MSCI ACWI

other modified Outline of the Methodology Booksimilarity 99%

--- Outline of the Methodology Book (2026-10-03_78eb9f3f)
+++ Outline of the Methodology Book (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 This methodology book outlines MSCI’s index objectives and details the methodology employed to create and maintain the MSCI Global Investable Market Indexes.
-Section 1 provides an introduction and background to the MSCI Global Investable Market Indexes including the objectives and design of the indexes.
+Section 1 provides an introduction and background to the MSCI GIMI™ including the objectives and design of the indexes.
 Section 2 details the principles and the methodology used for index construction. This includes the investability requirements and the size-segmentation methodology used in constructing the indexes.
 Section 3 describes the maintenance principles employed for reflecting the evolution of the markets in a timely fashion while providing index stability and controlling turnover.
 Section 4 details the principles and the methodology used for MSCI All Cap Indexes construction.
@@ -7,4 +7,4 @@
 Section 6 details the principles and the methodology used for MSCI Standalone Market Indexes construction.
 The Appendices contain details on equity market coverage, country classification of securities, free float definition and estimation, and other attributes.
 For more information on the terms used throughout this methodology document please refer to the MSCI Index Glossary on MSCI's website: https://www.msci.com/index-methodology.
-This book was last updated in May 2026.
+This book was last updated in August 2026.

M1 modified 1 Introduction to the MSCI GIMI™ (was 1 Introduction to the MSCI Global Investable Market Indexes)similarity 98%

--- 1 Introduction to the MSCI Global Investable Market Indexes (2026-10-03_78eb9f3f)
+++ 1 Introduction to the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -2,18 +2,17 @@
 The MSCI global equity indexes have maintained their leading position because they have evolved over time to continue to appropriately reflect the international investable opportunity set of equities while addressing the changing and expanding investment interests of cross-border investors.
 Developments in international equity markets and investment management processes have led many investors to desire very broad coverage and size-segmentation of the international equity markets.
 To address these desires and continue to meet our index construction and maintenance objective, after a thorough consultation with members of the international investment community, MSCI enhanced its Standard Index methodology, by moving from a sampled multi-cap approach to an approach targeting exhaustive coverage with nonoverlapping size and style segments.
-The MSCI Standard and MSCI Small Cap Indexes, along with the other MSCI equity indexes based on them, transitioned to the Global Investable Market Indexes methodology described in this methodology book.
+The MSCI Standard and MSCI Small Cap Indexes, along with the other MSCI equity indexes based on them, transitioned to the GIMI™ methodology described in this methodology book.
 The transition was completed at the end of May 2008.
 The MSCI Standard Indexes are composed of the MSCI Large Cap and Mid Cap Indexes.
-The MSCI Global Small Cap Index transitioned to the MSCI Small Cap Index resulting from the Global Investable Market Indexes methodology and contains no overlap with constituents of the transitioned MSCI Standard Indexes.
-Together, the relevant MSCI Large Cap, Mid Cap and Small Cap Indexes make up the MSCI Investable Market Index for each country, composite, sector, and style index that MSCI offers.
-Based on transparent and objective rules, the Global Investable Market Indexes are intended to provide: Exhaustive coverage of the investable opportunity set with non-overlapping size and style segmentation.
+The MSCI Global Small Cap Index transitioned to the MSCI Small Cap Index resulting from the GIMI methodology and contains no overlap with constituents of the transitioned MSCI Standard Indexes.
+Together, the relevant MSCI Large Cap, Mid Cap and Small Cap Indexes make up the MSCI IMI™ for each country, composite, sector, and style index that MSCI offers.
+Based on transparent and objective rules, the GIMI are intended to provide: Exhaustive coverage of the investable opportunity set with non-overlapping size and style segmentation.
 A strong emphasis on investability and replicability of the indexes through the use of size and liquidity screens.
 Size segmentation designed to achieve an effective balance between the objectives of global size integrity and country diversification.
 An innovative maintenance methodology that provides a superior balance between index stability and reflecting changes in the opportunity set in a timely way.
-A complete and consistent set of Size-Segment Indexes, with Standard, Large Cap, Mid Cap, Small Cap, and Investable Market Indexes.
-In addition to the innovations listed above, the Global Investable Market Indexes methodology retained many of the features of the original methodology, such as:
-The use of a building block approach to permit the creation and calculation of meaningful composites.
+A complete and consistent set of Size-Segment Indexes, with Standard, Large Cap, Mid Cap, Small Cap, and IMI.
+In addition to the innovations listed above, the GIMI methodology retained many of the features of the original methodology, such as: The use of a building block approach to permit the creation and calculation of meaningful composites.
 The creation of sector and industry indexes using the Global Industry Classification Standard (GICS®).
 Minimum free float requirements for eligibility and free float-adjusted capitalization weighting to appropriately reflect the size of each investment opportunity and facilitate the replicability of the Indexes.
 Timely and consistent treatment of corporate events and synchronized rebalancings, globally.

M4 modified 2 Constructing the MSCI GIMI™ (was 2 Constructing the MSCI Global Investable Market Indexes)similarity 96%

--- 2 Constructing the MSCI Global Investable Market Indexes (2026-10-03_78eb9f3f)
+++ 2 Constructing the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-The MSCI Global Investable Markets Indexes are constructed and maintained at an individual Market1 level.
-Constructing the MSCI Global Investable Market Indexes involves the following steps: Defining the Equity Universe for each Market.
+The MSCI GIMI™ are constructed and maintained at an individual Market1 level.
+Constructing the MSCI GIMI involves the following steps: Defining the Equity Universe for each Market.
 Determining the Market Investable Equity Universe for each Market.
 Determining market capitalization size-segments for each Market.
 Applying Index Continuity Rules for the Standard Index.

M2 modified 2.1.1 Identifying Eligible Equity Securities

--- 2.1.1 Identifying Eligible Equity Securities (2026-10-03_78eb9f3f)
+++ 2.1.1 Identifying Eligible Equity Securities (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-All listed equity securities, including Real Estate Investment Trusts (REITs)2 and certain income trusts listed in Canada3 are eligible for inclusion in the Equity Universe.
+All listed equity securities, including Real Estate Investment Trusts (REITs)2 and certain income trusts listed in Canada 3 are eligible for inclusion in the Equity Universe.
 Limited partnerships, limited liability companies, and business trusts, which are listed in the USA and are not structured to be taxed as limited partnerships, are likewise eligible for inclusion in the Equity Universe.
 Conversely, mutual funds, ETFs, equity derivatives, and most investment trusts are not eligible for inclusion in the Equity Universe.4
 1 Developed Markets Europe, Baltic States and WAEMU are treated as single markets for the purpose of index construction.

M3 modified 2.2 Determining the Market Investable Equity Universessimilarity 98%

--- 2.2 Determining the Market Investable Equity Universes (2026-10-03_78eb9f3f)
+++ 2.2 Determining the Market Investable Equity Universes (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 A Market Investable Equity Universe for a market is derived by: Identifying eligible listings for each security in the Equity Universe, and Applying investability screens to individual companies and securities in the Equity Universe that are classified in that market.
 A market is equivalent to a single country, except in DM Europe, where all DM countries in Europe are aggregated into a single market for index construction purposes.
-Subsequently, individual DM Europe country indexes within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the Global Investable Market Indexes methodology.
+Subsequently, individual DM Europe country indexes within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the GIMI™ methodology.
 The Global Investable Equity Universe is the aggregation of all Market Investable Equity Universes.
 The DM Investable Equity Universe is the aggregation of all the Market Investable Equity Universes for Developed Markets

M3 modified 2.2.3 Equity Universe Minimum Size Requirement

--- 2.2.3 Equity Universe Minimum Size Requirement (2026-10-03_78eb9f3f)
+++ 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_9ff15223)
@@ -15,6 +15,6 @@
 240,000 190,000 4.68% 5 AF c
 235,000 95,000 4.98% 6 GG a 230,000 230,000 5.73% 7 AH 225,000 225,000 6.45% 8 a AL d
 210,000 210,000 7.13% 9 … … … … … … … … … … .. .. .. .. .. WWW f 1,000 250 98.99% 8,007 XYZ 150 130 99.00% 8,008 g YYY f 125 125 99.01% 8,009 ZZZZ f 100 100 99.01% 8,010 … … … … … Total 31,000,000 100.00%
-At the time of the May 2026 Index Review, the Equity Universe Minimum Size Requirement was USD 537 million for the Developed and Emerging Markets while it was USD 13 million for the Frontier Markets.
+At the time of the August 2026 Index Review, the Equity Universe Minimum Size Requirement was USD 585 million for the Developed and Emerging Markets while it was USD 14 million for the Frontier Markets.
 Companies with full market capitalizations below this level are not included in any Market Investable Equity Universe.
 The Equity Universe Minimum Size Requirement is reviewed and, if necessary revised, at Index Reviews.

M3 modified 2.2.5 DM and EM Minimum Liquidity Requirementsimilarity 96%

--- 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-03_78eb9f3f)
+++ 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_9ff15223)
@@ -10,25 +10,25 @@
 A minimum liquidity level of 15% of 3-month ATVR and 80% of 3-month Frequency of Trading over the last 4 consecutive quarters, as well as 15% of 12-month ATVR are required for the inclusion of a security in a Market Investable Equity Universe of an Emerging Market.
 This rule is referred to as the EM Minimum Liquidity Requirement.
 In addition to the ATVR and Frequency of Trading requirements, securities in the MSCI China Equity Universe will not be eligible for inclusion in the Market Investable Equity Universe if the securities: Are suspended on the Price Cutoff Date (as defined in section 3.1.9) of the Index Review Have been suspended for 50 consecutive business days or more in the past 12 months6 Only one listing per security may be included in the Market Investable Equity Universe.
-In instances when a security has two or more eligible listings that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of the security in the Market Investable Equity Universe: Local listing7 Foreign listing in the same geographical region 8
+In instances when a security has two or more eligible listings that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential inclusion of the security in the Market Investable Equity Universe: Local listing7 Foreign listing in the same geographical region8
 6 As of each day from the effective date of the Index Review one year prior to the price cutoff date of the current Index Review (for example: a non-Index constituent suspended for 50 days as of any day from June 1, 2017, the effective date of the May 2017 Index Review, to April 23, 2018, the price cutoff date of the May 2018 Index Review, would not have been eligible for the Investable Market Universe of the May 2018 Index Review).
 7 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
 8 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
 If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
-Foreign listing in a different geographical region 9.
+Foreign listing in a different geographical region9.
 Concerning the level of a stock price, there may be liquidity issues for securities trading at a very high stock price.
 Hence, a limit of USD 10,000 has been set and securities with stock prices above USD 10,000 fail the liquidity screening.
-This rule applies only for non-constituents of the MSCI Global Investable Market Indexes.
-Consequently, current constituents of the MSCI Global Investable Market Indexes would remain in the index if the stock price passes the USD 10,000 threshold.
+This rule applies only for non-constituents of the MSCI GIMI™.
+Consequently, current constituents of the MSCI GIMI would remain in the index if the stock price passes the USD 10,000 threshold.
 Details on the calculation of ATVR and FOT are available in the MSCI Liquidity Data Methodology10 at www.msci.com/index-methodology.
 In some circumstances, MSCI may apply relevant adjustments to the liquidity values at the time of the regular Index Reviews, in those cases where the ATVR11 and/or Frequency of Trading are the decisive elements for a security impacting the Market Investable Universe.
-For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the Investable Market Index are not eligible for the Market Investable Equity Universe.
+For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the IMI™ are not eligible for the Market Investable Equity Universe.
 In the cases of large public offerings that significantly increase a security’s free floatadjusted market capitalization and liquidity, MSCI may use trading volumes after the public offering.
 When determining the potential re-addition of a security that was deleted in the prior 12months, MSCI may adjust ATVR values by excluding the trading volumes of the month during which the deletion of the security was announced and implemented.
 In case of an increase in a security’s FIF from zero to non-zero effective at an upcoming regular Index Review or during the relevant ATVR calculation period (e.g. due to an increase in FOL or in any adjustment factor), MSCI may adjust ATVR values by applying the updated FOL or adjustment factor during the ATVR calculation period where the FIF was zero.
+In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
 9 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
 10 Liquidity values published in the MSCI Index monthly product files currently does not consider certain adjustments such as trading volumes on Saturdays and/or Sundays.
 11 Notes on ATVR calculation: - Trading volumes and prices for liquidity computation will only be captured from eligible exchange, including USA and Canada.
 In general, MSCI uses free float-adjusted security market capitalization after the application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors).
-ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
-In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.
+ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.

