗ |
Companies lacking MSCI Solutions assessments for controversies, climate-change metrics, or business involvement screening research are not eligible. |
| Controversy score scale | 0 to 10, with 0 the most severe | MSCI Controversies Score falls on a 0-10 scale, with “0” being the most severe controversy.Open p.12 ↗ |
MSCI Controversies scores range from 0 to 10, with 0 representing the most severe controversy. |
| Controversial weapons categories | cluster bombs, Landmines, depleted uranium weapons, chemical and biological weapons, blinding laser weapons, non-detectable fragments, incendiary weapons using white phosphorus | Cluster Bombs MSCI Solutions’ cluster bomb research identifies public companies that are involved in the production of cluster bombs and munitionsOpen p.13 ↗ |
Controversial-weapons exclusions cover cluster bombs, landmines, depleted uranium, chemical and biological weapons, blinding lasers, non-detectable fragments, and white-phosphorus incendiary weapons. |
| Controversial weapons ownership threshold | 20% | Ownership of 20% or more of a weapons or components producerOpen p.14 ↗ |
Owning 20% or more of a weapons or weapons-component producer is an involvement criterion. |
| Financial company controversial weapons ownership threshold | 50% | The minimum limit is raised to 50% for financial companies having an ownership in a company that manufactures controversial weapons or key components of controversial weaponsOpen p.14 ↗ |
For financial companies, the ownership threshold is raised to 50% for ownership in a controversial-weapons manufacturer or key-component maker. |
| Controversial weapons revenue tolerance | 0% | Revenue limits: Any identifiable revenues, i.e., zero tolerance.Open p.14 ↗ |
Any identifiable controversial-weapons revenue results in exclusion, meaning zero tolerance. |
| Minimum waci reduction | 30% | Minimum reduction in Weighted Average Scope 1+2+3 Carbon 30% Emissions Intensity (WACI) relative to Parent IndexOpen p.5 ↗ |
Weighted-average Scope 1, 2, and 3 carbon emissions intensity must be at least 30% lower than the parent index. |
| Minimum potential emissions reduction | 30% | Minimum reduction in Weighted Average Potential Emissions 30% Intensity relative to Parent IndexOpen p.5 ↗ |
Weighted-average potential emissions intensity must be at least 30% lower than the parent index. |
| Minimum annual waci reduction | 7 pct per year | Minimum average reduction (per annum) in WACI relative to WACI in 7% the Base Date5F6Open p.5 ↗ |
WACI must decline by an average of at least 7% per year relative to the base date. |
| High climate impact sector active weight | 0% | Active weight in High Climate Impact Sector relative to Parent 0% Index as defined in Appendix IIIOpen p.5 ↗ |
Active weight in high-climate-impact sectors relative to the parent index must be 0%. |
| Low carbon transition assessment | Measures company exposure to and management of low-carbon transition risks and opportunities. | MSCI Solutions’ Low Carbon Transition Risk assessment 10F11 is designed to identify potential leaders and laggards by measuring companies’ exposure to and management of risks and opportunitiesOpen p.15 ↗ |
MSCI’s Low Carbon Transition Risk assessment measures companies’ exposure to and management of low-carbon transition risks and opportunities. |
| Business or ESG exclusions | Controversial weapons, Severe controversies, Tobacco, Environmental harm, Thermal coal mining | Controversial Weapons Controversy Score of 0 Tobacco Involvement Baseline Exclusions Orange Flag Environmental Controversies Thermal coal miningOpen p.5 ↗ |
Eligibility applies exclusions for controversial weapons, red-flag controversies, tobacco involvement, red- or orange-flag environmental controversies, and thermal coal mining. |
| M4 Selection and constituent count · 8 fields | |||
| Eligible universe treatment | All eligible securities weighted | At each rebalancing, all the securities from the Eligible Universe are weighted by the product of their weight in the Parent Index and the Combined Score.Open p.7 ↗ |
All securities in the Eligible Universe receive a weight at each rebalancing. |
| Combined score formula | Category tilt score times relative tilt score | The Combined Score is calculated for each company as follows: Combined Score = Category Tilt Score * Relative Tilt Score.Open p.7 ↗ |
