Structural change in a country index can occur only on four dates in a year, ie, close of last business day of February, May, August and November. MSCI index additions and deletions are announced two weeks in advance. Industry restructurings generally take place every 18 to 24 months for a given country. Market-driven changes are induced by events like new issues, mergers, acquisitions, bankruptcies and other similar corporate events. For instance, new issues may not be automatically included in the index.
Care needs to be taken regarding market capitalisation, float and liquidity.
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