MSCI Index Policies
December 2023

December 2023

MSCI INDEX POLICIES | DECEMBER 2023

Contents

Overview

3

Index Design Guidelines

5

Index and Methodology Review Process

6

Methodology and Index Consultation Policy

7

Methodology and Index Consultation Process

7

Index Termination Policy

10

Corrections Policy

12

Index Calculation and Discretion

13

Notice on Index Usage15© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI INDEX POLICIES | DECEMBER 2023

Overview
MSCI provides a wide variety of indexes1 all of which are governed by rules-based
methodologies. MSCI’s primary equity index methodology is the MSCI Global
Investable Market Index (“GIMI”) methodology. Other equity indexes, including
custom indexes created at clients’ requests, are in general derived and maintained
based on the universe of securities used by the MSCI Global Investable Market
Indexes, i.e., the MSCI Global Investable Equity Universe. Exceptions to this arehighlighted in the respective index methodology documentation or custom index
specification documents.
Groupings of MSCI equity indexes include regional and individual country indexes
and related size, and sector indexes which are based on the GIMI methodology.
These indexes serve as the “parent” indexes for other MSCI indexes createdaccording to methodologies that address specific investment themes and strategies
such as MSCI Factor Indexes, MSCI ESG Indexes, MSCI Thematic Indexes and MSCIStrategy Indexes (other than MSCI Factor Indexes).
MSCI also calculates certain blended indexes which, according to methodologicalrules, combine MSCI equity indexes with indexes representing other asset classes or
combine indexes representing only non-equity asset classes including digital assets.
Importantly, while different indexes address specific investment themes andstrategies, they are all managed by a single set of governance committees,
procedures and policies.
MSCI publishes the methodologies governing its indexes. MSCI methodology
documents outline index objectives and detail the rules and guidelines followed by
MSCI to create and maintain MSCI indexes in a wide set of possible circumstances,including situations of market stress. MSCI’s rules-based index methodologies aredesigned to ensure that indexes are determined with integrity and that discretion is
not used in the production of the indexes except in unusual cases not effectively
addressed by the methodology.
A particular index will be governed by a number of methodology documents,
including the specific index methodology book (as well as a parameter sheet if
required), the MSCI Index Policies, and, in most cases, the MSCI Global Investable
Market Indexes Methodology (or other parent index methodology), the MSCI Index
Calculation Methodology, the MSCI Corporate Events Methodology, and the MSCI
Fundamental Data Methodology, all of which are available on the MSCI’s website
www.msci.com.

1

Within this document, “MSCI indexes” or “indexes” refer to MSCI’s equity, blended and digital assets indexes.

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MSCI INDEX POLICIES | DECEMBER 2023

MSCI also calculates custom indexes at clients’ requests. These are constructed andmaintained based on parent MSCI indexes and methodologies to which, for example,
a client-defined screen, exclusion list or weighting is applied. These modifications
are documented in specification forms and/or parameter sheets which are used inconjunction with the index methodology documents that govern the relevant parent
MSCI Index to construct and maintain the custom index. In cases where a custom
index methodology is more complex and would benefit from more detailed
explanation, a separate methodology document is prepared. Custom index
methodologies and/or parameter sheets are published on MSCI’s website at theclient’s request.

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MSCI INDEX POLICIES | DECEMBER 2023

Index Design Guidelines
These guidelines are followed in the development and maintenance of all MSCI
indexes. MSCI indexes aim to accurately and objectively measure performance of amarket or economic reality as represented by the investment opportunity set basedon a market, market segment, theme, or investment strategy. This objective should
be clearly stated in the specific index methodology document.
Unless explicitly stated otherwise, new indexes should be constructed from the
Global Investable Equity Universe. This universe starts with the broadest set ofavailable listed securities and screens for investability including liquidity, size andownership restrictions. A broader or different universe used for an index
methodology should consider these investability factors as well, and should be
described in the relevant methodology book.
MSCI indexes should be constructed and maintained with the following prime
objectives in mind:•