Each company's Combined Score equals its Category Tilt Score multiplied by its Relative Tilt Score. |
| Category tilt scores | Category: Solutions; Score: 2, Category: Neutral; Score: 1, Category: Operational Transition; Score: 0.667, Category: Product Transition; Score: 0.333, Category: Asset Stranding; Score: 0.167 | LCT Category Category Tilt Score Solutions 2 Neutral 1 Operational Transition 0.667 Product Transition 0.333 Asset Stranding 0.167Open p.6 ↗ |
Category Tilt Scores are 2 for Solutions, 1 for Neutral, 0.667 for Operational Transition, 0.333 for Product Transition, and 0.167 for Asset Stranding. |
| Relative tilt score floor | 0.5 | The ‘Relative Tilt Score’ is floored at 0.5 to balance its effect on the final weight of index constituents.Open p.7 ↗ |
The Relative Tilt Score is floored at 0.5. |
| Climate impact sector classification | High Climate Impact, Low Climate Impact | Each security in the Parent Index is classified into one of two climate impact sectors 7F8 based on its NACE section code.Open p.7 ↗ |
Each Parent Index security is classified as High Climate Impact or Low Climate Impact based on its NACE section code. |
| Selection method | Optimization | At each rebalancing, all the securities from the Eligible Universe are weighted by the product of their weight in the Parent Index and the Combined Score.Open p.7 ↗ |
The index starts from all eligible securities and applies score-based weighting, constraints, and possible iterative downweighting to satisfy minimum climate requirements. |
| Ranking metrics | Name: LCT category; Direction: Higher category tilt score; Step order: 1, Name: LCT score; Direction: Higher score; Step order: 2, Name: Scope 1+2+3 carbon emissions intensity; Direction: Lower intensity preferred; Step order: 3, Name: potential carbon emissions intensity; Direction: Lower intensity preferred; Step order: 4, Name: fossil fuels-based revenue percentage minus green revenue percentage; Direction: Smaller difference preferred; Step order: 5 | The ‘Category Tilt Score’ is used to express relative tilt towards or away from a stock based on the LCT Category.Open p.6 ↗ |
Securities are tilted by LCT category and LCT score; during requirement-driven downweighting, they are ranked by Scope 1+2+3 emissions intensity, then potential emissions intensity or green-to-fossil revenue exposure depending on the failed target. |
| Industry neutrality rule | High and Low Climate Impact sector weights match the Parent Index, while active GICS sector weights are generally constrained within plus or minus 5 percent except for Energy. | The High Impact Sector and Low Impact Sector weights are equal to their respective weights in the Parent Index.Open p.8 ↗ |
The construction preserves Parent Index weights for High and Low Climate Impact sectors and limits active GICS sector weights to +/-5%, with the Energy sector unconstrained. |
| M5 Weighting and capping · 14 fields | |||
| Parent weight anchor | Security weight is parent index weight times combined score | At each rebalancing, all the securities from the Eligible Universe are weighted by the product of their weight in the Parent Index and the Combined Score.Open p.7 ↗ |
Initial security weights are derived from each security's Parent Index weight and its Combined Score. |
| Broad index issuer cap | max(5%, parent_issuer_weight) | The weight of issuers in the iterative process is capped as per the table below: For Broad Indexes Max (5%, Max (Parent Issuer Weight))Open p.8 ↗ |
For Broad Indexes, an issuer's weight is capped at the greater of 5% and its Parent Index issuer weight. |
| Narrow index issuer cap | max(10%, parent_issuer_weight) | For Narrow Indexes9F10 Max (10%, Max (Parent Issuer Weight))Open p.8 ↗ |
For Narrow Indexes, an issuer's weight is capped at the greater of 10% and its Parent Index issuer weight. |
| Narrow parent index definition | Maximum parent market capitalization weight above 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.8 ↗ |
A Narrow Parent Index is one whose largest market-capitalization weight in the Parent Index exceeds 10%. |
| Solutions category minimum active weight | 2% | The minimum solutions category weight in the Index will not deviate less than +2% from the solutions category weight in the Parent Index.Open p.28 ↗ |