M3 modified 2.2.8 Minimum Foreign Room Requirement11Fsimilarity 81%

--- 2.2.8 Minimum Foreign Room Requirement11F (2026-10-03_78eb9f3f)
+++ 2.2.8 Minimum Foreign Room Requirement11F (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
 This investability screen is applied at the individual security level.
-For a security that is subject to a Foreign Ownership Limit (FOL) to be eligible for inclusion in a Market Investable Equity Universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 15%.
+12 Indian securities included in the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached would not be considered for the For a security that is subject to a Foreign Ownership Limit (FOL) to be eligible for inclusion in a Market Investable Equity Universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 15%.
 For more information on the adjustment applied to securities within the Market Investable Equity Universe that have foreign room less than 25%, please refer to Sub-section 2.3.6.2 for details.

M4 modified 2.3 Defining Market Capitalization Size-Segments for Each Marketsimilarity 89%

--- 2.3 Defining Market Capitalization Size-Segments for Each Market (2026-10-03_78eb9f3f)
+++ 2.3 Defining Market Capitalization Size-Segments for Each Market (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-Once a Market Investable Equity Universe is defined, it is segmented into the following sizebased indexes: Investable Market Index (Large + Mid + Small) Standard Index (Large + Mid) Large Cap Index Mid Cap Index Small Cap Index The structure of the MSCI Global Investable Market Indexes in each market is depicted below.
-12 Indian securities included in the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached would not be considered for the inclusion in Market Investable Equity Universe.
+Once a Market Investable Equity Universe is defined, it is segmented into the following sizebased indexes: Investable Market Index (Large + Mid + Small) Standard Index (Large + Mid) Large Cap Index Mid Cap Index Small Cap Index The structure of the MSCI GIMI™ in each market is depicted below.
+The IMI™, the Standard Index and the Large Cap Index are created first, while the Mid Cap Index is derived as the difference between the Standard Index and the Large Cap Index, and the Small Cap Index is derived as the difference between the IMI and the Standard Index.
+inclusion in Market Investable Equity Universe.
 More generally, based on information available from the country regulatory authority, for securities where further purchase are restricted due to foreign ownership restriction, the securities would not be considered for the inclusion in Market Investable Equity Universe.
-The Investable Market Index, the Standard Index and the Large Cap Index are created first, while the Mid Cap Index is derived as the difference between the Standard Index and the Large Cap Index, and the Small Cap Index is derived as the difference between the Investable Market Index and the Standard Index.
 In order to create size-segments that can be meaningfully aggregated into composites, the individual Market Size-Segments need to balance the following two objectives: Achieving Global Size Integrity by ensuring that, within a given size-segment of a composite index, only companies of comparable and relevant sizes are included across all markets.
 This can be measured by looking at a size-segment cutoff relative to a free float-adjusted market capitalization coverage target based on the Global Investable Equity Universe.
 Achieving Consistent Market Coverage by ensuring that each market’s size-segment is represented in its proportional weight in the composite universe.
@@ -9,7 +9,8 @@
 It is not possible to achieve both of these objectives consistently and simultaneously across all markets.
 Therefore, to balance these objectives, the methodology sets a minimum size cutoff for each size-segment in each market using: A size range for all markets derived from a free float-adjusted target market capitalization of the Global Investable Equity Universe, together with A target free float-adjusted coverage range set within each individual Market Investable Equity Universe.
 The intersection of these ranges specifies a Size and Coverage Target Area as depicted below.
-This is done for each of the three size-segment indexes, namely the Investable Market Index, the Standard Index, and the Large Cap Indexes.
+This is done for each of the three size-segment indexes, namely the IMI, the Standard Index, and the Large Cap Indexes.
 Full Market Capitalization
 Size and Coverage Size Range Target Area
-Cumulative Free Float- Coverage Adjusted Range Market Coverage Creating the Size-Segment Indexes in each market involves the following steps: Defining the Market Coverage Target Range for each size-segment Determining the Global Minimum Size Range for each size-segment Determining the Market Size-Segment Cutoffs and associated Segment Number of Companies Assigning companies to the size-segments Applying final size-segment investability requirements
+Cumulative Free Float- Coverage Adjusted Range Market Coverage
+Creating the Size-Segment Indexes in each market involves the following steps: Defining the Market Coverage Target Range for each size-segment Determining the Global Minimum Size Range for each size-segment Determining the Market Size-Segment Cutoffs and associated Segment Number of Companies Assigning companies to the size-segments Applying final size-segment investability requirements

M4 modified 2.3.1 Defining the Market Coverage Target Range for Each Size-Segmentsimilarity 97%

--- 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment (2026-10-03_78eb9f3f)
+++ 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 To define the Size-Segment Indexes for a market, the following free float-adjusted market capitalization Market Coverage Target Ranges are applied to the Market Investable Equity Universe: Large Cap Index: 70% ± 5%.
 Standard Index: 85% ± 5%.
-Investable Market Index:     99%+1% or -0.5%.
+IMI™: 99%+1% or -0.5%.
 The Mid Cap Index market coverage in each market is derived as the difference between the market coverage of the Standard Index and the Large Cap Index in that market.
-The Small Cap Index market coverage in each market is derived as the difference between the free float-adjusted market capitalization coverage of the Investable Market Index and the Standard Index in that market.
+The Small Cap Index market coverage in each market is derived as the difference between the free float-adjusted market capitalization coverage of the IMI and the Standard Index in that market.

M4 modified 2.3.2 Determining the Global Minimum Size Range for Each Size-Segmentsimilarity 96%

--- 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment (2026-10-03_78eb9f3f)
+++ 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment (2026-10-02_9ff15223)
@@ -1 +1,2 @@
-The Global Minimum Size Range for each size-segment is determined by defining a Global Minimum Size Reference for Large Cap, Standard, and Investable Market Indexes, and specifying a range of 0.5 times to 1.15 times those References.
+The Global Minimum Size Range for each size-segment is determined by defining a Global Minimum Size Reference for Large Cap, Standard, and IMI™ Indexes, and specifying a range of
+0.5 times to 1.15 times those References.

M4 modified 2.3.2.1 Defining the Global Minimum Size Referencesimilarity 97%

--- 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-03_78eb9f3f)
+++ 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_9ff15223)
@@ -1,12 +1,13 @@
 The Global Minimum Size Reference for the Large Cap, Standard, and Investable Market sizesegments are derived in a similar manner to the derivation of the Equity Universe Minimum Size as follows: First, the companies in the DM Investable Equity Universe are sorted in descending order of full market capitalization and the cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe is calculated at each company.
-Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen: - DM Large Cap Index:      70% coverage - DM Standard Index:                  85% coverage - DM Investable Market Index:   99% coverage
+Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen:
+- DM Large Cap Index:      70% coverage - DM Standard Index:                  85% coverage - DM IMI™:                                     99% coverage
 For Emerging Markets, the Global Minimum Size Reference is set at one-half the corresponding level of full market capitalization used for the Developed Markets for each size-segment.
-The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on April 20, 2026 data, are set forth below.
-The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 15.75 billion.
+The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on July 20, 2026 data, are set forth below.
+The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 16.28 billion.
 This level, therefore, defines the Global Minimum Size Reference for DM Standard Indexes.
 Applying the range of
-0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 7.87 billion to USD 18.11 billion for the DM Standard Indexes.
-The EM range for the Standard Indexes, therefore, is USD 3.94 billion to USD 9.06 billion.
-Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Global Minimum Size Global Minimum Coverage Size Reference Reference (50% of DM) Size Reference May-26 May-26 May-26 Universe
-Large Cap 70% 51,345 25,672 1,252 Mid Cap 85% 15,748 7,874 465 Small Cap 99% 1,187 594 32
-All market caps are in USD millions. Data as of the close of April 20, 2026 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
+0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 8.14 billion to USD 18.72 billion for the DM Standard Indexes.
+The EM range for the Standard Indexes, therefore, is USD 4.07 billion to USD 9.36 billion.
+Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Global Minimum Size Global Minimum Coverage Size Reference Reference (50% of DM) Size Reference Aug-26 Aug-26 Aug-26 Universe
+Large Cap 70% 53,878 26,939 1,283 Mid Cap 85% 16,276 8,138 473 Small Cap 99% 1,234 617 31
+All market caps are in USD millions. Data as of the close of July 20, 2026 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.

M4 modified 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffssimilarity 99%

--- 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-03_78eb9f3f)
+++ 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-02_9ff15223)
@@ -1,16 +1,15 @@
 Segment Cutoffs The Market Size-Segment Cutoffs are derived by identifying a size cutoff which falls within, or as close as possible to, the Size and Coverage Target Area for that size-segment.
 For each size-segment, for each market, this is achieved as follows: The companies in the Market Investable Equity Universe are sorted in descending order of full market capitalization.
 The cumulative free float-adjusted capitalization coverage of the Market Investable Equity Universe is calculated at each company.
-MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - Investable Market Index: 99%
-If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
+MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - IMI™: 99% If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
 segment at that point in time. - The number of companies with full market capitalization greater than or equal to the relevant company provides
 the Segment Number of Companies, which will be used to maintain the indexes over time. If it is not, then: - The number of companies is decreased until the full market capitalization of the smallest company in the size-
 segment is equal or higher than the lower bound of the Global Minimum Size Range for that size-segment. Or, - The number of companies is increased to include all companies with a full market capitalization higher than the
 upper bound of the Global Minimum Size Range for that size-segment. - The full market capitalization of the last company defines the Market Size-Segment Cutoff for that segment and
 the Segment Number of Companies is set to this company’s rank.
 This process is designed to give priority to global size integrity over market coverage in situations where both objectives cannot be achieved simultaneously.
-For the Investable Market Index, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
-At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the Investable Market Indexes.
+For the IMI™, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
+At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the IMI.
 Since Size-Segment Indexes are based on company full market capitalization, all securities of a company are always classified in the same size-segment.
 As a result, there may be more securities than companies in a given size-segment.
 The Market Size-Segment Cutoffs and Segment Number of Companies are maintained daily, and updated at Index Reviews, additionally taking into account index stability and continuity rules.

M3 modified 2.3.6 Applying Final Size-Segment Investability Requirementssimilarity 95%

--- 2.3.6 Applying Final Size-Segment Investability Requirements (2026-10-03_78eb9f3f)
+++ 2.3.6 Applying Final Size-Segment Investability Requirements (2026-10-02_9ff15223)
@@ -1 +1 @@
-To enhance the replicability of Size-Segment Indexes, additional size-segment investability requirements are set for the Investable Market and the Standard Indexes.
+To enhance the replicability of Size-Segment Indexes, additional size-segment investability requirements are set for the IMI™ and the Standard Indexes.