Representativeness•

Replicability•

Efficiency

Index methodologies should be rules-based and aim to find the right balance
between representativeness of the underlying market or strategy and replicability of
the index in an actual portfolio in a cost efficient manner.
The rationale for adopting each specific methodology should be based on a thoroughreview of the market and economic reality the indexes are intended to represent. For
new index methodologies, this review should include back-testing wheneverappropriate.
For custom indexes, the objective of the index is determined in conjunction with theclient and the client-defined screen, exclusion list, weighting constraints or
combination of methodologies is documented in the custom index specification
and/or parameter sheet or a specific methodology document as agreed with theclient. Clients may request that the specific custom index parameters andmethodologies be posted on www.msci.com.

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MSCI INDEX POLICIES | DECEMBER 2023

Index and Methodology Review Process
All MSCI indexes are rebalanced regularly and methodologies governing indexes arereviewed at least annually, usually contemporaneously with the index rebalancing
process.
As part of the regular index rebalancing process, MSCI Indexes are reviewed relative
to the market or strategy they are designed to reflect. This assists in the evaluationof methodologies for both consistency and effectiveness and may highlightsituations where changes in the methodology are warranted to reflect changes in theunderlying market opportunity. Proposed changes are presented to the Equity Index
Committee (“EIC”) and will trigger a consultation if they are material.
The index rebalancing frequency is typically quarterly or semi-annually, but can bedaily, monthly or triggered by conditions specified in the relevant methodology.
Timely and consistent treatment of corporate events also occurs outside regularrebalancing periods.
Methodologies are formally reviewed at least annually, typically by analyzing a
representative set of indexes, to ensure the methodology continues to reflect its
stated objective and complies with the current MSCI Index Policies document. Somemethodologies, such as the MSCI Global Investable Market Indexes Methodology arereviewed quarterly, coinciding with each index rebalancing. In addition, all new
methodologies are reviewed and approved by the EIC and all rebalancing tools arethoroughly tested.
MSCI may trigger out-of-cycle methodology reviews based on, but not limited to, oneof the following:•

Market participant feedback•

Underlying market review and rebalancing•

Unusual corporate events and other constituent data changes•

Current events and news

Index changes resulting from index rebalancing or methodology reviews areannounced simultaneously to all market participants in advance of implementation.
In cases of significant index changes resulting from methodology changes,
methodology transitions or market reclassifications, MSCI may consider potential
overall market turnover while assessing replicability of the proposed changes. In
such cases MSCI may consider implementation of changes in multiple phases toreduce potential market impact and enhance replicability of a change.

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MSCI INDEX POLICIES | DECEMBER 2023

Methodology and Index Consultation Policy
Markets are complex and market participants are diverse. When faced with asituation that may result in a material2 change to an MSCI index methodology or its
implementation, in order to inform its decision process, MSCI seeks to understandthe differing perspectives in the investment community through its broad
consultation process. Public consultations provide essential feedback for increasingtransparency, providing access to information, fueling innovation and improvement,
and ensuring the on-going relevance of the indexes. After considering the feedback
from the consultation process, the decision making remains the responsibility of
MSCI solely, through the EIC and, if necessary, the Index Policy Committee (“IPC”).
Consultation papers and discussions with market participants are an ideal channel toshare the reasoning and the motivation behind MSCI proposals. Structured
dialogues enable institutional investors to share their views on existing benchmarks
and benchmark practices as well as on potential innovations and required changes.
In addition, public consultations give institutional investors the lead time they need to
fully evaluate potential benchmark changes and their implications.

Methodology and Index Consultation Process
MSCI commences a public consultation when the EIC approves a proposal to make amaterial change to a methodology as recommended by an internal group, e.g., Index
Research, Corporate Events, Corporate Data based on the internal analysis triggeredby an internal review or any feedback from market participants on a particular topic.
Such proposals may generally result from either market related developments or
regular methodology reviews.