The Solutions category weight must be at least 2 percentage points above its Parent Index weight. |
| Climate impact sector active weight | 0% | The High Climate Impact and Low Climate Impact sector weight in the Index will be the same as in the Parent Index.Open p.28 ↗ |
High Climate Impact and Low Climate Impact sector weights must match their Parent Index weights with zero active deviation. |
| Capping algorithm | Iterative deviation ratio adjustment | The most violating constraint is adjusted first to the respective bound value. The excess weight (difference of current value to the respective bound value) is distributed proportionally to all the other constituentsOpen p.28 ↗ |
Capping iteratively identifies the most violating constraint, adjusts it to its bound, and distributes excess weight proportionally to other constituents. |
| Capping relaxation rules | Solutions minimum step (%): -0.5; Solutions minimum maximum iterations: 4; Sector minimum step (%): -0.5; Sector minimum maximum iterations: 10; Sector maximum step (%): 0.5; Sector maximum maximum iterations: 10 | Relax the minimum bound of weight for solutions category in steps of -0.5% up to a maximum of 4 iterations. Relax the minimum bound of sector weights in steps of -0.5%, up to a maximum of 10 iterations.Open p.29 ↗ |
If needed, capping relaxes the Solutions minimum in -0.5% steps for up to four iterations and sector bounds in 0.5% steps for up to ten iterations. |
| Iterative downweight increment | 25 percent of final universe weight | the lowest ranked “Bottom Half” stock in ascending order of Scope 1+2+3 Carbon Emissions Intensity is selected for downweighting and the weight is reduced by 25% of its weight in the Final Universe.Open p.24 ↗ |
In the climate-requirement optimization, selected stocks are initially downweighted by 25% of their Final Universe weight, with repeated steps up to 75%. |
| Iterative downweight maximum | 90 percent of final universe weight | If the targets are not met and all “Bottom Half” stocks of the Final Universe are downweighted by 75% of the weight in the Final Universe, Steps 3-7 are repeated, with a maximum downweighting of 90%Open p.24 ↗ |
If requirements remain unmet, maximum downweighting is relaxed from 75% to 90% of Final Universe weight. |
| Weighting scheme | Factor tilted | 𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑦 𝑊𝑒𝑖𝑔ℎ𝑡= 𝐶𝑜𝑚𝑏𝑖𝑛𝑒𝑑 𝑆𝑐𝑜𝑟𝑒∗𝑊𝑒𝑖𝑔ℎ𝑡 𝑖𝑛 𝑃𝑎𝑟𝑒𝑛𝑡 𝐼𝑛𝑑𝑒𝑥 The above weights are then normalized to 100%.Open p.7 ↗ |
Securities are weighted by their Parent Index weight multiplied by a climate Combined Score, then normalized to 100%. |
| Weight cap | 10% | The maximum weight of an Index constituent at an issuer level will be restricted to max(5%,weight in the Parent Index) for Broad Indexes The maximum weight of an Index constituent at an issuer level will be restricted to max(10%,weight in the Parent Index) for Narrow Indexes.Open p.28 ↗ |
Issuer weight is limited to the greater of 5% and Parent Issuer Weight for Broad Indexes, or 10% and Parent Issuer Weight for Narrow Indexes. |
| Sector cap (%) | 5% | The maximum/minimum GICS sector weight in the Index will not deviate more than +/-5% from the sector weight in the Parent Index excluding the energy sector.Open p.28 ↗ |
GICS sector weights may not deviate more than 5 percentage points from Parent Index sector weights, excluding the Energy sector. |
| Cap application timing | At review | The weight of securities in the Final Universe is capped as per the below table: Capping Level No. Constriants Max(5%, Parent Issuer Weight) at Issuer Level for Broad IndexesOpen p.8 ↗ |
Capping is applied as part of index construction and weighting at each rebalancing. |
| M6 Review and rebalance schedule · 8 fields | |||
| Parent index intermediate review treatment | If the parent index is reviewed more frequently, changes made at intermediate parent index reviews are neutralized in the index. | if the frequency of Index Reviews in the Parent Index is greater than the frequency of Index Reviews in the Index, the changes made to the Parent Index during intermediate Index Reviews will be neutralized in the Index.Open p.10 ↗ |
Intermediate parent index changes are neutralized when the parent index is reviewed more frequently than this index. |
| Review frequency | Semi-annual | The Indexes are reviewed on a semi-annual basis, as of the close of the last business day of May and NovemberOpen p.10 ↗ |
