Consultation on Proposed Changes
to MSCI Thematic Index
Methodologies
PROPOSAL FOR CONSULTATIONThis consultation may or may not lead to the implementation of any or all of the
proposed changes in the highlighted or any other MSCI indexes. Consultation
feedback will remain confidential. MSCI may publicly disclose feedback if
specifically requested by specific market participants. In that case, the relevant
feedback would be published together with the final result of the consultation.
September 2022

Information Classification: GENERAL© 2022 MSCI Inc. All rights reserved.
Please refer to the disclaimer at the end of this document.

Timeline
MSCI presents a consultation with proposals for changes to select MSCI Thematic
Index methodologies.

MSCI invites feedback from market participants on or
before November 30, 2022; and will announce the results ofthe consultation on or before January 31, 2023, at whichtime MSCI will also communicate the implementation dateof changes, if any.

Information Classification: GENERAL

2

Executive Summary•

MSCI’s Thematic Index range was launched in October 2018 with indexes linked to four themes.

•

The range has grown rapidly to 22 standard thematic indexes as at end-2021 and has supported the launch of customized
index designs for clients.

•

Alongside ongoing expansion of the suite, we have received feedback from market participants and MSCI’s external theme
experts on the scope of some of the themes underlying the range. We have considered this input alongside our own researchas to the evolution of the underlying themes.

•This work is valuable for helping ensure the theme scope and definitions evolve with technological advancements, changing
consumer behaviors, demographics and other drivers of the megatrends that underpin these indexes.

Information Classification: GENERAL

Summary of Proposed Changes (1/2)
MSCI requests feedback from market participants on the following thematic index methodologies
S. No

Current Index Methodology*

Proposed Change•
1.

MSCI ACWI IMI Efficient Energy

•

•
2.

MSCI ACWI IMI Cybersecurity
•

3.

4.

Expand the scope to include a new subtheme“Future Fuels & Tech”, andUpdate the GICS® exclusions

Evolve theme to capture the hydrogen
economy ecosystem, as well as efficientenergy technologies such as “concentrated
solar power” and “ground source heating”

Expand the scope to include a new subtheme“Rapid Response & Remediation”, andUpdate the GICS® exclusions

Evolve theme to reflect the ongoing transitionin the cybersecurity landscape to a ‘response
and remediation’ strategy from a ‘detection
and prevention’ approach•

Expand the scope of the theme to include a new subtheme –“Insect–based Protein”•

Reduce the scope of the theme to remove
makers of hardware devices such as laptops, mobile
devices, headsets and webcams,

MSCI ACWI IMI Food Revolution

MSCI ACWI IMI Future Educationor, alternatively,•

Expected Benefit (s)cap weight of hardware equipment subindustries to 10%*For details of methodology, please refer to https://www.msci.com/index-methodology
Information Classification: GENERAL

Incorporate the rising importance of edible
insects as a sustainable alternative protein

Sharpen the focus of the theme on ed-tech by
reducing exposure to generic hardware
manufacturers of laptops, webcams,
headsets etc.

Summary of Upcoming Proposals (2/2)
In addition, MSCI will re-organize and clarify the scope of the themes underlying the following two indexes. These changes will
improve the documentation of the index methodology but do not impact the indexes in any way
S. No

Current Index Methodology*

Upcoming Change

Expected Benefit(s)5.

MSCI ACWI IMI Digital Economy

Re-group some existing subthemes under a new ‘Metaverse Ecosystem’ label

Explicitly reference the emergent
concept of the ‘Metaverse
Ecosystem’

6.

MSCI ACWI IMI Robotics

Re-organize subthemes in the methodology document

Improve transparency of theme
scope description*For details of methodology, please refer to https://www.msci.com/index-methodology

Information Classification: GENERAL

Theme 1: Efficient Energy

Information Classification: GENERAL

“Efficient Energy” Proposal 1a – Include emerging fuel sources
and technologies via a new subtheme “Future Fuels & Tech”•

Business activities in methodology :
•
•
•

•

Power generation from renewable sources of energy
Development of efficient energy technology
Future Fuels and Technology (FFT) for new products and services focusing on:•
Hydrogen Economy*•
Concentrated Solar Power•
Ground Source Heating

