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INDEX METHODOLOGY
 
 
 
 
 
 
 
 
 
 
 
MSCI ESG        
Screened Indexes 
Methodology 
 
 
 
 
 
 
 
 
 
 
February 2023

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INDEX METHODOLOGY 
 
 
Contents 
 
1 
Introduction ................................................................................. 3 
2 
MSCI ESG Research ..................................................................... 4 
2.1 
MSCI ESG Controversies ............................................................... 4 
2.2 
MSCI ESG Business Involvement Screening Research............... 4 
2.3 
MSCI Climate Change Metrics ...................................................... 4 
3 
Constructing the MSCI ESG Screened Indexes ............................. 5 
3.1    Eligible Universe .............................................................................. 5 
3.2 
GHG Intensity Reduction ............................................................... 5 
3.3 
Weighting Scheme ......................................................................... 6 
4 
Maintaining the MSCI ESG Screened Indexes ............................... 7 
4.1 
Quarterly Index Reviews ................................................................ 7 
4.2 
Monthly Review of Controversies ................................................. 7 
4.3 
Ongoing Event-Related Maintenance ........................................... 7 
Appendix 1 – ESG Exclusions Criteria .................................................. 9 
Appendix 2 – Calculation of GHG Intensity ........................................ 12

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INDEX METHODOLOGY 
 
1 
Introduction 
The MSCI ESG Screened Indexes (“the Indexes”) aim to represent the performance 
of a free float-adjusted market capitalization weighted investment strategy that 
excludes companies:  
• 
that are associated with controversial, civilian and nuclear weapons as 
well as tobacco, palm oil and arctic oil & gas or 
• 
that derive revenues from thermal coal power and extraction of select 
fossil fuels or 
• 
that are not in compliance with the United Nations Global Compact 
principles or 
• 
that are involved in very severe controversies and/or in certain 
biodiversity-related controversies 
In addition, the Indexes target a minimum 30% reduction in carbon emission 
intensity relative to the underlying parent indexes (“Parent Indexes”).

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INDEX METHODOLOGY 
 
1 
MSCI ESG Research 
The MSCI ESG Screened Indexes use company ratings and research provided by 
MSCI ESG Research. In particular, the Indexes use the following MSCI ESG 
Research products: MSCI ESG Controversies, MSCI Business Involvement 
Screening Research and MSCI Climate Change Metrics. 
For details on MSCI ESG Research’s full suite of ESG products, please refer to: 
https://www.msci.com/esg-investing. 
2.1 
MSCI ESG Controversies 
MSCI ESG Controversies provide assessments of controversies concerning the 
potential negative environmental, social, and/or governance impact of company 
operations, products and services. The evaluation framework used in MSCI ESG 
Controversies is designed to be consistent with international norms represented 
by the UN Declaration of Human Rights, the ILO Declaration on Fundamental 
Principles and Rights at Work, and the UN Global Compact. MSCI ESG 
Controversies Score falls on a 0-10 scale, with “0” being the most severe 
controversy.  
For more details on MSCI ESG Controversies, please refer to: 
https://www.msci.com/esg-and-climate-methodologies.   
2.2 
MSCI ESG Business Involvement Screening Research 
MSCI ESG Business Involvement Screening Research (BISR) aims to enable 
institutional investors to manage environmental, social and governance (ESG) 
standards and restrictions reliably and efficiently. 
For more details on MSCI ESG Business Involvement Screening Research, please 
refer to http://www.msci.com/resources/factsheets/MSCI_ESG_BISR.pdf. 
2.3 
MSCI Climate Change Metrics 
MSCI Climate Change Metrics provide climate data & tools to support institutional 
investors seeking to integrate climate risk & opportunities into their investment 
strategy and processes. This includes investors seeking to achieve a range of 
objectives, including measuring and reporting on climate risk exposure, 
implementing low carbon and fossil fuel-free strategies, alignment with 
temperature pathways and factoring climate change research into their risk 
management processes, in particular through climate scenario analysis for both 
transition and physical risks.  
The dataset spans across the four dimensions of a climate strategy: transition 
risks, green opportunities, physical risks and 1.5° alignment. 
For more details on MSCI Climate Change Metrics, please refer to 
https://www.msci.com/climate-change-solutions.

