INDEX METHODOLOGYMSCI Japan Select
Thematic SentimentRotation Index
Methodology
February 2024

© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI JAPAN SELECT THEMATIC SENTIMENT ROTATION INDEXMETHODOLOGY | APRIL 2023

Contents
1

Introduction .......................................................................................................... 3

2

Index Construction................................................................................................ 4
2.1

Eligible Universe Screening ...................................................................................... 4

2.1.1

Japan Thematic Subset Security Selection ..................................................... 4

2.1.2

Subsets Selection ............................................................................................... 4

2.2

Security Weighting .................................................................................................... 5

3

Input Data Fallback Mechanism ............................................................................ 6

4

Maintenance of the Index...................................................................................... 7
4.1

Quarterly Index Reviews............................................................................................ 7

4.2

Ongoing Event Related Changes .............................................................................. 7

Appendix 1: Methodology Set ...................................................................................... 9
Appendix 2: MediaStats Megatrend Scores................................................................ 10
Appendix 3: Eligible Indexes ...................................................................................... 11© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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1

Introduction
The MSCI Japan Select Thematic Sentiment Rotation Index1 (the ‘Index’) aims to represent theperformance of the securities from the MSCI Japan IMI Index which belong, each quarter, to the four
highest-ranked MSCI Thematic Indexes, as selected from a set of MSCI Thematic Indexes, based ona theme-specific media sentiment score (MediaStats Megatrend Scores) calculated for each of therespective themes by MKT MediaStats2.

1 The Index is governed by a set of methodology and policy documents (“Methodology Set”), including the present index

methodology document. Please refer to Appendix 1 for more details.
2 MKT MediaStats is a big-data information technology company specializing in financial markets which generates theme level

Megatrend Scores on a monthly basis https://www.mktmediastats.com/. Please refer to Appendix 2 for details.

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2

Index Construction
The Index is constructed from the MSCI ACWI IMI Index (the ‘Parent Index’). The following steps areapplied at initial construction and at each Index Review of the Index:

2.1•

Eligible Universe Screening•

Security Weighting

Eligible Universe Screening
The Eligible Universe for the Index is constructed by combining the securities from a set of MSCI
Thematic Indexes3 (the ‘Eligible Indexes’) and subsequently applying the steps described in 2.1.1
and 2.1.2.

2.1.1 Japan Thematic Subset Security Selection
For each of the respective Eligible Indexes, a corresponding Thematic Japan Subset (‘Subset’) is
created by selecting only those securities that belong to the MSCI Japan IMI Index and that also
have a 3-month ADTV (Average Daily Traded Value) greater than or equal to USD 10 Million.
ADTV is calculated as:
𝐴𝐷𝑇𝑉3𝑀 =𝐴𝑇𝑉3𝑀 4252

where 𝐴𝑇𝑉3𝑀 is the annualized 3-month Average Traded Value of the security.
To avoid multiple securities of the same company in the final Index, only the most liquid security foreach issuer per its 3-month ADTV, is eligible for inclusion in the Subset.

2.1.2 Subsets Selection
At each rebalance, only the Subsets that have a minimum of 10 securities are considered. These
Subsets are then ranked in descending order of the MediaStats Megatrend Scores of the Eligible
Index from which each Subset is constructed. The four Subsets with the highest MediaStats
Megatrend Scores are selected and a weight of 25% is allocated to each of the selected Subsets.
The weight of each security after combining the four Subsets can be calculated as follows:
𝐶

𝐶𝐼
𝑊𝑆𝑒𝑐
= ∑ 𝑊𝐶𝑗 𝑊𝑆𝑒𝑐𝑗𝑖𝑖𝑗

Where:
𝐶𝐼
𝑊𝑆𝑒𝑐
is the weight of security 𝑆𝑒𝑐𝑖 in the combined Subsets 𝐶𝐼𝑖

3 Please refer to Appendix 3 for details.
4 MSCI Index Calculation Methodology at https://www.msci.com/index-methodology

MSCI Global Investable Market Indexes Methodology at https://www.msci.com/index-methodology© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI JAPAN SELECT THEMATIC SENTIMENT ROTATION INDEXMETHODOLOGY | APRIL 2023

