Q&A

Q&A:
QUARTERLYCOMPREHENSIVEINDEX REVIEWIMPLEMENTATIONDETAILS
October 2022

October 2022

Q&A:

Contents

QUARTERLY COMPREHENSIVE INDEX REVIEW IMPLEMENTATION DETAILS |OCTOBER 2022

Introduction ............................................................................................ 4
Quarterly Comprehensive Index Review .................................................. 5
1

What did MSCI announce on June 28, 2021? ............................................................ 5

2

What is a Quarterly Comprehensive Index Review in the context of the MSCI GIMI?
5

3
What are the objectives of moving to a Quarterly Comprehensive Index Review
schedule for the MSCI GIMI? ............................................................................................... 54
Did MSCI consult on the move to a Quarterly Comprehensive Index Review
schedule for the MSCI GIMI? ............................................................................................... 6

Implementation Details ........................................................................... 7
5
What is the implementation schedule for the transition to Quarterly Comprehensive
Index Review for the MSCI GIMI? ........................................................................................ 7
6

What will be implemented starting from the February 2023 Index Review? ............. 7

7

What will be implemented starting from the May 2023 Index Review? .................... 88Will all changes in FIF be implemented at each Index Review? ................................ 8

9Will there be any change to the Country of Classification review methodology? ..... 810In case of a switch to “light” rebalancing, what is the applicable methodology? ..... 9

Impact on Non-Market Capitalization Weighted Indexes ....................... 10
11 Did MSCI consult on the move to a Quarterly Comprehensive Index Review
schedule for the non-market capitalization weighted index methodologies? ................. 1012 What was the rationale for transitioning these non-market capitalization weighted
index methodologies to a Quarterly Comprehensive Index Review schedule and what isthe expected impact? ........................................................................................................ 10
13 What is the impact of the move to a Quarterly Comprehensive Index Review onother non-market capitalization weighted indexes? ......................................................... 11
14 Has MSCI announced any changes to other non-market capitalization weighted
index methodologies?........................................................................................................ 11
15 Could other non-market capitalization weighted index methodologies be
considered for a potential transition to a Quarterly Comprehensive Index Review
schedule in the future? ...................................................................................................... 11

Impact on Custom Indexes ................................................................... 12
16 What will be the impact of the transition to a Quarterly Comprehensive Index
Review on Custom Indexes that are based only on the MSCI GIMI?................................ 12© 2022 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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17 What will be the impact of the transition to a Quarterly Comprehensive Index
Review on Custom Indexes that are based on non-market capitalization weighted
indexes methodologies? .................................................................................................... 12

Impact on Product Files ........................................................................ 13
18

Will there be any impact on Index Review reports and related announcements? .. 13© 2022 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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Introduction
The purpose of this document is to address commonly asked questions regarding
the transition to a Quarterly Comprehensive Index Review (QCIR) schedule for the
MSCI Global Investable Market Indexes (GIMI) and relevant non-market capitalization
weighted methodologies starting from the February 2023 Index Review.
This Q&A document is last updated on October 11, 2022.

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Quarterly Comprehensive Index Review
1 What did MSCI announce on June 28, 2021?
MSCI announced on June 28, 2021 that the MSCI Global Investable Market Indexes
will move from the current Index Review schedule to a Quarterly Comprehensive
Index Review schedule.
The current Index Review schedule, based on the applicable methodology prior to
February 2023, comprises two Quarterly Index Reviews (QIRs) in February andAugust and two comprehensive Semi-Annual Index Reviews (SAIRs) in May andNovember.

2 What is a Quarterly Comprehensive Index Review in thecontext of the MSCI GIMI?
Starting in February 2023, at each Quarterly Comprehensive Index Review in
February, May, August and November, MSCI will employ the current index
maintenance methodology for the May and November Semi-Annual Index Reviews.
This index maintenance methodology involves a comprehensive review of the MSCI
Global Investable Market Indexes.
Exceptionally, Number of Shares (NOS) and Foreign Inclusion Factors (FIF) willcontinue to be reviewed based on current methodology until May 2023. At that time,
all NOS and FIF will be fully reviewed up to the Price Cutoff Date at each subsequent
QCIR.

3 What are the objectives of moving to a Quarterly
Comprehensive Index Review schedule for the MSCIGIMI?
One of the key objectives of this change is to reduce the size of the May andNovember comprehensive Index Reviews by spreading index review changes andturnover more evenly across each of the Quarterly Comprehensive Index Reviews.
This change also aims to achieve a more accurate representation and sizesegmentation of the opportunity set in MSCI Global Investable Market Indexes
through more frequent updates of the MSCI Equity Universe and comprehensive sizesegment reviews.