Once the decision to open a consultation has been taken by the EIC, a consultation
document is created, which describes the consultation topic and, in some cases,
presents either the initial thinking on the matter or a draft proposal. This document
is approved by the EIC before public dissemination, including the date by whichinvestors must provide feedback to MSCI.
A consultation begins in general with an announcement giving the highlights of the
MSCI proposal(s) and indicating the location of the consultation document on
MSCI’s website. The announcement is widely distributed through multiple channels,
including the MSCI website, Bloomberg, Reuters and directly to MSCI’s clients. MSCI
2 The EIC determines if a methodology change is material. This determination is made based on the analysis of

the currently estimated or potential future impact of the methodology change on the index composition,measured by the changes in the selection and/or weights of the index constituents. Fundamental changes in
the index construction principles would be generally considered as material.

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MSCI INDEX POLICIES | DECEMBER 2023

collects feedback from market participants in a variety of formats including but notlimited to in person meetings, calls, mails, surveys, etc. as deemed appropriate.
MSCI welcomes feedback from any market participants but will also actively source
views from its clients or other specific stakeholders (e.g., stock exchanges, market
regulators and other regulatory agencies). It is important to MSCI that that feedback
is obtained from the most appropriate market participants for any consultation topic.
Exhibit 1 shows the types of index users that MSCI may specifically seek feedback
from during a consultation. For example, a potential change in market classificationof an MSCI Country Index requires information and views about feasibility, impact
and design from representatives of all of these types, including small, medium andlarge benchmark users in each category. All regions are also important in this caseas investors from different regions may face different challenges in investing in theassets of the country index in question. A short list of mandatory client feedback will
be defined by the team leading the consultation and discussed with the relevant
MSCI client coverage teams.
Exhibit 1: Sample Consultation Matrix for a Proposed Market Classification Change
Title

Asia

EuropeAmericas

Asset Owners

✓

✓

✓

Consultants

✓

✓

✓

Active AssetManagers✓✓✓

Indexed AssetManagers✓✓✓

Broker/Dealers

✓

✓

✓

Once MSCI has gathered all required feedback, the group in charge of theconsultation will analyze the views and formulate an informed recommendation thatwill be presented to, discussed and debated at the EIC. The EIC will take the final
decision on the proposal or escalate to the Index Policy Committee if required. The
final decision, while considering all the feedback received, may weigh the feedbackof some market participants, e.g., Asset Owners, Asset Managers (indexed or active),
Broker/Dealers, etc., more heavily, depending on the subject of the consultation.
The final decision, including the rationale that has led to it is communicated publicly
to all market participants at the same time. If the decision does not fully reflect theview of the majority of the consultation participants, this is highlighted in thecommunication. Most consultation participants request that their feedback remain
confidential. MSCI may nevertheless publicly disclose feedback if specifically© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI INDEX POLICIES | DECEMBER 2023

requested by respective market participants. In that case, the relevant feedback
would be published together with the final results of the consultation.
If the final decision is to change the methodology, MSCI will announce the changes
and timeframe of the implementation and will subsequently update the relevant
methodology books.
The length of a consultation and lead time provided for implementation varies
depending on the complexity of the topic, breadth of client impact as well as impact
on the index composition. The length of the consultation is clearly communicated aspart of the consultation process and needs to be sufficient for market participants tomeaningfully review what is proposed and respond. Methodology changes are
generally announced at least one month prior to their implementation, unlessspecific circumstances require a faster implementation timeline as determined by
the EIC.
In case of methodology changes that are not deemed as material, MSCI may makesuch changes without launching a public consultation. In such cases, once themethodology changes are approved by the EIC, they are announced by MSCI to all
the market participants at the same time. MSCI takes into account prior feedback
that may have been received on such topics, as part of its ongoing engagement withmarket participants. MSCI may also solicit views from its clients or other specificstakeholders on the consultation topic prior to making the changes.
For custom indexes, changes to any client specifications are discussed directly withthe relevant client.
Note MSCI contacts clients on a regular basis to discuss general market practices.