M3 modified 2.3.6.1 Minimum Free Float Market Capitalization Requirementsimilarity 96%

--- 2.3.6.1 Minimum Free Float Market Capitalization Requirement (2026-10-03_78eb9f3f)
+++ 2.3.6.1 Minimum Free Float Market Capitalization Requirement (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the Investable Market Index, a security can be included in the Investable Market Index only if its free floatadjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the Investable Market Index.
-In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the Investable Market Index, the security’s free floatadjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the Investable Market Index.
-In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the Investable Market Index, the security’s free float-adjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the Investable Market Index.
+If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the IMI™, a security can be included in the IMI only if its free float-adjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the IMI.
+In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the IMI, the security’s free float-adjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the IMI.
+In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the IMI, the security’s free floatadjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the IMI.
 If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the Standard Index, a security can be included in the Standard Index only if its free float-adjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the Standard Index.
 In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the Standard Index, the security’s free float-adjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the Standard Index.
 In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the Standard Index, the security’s free float-adjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the Standard Index.
-Any company excluded from the Standard Index based on this rule is also excluded from the Investable Market Index.
+Any company excluded from the Standard Index based on this rule is also excluded from the IMI.
 For a security with a Foreign Inclusion Factor (FIF) lower than 0.15 to be included in the Standard Market Index, its free float-adjusted market capitalization must be at least 1.8 times the minimum free float-adjusted market capitalization required for the Standard Index.
 Please refer to the Section 3.1.6.2 for details on assessing conformity with the Final Size-Segment Investability Requirements for existing constituents.

M3 modified 2.3.6.2 Minimum Foreign Room Requirementsimilarity 98%

--- 2.3.6.2 Minimum Foreign Room Requirement (2026-10-03_78eb9f3f)
+++ 2.3.6.2 Minimum Foreign Room Requirement (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-For a security that is subject to a Foreign Ownership Limit (FOL) to be included in the Investable Market Index at its entire free-float adjusted market capitalization, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 25%.
+For a security that is subject to a Foreign Ownership Limit (FOL) to be included in the IMI™ at its entire free-float adjusted market capitalization, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 25%.
 If a security's foreign room is less than 25% and equal to or higher than 15%, MSCI will use an adjustment factor of 0.5 to reflect the actual level of foreign room to adjust the security's final foreign inclusion factor (FIF).
 As described in Sub-Section 2.2.8, securities will not be eligible for inclusion in a Market Investable Equity Universe if the foreign room is less than 15%.
 The adjustment factor will be applied to the security actual FIF to arrive at the final FIF of the security.
-Conformity with the minimum free float-adjusted market capitalization requirements for Investable Market Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor.
+Conformity with the minimum free float-adjusted market capitalization requirements for IMI constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor.

M3 modified 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increasesimilarity 62%

--- 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase (2026-10-03_78eb9f3f)
+++ 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase (2026-10-02_9ff15223)
@@ -1,8 +1,9 @@
-Securities that exhibit extreme price increase will not be eligible for addition into the Standard Indexes but will continue to be considered as part of the market investable universe.
-Such securities would be re-evaluated for Standard Index inclusion in the subsequent Index Review using Standard Index inclusion criteria, including the return-based thresholds for extreme price increase as described below.
-For additions to the Standard indexes, MSCI will evaluate their excess returns for specific monitoring periods against relevant thresholds as per the below table.
-A security that breaches the threshold of any period is considered to exhibit extreme price increase.
-Monitoring Periods and Thresholds for Extreme Price Increase Period* 5D 10D 15D 20D 25D 30D 35D 40D 45D 50D 55D 60D Excess Returns 100% 100% 100% 100% 200% 200% 200% 200% 400% 400% 400% 400% Threshold Period* 90D 120D 150D 180D 250D Excess Returns 500% 800% 1500% 1500% 2500% Threshold * Number of days (Mon-Fri) prior to the price cutoff date of the Index Review ** The extended measurement period of 90D, 120D, 150D, 180D and 250D is effective from May 2024 Index Review
-Excess return is calculated as the difference between the return of a security for the relevant period and the average return of IMI constituents belonging to the same country-sector where the security is classified (in terms of country of classification and GICS classification at the sector level).
+For additions to the Standard indexes, MSCI will evaluate the excess returns over specific monitoring periods against the relevant thresholds set out in the table below.
+A security that breaches the threshold of any period is considered to exhibit extreme price increase (EPI).
+Excess return is calculated as the difference between the return of a security for the relevant period and the average return of IMI™ constituents belonging to the same country-sector where the security is classified (in terms of country of classification and GICS classification at the sector level).
 For country-sectors that have five or less IMI constituents, the relevant country IMI return is used instead.
+Monitoring Periods and Thresholds for Extreme Price Increase: Period* 5D 10D 15D 20D 25D 30D 35D 40D 45D 50D 55D 60D Excess Returns 100% 100% 100% 100% 200% 200% 200% 200% 400% 400% 400% 400% Threshold Period* 90D 120D 150D 180D 250D Excess 500% 800% 1500% 1500% 2500% Returns Threshold * Number of days (Mon-Fri) prior to the price cutoff date of the Index Review ** The extended measurement period of 90D, 120D, 150D, 180D and 250D is effective from May 2024 Index Review
+Securities with a Foreign Inclusion Factor (FIF) of at least 0.75 are not subject to EPI screens.
+Non-constituents of the IMI that exhibit EPI with a FIF below 0.75 and meet all other Standard Index inclusion requirements will not be added to the Standard Index and will be retained in the market investable universe.
+In all cases where a security is not added to the Standard Index due to EPI, it will be reevaluated for Standard Index inclusion at the subsequent Index Review using Standard Index inclusion criteria, including the return-based thresholds for Extreme Price Increase as described above.
 IPOs that do not meet the minimum length of trading requirements but meet all other criteria for Standard Index inclusion are not subject to this requirement.

M4 modified 2.4 Index Continuity Rules

--- 2.4 Index Continuity Rules (2026-10-03_78eb9f3f)
+++ 2.4 Index Continuity Rules (2026-10-02_9ff15223)
@@ -6,5 +6,5 @@
 index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5 - The securities are added to the Standard Index in order to reach five constituents for a Developed Market or three
 for an Emerging Market in the ranking order determined in the step above Please note that the index continuity rules are applicable only to the Standard Market Indexes.
 Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may have as little as one constituent.
-Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI methodology.
+Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI™ methodology.
 Similarly, MSCI may resume calculation of such indexes if over time some companies become eligible for inclusion.

M4 modified 2.5 Constructing and Calculating the Individual MSCI GIMI™ Indexes (was 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes)similarity 0%

--- 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes (2026-10-03_78eb9f3f)
+++ 2.5 Constructing and Calculating the Individual MSCI GIMI™ Indexes (2026-10-02_9ff15223)
@@ -1 +0,0 @@
-Markets Indexes

M4 modified 2.5.1 Market Size-Segment Indexessimilarity 98%

--- 2.5.1 Market Size-Segment Indexes (2026-10-03_78eb9f3f)
+++ 2.5.1 Market Size-Segment Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 After companies are allocated to their respective Size-Segments (section 2.3.4) and securities are reviewed for complying with the Final Size-Segment Requirements (section 2.3.6), the final list of constituents for each of the Market Size-Segment Indexes is determined.
-The MSCI Investable Market Indexes are composed of the MSCI Standard Indexes and the MSCI Small Cap Indexes.
+The MSCI IMI™ Indexes are composed of the MSCI Standard Indexes and the MSCI Small Cap Indexes.
 The MSCI Standard Indexes are further subdivided into the MSCI Large Cap and the MSCI Mid Cap Indexes.
-For example, the MSCI USA IMI, MSCI USA Index, MSCI USA Large Cap Index, MSCI USA Mid Cap Index, MSCI USA Small Cap Index.
+For example, the MSCI USA IMI™, MSCI USA Index, MSCI USA Large Cap Index, MSCI USA Mid Cap Index, MSCI USA Small Cap Index.

M4 modified 2.5.2 Composite Indexes12F

--- 2.5.2 Composite Indexes12F (2026-10-03_78eb9f3f)
+++ 2.5.2 Composite Indexes12F (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 Two or more Market Indexes can be combined to form Composite Indexes.
-Market Indexes can be grouped either on the basis of Market Classification14 definition, geographical regions, economic regions or other criteria.
+Market Indexes can be grouped either on the basis of Market Classification 14 definition, geographical regions, economic regions or other criteria.
 For example, by combining all Market Indexes from each Market Classification, i.e.
 Developed, Emerging and Frontier Markets, we obtain the MSCI World 15, the MSCI Emerging Markets and the MSCI Frontier Markets Indexes respectively for each size-segment.
 Examples of regional or other types of indexes grouping multiple markets are the MSCI Asia Pacific Index, the MSCI North America Index or the MSCI GCC Index.

M4 modified 2.5.3 GICS®-Based Indexes (was 2.5.3 GICS-Based Indexes)similarity 77%

--- 2.5.3 GICS-Based Indexes (2026-10-03_78eb9f3f)
+++ 2.5.3 GICS®-Based Indexes (2026-10-02_9ff15223)
@@ -2,13 +2,12 @@
 To this end, MSCI has designed, in conjunction with S&P Dow Jones Indices, the Global Industry Classification Standard (GICS).
 The GICS currently consists of 11 Sectors, 25 Industry Groups, 74 Industries and 163 Sub-Industries.
 Under the GICS, each company is assigned uniquely to one Sub-Industry according to its principal business activity.
-Narrower Indexes may be derived from each MSCI Market, Regional or Composite Indexes based on the industry classification of each company as defined by the Global Industry Classification Standard (GICS).
-The indexes may contain securities belonging to specific Sectors, Industry Groups, Industries, Sub-Industries or a combination of these.
-For example,
 13 Composite Indexes covered in this section refer to market capitalization weighted indexes created by combining individual Market Indexes.
 14 Please refer to Appendix II for the MSCI Market Classification Framework.
 15 The MSCI World Index is made up of all the Markets Indexes classified as Developed Markets.
 16 All Countries include both Developed Markets and Emerging Markets Indexes.
-MSCI Japan Energy Index, MSCI Japan Media Index, MSCI Japan Financials Index.
+Narrower Indexes may be derived from each MSCI Market, Regional or Composite Indexes based on the industry classification of each company as defined by the Global Industry Classification Standard (GICS).
+The indexes may contain securities belonging to specific Sectors, Industry Groups, Industries, Sub-Industries or a combination of these.
+For example, MSCI Japan Energy Index, MSCI Japan Media Index, MSCI Japan Financials Index.
 Also, indexes can be created by combining the country grouping described in Sub-section 2.5.2 above with GICS classification.
 As an illustration, the MSCI EM Asia Utilities Index is a GICSbased Index carved out of a broader Composite Regional Index.

M6 modified 3 Maintaining the MSCI GIMI™ (was 3 Maintaining the MSCI Global Investable Market Indexes)similarity 99%

--- 3 Maintaining the MSCI Global Investable Market Indexes (2026-10-03_78eb9f3f)
+++ 3 Maintaining the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-The MSCI Global Investable Market Indexes are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve: Index continuity, Continuous investability of constituents and replicability of the indexes, and Index stability and low index turnover.
+The MSCI GIMI™ indexes are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve: Index continuity, Continuous investability of constituents and replicability of the indexes, and Index stability and low index turnover.
 In particular, index maintenance involves: Quarterly Index Reviews (Index Reviews) in February, May, August and November of the Size-Segment Indexes which include: - Updating the indexes on the basis of a fully refreshed Equity Universe. - Taking buffer rules into consideration for migration of securities across size and style segments. - Updating Foreign Inclusion Factors (FIFs) and Number of Shares (NOS).
 Ongoing event-related changes.
 Changes of this type are generally implemented in the indexes as they occur.
 Significantly large IPOs are included in the indexes after the close of the company’s tenth day of trading.
-Any index constructed on the basis of the GIMI methodology may be subject to potential concentration and other limitations resulting from changes in the underlying markets.
+Any index constructed on the basis of the GIMI™ methodology may be subject to potential concentration and other limitations resulting from changes in the underlying markets.
 Any such potential limitations of an existing methodology may be assessed as part of the Index Review process.