Rationale for inclusion of this subtheme** :•••The Hydrogen Economy* has rapidly emerged as a key ecosystem which not only includes production of hydrogen for
power generation but also hydrogen transportation and related charging infrastructure.
There have been further advancements in solar technologies. Technologies such as parabolic troughs for “concentrated
solar power” have seen cost declines, similar to those for photovoltaic cells. Government grants and tax incentives***have been introduced to spur further adoption and growth.
Stricter regulatory standards (especially for new buildings), government grants and tax rebates*** and economies of scale
have led to growth in demand for ground source heat pumps which have energy efficiency c.4-5x of gas-powered boilers.
*Regarding hydrogen production within the Hydrogen Economy, the scope of this subtheme has not been limited to only green hydrogen** For more details, please refer to the MSCI Thematic Insight here*** For example, Inflation Reduction Act 2022-White House Briefing
Information Classification: GENERAL

7

Impact of Proposal: distribution by industry & country• As of May 2022 SAIR, 20 stocks would have been added to the ACWI IMI Efficient Energy Index (it currently has 171 stocks)• Proposed index would have included companies from GICS® subindustries not in the current index
60%

Distribution of weight by GICS subindustry
30%
20%

Proposed Index

Current Index

50%
40%

Distribution of weight by top countries

Current Index

Proposed Index

30%
20%

10%
0%

10%
0%

Data as of June 1, 2022. For details of the full index under the proposal, please refer to the accompanying spreadsheet
Information Classification: GENERAL

Transition turnover would have been double current turnover, due
to the addition of stocks from Industrial Gases
1-way index turnover, May 2022 SAIR

TurnoverDue to Additions

Due to Deletions

Due to Maintained

Current index*

19%

8%

2%

9%

Proposed Index**

45%

22%

2%

20%

Renewable Electricity

8%

0%

0%

7%

Oil & Gas Refining & Marketing

6%

2%

1%

3%

Oil & Gas Equipment & Services

5%

5%

0%

0%

Industrial Gases

5%

5%

0%

0%

Semiconductor Equipment

4%

0%

0%

4%

Commodity Chemicals

3%

3%

0%

0%

Electrical Components & Equipment

2%

1%

0%

1%

Heavy Electrical Equipment

2%

0%

0%

2%

Breakdown of turnover by top subindustries* Measured as the one-way index turnover of the current index as of May 31, 2022, and the current index as of June 1, 2022**Measured as the one-way index turnover of the current index as of May 31, 2022, and the proposed index as of June 1, 2022

Information Classification: GENERAL

Proposal 1b: Auto and auto parts makers should be excluded from the ACWI IMI
Efficient Energy Index
The proposed subtheme would have led to the addition of 2
auto parts manufacturers in the index (total weight of c.1%).
Since fuel cell electric vehicles produce hydrogen from fuelcells* to power the vehicle, certain automobile
manufacturers might be selected in future index reviews.
We do not consider these manufacturers as central to theoverall objective and scope of the Efficient Energy theme
Proposal: Exclude two GICS Subindustries:
1) Auto Manufacturers
2) Auto Parts & Equipment

Name

GICS® Subindustry

Relevance Score(Proposed Theme)

Relevance Score(Current Theme)

MAGNA INTERNATIONAL

Auto Parts & Equipment

45%

NA

SOLID POWER

Auto Parts & Equipment

29%

21%

HONDA MOTOR

Auto Manufacturers

16%

NA

GENERAL MOTORS CO

Auto Manufacturers

9%2%

BYD CO

Auto Manufacturers

7%

7%

FORD MOTOR CO

Auto Manufacturers

4%

NA

TESLA

Auto Manufacturers

1%NAfrom the ACWI IMI Efficient Energy Index after including thesubtheme Future Fuel & Tech.

*https://afdc.energy.gov/vehicles/how-do-fuel-cell-electric-cars-work.
Data as of May 17, 2022.
Information Classification: GENERAL

Proposal 1c: Allow securities from “Construction Machinery & Heavy
Trucks” to be eligible
Currently, companies mapped to the GICS® sub-industry ‘Construction Machinery & Heavy Trucks’ are excluded since this subindustry is not pertinent to overall scope of the Efficient Energy theme.
However, if the subtheme ‘Future Fuels & Tech’ is incorporated, the ‘Construction Machinery & Heavy Trucks’ industry can be relevant
given the growth of hydrogen fuel-powered truck makers as well as the providers of charging infrastructure for hydrogen powered
vehicles.
Proposal: Remove the ‘Construction Machinery & Heavy Trucks’ GICS® subindustry exclusion from the ACWI IMI Efficient Energy
Index.
Name

Relevance Score (Current)

Relevance Score (Proposed Theme)

Included in simulated May 2022 rebalance?

Cummins

NA

29%

Yes

Nikola

NA

>25%

Yes

Korea Shipbuilding

4.1%

4.1%

No

Data as of June 1, 2022
Information Classification: GENERAL

Efficient Energy – Summary of Consultation Questions•

Should the subtheme of Future Fuels & Tech be included in the scope of the “Efficient Energy” theme?