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4 Did MSCI consult on the move to a Quarterly
Comprehensive Index Review schedule for the MSCIGIMI?
MSCI consulted on introducing Quarterly Comprehensive Index Reviews for the MSCI
Global Investable Market Indexes from March 1, 2021 to June 11, 2021. Following
positive feedback from market participants, the consultation resulted in the decision
to transition the MSCI Global Investable Market Indexes to a Quarterly
Comprehensive Index Review schedule. These results were announced on June 28,
2021.

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Implementation Details
5 What is the implementation schedule for the transition to
Quarterly Comprehensive Index Review for the MSCI
GIMI?
Beginning in February 2023, MSCI will apply the index maintenance methodology
currently used at the May and November Semi-Annual Index Reviews. Exceptionally,
Number of Shares (NOS) and Foreign Inclusion Factors (FIF) will continue to bereviewed based on current methodology until May 2023. At that time, all NOS and
FIF will be fully reviewed up to the Price Cutoff Date at each subsequent QCIR.

6 What will be implemented starting from the February
2023 Index Review?
Beginning with the February 2023 Index Review and at each Quarterly
Comprehensive Index Review going forward, MSCI will apply the index maintenancemethodology which is currently applicable in the May and November Semi-Annual
Index Reviews.
As part of the February 2023 Index Review, MSCI will however review Number of
Shares (NOS) and Foreign Inclusion Factors (FIF) as per the current methodology.
Specifically, MSCI will apply the methodology as specified in section 3.1 of thecurrent MSCI Global Investable Market Indexes Methodology book.
As a summary, during each Quarterly Comprehensive Index Review, the Equity
Universe will be updated and the following index maintenance activities will be
undertaken for each market:••

Updating the Market Investable Equity Universe.
Recalculating the Global Minimum Size References and Global Minimum Size
Ranges© 2022 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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•
•
•

QUARTERLY COMPREHENSIVE INDEX REVIEW IMPLEMENTATION DETAILS |OCTOBER 2022

Reassessing the Segment Number of Companies and the Market SizeSegment Cutoffs.
Assigning companies to the size-segments taking into account buffer zones.
Assessing conformity with Final Size-Segment Investability Requirements.

For the purpose of the review of changes in FIF, MSCI will not apply the methodology
currently applicable for Annual Full Country Float Review for the February 2023 Index
Review.

7 What will be implemented starting from the May 2023
Index Review?
Beginning from the May 2023 Index Review, in addition to employing the current
index maintenance methodology for the May and November Index Reviews (asdescribed in Question 6), MSCI will also fully review Number of Shares (NOS) andForeign Inclusion Factors (FIF) as part of each Quarterly Comprehensive Index
Review.
Specifically, MSCI will apply the methodology as specified in section 3.1 of thecurrent MSCI Global Investable Market Indexes Methodology book. For the review ofchanges in FIF, MSCI will apply the methodology currently applicable for the Annual
Full Country Float Review at each Quarterly Comprehensive Index Review going
forward.
In addition, as a further enhancement to the methodology, NOS and FIF will be fully
reviewed using data available up to the Price Cutoff Date of the relevant Index
Review for constituent and non-constituent securities at each Index Review.

8 Will all changes in FIF be implemented at each Index
Review?
Starting from the May 2023 Index Review, MSCI will fully review the Foreign Inclusion
Factor (FIF) up to the Price Cutoff Date of each Quarterly Comprehensive Index
Review.
All FIF changes will be reflected in the indexes provided the change in free float ismore than 1%.

9 Will there be any change to the Country of Classification
review methodology?
MSCI will continue to review the Country of Classification of securities in the MSCI
Equity Universe on an annual basis as part of the November Index Review.

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Starting from the May 2023 Index Review, MSCI will review the Country ofClassification of securities with changes in Country of Incorporation that were not
implemented as part of a corporate event at each Quarterly Comprehensive Index
Review. As a reminder, such changes are currently reviewed as part of the May andNovember Index Reviews.

10 In case of a switch to “light” rebalancing, what is theapplicable methodology?
Upon the transition to a Quarterly Comprehensive Index Review (QCIR) schedule,“light” rebalancing will potentially be applicable to any QCIR of the MSCI Global
Investable Market Indexes (GIMI) under conditions of market stress as defined inAppendix VIII of the MSCI GIMI Methodology.
Starting from the February 2023 Index Review, in case of a switch to “light”
rebalancing, MSCI will apply the index maintenance methodology currently applicablein the February and August Index Reviews.
Specifically, MSCI will apply the methodology as specified in section 3.2 to 3.2.3 ofthe current MSCI GIMI Methodology book.
There will be no change to the review of Foreign Inclusion Factor (FIF), Number of
Shares (NOS) and Country of Classification (COC) for “light” rebalancing.