M6 modified 3.1 Quarterly Index Reviewssimilarity 99%

--- 3.1 Quarterly Index Reviews (2026-10-03_78eb9f3f)
+++ 3.1 Quarterly Index Reviews (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 The objective of the Index Reviews is to systematically reassess the various dimensions of the Equity Universe for all markets on a fixed quarterly timetable.
 An Index Review involves a comprehensive review of the Size-Segment Indexes.
 During each Index Review, the Equity Universe is updated and the Global Minimum Size Range is recalculated for each size-segment.
-Then, the following index maintenance activities are undertaken for each market: Updating the Market Investable Equity Universe Recalculating the Global Minimum Size References and Global Minimum Size Ranges Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs Assigning companies to the size-segments taking into account buffer zones Assessing conformity with Final Size-Segment Investability Requirements The MSCI Global Investable Market Indexes may follow light rebalancing rules (Light Rebalancing) at an Index Review if the criteria set in Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress are met
+Then, the following index maintenance activities are undertaken for each market: Updating the Market Investable Equity Universe Recalculating the Global Minimum Size References and Global Minimum Size Ranges Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs Assigning companies to the size-segments taking into account buffer zones Assessing conformity with Final Size-Segment Investability Requirements The MSCI GIMI™ may follow light rebalancing rules (Light Rebalancing) at an Index Review if the criteria set in Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress are met

M3 modified 3.1.2 Updating the Market Investable Equity Universessimilarity 97%

--- 3.1.2 Updating the Market Investable Equity Universes (2026-10-03_78eb9f3f)
+++ 3.1.2 Updating the Market Investable Equity Universes (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
-During each Index Review, the Market Investable Equity Universes are updated by: Reviewing the list of countries in which securities may be represented by foreign listings Evaluating each security that is not a constituent of the Investable Market Indexes for investability using the same investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
-Existing constituents of the Investable Market Indexes, on the other hand, are evaluated using buffers around these investability requirements as explained below.
+During each Index Review, the Market Investable Equity Universes are updated by: Reviewing the list of countries in which securities may be represented by foreign listings Evaluating each security that is not a constituent of the IMI™ indexes for investability using the same investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
+Existing constituents of the IMI indexes, on the other hand, are evaluated using buffers around these investability requirements as explained below.

M3 modified 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalizationsimilarity 99%

--- 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization (2026-10-03_78eb9f3f)
+++ 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
 The Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement is calculated as 50% of the updated Equity Universe Minimum Size Requirement.
-Non constituents of the IMI are evaluated relative to this updated threshold, whereas all existing constituents will not be evaluated relative to this investability requirement.
+Non constituents of the IMI™ indexes are evaluated relative to this updated threshold, whereas all existing constituents will not be evaluated relative to this investability requirement.

M7 modified 3.1.2.4 Minimum Liquidity Requirement for Existing Constituentssimilarity 90%

--- 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-03_78eb9f3f)
+++ 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,18 +1,18 @@
-Non constituents of the Investable Market Indexes are evaluated relative to the thresholds described in section 2.2.5.
-An existing constituent of the Investable Market Indexes may remain in a Market Investable Equity Universe if its 12-month ATVR falls below the Minimum Liquidity Requirement as long as it is above 2/3rd of the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 13.3% and 10%, respectively.
-In addition, in order to remain in the Investable Market Indexes the existing constituent must have: The 3-month ATVR of at least 5%;
+Non constituents of the IMI™ indexes are evaluated relative to the thresholds described in
+section 2.2.5.
+An existing constituent of the IMI may remain in a Market Investable Equity Universe if its 12month ATVR falls below the Minimum Liquidity Requirement as long as it is above 2/3rd of the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 13.3% and 10%, respectively.
+In addition, in order to remain in the IMI the existing constituent must have: The 3-month ATVR of at least 5%;
 The 3-month Frequency of Trading of at least 80% for Developed Markets and 70% for Emerging Markets.
 If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17 Foreign listing in the same geographical region 18 Foreign listing in a different geographical region 19.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17 Foreign listing in the same geographical region18 Foreign listing in a different geographical region19.
 Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above two times the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 40% and 30%, respectively.
 Such changes from a foreign listing to a local listing for existing index constituents will only be considered when data from previous twelve months is available for calculation of the 12-month ATVR.
 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
-However, MSCI would apply a
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or;
 17 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
 18 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
 If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
 19 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
-Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or;
-Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or;
+Would maintain the security in the GIMI™ and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or;
 Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
 0.5 if none of the above conditions are met.

M4 modified 3.1.4.1 Determining Initial Segment Number of Companiessimilarity 80%

--- 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-03_78eb9f3f)
+++ 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_9ff15223)
@@ -2,5 +2,3 @@
 If the Interim Market Size-Segment Cutoff is below the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the sum of: The number of companies in the updated Investable Equity Universe with the full company market capitalization equal or above the lower bound of the Global Minimum Size Range and;
 The number of companies in the updated Investable Equity Universe that were also part of the corresponding Size-Segments prior to the Index Review with the full market capitalization below the Global Minimum Size Range, but equal to or above the Interim Market Size-Segment Cutoff.
 This Initial Segment Number of Companies takes into account the newly eligible companies as well as deletions from the updated Investable Equity Universe.
-20 The Interim Market Size-Segment Cutoff during an Index Review is calculated the same way as the Interim Market Size- Segment Cutoffs, which are reported daily, however the Number of Shares and Foreign Inclusion factor post Index Review are used in the calculations and the value is not limited by the Global Minimum Size Range.
-Furthermore, if the Interim Market Size-Segment Cutoff is lower than the Equity Universe Minimum Size Requirement, then the Interim Market Size-Segment Cutoff is set to the Equity Universe Minimum Size Requirement.

M4 modified 3.1.4.2 Changes in the Segment Number of Companiessimilarity 91%

--- 3.1.4.2 Changes in the Segment Number of Companies (2026-10-03_78eb9f3f)
+++ 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_9ff15223)
@@ -1,10 +1,13 @@
-The full market capitalization of the company ranked in the updated Market Investable Equity Universe at the Initial Segment Number of Companies and the cumulative free float-adjusted market capitalization coverage at this company rank are used to verify that the Initial Segment Number of Companies falls either: within the Size and Coverage Target Area for the Size-Segment Index or within the Lower or Upper Size Range Boundary Proximity Areas, which span from 0.5 times to 0.575 times and from one time to 1.15 times the Global Minimum Size Reference respectively (please refer to the diagram below for more details).
+The full market capitalization of the company ranked in the updated Market Investable Equity Universe at the Initial Segment Number of Companies and the cumulative free float-adjusted market capitalization coverage at this company rank are used to verify that the Initial Segment Number of Companies falls either: within the Size and Coverage Target Area for the Size-Segment Index or
+20 The Interim Market Size-Segment Cutoff during an Index Review is calculated the same way as the Interim Market Size- Segment Cutoffs, which are reported daily, however the Number of Shares and Foreign Inclusion factor post Index Review are used in the calculations and the value is not limited by the Global Minimum Size Range.
+Furthermore, if the Interim Market Size-Segment Cutoff is lower than the Equity Universe Minimum Size Requirement, then the Interim Market Size-Segment Cutoff is set to the Equity Universe Minimum Size Requirement.
+within the Lower or Upper Size Range Boundary Proximity Areas, which span from 0.5 times to 0.575 times and from one time to 1.15 times the Global Minimum Size Reference respectively (please refer to the diagram below for more details).
 If it does, the Segment Number of Companies post Index Review becomes equal to this Initial Segment Number of Companies, and the full market capitalization corresponding to the smallest company in the Segment Number of Companies becomes the Market Size-Segment Cutoff for that market and is used in this Index Review.
 The Segment Number of Companies is also equal to the Initial Segment Number of Companies in the cases when the full company market capitalization of the company corresponding to the Initial Segment Number of Companies is above the Global Minimum Size Range and there are no investable companies between this company and the upper boundary of the Global Minimum Size Range.
-Changing Segment Number of Companies Full Market Capitalization Nb. of Companies 1.15x GMSR Upper Size Range Boundary Proximity Area GMSR
+Changing Segment Number of Companies
+Full Market Capitalization Nb. of Companies 1.15x GMSR Upper Size Range Boundary Proximity Area GMSR
 0.575X GMSR Low er Size Range Boundary Proximity Area 0.50X GMSR
-80% 85%
-90% Cumulative Free Float-Adjusted Market Coverage
+90% 80% 85% Cumulative Free Float-Adjusted Market Coverage
 Additions No Changes Deletions
 If the Initial Segment Number of Companies falls outside of the size and coverage target area, the Initial Segment Number of Companies is changed to bring it closer to the area.
 In making this change, consideration is given to index stability and index turnover, which may impact the ability of Market Size-Segment Cutoffs to fall within the Size and Coverage Target range.
@@ -22,12 +25,10 @@
 Only the companies with full company market capitalization lower than the lower limit of the Upper Size Range Boundary Proximity Area can be removed.
 22 - If this reduction brings the Market Size-Segment Cutoff into compliance with the Global Minimum Size Range, or
 removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size -
-Range, no further adjustment is necessary.
-If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the Initial Segment Number of Companies and the lower bound.
+Range, no further adjustment is necessary. If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the -
+Initial Segment Number of Companies and the lower bound.
+In market segments with a small number of companies, the deletion of the first two companies is not subject to the limits described above.
+22 - When a limit is placed on the decrease in the number of companies, as explained above, the full market
+capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range. In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.
 21 This step is implemented even if it brings the Market Size-Segment Cutoff from below the lower boundary of the Market Coverage Target Range to above the upper boundary of the Market Coverage Target Range.
 22 A company with full market capitalization within the Global Minimum Size Range is not removed if the removal would bring the Market Size-Segment Cutoff from above the upper boundary of the Market Coverage Target Range to below the lower boundary of the Market Coverage Target Range.
-- In market segments with a small number of companies, the deletion of the first two companies is not subject to
--
-the limits described above.
-22 When a limit is placed on the decrease in the number of companies, as explained above, the full market capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range.
-In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.

M4 modified 3.1.5 Assigning Companies to Appropriate Size-Segments

--- 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-03_78eb9f3f)
+++ 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_9ff15223)
@@ -1,7 +1,8 @@
 During an Index Review, companies are assigned with the following priority to the Size- Segments until the Segment Number of Companies is achieved: Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during last Index Review that failed the Final Size-Segment Investability Requirements, greater than or equal to the Market Size-Segment Cutoff.
 Newly investable companies with a full market capitalization greater than or equal to the Market Size-Segment Cutoff.
-Companies greater than the upper buffer threshold23 of the lower Size-Segment that are: - -
-Currently in the lower Size-Segment Index or Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability Requirement or - Investable companies during last Index Review that were not assigned to any Size-Segment.
+Companies greater than the upper buffer threshold 23 of the lower Size-Segment that are: - Currently in the lower Size-Segment Index or - Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability
+-
+Requirement or Investable companies during last Index Review that were not assigned to any Size-Segment.
 Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during the last Index Review that failed the Final Size-Segment Investability Requirements, in the lower buffer of the Size-Segment in descending capitalization order, until the threshold of the buffer is reached.
 The largest companies from the upper buffer of the next lower size-segment.
 Once companies have been assigned to the Standard, Large and Investable Market Segments, companies are then assigned to the Mid and Small Cap Segments.