•

Should the GICS® sub-industries “Automobile Manufacturers” and “ Auto Parts & Equipment” be excluded from the ACWIIMI Efficient Energy Index?

•

Should the GICS® sub-industry “Construction Machinery & Heavy Trucks” be included in the ACWI IMI Efficient Energy
Index ?

Information Classification: GENERAL

12

Theme 2: Cybersecurity

Information Classification: GENERALCybersecurity Proposal 2a – Add the subtheme “Rapid Response andRemediation” to reflect the changing focus of cybersecurity services•

Business activities in methodology :

•
•
•
•
•
•

Providing cybersecurity hardware and software products
Providing cybersecurity services
Implementing and managing network security protocols
Ensuring data integrity
Rapid Response and Remediation

Rationale for inclusion of this new subtheme*:••••

In the early and mid-2010s, cybersecurity opportunities predominantly lay with a ‘prevention and defense’ strategy.
But the nature of cyberthreats has evolved, partly due to a remote, distributed and increasingly mobile workforce.
This suggests that the traditional focus on ‘the perimeter’ is insufficient and a transition to a ‘rapid response andremediation’ strategy may be required.
Such a strategy includes :•Incident response and management,•
Incident log management,•
Security reset*For more detail, please refer to the MSCI Thematic Insight” CyberSecurity 2021 - technology and the human dimensions of a new risk management
Information Classification: GENERAL

14

Impact of Proposed subtheme addition: 3 new stocks are added,transition turnover inline with historical range
Three new stocks would have been added to the Index, as of May 2022 SAIR. A few other securities would see increased relevance
scores.
Key stocks with exposure
to new subtheme

Relevance Score (Current)

Relevance Score (Proposed)

Pagerduty

NA

96%

DatadogNA30%

Microfocus Intl.

NA

30%

Crowdstrike

61%

75%

1-way index turnover May
2022 SAIR:

TurnoverDue to Additions

Due to Deletions

Due to Maintained

Current index*

19.0%

6.0%

2.7%

10.3%

Proposed Index**

21.8%

8.0%

2.6%

11.3%

* Measured as the one-way index turnover of the current index as of May 31, 2022, and the current index as of June 1, 2022**Measured as the one-way index turnover of the current index as of May 31, 2022, and the proposed index as of June 1, 2022

Data as of June 1, 2022. For details of the full index under the proposal, please refer to the accompanying spreadsheet
Information Classification: GENERALCybersecurity proposal 2b: Healthcare sector added to thelist of GICS®-based exclusions
Some natural Cybersecurity terms (‘worm’, ‘virus’ , ‘anti-virus’) may risk false positives with companies in the healthcare
sector.
These false positives are currently controlled via the SIC Code validation in the methodology. However, to further reduce therisk of unintended inclusion, we propose to explicitly exclude the GICS Healthcare sector.
Affected securities, as of May 2022 SAIR, simulated rebalance:
Name

GICS Subindustry

Keyword matches

SIC Code

Relevance
Score

Comment

CMG
PharmaceuticalPharmaceuticals

virus, anti-virus

2834

NA

SIC Code safety net to control
this

Well HealthTechnologies

Healthcare
Services

security solution,
cybersecurity

7379

2%

Valid for Cybersecurity

Proposal: Exclude the GICS® Healthcare sector from the ACWI IMI Cybersecurity Index.

Data as of June 1, 2022

Information Classification: GENERALCybersecurity – Summary of consultation questions•

Should the subtheme ‘Rapid Response and Remediation’ be added to the Cybersecurity theme ?

•Should the GICS® Healthcare sector be excluded from the ACWI IMI Cybersecurity Index?

Information Classification: GENERAL

Theme 3: Food Revolution

Information Classification: GENERALFood Revolution Proposal 3a – Add “Insect-based protein” as asubtheme•

Business activities in methodology:•
Sustainable & Responsible Agriculture•
Plant-based meat and agricultural technology•
Zoonotic disease mitigation•
Food delivery technology•
Insect-based protein•

Rationale for inclusion of this subtheme**:••••Insect eating, formally called entomophagy, is well-established as a source of protein in many diets across Asia, Africa
and Latin America.
It may now be poised for wider acceptance given the rise of the sustainability-conscious consumer and the impact ofclimate change.
As a farmed species, insects require fewer resources (land, water and feed) and produce far less green-house gas
emissions and waste than traditional sources of meat.
This makes edible insects a climate-friendly alternative protein like plant-based meat (already in scope of this theme).
**For more details, please refer to the links below:
https://www.fao.org/3/i3253e/i3253e.pdf ; https://www.digitalfoodlab.com/%F0%9F%90%9C-big-bucks-small-bugs/
https://time.com/5942290/eat-insects-save-planet/
https://www.bbc.com/future/article/20220720-why-insects-are-the-sustainable-superfood-of-the-future

