Implementation of the2023 GICS Structure
Changes in the MSCI
Equity Indexes

October 2022

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

Summary• On March 31, 2022, MSCI & S&P Dow Jones announced the revisions to the Global Industry
Classification Standard (GICS®) structure for 2023. The changes will be implemented in
GICS Direct as of the close of March 17, 2023.
• MSCI will implement the changes resulting from the 2023 GICS structure revisions in the
MSCI Equity Indexes in one step as part of the May 2023 Index Review• As a reminder, MSCI will provide the full list of companies affected by the 2023 GICS
changes by December 15, 2022
• The simulated effect on the turnover for other methodologies with sector dependencies will
be provided after the final list is made available– Consultations on these methodologies may follow• MSCI plans to launch MSCI Provisional Indexes for the impacted GICS Sectors– MSCI Provisional Indexes will be available at a sector level only
– The timeline for the launch of MSCI Provisional Indexes will be communicated in due course

Information Classification: GENERAL

2Overview of 2023 GICS Changes
Retailers• Internet & Direct Marketing Retailwill be discontinued, andcompanies will be classified
according to the nature of the
goods• General Merchandise Stores andDepartment Stores will be merged
into Broadline Retail (New SubIndustry)• Consumable merchandise sellers
will be shifted to the Consumer
Staples Sector• “Stores” will be replaced with
“Retail” in the GICS nomenclaturefor select Retail classifications

Data
Processing &Outsourced
Services

Equity REITs

Transportation• Data Processing & Outsourced
Services Sub-Industry will be
discontinued and moved to theIndustrials Sector• Residential REITs will be split into 2
distinct Sub-Industries andSpecialized REITs will be split into
5 Sub-Industries• The Trucking Sub-Industry will be
split into Passenger Ground
Transportation (New) and Cargo
Ground Transportation (New)• Transaction and payment
processing will be reclassified toTransaction and Payment
Processing Services (New) under
the Financials Sector• 8 Industries for REITs and a new
Industry Group for Equity REITs willbe created• The Airlines Industry and SubIndustry will be renamed as
Passenger Airlines• Payroll processing companies will
be moved to the Industrials Sector
under Human Resource &Employment Services• A new Real Estate Management &Development Industry Group andIndustry will be created• Companies offering travel related
data processing and outsourced
services will be moved to theConsumer Discretionary Sector

Banks andThrifts &Mortgage
Finance• Thrifts/Savings banks will bemerged with Regional Banks witha definition update

For more details on the revisions to the Global Industry Classification Standard (GICS®) structure effective March 2023, please refer to www.msci.com/gics

Information Classification: GENERAL

3

Simulated Effect on Sector
Indexes

Information Classification: GENERAL

Simulated Effect – Sector Indexes
Current MSCI ACWI*• Sector indexes based on the MSCI Global Investable Market
2.8%
Indexes (GIMI) and covering the Information Technology,
3.1% 7.8%
5.2%
Industrials, Financials, Consumer Discretionary and Consumer
11.0%
Current MSCI ACWI
Staples will be impacted by the 2023 GICS changes.
21.3%

5.2%

Simulated One-Way Index Turnover on Sector Indexes Based on the MSCI GIMI*
Industrials

Information
Technology

Consumer
Staples

Consumer
Discretionary

Financials

Communication Services

7.3%
14.8%

Consumer Staples
Energy

12.3%

9.4%

Consumer Discretionary

Financials
Health Care

ACWI

4.2%

10.0%

4.1%

3.2%

11.2%

Proforma MSCI ACWI*

World

4.1%

11.2%

4.2%

3.5%

13.0%

3.1% 7.8%

USA

6.1%

11.7%

6.6%

4.3%

20.4%

EAFE

1.9%

8.1%

1.3%

2.4%

2.6%

Europe

1.7%

12.4%

0.6%

4.0%

3.8%

EM

6.1%

1.1%

4.0%

1.9%

1.8%

5.2%

2.8%

Industrials

Information Technology
Materials

10.7%

Real Estate
Utilities

19.2%

7.5%
5.3%
16.5%

9.7%
12.3%

*Simulated using June 1, 2022 data based on initial assessment of company-level GICS changes. Company-level GICS changes may be subject to change; final list of impacted companies will be released by
December 15, 2022

Information Classification: GENERAL

5

Simulated Effect on MSCI ESG andFactor Indexes

Information Classification: GENERALMSCI ESG Indexes• The following list of methodologies have sector dependencies and will reflect GICS 2023 structure changes
starting from the May 2023 Index Review• These methodologies were reviewed and MSCI is not proposing any enhancements to these methodologies