The indexes are reviewed semi-annually. |
| Review types | Semi annual review, Ad hoc | The Indexes are reviewed on a semi-annual basis, as of the close of the last business day of May and NovemberOpen p.10 ↗ |
The indexes follow semi-annual index reviews and may undergo ongoing event-related changes between reviews. |
| Review months | May, November | as of the close of the last business day of May and November, coinciding with the May and November Index ReviewOpen p.10 ↗ |
Semi-annual reviews occur in May and November. |
| Data cutoff rule | MSCI Solutions data are generally used as of the end of the month preceding the May and November index reviews. | In general, MSCI uses MSCI Solutions data (including MSCI Controversies, MSCI Climate Change Metrics and MSCI Business Involvement Screening Research) as of the end of the month preceding the Index ReviewsOpen p.10 ↗ |
For rebalancing, MSCI generally uses MSCI Solutions data as of the end of the month preceding the index reviews. |
| 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.10 ↗ |
Pro forma 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, coinciding with the May and November MSCI Global Investable Market Indexes reviews. | The Indexes are reviewed 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 Review of the MSCI Global Investable Market Indexes.Open p.10 ↗ |
Reviews are effective as of the close of the last business day of May and November, coinciding with the May and November MSCI Global Investable Market Indexes reviews. |
| Rebalance frequency | Semi-annual | as of the end of the month preceding the Index Reviews for the rebalancing of the Indexes.Open p.10 ↗ |
The indexes are rebalanced at the semi-annual index reviews. |
| M7 Buffers and turnover control · 1 field | |||
| Turnover objective | Corporate event treatment aims to minimize turnover outside index reviews. | The general treatment of corporate events in the Indexes aims to minimize turnover outside of Index Reviews.Open p.10 ↗ |
The general treatment of corporate events aims to minimize turnover outside scheduled index reviews. |
| M8 Corporate actions, IPOs, ad-hoc changes · 7 fields | |||
| Security characteristic changes | A security remains a constituent after changes in characteristics such as country, sector, or size segment, with continued inclusion reassessed at the subsequent review. | A security will continue to be an Index constituent if there are changes in characteristics (country, sector, size segment, etc.) Reevaluation for continued inclusion in the Index will occur at the subsequent Index Review.Open p.11 ↗ |
Securities remain in the index after country, sector, size segment, or other characteristic changes, subject to reassessment at the next review. |
| Fast entry | Timing: New securities added to the parent index, including IPOs and other early inclusions, are not added between index reviews | A new security added to the parent index (such as IPO and other early inclusions) will not be added to the index.Open p.11 ↗ |
No fast entry is permitted: a new security added to the parent index, including an IPO or other early inclusion, is not added to this index. |
| Ad-hoc deletion | Delisting, Acquisition | Parent Index deletions will be reflected simultaneously.Open p.10 ↗ |
Parent index deletions are reflected simultaneously, and an existing constituent acquired by a non-constituent is deleted. |
| Replacement policy | None | the existing constituent will be deleted from the Index and the acquiring non-constituent will not be added to the Index.Open p.11 ↗ |
No replacement security is added when an existing constituent is acquired by a non-constituent. |
| Merger spinoff rules | Spin-off securities of existing constituents are added at event implementation and reassessed at the next review; in mergers and acquisitions, the acquirer's post-event weight reflects deal-consideration shares, cash proceeds are invested across the index, and a target acquired by a non-constituent is deleted without adding the 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.Open p.11 ↗ |
Spin-offs are added at implementation and reviewed later; mergers reflect deal-consideration shares in the acquirer, invest cash proceeds across the index, and delete a target acquired by a non-constituent without adding the acquirer. |