M7 modified 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexessimilarity 92%

--- 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-03_78eb9f3f)
+++ 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_9ff15223)
@@ -1,12 +1,11 @@
-Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment
-23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
+Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
 An existing constituent is generally allowed to remain in its current size-segment even if its full market capitalization falls below (above) the Market Size-Segment Cutoff that defines the lower (upper) boundary of its segment, as long as its company full market capitalization falls within a buffer zone below (above) the Market Size-Segment Cutoff.
-The buffer zones at Index Reviews are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
-In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI.
-It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the Investable Market Index.
+The buffer zones at Index Reviews
+23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
+In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI™.
+It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the IMI.
 The inclusion in the Small Cap Indexes of all non-current constituents of the IMI above the Investable Market Size-Segment Cutoff could lead to an excessively large number of additions of small companies.
-Consequently, noncurrent constituents of the IMI within the Small Cap Entry Buffer Zone which are assigned to the Small Cap Segment are included in the Small Cap Indexes only to the extent that they replace current constituents which have fallen below the Small Cap Lower Buffer.
-The remaining companies are not included in the Investable Market Indexes but are still taken into account to determine the Segment Number of Companies.
+Consequently, non-current constituents of the IMI within the Small Cap Entry Buffer Zone which are assigned to the Small Cap Segment are included in the Small Cap Indexes only to the extent that they replace current constituents which have fallen below the Small Cap Lower Buffer.
+The remaining companies are not included in the IMI indexes but are still taken into account to determine the Segment Number of Companies.
 Index Review Buffers
 Large Cap Mid Cap Upper Buffer (+50%) Large Cap Lower Buffer (-33%) Mid Cap Small Cap Upper Buffer (+50%) Mid Cap/Standard Lower Buffer (-33%) Small Cap Small Cap Entry Buffer (+50%) Small Cap Lower Buffer (-33%)
-24 At “light” rebalancings, the buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff between two size-segments.

M3 modified 3.1.6.1 For New Constituentssimilarity 94%

--- 3.1.6.1 For New Constituents (2026-10-03_78eb9f3f)
+++ 3.1.6.1 For New Constituents (2026-10-02_9ff15223)
@@ -1,5 +1,7 @@
 Once companies are assigned to each size-segment, the securities of companies in each segment are evaluated for conformity with the additional size-segment investability requirements for each size-segment.
-The securities of newly eligible companies and of companies migrating from the lower segment are required to meet the additional investability requirements as described in Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
+The securities of newly eligible companies and of companies migrating from the lower segment are required to meet the additional investability
+24 At “light” rebalancings, the buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff between two size-segments.
+requirements as described in Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
 In addition, IPOs eligible for early inclusion according to Sub-section 3.2.7, and for which the effective date of inclusion is either 5 days before the effective date of the Index Review or 3 days after, will be made effective to coincide with the Index Review.
 For example, when the effective date of inclusion of the IPO is November 28 (3 business days before December 1), while the effective date of the Index Review is December 1, the IPO will be added effective December 1.
 For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.

M5 modified 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents (was 3.1.6.2 For Existing Constituents)similarity 72%

--- 3.1.6.2 For Existing Constituents (2026-10-03_78eb9f3f)
+++ 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,14 +1,6 @@
-Existing constituents may remain in the size-segment indexes if they would otherwise fail the additional investability requirements for Free Float Market Capitalization described in Section
-2.3.6.1 but still meet 2/3rd of the threshold.
-Existing constituents of the Small Cap Index must have a FIF that is equal to or larger than 0.15 to remain in the index.
-Existing constituents of the Standard Index with FIF of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index.
-Existing Standard Index constituents in the lower buffer that fail the additional investability requirements of the Standard Index are moved to the Small Cap Index.
-However, if the company has other investable securities that meet the additional investability requirements of the Standard Index, the company is retained in the Standard Size-Segment and the securities failing the final size-segment investability requirements are not included in any of the indexes within the MSCI Global Investable Market Indexes.
-Any other Standard Index constituent that fails these requirements is not included in any of the indexes within the MSCI Global Investable Market Indexes.
-Existing IMI constituents that exhibit extreme price increase (as per section 2.3.6.3) will not be eligible for migration into the Standard Indexes.
-Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
 Current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
-The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
+The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below:
+Post-review adjustment factor
 foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25%
 room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
 0.5
@@ -18,18 +10,19 @@
 0.25 0 Current adjustment factor = 0.25 1
 0.5
 0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI™ Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
 That is, existing constituents of the IMI Index with FIF (before the application of the adjustment factor) of greater than or equal to 0.15 must meet 2/3rd of the minimum free float-adjusted market capitalization required for the Standard or Small Cap Index to remain in the Standard or Small Cap Index, respectively.
 Existing constituents of the Standard Index with FIF (before the application of the adjustment factor) of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index to remain in the Standard Index.
 Conformity with the minimum free float-adjusted market capitalization requirements for noncurrent IMI constituents will be assessed using the free float-adjusted market capitalization after the application of the adjustment factor.
+Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
+Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
+For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily
 25 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
 In case of India, MSCI monitors securities appearing on the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached on a daily basis.
 MSCI deletes securities from the MSCI India Indexes that are (i) Appearing on the Breach list (ii) Appearing on the Red Flag/Caution list and have foreign room below 3.75% by giving 2 business days’ notice.
 In the case of Mexico, MSCI monitors the foreign investments under the Neutral Trust Program (NTP).
 The NTP structure mandates foreign investors to acquire shares only through it.
 MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
-26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
-Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
-For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
+26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
 For example, to be considered for the May Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the February Index Review.
 During a regular Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL27 until five business days before the effective date of that Index Review.

M5 modified 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs)similarity 86%

--- 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) (2026-10-03_78eb9f3f)
+++ 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) (2026-10-02_9ff15223)
@@ -1,11 +1,12 @@
 During an Index Review, changes in FIFs can result from events that occurred or were not captured in the course of the previous quarter covering changes in all aspects of shareholder information used to estimate free float.
 Changes in free float estimates and corresponding FIFs are reflected in the indexes on a quarterly basis at the February, May, August and November Index Reviews.
-All FIF changes are reflected for existing index constituents subject to the following: For securities with free float greater than 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 2.5% For securities with free float between 5% and 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.5% For securities with free float less than 5%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.1%
+All FIF changes are reflected for existing index constituents subject to the following: For securities with free float greater than 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 2.5%
 27  Applicable only for securities still subject to FOLs.
 For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
 In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
 For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
-In addition, the above mentioned thresholds would not be applicable and all FIF changes are reflected for: Additions to the Standard/Small Cap Size-Segments, including migrations between these two size-segments as part of the Index Review Additions to the Micro Cap Index, including deletions from the IMI as part of the Index Review FOL change resulting in a FIF change;
+For securities with free float between 5% and 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.5% For securities with free float less than 5%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.1%
+In addition, the above mentioned thresholds would not be applicable and all FIF changes are reflected for: Additions to the Standard/Small Cap Size-Segments, including migrations between these two size-segments as part of the Index Review Additions to the Micro Cap Index, including deletions from the IMI™ as part of the Index Review FOL change resulting in a FIF change;
 In case of corrections.
 FIF changes are implemented as part of a given Index Review if the changes take place prior to the Price Cutoff Date (as defined in Sub-Section 3.1.9) of that Index Review.
 In cases of changes effective after the Price Cutoff Date, the implementation would generally be postponed to the next closest Index Review.

M6 modified 3.1.9 Date of Data Used for Index Reviewssimilarity 89%

--- 3.1.9 Date of Data Used for Index Reviews (2026-10-03_78eb9f3f)
+++ 3.1.9 Date of Data Used for Index Reviews (2026-10-02_9ff15223)
@@ -1,23 +1,22 @@
 The standard data cutoff dates for the Index Reviews are as follows: Equity Universe Cutoff Date: the last business day of November for the February Index Review, the last business day of February for the May Index Review, the last business day of May for the August Index Review, and the last business day of August for the November Index Review.
-This is the relevant cutoff date for: - Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe; - Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2:
-Updating the Equity Universe Minimum Size Requirement;
+This is the relevant cutoff date for: - -
+Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe;
+Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2: Updating the Equity Universe Minimum Size Requirement;
 Liquidity Cutoff Date: the last business day of December for the February Index Review, the last business day of March for the May Index Review, the last business day of June for the August Index Review, and the last business day of September for the November Index Review.
 This is the relevant cutoff date for data used for the liquidity calculations, such as ATVRs and frequency of trading.
-Price Cutoff Date: any one of the last 10 business days 28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
-This is the relevant cutoff date for: - -
-Prices used for calculating market capitalization; Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); - -
-Data used to incorporate all foreign room changes.
-Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
-A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing29.
+Price Cutoff Date: any one of the last 10 business days28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
+This is the relevant cutoff date for: - Prices used for calculating market capitalization; - Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); - Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
+A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing 29.
 As a general rule, price movements after the Price Cutoff Date will not impact the results of the Index Review.
-However, in cases of extraordinary events or news related to a specific company identified as a migration between the size-segments or as an addition to the IMI based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
-In such instances, the company would either be maintained in its current sizesegment or not added to the IMI.
-Examples of such extraordinary events or news are allegations of fraud, falsification of accounting data or news on a takeover bid resulting in a significant reduction (or increase) in company’s market capitalization between the Index Review Price Cutoff Date and the announcement date or/and in its suspension for an undetermined period.
+However, in cases of extraordinary events or news related to a specific company
 28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days.
 For example, if the effective date of the November 2024 Index Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
 28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
-29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI.
+29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI™.
 Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open.
+identified as a migration between the size-segments or as an addition to the IMI™ based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
+In such instances, the company would either be maintained in its current sizesegment or not added to the IMI.
+Examples of such extraordinary events or news are allegations of fraud, falsification of accounting data or news on a takeover bid resulting in a significant reduction (or increase) in company’s market capitalization between the Index Review Price Cutoff Date and the announcement date or/and in its suspension for an undetermined period.
 Market cap fluctuations or suspensions of trading after the Index Review announcement date typically would not result in the reversion of an already announced decision on the company’s size-segment allocation.
 The policy on implementation of the Index Review changes for securities suspended around the Index Review implementation dates is stated in Appendix VII of this document.
 MSCI monitors the full company market capitalization (issuer level) of companies in the Market Investable Equity Universes on a monthly basis as a part of its ongoing maintenance.

M8 modified 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenancesimilarity 98%

--- 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-03_78eb9f3f)
+++ 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_9ff15223)
@@ -1,6 +1,7 @@
-For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
-To derive this number the following steps are followed: The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the Investable Market Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
+For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs 30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
+To derive this number the following steps are followed: The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the IMI™ Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
 On a daily basis, each Market Size-Segment Cutoff is set to be the full market capitalization of the company of the rank equal to the Segment Number of Companies for that Size- Segment in the Market Investable Equity Universe.
-The Interim Market Size-Segment Cutoff is set to: - -
-The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper bound. - The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range.
-The daily values for the Market Size-Segment Cutoffs, the Segment Number of Companies and the Global Minimum Size Range are based on data from the previous trading day.
+The Interim Market Size-Segment Cutoff is set to: - The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. - The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper
+-
+bound. The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range. The daily values for the Market Size-Segment Cutoffs, the Segment Number of Companies and the Global Minimum Size Range are based on data from the previous trading day.
+30 As described in section 3.2.7

M8 modified 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituentssimilarity 98%

--- 3.2.3 Changes in FIF or Number of Shares  for Existing Index Constituents (2026-10-03_78eb9f3f)
+++ 3.2.3 Changes in FIF or Number of Shares  for Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,8 +1,8 @@
 In between the regularly scheduled Quarterly Index Reviews (QIR), certain corporate events may lead to changes in the number of shares and/or FIF of an existing Index constituent.
-30 As described in section 3.2.7 Such changes in Number of Shares and/or FIF that meet the implementation threshold defined in the MSCI Corporate Events Methodology, are implemented simultaneously with the event.
-However, if the implementation threshold is not met, such changes are considered for implementation at a subsequent Index Review, subject to the rules applicable for the Index Reviews in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
+Such changes in Number of Shares and/or FIF that meet the implementation threshold defined in the MSCI Corporate Events Methodology, are implemented simultaneously with the event.
+However, if the implementation threshold is not met, such changes are considered for implementation at a subsequent Index Review, subject to the rules applicable for the Index Reviews in accordance with section 3.1.7 or 3.1.8 of the MSCI GIMI™ Methodology.
 The post event Number of Shares and/or FIF is estimated based on the terms of the event as per the guidelines available in the MSCI Corporate Events Methodology and any publicly available information on the post event shareholding structure.
-When subsequent public disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
+When subsequent public disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI GIMI Methodology.
 Pending NOS and/or float changes, if any, including any change in shareholder structure and/or FOLs, are implemented simultaneously with the event.
 Note that if the number of shares update is smaller than + or -1% on a post-event number of shares basis, it will be implemented at a subsequent Index Review.
 Decreases in FOLs or Foreign Room in which foreign investors are obliged to immediately sell shares in the market or when further purchases are no longer allowed will be reflected in the indexes as soon as possible.