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Impact on Non-Market Capitalization Weighted
Indexes
11 Did MSCI consult on the move to a Quarterly
Comprehensive Index Review schedule for the nonmarket capitalization weighted index methodologies?
MSCI consulted on introducing Quarterly Comprehensive Index Reviews for the MSCI
non-market capitalization weighted indexes from May 20, 2022 till June 24, 2022.
Following positive feedback from market participants, the consultation resulted in
the decision to transition the following non-market capitalization weighted indexes toa Quarterly Comprehensive Index Review schedule in one step starting from the
February 2023 Index Review. These results were announced on July 6, 2022.
-

MSCI Adaptive Capped Indexes Methodology-

MSCI Equal Country Weighted Indexes Methodology-

MSCI Equal Sector Weighted Indexes Methodology-

MSCI Size Tilt Indexes Methodology

The frequency of Business Screening Review for the MSCI Islamic Indexes
Methodology will also change from annual (May) to quarterly starting in February2023.

12 What was the rationale for transitioning these nonmarket capitalization weighted index methodologies to a
Quarterly Comprehensive Index Review schedule andwhat is the expected impact?
The rationale to include the above non-market capitalization weighed indexes
methodologies was to ensure more consistent representation of the methodologicaltargets and parent index representativeness.
Based on simulations, the change would result in:•

Reduced average turnover at Semi-Annual Index Reviews (SAIRs)•

Annual turnover more evenly distributed across QCIRs but with a moderateincrease in the total turnover•More frequent rebalancing reducing weighting dispersion relative tomethodological target.

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13 What is the impact of the move to a Quarterly
Comprehensive Index Review on other non-market
capitalization weighted indexes?
For non-market capitalization indexes whose Index Review schedule is less frequent
than quarterly (e.g. semi-annual, annual), changes resulting from the parent MSCI
Global Investable Market Indexes, such as deletions, additions as well as Number of
Shares and Foreign Inclusion Factor changes will be reflected as per the intrarebalance treatment specified in their respective methodologies.

14 Has MSCI announced any changes to other non-market
capitalization weighted index methodologies?
No. There was no consultation on any potential changes to the Index Review
schedule for non-market capitalization weighted index methodologies other thanthose referred to in Question 11. As such and until further notice, there will be nochange to the Index Review schedule for such index methodologies.

15 Could other non-market capitalization weighted index
methodologies be considered for a potential transition toa Quarterly Comprehensive Index Review schedule in the
future?
MSCI may, in the future, evaluate additional non-market capitalization weighted index
methodologies – such as MSCI Factor, ESG & Climate, Thematic and Capped Indexes
not referred to in Question 11 – for a change in Index Review schedule to quarterlycomprehensive index review at its discretion, in groups or as part of broader reviews
and consultations for specific methodologies.
Should MSCI launch any consultation(s) on a proposal to change the Index Review
schedule to any additional non-market capitalization weighted index methodologies,
MSCI would make a public announcement at the time of the launch of any suchpotential consultation(s).

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Impact on Custom Indexes
16 What will be the impact of the transition to a Quarterly
Comprehensive Index Review on Custom Indexes that are
based only on the MSCI GIMI?
Market capitalization weighted Custom Indexes that follow only the MSCI Global
Investable Market Indexes (GIMI) Methodology (but based on non-Standard regions)will transition to a Quarterly Comprehensive Index Review schedule and will follow
the implementation timeline for the MSCI GIMI.

17 What will be the impact of the transition to a Quarterly
Comprehensive Index Review on Custom Indexes that are
based on non-market capitalization weighted indexes
methodologies?
For custom Indexes that are based on the MSCI Islamic Indexes Methodology, thebusiness activity screening will change from annual (May) to quarterly.
For custom indexes that are based on the MSCI Adaptive Capped, MSCI Equal
Country Weighted, MSCI Equal Sector Weighted and MSCI Size Tilt Indexes
Methodologies, MSCI will perform a client outreach in the coming months.
For all other custom indexes outside of those mentioned above, there will be nochange to their rebalancing schedules. For custom indexes whose Index Review
schedule is less frequent than quarterly (e.g. semi-annual, annual), changes resulting
from the parent MSCI Global Investable Market Indexes, such as deletions, additions,
Number of Shares and Foreign Inclusion Factor changes will be reflected as per the
intra-rebalance treatment specified in their respective methodologies.

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Impact on Product Files
18 Will there be any impact on Index Review reports andrelated announcements?
Yes. In the context of the MSCI Global Investable Market Indexes, all references to“Semi-Annual Index Reviews” and “Quarterly Index Reviews” in relevant MSCI public
documentation will be replaced with “Index Reviews”.
A technical communication was sent to clients on September 13, 2022, describing
the impact of this change.

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