Information Classification: GENERAL

19

No additions to the Index in the simulated May 2022 index review
due to the addition of the proposed subtheme
While no new stocks would have been added to the index in the May 2022 SAIR by adding this subtheme, we have illustrated the
proposal with the following examples of companies involved in products and services associated with insect-based protein
consumption:a) Flying Spark (IPO’d in 2021 but is not yet a constituent of ACWI IMI)b) Ynsectc) Protixd) Agronutrise) Beta Hatchf) VeXog) Chapul Farms

Information Classification: GENERAL

20

Food Revolution – Summary of consultation questions•

Should the subtheme ‘Insect-based protein’ be added to the Food Revolution theme ?

Information Classification: GENERAL

Theme 4: Future Education

Information Classification: GENERAL

Future Education Proposal 4 – Tighter focus on ed-tech andlearning platforms
The ACWI IM Future Education Index was launched during
the accelerated phase of online learning adoption in 2H
2020. At that time, access to mobile devices and hardware
such as laptops, webcams, headsets was a significant
enabler. This has led to an overweight of the Information
Technology sector, e.g., 59% in the index as of June 1, 2022.
0.6

Subtheme weights by GICS® sectors in the Current Index

0.5
Other

0.4

Financials
0.3
0.2
0.1

Comm.
Svcs.
Cons.
Disc.
Info. Tech.

34%
18%
6%

0
educational
softwareh/w foreducation

To sharpen the focus on ed-tech and learning platforms in the
ACWI IMI Future Education Index, we propose toa. Remove business activities related to generic products andservices for equipment such as laptops, webcams, headsets
and other mobile devices

Or, alternatively,
b. Cap the aggregate weight of the GICS® subindustries
related to semis and hardware equipment in the Index to
10%. The excess weight would be re-distributed to therest of the Index, before the issuer cap of 5% is applied.

0%

diversified other services

Note: A company can have a diversified exposure when unique keyword hits on the business description map to a different subthemes. Data as of June 1, 2022

Information Classification: GENERAL

23

Proposal 4: detailed description
Proposal:

Alternative:

Narrow the “hardware for education” subtheme byremoving equipment such as laptops, webcams,
headsets and other mobile devices. No otherchanges* are proposed under this proposal.

Cap the aggregate weight of the following GICS®
subindustries in the Index to 10%**. The excess
weight would be re-distributed to the remaining
securities in the Index. The usual issuer cap*** of 5%
would then be applied to the Index.

•

Business activities in methodology:•••

online, digital and connected learning
platforms for higher education, professional
education, distance education, certificationand skill development,
hardware such as webcams, headsets,widescreen displays, biometric ids andsensors as well as telepresence and videoconferencing devices,other education services such as student
loans and student housing

•
•
•
•
•
•
•
•

Technology Hardware, Storage Peripherals
Semiconductors
Semiconductor Equipment
Electronic Components
Technology Distributors
Communications Equipment
Electronic Equipment Instruments
Electronic Manufacturing Services*For details of methodology, please refer to https://www.msci.com/index-methodology**10% would have achieved a comparable distribution between of subindustry weights with the proposal in the May 2022 SAIR***This 5% issuer cap may distort the 10% cap applied in the previous step

Information Classification: GENERAL

24

Impact of proposals on weight of subindustries in Info. Tech
• Index for the Proposal• Index for the Alternative– Reduced scope dropped 21 securities vs. thecurrent Index methodology– No additions or deletions vs. live Index– 76 constituents in the Index– 55 constituents in the Index– 37.5% weight in Info. Tech. vs. 59% in current Index– 47% weight in Info. Tech. vs. 59% in current Index
Electronic Components,
0.5%

Tech H/w &Peripherals, 5%Systems S/w, 6%

Semis
Equip.,
5.0%

Systems s/w,
4.9%
Tech H/w & Peripherals,
4.6%

IT Consulting
0.4%

Semis, 3.1%

IT Consulting+,
0.5%

Application s/w, 27.8%

Tech Distributors,
0.2%
Comms Equip,
0.2%

Application s/w,
26%

Electronic Equip,
0.2%

Data as of June 1, 2022. For details of the full portfolio under these proposals, please refer to the accompanying spreadsheet
Information Classification: GENERAL