M8 modified 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Eventsimilarity 98%

--- 3.2.4 Changes in Size segment of Existing Index Constituents  as a Result of a Large Corporate Event (2026-10-03_78eb9f3f)
+++ 3.2.4 Changes in Size segment of Existing Index Constituents  as a Result of a Large Corporate Event (2026-10-02_9ff15223)
@@ -1,16 +1,17 @@
-Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the Global Investable Market Indexes and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
+Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the GIMI™ and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
 A significant market capitalization change is defined as an increase of 50% or greater, or a decrease of 33% or more, relative to the company’s full market capitalization before the event.
 The company’s post-event full market capitalization is then compared to the Interim Size- Segment Cutoffs in order to determine the classification of that security in the appropriate sizesegment.
 The final decision is taken at the time of the completion of the event or, if the event is not effective yet, at the time of the confirmed announcement and is based on the latest market information available at the time of the analysis, including the latest NOS, FIF, and market prices.
 In addition, the securities must pass the investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
-Moreover, to be added to the Investable Market Index, the securities must meet the minimum foreign room requirement for the Investable Market Index described in Sub-section 2.3.6.2: Minimum Foreign Room Requirement.
+Moreover, to be added to the IMI™, the securities must meet the minimum foreign room requirement for the IMI described in Sub-section 2.3.6.2: Minimum Foreign Room Requirement.
 The post-event Size-Segment of the security, following a significant corporate event, is determined based on the rules outlined in the table below.
 Security is deleted from MSCI Indexes if it fails to meet any of the criteria outlined below.
 Pre-Event Post event
 Size- Company Full Market Security Security Float Adjusted Market Size- Segment Capitalization31 FIF Capitalization Segment32
 > 0.15 > 2/3* 0.5* Standard Cutoff > Standard Cutoff Standard < 0.15 > 1.8 * 2/3*0.5*Standard Cutoff Standard < Standard Cutoff & > 0.15 > 0.5* Small Cap Cutoff Small Cap > Small Cap Cut off < Small Cap Cutoff & > 0.15 > 0.5 * Micro Cap Cutoff Micro Cap > USD 10 Million
-> 0.15 > 0.5* Standard Cutoff Small Cap > 1.5*Standard Cutoff Standard < 0.15 >1.8 * 0.5 * Standard Cutoff
+Small Cap > 1.5*Standard Cutoff > 0.15 > 0.5* Standard Cutoff Standard
 31Interim Size-Segment cut off are used at the time of the event. 32 Securities added to Standard Indexes are added to Large Cap or Mid Cap segment based on Company Full Market Capitalization.
+< 0.15 >1.8 * 0.5 * Standard Cutoff
 > 0.15 > 0.5* Standard Cutoff Standard
 < 1.5*Standard Cutoff & > 0.15 < 0.5* Standard Cutoff Small Cap > Standard Cutoff
 < 0.15 >1.8 * 0.5 * Standard Cutoff Standard

M8 modified 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Eventsimilarity 98%

--- 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event (2026-10-03_78eb9f3f)
+++ 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-When a non-index constituent or a World Micro Cap Index constituent is added to the MSCI Global Investable Market Indexes due to a corporate event, or when a constituent of the MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the industry classification of the security is reviewed and implemented simultaneously with the event.
+When a non-index constituent or a World Micro Cap Index constituent is added to the MSCI GIMI™ due to a corporate event, or when a constituent of the MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the industry classification of the security is reviewed and implemented simultaneously with the event.
 In addition, in case of a spin off where the industry classification of the spunoff security is reviewed based on the above rules, the industry classification of the parent security is also systematically reviewed and implemented simultaneously with the event.
-The industry classification is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size-Segment Index (with the Large and Mid- Cap Indexes being considered as one size index) or migrates to a lower size-segment.
-Similarly, when a non-index constituent or a World Micro Cap Index constituent is added to the MSCI Global Investable Market Indexes due to a corporate event, or when a constituent of MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the Style Segment of the security is reviewed and implemented simultaneously with the event.
+The industry classification is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size-Segment Index (with the Large and Mid-Cap Indexes being considered as one size index) or migrates to a lower size-segment.
+Similarly, when a non-index constituent or a World Micro Cap Index constituent is added to the MSCI GIMI due to a corporate event, or when a constituent of MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the Style Segment of the security is reviewed and implemented simultaneously with the event.
 A spun-off security is generally assigned the same Style Segment as of the parent security unless it is included in a different Size-Segment Index from the parent security and/or the parent security migrates to a different Size Segment Index at the time of the event.
 The Style Segment is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size Segment Index (with the Large and Mid-Cap Indexes being considered as one Size Segment Index) or migrates to a lower size-segment.
 No style characteristics are assigned to the constituents of the World Micro Cap Indexes.

M8 modified 3.2.6 Early Deletions of Existing Index Constituentssimilarity 93%

--- 3.2.6 Early Deletions of Existing Index Constituents (2026-10-03_78eb9f3f)
+++ 3.2.6 Early Deletions of Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,8 +1,8 @@
-Securities may be considered for early deletions from MSCI Global Investable Market Indexes due to one of the following scenarios: Securities of companies that file for bankruptcy, companies that file for protection from their creditors and/or are suspended and for which a return to normal business activity and trading is unlikely in the near future.
+Securities may be considered for early deletions from MSCI GIMI™ due to one of the following scenarios: Securities of companies that file for bankruptcy, companies that file for protection from their creditors and/or are suspended and for which a return to normal business activity and trading is unlikely in the near future.
 Companies that fail stock exchange’s listing requirements resulting in  announcements of delisting from the  relevant stock exchange(s)Such securities are deleted using the primary exchange price (or when the primary exchange price is unavailable, over-thecounter or the equivalent market price when such a price is available and deemed relevant, or if such over-the counter price or equivalent market price is unavailable, the lowest system price (0.00001), as soon as practicable).
-Securities may also be considered for an early deletion due to a corporate event when: The Foreign Inclusion Factor (FIF) of the security decreases or is expected to decrease below 0.1533.
+Securities may also be considered for an early deletion due to a corporate event when:
+The Foreign Inclusion Factor (FIF) of the security decreases or is expected to decrease below 0.1533.
 The Foreign Inclusion Factor (FIF) decreases for an existing constituent of the Standard Index with a FIF already lower than 0.15.
-33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
 Security is suspended for a prolonged period as defined in section 5.1.1 of MSCI Corporate Events Methodology.
 A constituent company acquires or merges with a non-index constituent company or spins-off another company and is no longer eligible to be maintained.
 A constituent’s share class converts into another share class resulting in the deletion of one or more share classes from the indexes.

M8 modified 3.2.7 Early Inclusions of Non-Index Constituents and IPOssimilarity 96%

--- 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-03_78eb9f3f)
+++ 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-02_9ff15223)
@@ -1,11 +1,12 @@
-When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI Global Investable Market Indexes, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and 2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
-Such non-index constituents are treated as a continuation of index constituents and are subject to foreign room thresholds as defined in
-section 3.1.6.2 applicable for existing constituents.
+When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI GIMI™, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and
+2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
+Such non-index constituents are treated as a continuation of index constituents and are subject to foreign room thresholds as defined in section 3.1.6.2 applicable for existing constituents.
 For example, if a non-index constituent company acquires or merges with a constituent company, the post-event company may replace the constituent company.
 In addition, if a constituent’s share class is converted into another share class that is new or currently not in the index, this new share class can be included in the index to replace the current share class.
 However, when an index constituent is distributing rights to acquire a non-index constituent at a subscription price, MSCI does not include the non-index constituent at the time of the event, especially if the post-event information of the new entity is not complete and publicly available.
 Such non-index constituents are generally included in the same size-segment and, since they are considered to be a continuation of the index constituents.
 However, if the difference between the post-event market capitalization of the non-index constituents and the respective index constituents is deemed significant, a size-segment review is performed and the postevent entity is added to the appropriate size-segment in accordance with the rules applicable to index constituent as discussed in Sub-section 3.2.4.
+33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
 Securities spun-off from existing constituents are also considered for inclusion at the time of the event.
 The spun-off securities are included in the appropriate Size-Segment Indexes by comparing the company’s post-event full market capitalization with the Interim Market Size- Segment Cutoff.
 In addition, the free float-adjusted market capitalization of securities added to the Standard Index must be at least 50% of the Standard Index Interim Size-Segment Cutoff.

M8 modified 3.2.8 Corporate Events Affecting the Index Reviewsimilarity 94%

--- 3.2.8 Corporate Events Affecting the Index Review (2026-10-03_78eb9f3f)
+++ 3.2.8 Corporate Events Affecting the Index Review (2026-10-02_9ff15223)
@@ -3,5 +3,6 @@
 Some corporate events, such as, but not limited to, additions to or deletions from the Indexes or corporate events that trigger a significant market capitalization change relative to the company’s full market capitalization before the event (increase of 50% or greater, or decrease of 33% or more), or corporate events that trigger a significant change in the float of the security or decrease in the Foreign Ownership Limit and Foreign room, may have an impact on the index changes announced at the time of the Index Reviews, such as migration, addition and deletion.
 In such situation and if the completion date of the corporate event is effective between the Index Review Price Cutoff Date and one month after the Index Review effective date, MSCI may amend the Index Review result and announcement to consider the impact of the corporate event, in order to avoid potential reverse turnover.
 MSCI may amend the Index Review changes until five business days before the Index Review effective date.
+In certain scenarios where new information emerges after this five-business-day deadline but prior to the Index Review effective date, MSCI may amend the Index Review changes on shorter notice in order to minimize turnover or avoid replicability issues.
 To communicate these amendments, a separate announcement will be sent to the clients either with the Index Review announcement or with the corporate event announcement depending on the announcement date of the event.
 MSCI reserves the right to handle specific cases differently if more appropriate.

M8 modified 3.3.1 Ongoing Event-Related Changessimilarity 94%

--- 3.3.1 Ongoing Event-Related Changes (2026-10-03_78eb9f3f)
+++ 3.3.1 Ongoing Event-Related Changes (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI Global Investable Market Indexes.
-All additions and deletions of constituents of the MSCI Global Investable Market Indexes resulting from corporate events are also publicly announced prior to their implementation.
+All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI GIMI™.
+All additions and deletions of constituents of the MSCI GIMI resulting from corporate events are also publicly announced prior to their implementation.
 Please refer to section 8 of the MSCI Corporate Events methodology for more information on the MSCI general announcement policy for corporate events.

M1 modified 4 MSCI All Cap Indexessimilarity 89%

--- 4 MSCI All Cap Indexes (2026-10-03_78eb9f3f)
+++ 4 MSCI All Cap Indexes (2026-10-02_9ff15223)
@@ -1 +1 @@
-This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’. The calculation of the MSCI All Cap Indexes is currently limited to Developed Markets.
+This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’. The calculation of the MSCI All Cap Indexes is currently limited to Developed Markets.