Methodology NameMSCI ESG Leaders Methodology
MSCI SRI Methodology
MSCI Global Low Carbon Target Methodology
MSCI Global Low Carbon Leaders Methodology
MSCI KLD 400 Social Methodology
MSCI USA Catholic Values Methodology
MSCI ACWI Sustainable Impact Methodology
MSCI USA ESG Select Methodology
MSCI ESG Focus Methodology
MSCI Women's Leadership Methodology
MSCI Climate Change Methodology
MSCI Climate Paris Aligned Indexes Methodology
MSCI Japan Empowering Women (WIN) Methodology

Sector Constraint in Inclusion / Exclusion
Optimization
based on sector
No
No
Yes
Yes
No
No
No
Yes
Yes
No
No
Yes
No

Information Classification: GENERAL

Yes
Yes
No
Yes
Yes
Yes
No
No
No
No
Yes
No
Yes

Cap on sector
weights

Strict Sector
Neutrality

No
No
No
No
No
No
Yes
No
No
No
No
No
No

No
No
No
No
No
No
No
No
No
Yes
No
No
No

7

MSCI ESG Indexes – Simulated Effect• Based on simulations, the implementation of the new GICS structure may generate additional turnover for certain
MSCI ESG Indexes:
May 2022 Index Review
Methodology Name

Example of Index

MSCI ESG Leaders Methodology
MSCI SRI Methodology
MSCI Global Low Carbon Target Methodology
MSCI Global Low Carbon Leaders Methodology
MSCI KLD 400 Social Methodology
MSCI USA Catholic Values Methodology
MSCI ACWI Sustainable Impact Methodology
MSCI USA ESG Select Methodology
MSCI ESG Focus Methodology
MSCI Women's Leadership Methodology
MSCI Climate Change Methodology
MSCI Climate Paris Aligned Indexes Methodology

ACWI ESG Leaders
ACWI SRIACWI Low Carbon Target
ACWI Low Carbon Leaders
KLD 400 Social
USA Catholic Values
ACWI Sustainable Impact
USA ESG SelectACWI ESG Focus
World Womens Leadership
ACWI Climate Change
ACWI Climate Paris Aligned

Actual Turnover –Current GICS

Simulated Turnover– New GICS*

Difference

7.55%
13.57%
8.75%
5.29%
0.61%
0.67%
8.09%
3.49%
9.97%
21.61%
4.12%
4.91%

8.19%
14.52%
8.75%
5.26%
0.61%
0.65%
8.14%
3.33%
9.92%
22.42%
4.12%
4.91%

0.65%
0.95%
0.00%
-0.03%
0.00%-0.02%
0.05%-0.16%-0.05%
0.81%
0.00%
0.00%

*Simulated using June 1, 2022, data based on initial assessment of company-level GICS changes. Company-level GICS changes may be subject to change; final list of impacted companies will be released
by December 15, 2022.

Information Classification: GENERAL

8MSCI Factor Indexes• The following list of methodologies have sector dependencies and will reflect GICS 2023 structure changes
starting from the May 2023 Index Review• These methodologies were reviewed and MSCI is not proposing any enhancements to these methodologies
Methodology NameMSCI Diversified Multi-Factor Indexes Methodology
MSCI Minimum Volatility Indexes Methodology
MSCI Enhanced Value Indexes Methodology
MSCI Agriculture & Food Chain Indexes Methodology
MSCI Commodity Producers Indexes Methodology
MSCI Infrastructure Indexes Methodology
MSCI Dividend Masters Indexes Methodology
MSCI High Dividend Yield Indexes Methodology
MSCI Prime Value Indexes Methodology
MSCI Quality Indexes Methodology (Sector Neutral Quality)
MSCI ACWI Emerging Market Consumer Growth Indexes Methodology
MSCI Barra Factor Indexes Methodology
MSCI Equal Weighted Indexes Methodology
MSCI Market Neutral Barra Factor Indexes Methodology
MSCI Risk Weighted indexes Methodology
MSCI Volatility Tilt Indexes Methodology
MSCI Consumer Demand Indexes Methodology
MSCI Factor ESG Target Indexes Methodology

Sector Constraint in
Optimization
Yes
Yes
No
No
No
No
No
No
No
No
No
Yes
No
Yes
No
No
No
Yes

Information Classification: GENERAL

Inclusion / Exclusion
based on sector
No
No
No
Yes
Yes
Yes
No
Yes
Yes
No
Yes
No
No
No
No
No
Yes
No

Cap on sector weights
Yes
Yes
Yes
No
No
No
No
No
No
Yes
No
No
No
No
Yes
Yes
No
No

Strict Sector
Neutrality
No
No
No
No
No
No
Yes
No
No
No
No
No
Yes
No
No
No
No
No

9

MSCI Factor Indexes – Simulated Effect• Based on simulations, the implementation of the new GICS structure may generate additional turnover for certain
MSCI Factor Indexes:
May 2022 Index Review
Methodology Name