𝑊𝐶𝑗 is the target weight of the Subset 𝐶𝑗
𝐶𝑊𝑆𝑒𝑐𝑗 is the weight of security 𝑆𝑒𝑐𝑖 in the corresponding Subset 𝐶𝑗𝑖

𝐶𝑗 is the selected Subset

2.2

Security Weighting
At each Index Review and at initial construction, the securities selected for inclusion in the Index are𝐶𝐼
assigned the weights 𝑊𝑆𝑒𝑐from the Section 2.1.2 and are then normalized to sum to 100%.
𝑖
Additionally, the constituent weights are capped to mitigate concentration risk in the Index. The
individual security weights in the final Index are capped at 5%.

© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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3

Input Data Fallback Mechanism
If, at an Index Review, the MediaStats Megatrend Scores required for the Index rebalance are notavailable from MKT MediaStats, dated as of the month-end prior to the Index Review, then the latest
available MediaStats Megatrend Scores prior to the Index Review date will be used.
If, at an Index Review, MSCI determines that the primary source data from MKT MediaStats is stale
for the last 4 months or is not reflective of current market conditions, the Eligible Indexes then will beranked in descending order of their 3-month price momentum score and the four highest ranked
Eligible Index would be selected. In the case that two Eligible Indexes have same 3-month pricemomentum score, the index with higher 6-month price momentum score will be selected.
The 3-month price momentum score and 6-month price momentum score will be calculated asfollows:
At each index review date, the 3-month price momentum score will be calculated by dividing the last
3-month price return of the individual Eligible Index as of Index review date by standard deviation of
the daily price returns of the Eligible Index over the same period. The 6-month price momentum
score will be calculated by dividing the last 6-month price return of the individual Eligible Index as ofIndex review date by standard deviation of the daily price returns of the index over the same period.
Subsequently, a review of alternative data for the MediaStats Megatrend Scores would be
conducted. The adoption of an alternative data source and any amendments to the methodology toreflect such change will be handled in line with MSCI Index Consultation Policy5.

5 Please refer to MSCI Index Policies document at: https://www.msci.com/index-methodology© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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4

Maintenance of the Index

4.1

Quarterly Index Reviews
The Index is reviewed on a quarterly basis. The rebalancing is generally effective as of the close of
the last business day of February, May, August and November, coinciding with the regularlyscheduled MSCI Index Reviews. The pro forma Index is announced nine business days before theeffective date.

4.2

Ongoing Event Related Changes
The following section briefly describes the treatment of common corporate events within the Index.
Changes in index market capitalization that occur because of corporate event implementation will
be offset by a corresponding change in the Variable Weighting Factor (VWF) of the constituent.
No new securities will be added (except where noted below) to the Index 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.

EVENT TYPE

EVENT DETAILSNew 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 theIndex.

Spin-Offs

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 forcontinued inclusion in the Index will occur at thesubsequent Index Review.

Merger/Acquisition

For Mergers and Acquisitions, the acquirer’s post
event weight will account for the proportionate
amount of shares involved in deal consideration, while
cash proceeds will be invested across the Index.
If an existing Index constituent is acquired by a nonIndex constituent, the existing constituent will bedeleted from the Index and the acquiring nonconstituent 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 subsequentIndex Review.

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Further detail and illustration regarding specific treatment of corporate events relevant to this Index
can be found in the MSCI Corporate Events Methodology book under the sections detailing thetreatment of events in Capped Weighted and Non-Market Capitalization Weighted indexes.
The MSCI Corporate Events methodology book is available at:https://www.msci.com/index-methodology.

© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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Appendix 1: Methodology Set
The Index is governed by a set of methodology and policy documents (“Methodology Set”), including
the present index methodology document as mentioned below:•

Description of methodology set – www.msci.com/index/methodology/latest/ReadMe•

MSCI Corporate Events Methodology – www.msci.com/index/methodology/latest/CE•

MSCI Index Calculation Methodology –www.msci.com/index/methodology/latest/IndexCalc•

MSCI Index Glossary of Terms – www.msci.com/index/methodology/latest/IndexGlossary•

MSCI Index Policies – www.msci.com/index/methodology/latest/IndexPolicy•

MSCI Global Investable Market Indexes Methodology –www.msci.com/index/methodology/latest/GIMI•

MSCI Excess Return Indexes Methodology – 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 orIndex Code’.

© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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Appendix 2: MediaStats Megatrend Scores
The MediaStats Megatrend Score is calculated by MKT MediaStats for each of the Eligible Indexes
at the end of every calendar month.
For each Eligible Index, MKT MediaStats uses the business descriptions from each of the indexes
methodology document to capture time series6 and cross-sectional shifts of investor attention andsentiment towards megatrends by analyzing media articles sourced from approximately 100
thousand individual sources. The MediaStats Megatrend Score7 is calculated based on an average
positive sentiment intensity change over the most recent three months period compared to thepreceding three months.
To remove outliers, the Mediastats Megatrend Score is winsorized at +/- 3 i.e. the scores above 3
are capped at 3 and scores below -3 are capped at -3. This score is then rounded to the first decimal.
For the Subsets ranking in Section 2.1.2, in case two or more scores have the same rounded value,
the ranks from the previous rebalancing are applied.
For further details on the calculation methodology, please refer to:https://www.mktmediastats.com/post/dynamic-megatrend-rotation.

6 The business descriptions of some of the Thematic Indexes may overlap. For example, the descriptive terms of the MSCI ACWI IMI

Robotics Index are also part of the descriptive terms for the MSCI ACWI IMI Autonomous Technology & Industrial Innovation Index.
Consequently, a fraction of the articles covering these two themes are also shared. The overlap in articles can potentially lead tocorrelated MediaStats Megatrend Scores.
7MediaStat Megatrend Scores may behave differently for broader themes that include narrower themes in comparison to separate

narrow themes. The relative change in positive intensity for a broader theme that may cover more articles in general could be lower
than for a narrow theme that may cover fewer articles. For instance, an absolute change of 1 article would be a 100% change for atheme that had 1 article in the previous period but only a 1% change for the theme that had 100 articles in the previous period.

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Appendix 3: Eligible Indexes
The Eligible Indexes list at launch comprises the following twenty-two MSCI Thematic Indexes8:
Index Code

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

727807723025732041732037731769723011727806731771737057734559723013727804747286747093746832723027737018747122746884746885746738747270Index NameMSCI ACWI IMI Smart Cities
MSCI ACWI IMI Efficient Energy
MSCI ACWI IMI Next Generation Internet Innovation
MSCI ACWI IMI Autonomous Technology and Industrial Innovation
MSCI ACWI IMI Genomic Innovation
MSCI ACWI IMI Robotics
MSCI ACWI IMI Future Mobility
MSCI ACWI IMI Fintech Innovation
MSCI ACWI IMI Digital Health
MSCI ACWI IMI Future Education
MSCI ACWI IMI Ageing Society Opportunities
MSCI ACWI IMI Millennials
MSCI ACWI IMI Natural Resources Stewardship
MSCI ACWI IMI Blockchain Economy
MSCI ACWI IMI Clean Energy Infrastructure
MSCI ACWI IMI Cybersecurity
MSCI ACWI IMI Food Revolution
MSCI ACWI IMI Plastics Transition
MSCI ACWI IMI Renewables and Energy Efficiency
MSCI ACWI IMI Sharing Economy
MSCI ACWI IMI Space Exploration
MSCI ACWI IMI Sustainable Water Transition

To help maintain the alignment of the Index with its objective over time, MSCI Thematic Indexes may
be added to (or deleted from) the Eligible Indexes list based on the criteria including, but not limited
to the length of index history, the security coverage of the index, the degree of differentiation of agiven theme from the existing Eligible Indexes list, the narrowness of the theme, and the strengthand stability of the corresponding MediaStats Megatrend Score. All additions and deletions willapproved by the Equity index Committee based on alignment with these criteria and the index
objective.
Any such change will be publicly announced 3 months prior to implementation at the nearest
Quarterly Index Review9, in line with MSCI Index Consultation Policy. The Eligible Index list will be
updated to reflect the change.

8 Please refer to https://www.msci.com/index-methodology for the methodology of the MSCI Thematic Indexes
9 MSCI may review the Eligible Indexes list from November 2026 Index Review and bi-annually thereafter© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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