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INDEX METHODOLOGY 
2 
Constructing the MSCI ESG Screened Indexes  
Constructing the Indexes involves the following steps 
• 
Defining the Eligible Universe 
• 
Applying the Greenhouse Gas (GHG) Intensity Reduction 
3.1    Eligible Universe 
The Eligible Universe for the Indexes is defined by applying the following 
exclusions from the Parent Index: 
• 
Controversial Weapons 
• 
Nuclear Weapons 
• 
Civilian Firearms  
• 
Tobacco 
• 
Fossil Fuel Extraction 
• 
Thermal Coal Power 
• 
Arctic Oil & Gas 
• 
Palm Oil 
In addition to the above, companies are also excluded from the Indexes if they 
exhibit any of the following characteristics: 
• 
MSCI ESG Controversies Score of 0 
• 
MSCI ESG Controversies: Environment – Land Use and Biodiversity Score 
of 1 
• 
MSCI ESG Controversies: Environment – Supply Chain Management Score 
of 1 
• 
Missing MSCI ESG Controversies Score – Companies not assessed by 
MSCI ESG Research on MSCI ESG Controversies 
• 
Failure to comply with the United Nations Global Compact Principles. 
Please refer to Appendix 1 for details on these criteria. 
3.2 GHG Intensity Reduction 
After excluding companies as per section 3.1, the GHG intensity relative to the 
Parent Index is assessed. If the GHG intensity1 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. The 
following iterative process is applied: 
 
1 Please refer to Appendix 2 for details of the calculation of GHG Intensity.

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INDEX METHODOLOGY 
1. Securities are ranked in descending order of GHG intensity. 
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. 
3. If the reduction has been achieved, no further securities are excluded. If 
the reduction has not been achieved, further securities are excluded as 
per steps 1 and 2 until the 30% reduction is achieved. 
3.3 Weighting Scheme 
The remaining securities, after the exclusions based on sections 3.1 and 3.2, are 
weighted in proportion of their free float-adjusted market capitalization.

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INDEX METHODOLOGY 
2 
Maintaining the MSCI ESG Screened Indexes  
2.1 
Quarterly Index Reviews 
The Indexes are reviewed on a quarterly basis to coincide with the regular 
Quarterly Index Reviews of the MSCI Global Investable Market Indexes. The 
changes are implemented as of the close of the last business day of February, 
May, August and November.  
In general, MSCI uses MSCI ESG Research data (including MSCI ESG 
Controversies Scores and MSCI Business Involvement Screening Research) as of 
the end of the month preceding the Index Reviews for the rebalancing of the 
Index. For some securities, such data may not be published by MSCI ESG 
Research by the end of the month preceding the Index Review. For such securities, 
MSCI will use ESG data published after the end of month, when available, for the 
rebalancing of the Index.  
The pro forma Indexes are in general announced nine business days before the 
effective date.  
2.2 
Monthly Review of Controversies 
Index constituents are reviewed on a monthly basis for the involvement in ESG 
controversies and for compliance with the United Nations Global Compact 
Principles. Existing constituents will be deleted if they face controversies as 
defined as defined by MSCI ESG Controversy Score of 0 (‘Red flag’ companies), or 
if they fail comply with the UN Global Compact Principles. 
MSCI uses MSCI ESG 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). For some 
securities, such data may not be published by MSCI ESG Research by the end of 
the month preceding the review. For such securities, MSCI will use ESG data 
published after the end of month, when available, for the monthly review of the 
Index.  
The pro forma Indexes are generally announced nine business days before the 
first business day of the month. 
2.3 
Ongoing Event-Related Maintenance 
The following section briefly describes the treatment of common corporate 
events within the MSCI ESG Screened Indexes.  
No new securities will be added (except where noted below) to the Indexes 
between Index Reviews. 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. 
There are no deletions from the Indexes outside of the Quarterly Index Reviews 
and monthly review of controversies on account of a security becoming ineligible

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INDEX METHODOLOGY 
because of a change in business involvement and/or failure to comply with the UN 
Global Compact Principles and/or decrease in MSCI ESG Controversies Score. 
 