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MSCI INDEX POLICIES | DECEMBER 2023

Index Termination Policy
For over 50 years, MSCI has constructed international indexes for institutional
investors. The MSCI indexes have evolved over time in an effort to continue toappropriately reflect the investable opportunity set of equities while addressing thechanging and expanding investment interests of cross-border institutional investors.
Nonetheless, there may be certain circumstances where the methodology cannot be
adapted in which case terminating the index may be required. These circumstances
are generally not within MSCI’s control and may include significant changes to thestructure of underlying market, drastic changes to the market infrastructure, lack ofaccess to necessary data, geo-political events, and regulatory changes. Additionally,factors such as methodology convergence or low usage may result in MSCI’s
proposal to terminate an index.
In all of these cases if an index termination is proposed or required, MSCI would
proceed as follows:•

The EIC would review the impact and approve appropriateness of apotential termination. EIC may also choose to escalate an index
termination to the IPC.

•MSCI may perform a consultation including a discussion of possible
alternatives, if any.

•

MSCI would announce any termination of the index in advance.

•

If practicable, MSCI would continue to calculate the index for anannounced period of time to give users the opportunity to transition toanother index or otherwise prepare for the termination of the MSCI index.

•

In the event that an appropriate alternative index is established, thedetails of the methodology governing this index as well as the timing of
the transition would be publicly communicated in advance of
implementation.

MSCI will generally announce index terminations with at least three months’ notice,with the following exceptions:•

In the case of index terminations due to circumstances not within MSCI’s
control, such as significant changes to the structure of underlying market,
drastic changes to the market infrastructure, lack of access to necessarydata, geo-political events, and regulatory changes, the EIC will determine
the appropriate termination timeframe depending on the specificsituation.

•

In certain cases, provisional indexes may be created and maintained toreflect future methodology changes in advance of their implementation.

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MSCI INDEX POLICIES | DECEMBER 2023

The termination of such provisional indexes will be announced at least
one week prior to the termination date.
Indexes may also be discontinued if fewer than the required minimum number of
securities are eligible for inclusion when applying a given methodology to a market.
For example, this could happen in GIMI Large, Mid or Small Cap Indexes or indexes
based on the GICS® segmentation. In these cases, the index can no longer becalculated in accordance with the applicable methodology and the index will simply
stop. MSCI may resume calculation of such indexes if over time enough securities
become eligible.
The termination of a custom index is handled in consultation with the relevant client.

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MSCI INDEX POLICIES | DECEMBER 2023

Corrections Policy
In the case of data errors that occur in the determination or calculation of an index, if
the impact of the error is ”not important”, no historical index restatement is made.
If the impact of the error on performance is “important”3 at the index level, indexes
are restated historically.
In certain circumstances, such as errors in the list of index constituents (e.g., asecurity is unintentionally omitted), or the error affects a large number of securities(e.g., a third of the prices in a particular market are in error) MSCI may also correct
and restate history, even if the aggregate impact is not important.
MSCI applies a 12-month correction period for index errors. Errors discovered thatare older than 12 months are generally not corrected.
Corrections related to regular index rebalancing activities or corporate events areassessed on a case by case basis.
At times there may be a need to take an action that is not prescribed in the correction
policy as stated above. When this is the case senior members across the MSCI Index
Research and Production teams will develop a proposal keeping in mind thefollowing factors in determining the most appropriate corrective action: index
investability and replicability as well as potential reverse turnover. All such proposals
are reviewed and approved by the EIC.
All corrections are announced simultaneously to all market participants.