M4 modified 4.1 Constructing the MSCI All Cap Indexessimilarity 93%

--- 4.1 Constructing the MSCI All Cap Indexes (2026-10-03_78eb9f3f)
+++ 4.1 Constructing the MSCI All Cap Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-The MSCI All Cap Indexes encompass all constituents of the MSCI Global Investable Market Indexes as well as securities allocated to the MSCI Micro Cap Indexes.
-The construction of the MSCI Global Investable Market Indexes is described in detail in previous sections.
-Constructing the MSCI All Cap Indexes involves the following steps: Constructing Global Investable Market Indexes as described in earlier sections.
+The MSCI All Cap Indexes encompass all constituents of the MSCI GIMI™ as well as securities allocated to the MSCI Micro Cap Indexes.
+The construction of the MSCI GIMI is described in detail in previous sections.
+Constructing the MSCI All Cap Indexes involves the following steps: Constructing GIMI as described in earlier sections.
 Constructing a Micro Cap Index for each market as described below.
-Aggregating the Global Investable Market Indexes with the Micro Cap Indexes.
-The Micro Cap Size-Segment is constructed by including all securities which are not part of the Global Investable Market Indexes and meet the following requirements: Micro Cap Maximum Size Requirement.
+Aggregating the GIMI with the Micro Cap Indexes.
+The Micro Cap Size-Segment is constructed by including all securities which are not part of the GIMI and meet the following requirements: Micro Cap Maximum Size Requirement.
 Micro Cap Minimum Size Requirement.
 Micro Cap Minimum Liquidity Requirement.
 Global Minimum Foreign Inclusion Factor Requirement.

M6 modified 4.2.1 Quarterly Index Reviewssimilarity 96%

--- 4.2.1 Quarterly Index Reviews (2026-10-03_78eb9f3f)
+++ 4.2.1 Quarterly Index Reviews (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-As described in Section 3, during each Index Review, the Equity Universe is updated and all size-segments of the Global Investable Market Indexes are reviewed.
-The following index maintenance activities are undertaken as part of the Index Review for the Micro Cap Size- Segment: Updating the Micro Cap Minimum Size Requirement.
+As described in Section 3, during each Index Review, the Equity Universe is updated and all size-segments of the GIMI™ are reviewed.
+The following index maintenance activities are undertaken as part of the Index Review for the Micro Cap Size-Segment: Updating the Micro Cap Minimum Size Requirement.
 Assigning companies to the Micro Cap Size-Segment taking into account size and liquidity buffer zones.

M4 modified 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexessimilarity 93%

--- 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-03_78eb9f3f)
+++ 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’.
+Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’.
 The methodology used to construct the MSCI Frontier Markets Indexes is similar, but not identical, to the construction of the indexes for Developed and Emerging Markets.
 One of the prime differences is in the calculation of size requirements including the Equity Universe Minimum Size Requirement and Global Minimum Size References.
-Further, there are three
+Further, there are three levels of minimum liquidity requirements – very low, low, and average – to accommodate the
 34 E.g. Luxembourg or Cyprus. These countries are part of the developed markets universe. Given their modest size these markets are not included in the MSCI World Index.
-levels of minimum liquidity requirements – very low, low, and average – to accommodate the divergent liquidity levels in Frontier Markets.
+divergent liquidity levels in Frontier Markets.
 See Appendix X for the countries that fall under each classification.
-More specifically, the methodological differences between the index construction for Frontier Markets countries and for countries constituting the MSCI ACWI Index are found in the following: Calculation of the Equity Universe Minimum Size Requirement Calculation of the Global Minimum Size Reference Liquidity requirements resulting from categorization of Frontier Markets into very low, low or average liquidity markets Index Continuity Rules Implementation of Corporate Events In addition, the size segmentation into Large Cap and Mid Cap of the Standard Index is not offered for Frontier Markets with the exception of the MSCI Gulf Cooperation Council (GCC) Countries Indexes.
+More specifically, the methodological differences between the index construction for Frontier Markets countries and for countries constituting the MSCI ACWI® Index are found in the following: Calculation of the Equity Universe Minimum Size Requirement Calculation of the Global Minimum Size Reference Liquidity requirements resulting from categorization of Frontier Markets into very low, low or average liquidity markets Index Continuity Rules Implementation of Corporate Events In addition, the size segmentation into Large Cap and Mid Cap of the Standard Index is not offered for Frontier Markets with the exception of the MSCI Gulf Cooperation Council (GCC) Countries Indexes.
 More details on the methodological differences are described below.

M3 modified 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets

--- 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-03_78eb9f3f)
+++ 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-02_9ff15223)
@@ -3,4 +3,4 @@
 In addition, a minimum level of 50% of 12-month Frequency of Trading is required for the inclusion of a security in an Investable Market Equity Universe of a Frontier Market for all liquidity categories.
 This rule is referred to as the Frontier Markets Minimum Liquidity Requirement.
 The categorization of each country is reviewed during the Index Reviews.
-For each Frontier Market MSCI considers the following factors: The proportion of the country’s IMI (in terms of number of constituents and weight) deleted from the index due to failing the liquidity requirements The proportion of the country’s Equity Universe (in terms of number of constituents and weight) not included in the IMI due to failing the liquidity requirements, and how it compares to other Frontier Markets The average liquidity level for the country’s Equity Universe, and how it compares to other Frontier Markets The country’s historical liquidity level trends and how they compare to other Frontier Markets The size and number of constituents in the country IMI Index relative to other Frontier Markets
+For each Frontier Market MSCI considers the following factors: The proportion of the country’s IMI™ (in terms of number of constituents and weight) deleted from the index due to failing the liquidity requirements The proportion of the country’s Equity Universe (in terms of number of constituents and weight) not included in the IMI due to failing the liquidity requirements, and how it compares to other Frontier Markets The average liquidity level for the country’s Equity Universe, and how it compares to other Frontier Markets The country’s historical liquidity level trends and how they compare to other Frontier Markets The size and number of constituents in the country IMI Index relative to other Frontier Markets

M7 modified 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents

--- 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-03_78eb9f3f)
+++ 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,12 +1,12 @@
-During Index Reviews, existing constituents of the IMI in average and low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 2/3rd of the minimum level requirement of 15% for average liquidity markets and 5% for low liquidity markets.
+During Index Reviews, existing constituents of the IMI™ in average and low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 2/3rd of the minimum level requirement of 15% for average liquidity markets and 5% for low liquidity markets.
 Existing constituents of the IMI in very low liquidity markets may remain in a Market Investable Universe if their 12‐month ATVR stays above 1%.
-Furthermore, in order to remain in the Investable Market Indexes (IMI), a constituent of the MSCI Frontier Markets IMI will need to have a 12-month Frequency of Trading of at least 10%, applicable to all liquidity categories.
+Furthermore, in order to remain in the IMI, a constituent of the MSCI Frontier Markets IMI will need to have a 12-month Frequency of Trading of at least 10%, applicable to all liquidity categories.
 If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing35 Foreign listing in the same geographical region 36 Foreign listing in a different geographical region 37.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing35 Foreign listing in the same geographical region36 Foreign listing in a different geographical region37.
 Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above 30% for average liquidity markets or 15% for low liquidity and very low liquidity markets, respectively.
 In addition, the local listing needs to have a 12-month Frequency of Trading of at least 50%.
 If an existing constituent of a Standard Index in Frontier Markets fails to meet the liquidity requirements, but its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Frontier Markets and its weight is either: More than 10% in the respective country index or More than 1% in the Frontier Markets Composite Index, then such constituent will remain in the index.
-However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet at least half of the liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet at least half of the liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or Would maintain the security in the GIMI™ and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
 0.5 if none of the above conditions are met
 35 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
 36 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.

M4 modified 5.2.4 Index Continuity Rules

--- 5.2.4 Index Continuity Rules (2026-10-03_78eb9f3f)
+++ 5.2.4 Index Continuity Rules (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 If after the application of the index construction methodology, a Standard Index does not contain any security, then the largest security by free float-adjusted market capitalization among the securities included in the Market Investable Equity Universe is added to the Standard Index.
 At subsequent Index Reviews, if after the application of the index maintenance methodology a Standard Index does not contain any security, then the following process is applied: The securities included in the updated Market Investable Equity Universe are identified, These securities are ranked by descending free float-adjusted market capitalization, however in order to increase index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5, The first security in the ranking order determined in the step above is added to the Standard Index.
 Please note that the index continuity rules are applicable only to the Standard Market Indexes.
-Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may be discontinued if there are no constituents left in accordance with the MSCI GIMI methodology.
+Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may be discontinued if there are no constituents left in accordance with the MSCI GIMI™ methodology.
 Similarly, MSCI may resume calculation of such indexes if over time some companies become eligible for inclusion.

M1 modified 6.1 Creation of Standalone Market Indexes for Newly Eligible Marketssimilarity 99%

--- 6.1 Creation of Standalone Market Indexes for Newly Eligible Markets (2026-10-03_78eb9f3f)
+++ 6.1 Creation of Standalone Market Indexes for Newly Eligible Markets (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
 MSCI will consider the creation of Standalone Market Indexes for countries not currently covered by MSCI during the May Index Review.
 These markets must demonstrate a relative openness and accessibility for foreign investors and are not undergoing a period of extreme economic or political instability.
 A Standalone Market Standard Index may be created for countries having a minimum of two companies with securities meeting the requirements for the Frontier Markets Standard Index.
-A Standalone Market Investable Market Index (IMI) may be created for a market having a minimum of one company with securities meeting the requirements for the Frontier Markets Standard Index, and a minimum of two companies with securities meeting the requirements for the Frontier Markets Small Cap Index.
+A Standalone Market IMI™ may be created for a market having a minimum of one company with securities meeting the requirements for the Frontier Markets Standard Index, and a minimum of two companies with securities meeting the requirements for the Frontier Markets Small Cap Index.
 MSCI also considers the availability and accuracy of market data when deciding on the potential creation of Standalone Market Indexes for countries not currently covered by MSCI.
 The creation of such MSCI Standalone Market Indexes would generally not require a client consultation.

M4 modified 6.5 Treatment of Discontinued Standalone Market Indexes

--- 6.5 Treatment of Discontinued Standalone Market Indexes (2026-10-03_78eb9f3f)
+++ 6.5 Treatment of Discontinued Standalone Market Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 Standalone Market Indexes may be discontinued if fewer than the required minimum number of securities are eligible for inclusion when applying a given methodology to a market (including index continuity rules).
-MSCI may resume calculation of the Large, Mid, or Small Cap Standalone Indexes if over time a security becomes eligible and as long as the Standard and IMI Standalone Indexes are not discontinued.
+MSCI may resume calculation of the Large, Mid, or Small Cap Standalone Indexes if over time a security becomes eligible and as long as the Standard and IMI™ Standalone Indexes are not discontinued.
 If the Standard and IMI Standalone Indexes are discontinued, all of the other size-segment indexes are also discontinued.
 MSCI may resume calculation once the market meets the requirements described in Section 6.1: Creation of Standalone Market Indexes for Newly Eligible Markets.

M2 modified Appendix I: Equity Markets and Universesimilarity 92%

--- Appendix I: Equity Markets and Universe (2026-10-03_78eb9f3f)
+++ Appendix I: Equity Markets and Universe (2026-10-02_9ff15223)
@@ -1 +1 @@
-The tables below provide a list of Stock Exchanges, Market Segments and Eligible Security Classes that MSCI uses as the basis of the construction of the MSCI Global Investable Market Indexes.
+The tables below provide a list of Stock Exchanges, Market Segments and Eligible Security Classes that MSCI uses as the basis of the construction of the MSCI GIMI™.