EVENT TYPE 
 
 
 
 
EVENT DETAILS 
 
 
 
New additions to the Parent Index 
A new security added to the parent 
index (such as IPO and other early 
inclusions), will not be added to the 
index.  
 
Spin-Offs 
All securities created as a result of 
the spin-off of an existing Index 
constituent will not be added to the 
MSCI ESG Screened Indexes at the 
time of event implementation. 
Reevaluation for addition in the 
Indexes will occur at the 
subsequent Index Review. 
 
Merger/Acquisition 
If an existing Index constituent is 
acquired by a non-Index 
constituent, the existing constituent 
will be deleted from the Index and 
the acquiring non-constituent will 
not be added to the Index. 
 
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. 
 
Further detail and illustration regarding specific treatment of corporate events 
relevant to this Index can be found in the MSCI Corporate Events Methodology 
book.  
The MSCI Corporate Events methodology book is available at: 
https://www.msci.com/index-methodology.

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INDEX METHODOLOGY 
Appendix 1 – ESG Exclusions Criteria 
MSCI ESG Research has developed a framework designed to define significant 
involvement in controversial activities. According to this framework, there are four 
levels of restrictiveness: Most Restrictive, Highly Restrictive, Moderately 
Restrictive and Least Restrictive. 
Each controversial activity screened by the MSCI ESG Screened Indexes (except 
Fossil Fuel Extraction, Thermal Coal Power and Global Norms) is assigned to one 
of these restrictiveness levels: 
 
“Most Restrictive” screen applied 
• 
Controversial Weapons 
- 
All companies with any tie to Controversial Weapons (cluster 
munitions, landmines, depleted uranium weapons, 
biological/chemical weapons, blinding lasers, non-detectable 
fragments and incendiary weapons), as defined by the 
methodology of the MSCI Ex-Controversial Weapons Indexes 
available at https://www.msci.com/index-methodology.  
 
“Highly Restrictive” screen applied 
• 
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 weapons 
(warheads and missiles). 
- 
All companies that manufacture or assemble delivery platforms 
that were developed or significantly modified for the exclusive 
delivery of nuclear weapons. 
- 
All companies that provide auxiliary services related to nuclear 
weapons. 
- 
All companies that manufacture components that were not 
developed or not significantly modified for exclusive use in nuclear 
weapons (warheads and missiles) but can be used in nuclear 
weapons. 
- 
All companies that manufacture or assemble delivery platforms 
that were not developed or not significantly modified for the 
exclusive delivery of nuclear weapons but have the capability to 
deliver nuclear weapons.

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INDEX METHODOLOGY 
- 
All companies that manufacture components for nuclear-exclusive 
delivery platforms. 
• 
Civilian Firearms 
- 
All companies classified as “Producer” of firearms and small arms 
ammunitions for civilian markets. It does not include companies 
that cater to the military, government, and law enforcement 
markets. 
- 
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. 
• 
Tobacco  
- 
All companies classified as a “Producer”.  
- 
All companies deriving 5% or more aggregate revenue from the 
production, distribution, retail, supply and licensing of tobacco-
related products. 
 
No specific restrictiveness level applied 
• 
Fossil Fuel Extraction 
- 
All companies deriving 5% or more aggregate revenue (either reported or 
estimated) from thermal coal mining and unconventional oil and gas 
extraction. 
o 
Thermal Coal Mining: Revenue from the mining of thermal coal 
(including lignite, bituminous, anthracite and steam coal) and its sale 
to external parties. 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 trading 
o 
Unconventional Oil & Gas Extraction: Revenue from oil sands, oil shale 
(kerogen-rich deposits), shale gas, shale oil, coal seam gas and coal 
bed methane. It does not cover all types of conventional oil and gas 
production including Arctic onshore/offshore, deep water, shallow 
water and other onshore/offshore. 
• 
Thermal Coal Power 
- 
All companies deriving 5% or more revenue (either reported or estimated) 
from thermal coal-based power generation. 
• 
Arctic Oil & Gas: 
- 
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. This includes offshore or 
onshore oil and gas production.