3 Currently the threshold for corrections is 50 basis points at the country or regional index level.

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MSCI INDEX POLICIES | DECEMBER 2023

Index Calculation and Discretion
The MSCI indexes are calculated using transacted security prices from stock
exchanges or published indexes. MSCI does not use any bids, asks, or any
estimations as alternatives to stock prices or substitutions for component indexes.
The return of the indexes is determined in a number of currencies including USD and
EUR.
The MSCI equity indexes rely on the continued availability of transacted security
prices from stock exchanges. The MSCI blended indexes and digital assets indexes
rely on the continued availability of component index levels.
To the extent that any such data is temporarily or permanently unavailable (whether
as a result of a market disruption event, permission for MSCI to use such data indetermining its indexes or otherwise), the MSCI index methodologies apply the fallback measures described below.
In case of market closure or if a security does not trade on a specific day or a
specific period, MSCI carries forward the latest available closing price to calculate its
equity indexes. In case of market outage, MSCI will use the prices provided up to thepoint of the outage of that market for calculation of MSCI equity indexes on that day.
In case of the unavailability of a component index level used in the calculation of an
MSCI blended index or an MSCI digital assets index, MSCI carries forward the latest
available component index level to calculate its blended indexes.
If MSCI determines that another price or index level is more appropriate based on thecircumstances, an announcement would be sent to clients with the related
information. All such determinations are made by EIC.
MSCI’s rules-based index methodologies, which cover index construction,
maintenance and calculation, provide that discretion is not used in the production of
the indexes except in unusual cases not effectively addressed by the methodology.
These include, but may not be limited to:•

Corporate events not previously encountered or usually complex innature,•Structural changes to the underlying markets,•

Operational issues at stock exchanges,•

Geo-political events,•

Events beyond human control

Where there may be a need to take an action that is not prescribed in themethodology, senior members across the MSCI Index Research and Production willdevelop a proposed approach with the goal of remaining consistent with the spirit of© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI INDEX POLICIES | DECEMBER 2023

the methodology and ensuring timely calculation and distribution. These proposals
are reviewed by the EIC. In cases when time permits and the cases are deemedmaterial, MSCI may consult with clients on the proposed approach. MSCI will thenannounce the decided action to all market participants at the same time.
Typically, MSCI does not perform explicit ex-post analysis of decisions but always
welcomes feedback from market participants on decisions made.
The framework described above eliminates the exercise of discretion by an individualand ensures any required exercise of discretion is managed through escalation tocommittees of experts. All committees are governed to terms of reference and all
decisions are appropriately documented and archived.

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MSCI INDEX POLICIES | DECEMBER 2023

Notice on Index UsageMSCI indexes may be used for a variety of purposes, including for research or use as
the basis for index-linked investment products. They may be used by a variety ofmarket participants, including but not limited to asset owners, portfolio managers,
broker-dealers, researchers. Not all uses are appropriate for all users. Market
participants should use their judgment when selecting an index for a particularpurpose.
Indexes and the effectiveness of index methodologies can be affected by a numberof factors, most of which are beyond MSCI’s control. These may include structuralchanges to the underlying market, including decreases in the size and liquidity of therelevant market segment, infrastructure changes, geo-political events, and regulatorychanges. These circumstances may result in a material change to the index and
MSCI may elect to change the methodology as a result. In rare cases, thesecircumstances may result in the termination of an index. Index users should consider
this possibility, including the potential need to terminate or modify the terms of afinancial product or fund as the result of the termination of the calculation of thebenchmark index.
MSCI assumes no responsibility for any potential use of its indexes by clients for aparticular purpose, including as the basis for an index-linked financial product orinvestment fund. The effective representation of a market or strategy is the primary
aim for MSCI.