Example of Index

MSCI Diversified Multi-Factor Indexes Methodology
Europe Diversified Multiple-Factor
MSCI Minimum Volatility Indexes Methodology
USA Minimum Volatility
MSCI Enhanced Value Indexes Methodology
ACWI Enhanced ValueMSCI Agriculture & Food Chain Indexes Methodology
ACWI Agriculture & Food Chain
MSCI Commodity Producers Indexes Methodology
ACWI Commodity Producers
MSCI Infrastructure Indexes Methodology
ACWI Infrastructure
MSCI Dividend Masters Indexes Methodology
ACWI Dividend Masters
MSCI High Dividend Yield Indexes Methodology
EM High Dividend Yield
MSCI Prime Value Indexes Methodology
EM Prime ValueMSCI Quality Indexes Methodology (Sector Neutral Quality)
USA Sector Neutral Quality
MSCI ACWI Emerging Market Consumer Growth Indexes Methodology ACWI Emerging Markets Consumer Growth
MSCI Barra Factor Indexes Methodology
Europe Barra Momentum
MSCI Equal Weighted Indexes Methodology
AC Asia Pacific Ex Japan Equal Weighted
MSCI Risk Weighted indexes Methodology
ACWI Risk Weighted
MSCI Volatility Tilt Indexes Methodology
ACWI Volatility Tilt
MSCI Factor ESG Target Indexes Methodology
EM Multiple-Factor ESG Target

Actual Turnover –Current GICS
19.74%
10.06%
9.92%
1.10%
2.83%
1.00%
5.82%
17.61%
21.77%
25.15%
23.41%
1.11%
9.82%
11.33%
3.66%
19.94%

Simulated Turnover –New GICS*
19.84%
10.14%
11.30%
1.10%
2.83%
1.00%
5.82%
17.61%
21.75%
27.94%
23.28%
1.11%
9.82%
11.33%
3.67%
19.95%

Difference
0.09%
0.08%
1.38%
0.00%
0.00%
0.00%
0.00%
0.00%
-0.02%
2.80%-0.13%
0.00%
0.00%
0.00%
0.01%
0.01%

*Simulated using June 1, 2022 data based on initial assessment of company-level GICS changes. Company-level GICS changes may be subject to change; final list of impacted companies will be released by
December 15, 2022.

Information Classification: GENERAL

10

About MSCIMSCI is a leading provider of critical decision support tools and services for the
global investment community. With over 50 years of expertise in research, data
and technology, we power better investment decisions by enabling clients tounderstand and analyze key drivers of risk and return and confidently build more
effective portfolios. We create industry-leading research-enhanced solutions thatclients use to gain insight into and improve transparency across the investment
process. To learn more, please visit www.msci.com.

Information Classification: GENERAL

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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.
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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 are not intended to constitute investment advice or a recommendation to make(or refrain from making) any kind of investment decision and may not be relied on as such. Issuers mentioned or included in any MSCI ESG Research materials may include MSCI Inc., clients of MSCI or suppliers to MSCI, and may also purchase research or other products
or services from MSCI ESG Research. MSCI ESG Research materials, including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any otherregulatory body.
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About MSCI: ESG
About MSCI ESG Research Products and Services
MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and aredesigned to provide in-depth research, ratings and analysis of environmental, social andgovernance-related business practices to companies worldwide. ESG ratings, data and analysis
from MSCI ESG Research LLC. are also used in the construction of the MSCI ESG Indexes. MSCIESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940
and a subsidiary of MSCI Inc.
About MSCI Inc.
MSCI is a leading provider of critical decision support tools and services for the global investmentcommunity. With over 50 years of expertise in research, data and technology, we power better
investment decisions by enabling clients to understand and analyze key drivers of risk and returnand confidently build more effective portfolios. We create industry-leading research-enhanced
solutions that clients use to gain insight into and improve transparency across the investment
process.
To learn more, please visit www.msci.com.
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Notice and Disclaimer: ESG
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 other investment 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 EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF 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
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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 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 represented 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 noassurance 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. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying theindex 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. Inclusionof 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 can be 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 be found in MSCI Inc.’s company filings on the Investor Relations section of www.msci.com.
MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Except with respect to any applicable products or services from MSCI ESG Research, 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 are not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Issuers mentioned or included in any MSCI ESG Research materials may include MSCI Inc., clients of MSCI or suppliers to MSCI, and may also purchase research or other products or services from MSCI ESG Research. MSCI ESG Research materials,
including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body.
Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and otherjurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Global Market Intelligence. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Global Market Intelligence.
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