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INDEX METHODOLOGY 
• 
Palm Oil 
- 
All companies deriving 5% or more aggregate revenue from the production 
of Palm Oil.  
• 
Global Norms – United Nations Global Compact Compliance 
- 
All companies that fail to comply with the United Nations Global Compact 
principles.

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INDEX METHODOLOGY 
Appendix 2 – Calculation of GHG Intensity 
The security level and index level GHG Intensity are calculated as per below 
formula: 
𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑦 𝐿𝑒𝑣𝑒𝑙 𝐺𝐻𝐺 𝐼𝑛𝑡𝑒𝑛𝑠𝑖𝑡𝑦= 𝐶𝑎𝑟𝑏𝑜𝑛 𝐸𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠 𝑆𝑐𝑜𝑝𝑒 1 + 2 + 3
Enterprise Value +  Cash (in M$)  
 
𝐼𝑛𝑑𝑒𝑥 𝐿𝑒𝑣𝑒𝑙 𝐺𝐻𝐺 𝐼𝑛𝑡𝑒𝑛𝑠𝑖𝑡𝑦
= 
𝑠𝑢𝑚 𝑜𝑓 (𝐶𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑒𝑛𝑡 𝑤𝑒𝑖𝑔ℎ𝑡 ∗ 𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑦 𝐿𝑒𝑣𝑒𝑙 𝐺𝐻𝐺 𝐼𝑛𝑡𝑒𝑛𝑠𝑖𝑡𝑦)
𝑠𝑢𝑚 𝑜𝑓 𝑐𝑜𝑛𝑠𝑡𝑖𝑡𝑢𝑒𝑛𝑡 𝑤𝑒𝑖𝑔ℎ𝑡 𝑤𝑖𝑡ℎ 𝐶𝑎𝑟𝑏𝑜𝑛 𝑒𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑠 𝑎𝑛𝑑 𝐸𝑉𝐼𝐶 𝑑𝑎𝑡𝑎 𝑎𝑣𝑎𝑖𝑙𝑎𝑏𝑙𝑒 
 
Securities with missing Carbon Emissions and/or Enterprise Value + Cash are not 
considered for potential exclusion under section 3.2.

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INDEX METHODOLOGY 
 
Appendix 3 – Tracked Changes 
 
The following sections have been updated as of May 2019: 
Appendix 1: ESG Exclusions Criteria 
• 
Clarified the screening criteria for companies involved in ‘Tobacco’  
 
The following sections have been updated as of November 2019: 
Appendix 1: ESG Exclusions Criteria 
• 
Clarified the screening criteria for companies involved in ‘Civilian Firearms’  
 
The following sections have been updated as of May 2022: 
Section 3.2: ESG Exclusions 
• 
Added ‘Fossil Fuel Extraction’ and ‘Thermal Coal Power’ 
• 
Removed ‘Thermal Coal’ and ‘Oil Sands’ 
Section 4.2: Ongoing Event-Related Maintenance 
• 
Clarified the maintenance rules 
Appendix 1: ESG Exclusions Criteria 
• 
Added screens for ‘Fossil Fuel Extraction’ and ‘Thermal Coal Power’ 
• 
Removed screens for ‘Thermal Coal’ and ‘Oil Sands’ 
 
The following sections have been updated as of August 2022: 
Section 3.2: ESG Exclusions 
• 
Removed footnote for MSCI ESG Controversies Score 
• 
Added reference to companies with missing MSCI ESG Controversies 
Score 
 
The following sections have been updated as of February 2023: 
Section 3.1: Eligible Universe 
• 
Added screens for ‘Arctic Oil & Gas’ and ‘Palm Oil’ 
• 
Added references to ‘Environment – Land Use & Biodiversity Score’ and 
‘Environment – Supply Chain Management Score’

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INDEX METHODOLOGY 
Section 3.2: GHG Intensity Reduction 
• 
New section 
Section 4.2: Monthly Review of Controversies 
• 
New section 
Appendix 1: ESG Exclusions Criteria 
• 
Added screens for ‘Palm Oil’ and ‘Arctic Oil & Gas’ 
Appendix 2: Calculation of GHG Intensity 
• 
New appendix

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