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MSCI INDEX POLICIES | DECEMBER 2023

February 2018 updates:
Consultation Policy•

Clarification on the launch of methodology consultations

Index Termination Policy•

Clarification on the role of the Index Equity Committee (EIC) in index
termination decisions

May 2018 updates:
Consultation Policy•

Clarification on the publication of consultation decisions and theirrationale

February 2019 updates:
Index Termination Policy•

Clarification on escalations to the IPC

June 2019 updates:
Methodology and Index Consultation Policy•

Minor clarifications

October 2019 updates:
Methodology and Index Consultation Policy•

Update to the definition of material change•

Update on the treatment of non-material changes•

Update to the channels for gathering consultation feedback

May 2020 updates:•

Clarifications to the Corrections Policy

June 2022 updates:© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI INDEX POLICIES | DECEMBER 2023

Methodology and Index Consultation Policy•

Clarification on the notice period for methodology changes

January 2023 updates:•

Updating Notice and Disclaimer page

November 2023 updates:
Methodology and Index Consultation Policy•

Clarification on the notice period for methodology changes•

Inclusion of reference to digital assets indexes© 2023 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI INDEX POLICIES | DECEMBER 2023

Contact us
msci.com/contact-us

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The process for submitting a formal
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MSCI Index Policies | December 2023

Notice and disclaimer
This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of MSCI Inc. or its subsidiaries(collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the “Information Providers”)
and is provided for informational purposes only. The Information may not be modified, reverse-engineered, reproduced or redisseminated in whole or in part without prior written permission
from MSCI. All rights in the Information are reserved by MSCI and/or its Information Providers.
The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information may not be used to create
indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or otherinvestment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services.
The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR
IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENTPERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIESOF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE
INFORMATION.
Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability regarding any of the Information
for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or
limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury resultsfrom the negligence or willful default of itself, its servants, agents or sub-contractors.
Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past
performance does not guarantee future results.
The Information may include “Signals,” defined as quantitative attributes or the product of methods or formulas that describe or are derived from calculations using historical data. Neither
these Signals nor any description of historical data are intended to provide investment advice or a recommendation to make (or refrain from making) any investment decision or asset
allocation and should not be relied upon as such. Signals are inherently backward-looking because of their use of historical data, and they are not intended to predict the future. The relevance,correlations and accuracy of Signals frequently will change materially.
The Information should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment
and other business decisions. All Information is impersonal and not tailored to the needs of any person, entity or group of persons.
None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy.
It is not possible to invest directly in an index. Exposure to an asset class or trading strategy or other category represent ed by an index is only available through third party investable
instruments (if any) based on that index. MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion regarding any fund, ETF, derivative or other security,
investment, financial product or trading strategy that is based on, linked to or seeks to provide an investment return related to the performance of any MSCI index (collectively, “Index Linked
Investments”). MSCI makes no assurance that any Index Linked Investments will accurately track index performance or provide positive investment returns. MSCI Inc. is not an investment
adviser or fiduciary and MSCI makes no representation regarding the advisability of investing in any Index Linked Investments.
Index returns do not represent the results of actual trading of investible assets/securities. MSCI maintains and calculates indexes, but does not manage actual assets. The calculation ofindexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities
underlying the index or Index Linked Investments. The imposition of these fees and charges would cause the performance of an Index Linked Investment to be different than the MSCI index
performance.
The Information may contain back tested data. Back-tested performance is not actual performance, but is hypothetical. There are frequently material differences between back tested
performance results and actual results subsequently achieved by any investment strategy.
Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Accordingly,
constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. Inclusion of a security within an MSCI index is not a recommendation by MSCI to buy, sell,or hold such security, nor is it considered to be investment advice.
Data and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain MSCI indexes. More information canbe found in the relevant index methodologies on www.msci.com.
MSCI receives compensation in connection with licensing its indexes to third parties. MSCI Inc.’s revenue includes fees based on assets in Index Linked Investments. Information can befound in MSCI Inc.’s company filings on the Investor Relations section of msci.com.
MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Neither MSCI nor any of its products or services
recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies and MSCI’s products or services
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