| Share or float change threshold | Changes in index market capitalization resulting from corporate event implementation are offset by a corresponding change in the constituent's 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.10 ↗ |
Corporate-event-driven changes in index market capitalization are offset through the constituent's Variable Weighting Factor; no numerical threshold is stated. |
| 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.11 ↗ |
Further 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 is part of the Methodology Set governing the Indexes. | MSCI Index Calculation Methodology – https://www.msci.com/index/methodology/latest/IndexCalcOpen p.30 ↗ |
The indexes are governed by a methodology set that includes the MSCI Index Calculation Methodology. |
| M10 Governance, change policy, disclosure · 3 fields | |||
| Administrators | MSCI Limited, MSCI Deutschland GmbH | MSCI Indexes are administered by MSCI Limited and MSCI Deutschland GmbH.Open p.12 ↗ |
The MSCI indexes are administered by MSCI Limited and MSCI Deutschland GmbH. |
| 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, MSCI Global ex Tobacco Involvement Index, 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.30 ↗ |
The indexes are governed by a defined set of MSCI methodology and policy documents. |
| Methodology 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.30 ↗ |
The Methodology Set can be accessed on MSCI's index methodology webpage. |
Open points · 20Model-written, for reference
- 1No index-specific vendor code, ISIN, Bloomberg ticker, Refinitiv ticker, Wind ticker, or local ticker was stated.
- 2No launch date, base date, base value, calculation currency, methodology version, or methodology edition date was stated.
- 3No specific countries, exchanges, boards, or security types were listed for this family-level methodology; coverage depends on the corresponding parent index.
- 4No minimum trading-history, liquidity, market-capitalization, free-float, foreign-room, voting-rights, minimum-price, financial-screen, suspension, or extreme-price screen was stated because eligibility is inherited from parent-index constituents plus climate and ESG criteria.
- 5Benchmark regulatory status under the requested enum was not explicitly stated, although the indexes are designed to exceed EU Climate Transition Benchmark minimum standards.
- 6Size segment was not explicitly stated for the family and depends on the corresponding parent index.
- 7Stated limitations of the indexes were not found.
- 8No fixed target constituent count or constituent-count range is stated.
- 9No explicit tie-breaking rule for equal ranking metrics is stated.
- 10No reserve list or pre-ranked replacement pool is described.
- 11No free-float factor, Foreign Inclusion Factor, Domestic Inclusion Factor, foreign ownership limit, or number-of-shares source is stated.
- 12No standalone country cap percentage is stated, despite the capping methodology mentioning country weights.
- 13No divisor adjustment or Price Adjustment Factor rule is stated.
- 14No rank buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review is stated.
- 15No explicit deletion price is stated.
- 16No numerical threshold for implementing share or free-float changes between reviews is stated.
- 17No size threshold, excluded boards, or timing window for early inclusion is provided; the document instead states that IPOs and other early parent-index additions are not added.
- 18The precise effective date beyond the close of the last business day of May and November is not separately stated.
- 19Formula type, price source, calculation frequency, published precision, return variants, withholding-tax basis, dividend treatment, divisor-adjustment events, market-disruption treatment, and recalculation policy are not stated and would require the referenced MSCI Index Calculation Methodology.
- 20Oversight body, discretionary powers, methodology review frequency, external review or consultation procedure, material-change definition, notice period, error correction policy, disclosure channels, constituent publication frequency, and cessation policy are not stated and may be covered by the referenced MSCI Index Policies.
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