Impact of proposals on sub-industry and country distribution• Proposal – In May 2022 SAIR simulation, elimination of exposure to business activities related to semis, semi equipment andother hardware related component makers; it also eliminated exposure to Taiwan• Alternative – Reduced exposures to semis, semi equipment and other hardware component makers
80%70%

Distribution by top subindustries

60%

40%
30%

Distribution by top countries

Proposal

Alternative

Current Index

50%
40%
30%

20%

20%

10%

10%

0%

0%

Data as of June 1, 2022

Information Classification: GENERAL

Alternative

Proposal

Current Index

Impact of proposal on constituent weights and index turnover
Key changes in weight of index constituents vs. the current index in May 2022 SAIR simulation (data as of June 1, 2022)
Name

GICS® Subindustry

Current Index

Proposal

Alternative

ASUSTEK COMPUTER

Technology Hardware, Storage &Peripherals

5.0%

0.0%

2.0%

APPLIED MATERIALS

Semiconductor Equipment

5.0%

0.0%

5.0%

SYNAPTICS

Semiconductors

3.1%

0.0%

1.1%

PARADE TECHNOLOGIES

Semiconductors

2.7%

0.0%

0.9%

AMBARELLA

Semiconductors

2.2%

0.0%

0.8%

WISTRON CORP

Technology Hardware, Storage &Peripherals

1.1%

0.0%

0.4%

The one-way transition index turnover for both proposed options is well above the one-way index turnover during a regular rebalance
1-way index turnover in May 2022 SAIR of :TurnoverDue to Additions

Due to Deletions

Due to Maintained

Current Index*

24.1%

9.6%

7.6%

6.9%

Index under Proposal**

39.3%

6.9%

19.0%

13.4%

Index under Alternative**

31.2%

8.0%

7.6%

16.1%

* Measured as the one-way index turnover of the current index as of May 31, 2022, and the current index as of June 1, 2022**Measured as the one-way index turnover of the current index as of May 31, 2022, and the proposed index as of June 1, 2022

Information Classification: GENERAL

Summary of consultation questions•

Should the subtheme ‘hardware for education’ be narrowed to remove generic makers of laptops,
webcams, headsets from scope ?
• Index would lose “beta” to some enablers of education technology

Or, alternatively,•

Should the aggregate weight of the tech hardware subindustries be capped in the ACWI IMI Future
Education Index to 10% ?
• GICS methodology overrides thematic exposure directly – is this misaligned?
• Weighting scheme becomes less transparent versus current relevance score tilt
• What should be the choice of capping level?
• Industry cap may not be respected by issuer cap

Information Classification: GENERAL

Theme 5: Digital Economy

Information Classification: GENERAL

Digital Economy Proposal 5 – Subthemes explicitly reference
the “metaverse” concept; no impact to index•

Business activities currently in the methodology:•
Digital Payments•
E-commerce•Social Media•
Cybersecurity•
Cloud Computing•
Robotics•
Sharing Economy•

Re-organized business activities to be listed in methodology book :•Metaverse Ecosystem*•
Digital Payments•
E-commerce•Social Media (including augmented reality /virtual reality/ e-gaming)•
Blockchain (including technology and protocols for decentralized finance)•
Artificial Intelligence•
Cybersecurity•
Cloud Computing•
Robots and Automation•
Sharing Economy*For details of the scope of the Metaverse Ecosystem, please refer to the MSCI Thematic Insight The metaverse concept - what could it mean for a more digital future?

Information Classification: GENERAL

30

Overlap: “Digital Economy” and “Metaverse” concepts
Red highlighted boxes indicate subthemes that havebeen associated with the metaverse ecosystem andwill be grouped under this new subtheme

Subthemes currently in ACWI IMI Digital Economy
Index
Digital Payments
E-commerceSocial Media

Robotics

Metaverse
Ecosystem

Automation
Robots (Industrial, Non-industrial,
Autonomous)
AI & ML

Sharing Economy

Blockchain
Ride sharing
Crowdsourcing
Crowdfunding
Peer to peer

Cloud computing

Cybersecurity
Information Classification: GENERAL

31

Theme 6: Robotics

Information Classification: GENERAL

Robotics Proposal 6 – Scope of this theme to be explained
better in the methodology document; no impact to Index
Business activities currently in the methodology•
Robots•Industrial Robots•
Non-industrial Robots•
Autonomous Robots•
AI•
Automation••

Re-organization of business activities in the methodology:•
Robots:•Industrial•
Non-industrial, including•
Consumer robots•
Surgical robots•
Autonomous•
Artificial Intelligence•
Automation

Information Classification: GENERAL

33

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Information Classification: GENERAL

34

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