M2 modified Eligible Markets (Developed Markets)similarity 98%

--- Eligible Markets (Developed Markets) (2026-10-03_78eb9f3f)
+++ Eligible Markets (Developed Markets) (2026-10-02_9ff15223)
@@ -1,14 +1,12 @@
 Country Name Stock Exchange Market Segment Eligibility of Foreign Listings AUSTRALIA Australian Securities Exchange ASX Official Market - Prime Market AUSTRIA Vienna Stock Exchange - Standard Market Continuous Euronext Growth Market BELGIUM Euronext Brussels - Regulated Market Toronto Stock Exchange - CANADA - Cboe Canada (2) NEO-L Nasdaq Copenhagen Main Market DENMARK First North Growth Market
-- Nasdaq First North Growth Market – Denmark First North Premier Growth Market Nasdaq Helsinki Main Market FINLAND First North Growth Market
-- Nasdaq First North Growth Market – Finland First North Premier Growth Market Euronext Growth Market FRANCE Euronext Paris - Regulated Market Basic Board GERMANY Deutsche Börse Xetra - EU Regulated market Open Market Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3) Euronext Growth Market IRELAND Euronext Dublin - Regulated Market ISRAEL Tel Aviv Stock Exchange - Yes Euronext Growth Market Global Equity Market (1) ITALY Borsa Italiana - Regulated Market Market for Investment Vehicle (2) Growth Market Prime Market Tokyo Stock Exchange Standard Market JAPAN Tokyo Pro (2)
-- Main Market Nagoya Stock Exchange Next Market Premier Market NETHERLANDS Euronext Amsterdam Regulated Market Yes NEW ZEALAND New Zealand Stock Exchange Main Board - Euronext Expand NORWAY Euronext Oslo Børs Euronext Growth Market (2)
-- Regulated Market PORTUGAL Euronext Lisbon Regulated Market - Catalist SINGAPORE Singapore Exchange Yes Main Board Madrid Stock Exchange Mercado Continuo SPAIN Growth Companies
-- BME Growth SOCIMI Nasdaq Stockholm Main Market Nordic Growth Market Main Regulated Market Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market Spotlight Stock Exchange - Blue Chip Shares Mid-/Small-Cap Shares SIX Swiss Exchange Secondary Listing Shares SWITZERLAND Sparks Shares
-- Sponsored Foreign Shares (1) SME Main Market BX Swiss Sponsored Shares Admission to Trading Only (1) UNITED KINGDOM London Stock Exchange AIM
-- Main Market (4) New York Stock Exchange - Capital Market Nasdaq Stock Market Global Market USA Global Select Market
-- NYSE American - NYSE Arca - Cboe BZX Exchange -
+- Nasdaq First North Growth Market – Denmark First North Premier Growth Market Nasdaq Helsinki Main Market FINLAND - First North Growth Market Nasdaq First North Growth Market – Finland First North Premier Growth Market Euronext Growth Market FRANCE
+Euronext Paris - Regulated Market Basic Board GERMANY Deutsche Börse Xetra EU Regulated market
+- Open Market Growth Enterprise Market HONG KONG Stock Exchange of Hong Kong Yes Main Board (3) Euronext Growth Market IRELAND Euronext Dublin - Regulated Market ISRAEL Tel Aviv Stock Exchange - Yes Euronext Growth Market Global Equity Market (1) ITALY Borsa Italiana - Regulated Market Market for Investment Vehicle (2) Growth Market Prime Market Tokyo Stock Exchange Standard Market JAPAN Tokyo Pro (2)
+- Main Market Nagoya Stock Exchange Next Market Premier Market NETHERLANDS Euronext Amsterdam Regulated Market Yes NEW ZEALAND New Zealand Stock Exchange Main Board - Euronext Expand NORWAY Euronext Oslo Børs - Euronext Growth Market (2) Regulated Market PORTUGAL Euronext Lisbon Regulated Market - Catalist SINGAPORE Singapore Exchange Yes Main Board Madrid Stock Exchange Mercado Continuo SPAIN Growth Companies
+- BME Growth SOCIMI Nasdaq Stockholm Main Market Nordic Growth Market Main Regulated Market Nordic SME SWEDEN (5) Yes First North Growth Market Nasdaq First North Growth Market – Sweden First North Premier Growth Market Spotlight Stock Exchange - Blue Chip Shares Mid-/Small-Cap Shares SIX Swiss Exchange Secondary Listing Shares SWITZERLAND - Sparks Shares Sponsored Foreign Shares (1) SME Main Market BX Swiss Sponsored Shares Admission to Trading Only (1) UNITED KINGDOM London Stock Exchange AIM
+- Main Market (4) New York Stock Exchange - Capital Market Nasdaq Stock Market Global Market Global Select Market USA - NYSE American - NYSE Arca - Cboe BZX Exchange - Texas Stock Exchange (6) -
 (1) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment.
 (2) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review.
 (3) Hong Kong Chapter 21 Investment Companies are not eligible for inclusion for the MSCI Global Investable Market Indexes as part of August 2022 Index Review.
 (4) Listings on this market segment are evaluated on a case-by-case basis in accordance with Section 2.1.1: Identifying Eligible Equity Securities.
-(5) Eligibility of Foreign Listings effective November 2024 Index Review
+(5) Eligibility of Foreign Listings effective November 2024 Index Review (6) Listings on this exchange are eligible for the MSCI Indexes from July 06, 2026.

M2 modified Eligible Markets (Emerging Markets)similarity 99%

--- Eligible Markets (Emerging Markets) (2026-10-03_78eb9f3f)
+++ Eligible Markets (Emerging Markets) (2026-10-02_9ff15223)
@@ -1,52 +1,8 @@
 Country Name Stock Exchange Market Segment Eligibility of Foreign Listings
-Level 1
-Level 2 BRAZIL (8) B3 (Brasil Bolsa Balcão) Yes Novo Mercado
-Traditional
-CHILE Santiago Stock Exchange - -
-ChiNext Shenzhen Stock Exchange Main Board
-Shenzhen Stock Exchange - Hong Kong Stock Connect -
-Main Board CHINA (1) Shanghai Stock Exchange Yes STAR Market
-Shanghai Stock Exchange - Hong Kong Stock Connect -
-Growth Enterprise Market Stock Exchange of Hong Kong Main Board
-Global Market (2) COLOMBIA Colombian Stock Exchange - Local Market
-Free Market (2)
-CZECH REPUBLIC Prague Stock Exchange
-- Prime Market
-Standard Market
-EGYPT Egyptian Exchange Main Market -
-GREECE Athens Stock Exchange Main Market -
-Beta Market (5)
-BSE Xtend HUNGARY Budapest Stock Exchange - Prime Market
-Standard Market
-Main Board National Stock Exchange SME Board (7) INDIA - Main Board Mumbai Stock Exchange SME Board
-Acceleration Board (7)
-Development Board INDONESIA Indonesia Stock Exchange - Main Board
-New Economy Board (6)
-KOSPI Market KOREA Korea Exchange - KOSDAQ Market
-Main Market KUWAIT(4) Boursa Kuwait - Premier Market
-ACE Market MALAYSIA Bursa Malaysia - Main Market
-Equity Segment MEXICO Mexican Stock Exchange - Global Market Segment (2)
-Risk Capital Segment PERU Lima Stock Exchange Yes Securities Market
-PHILIPPINES Philippine Stock Exchange Main Board -
-Main Market
-POLAND Warsaw Stock Exchange - New Connect
-Parallel Market
-Main Market QATAR Qatar Stock Exchange - Venture Market
-Main Market SAUDI ARABIA (3) Saudi Exchange - Nomu - Parallel Market (5)
-AltX SOUTH AFRICA Johannesburg Stock Exchange - Main Board
-Taiwan Stock Exchange TWSE Main Board TAIWAN - Taipei Exchange TPEx Main Board
-mai THAILAND Stock Exchange of Thailand - SET
-STAR Market
-Main Market TURKEY Borsa Istanbul - SubMarket (5)
-Structured Products and Funds Market
-Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES
-- Dubai Financial Market -
-Nasdaq Dubai -
-(1) For a more detailed description of the MSCI universe, please refer to Appendix III
-(2) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment
-(3) Reclassified from Standalone Markets to Emerging markets at the May 2019 Index Review
-(4) Reclassified from Frontier Markets to Emerging markets at the November 2020 Index Review
-(5) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review
-(6) Listings on this market segment are eligible for the MSCI Indexes as part of the Feb 2023 Index Review
-(7) Listings on these market segments are eligible for the MSCI Indexes as part of the August 2024 Index Review
-(8) Eligibility of Foreign Listings effective August 2024 Index Review
+Level 1 Level 2 BRAZIL (8) B3 (Brasil Bolsa Balcão) Yes Novo Mercado Traditional CHILE Santiago Stock Exchange - ChiNext Shenzhen Stock Exchange Main Board Shenzhen Stock Exchange - Hong Kong Stock Connect Main Board CHINA (1) Shanghai Stock Exchange Yes STAR Market Shanghai Stock Exchange - Hong Kong Stock Connect Growth Enterprise Market Stock Exchange of Hong Kong Main Board Global Market (2) COLOMBIA Colombian Stock Exchange - Local Market Free Market (2) CZECH REPUBLIC Prague Stock Exchange Prime Market
+- Standard Market EGYPT Egyptian Exchange Main Market - GREECE Athens Stock Exchange Main Market - Beta Market (5) BSE Xtend HUNGARY
+Budapest Stock Exchange - Prime Market Standard Market Main Board National Stock Exchange SME Board (7) INDIA - Main Board Mumbai Stock Exchange SME Board Acceleration Board (7) Development Board INDONESIA Indonesia Stock Exchange - Main Board New Economy Board (6) KOSPI Market KOREA Korea Exchange - KOSDAQ Market Main Market KUWAIT(4) Boursa Kuwait - Premier Market ACE Market MALAYSIA Bursa Malaysia
+- Main Market Equity Segment MEXICO Mexican Stock Exchange - Global Market Segment (2) Risk Capital Segment PERU Lima Stock Exchange
+Yes Securities Market PHILIPPINES Philippine Stock Exchange Main Board - Main Market POLAND Warsaw Stock Exchange - New Connect Parallel Market Main Market QATAR Qatar Stock Exchange - Venture Market Main Market SAUDI ARABIA (3) Saudi Exchange - Nomu - Parallel Market (5) AltX SOUTH AFRICA Johannesburg Stock Exchange - Main Board TWSE Main Board Taiwan Stock Exchange TAIWAN - Taiwan Innovation Board Taipei Exchange TPEx Main Board mai THAILAND Stock Exchange of Thailand
+- SET STAR Market Main Market TURKEY Borsa Istanbul - SubMarket (5) Structured Products and Funds Marke Growth Market Abu Dhabi Securities Exchange Main Market UNITED ARAB EMIRATES - Dubai Financial Market - Nasdaq Dubai -
+(1) For a more detailed description of the MSCI universe, please refer to Appendix III (2) Listings on this market segment are eligible only for securities that also have a listing on another eligible stock exchange / market segment (3) Reclassified from Standalone Markets to Emerging markets at the May 2019 Index Review (4) Reclassified from Frontier Markets to Emerging markets at the November 2020 Index Review (5) Listings on this market segment are eligible for the MSCI Indexes as part of the May 2021 Index Review (6) Listings on this market segment are eligible for the MSCI Indexes as part of the Feb 2023 Index Review (7) Listings on these market segments are eligible for the MSCI Indexes as part of the August 2024 Index Review (8) Eligibility of Foreign Listings effective August 2024 Index Review

M3 modified Non-Index Constituents

--- Non-Index Constituents (2026-10-03_78eb9f3f)
+++ Non-Index Constituents (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
 Non-index constituents included in the alert boards listed in the table above are not eligible for inclusion in the MSCI Equity Universe.
-In order to minimize potential reverse turnover, securities deleted due to inclusion on such boards (see deletion of existing index constituents below) may only be added back to the MSCI GIMI after 12 months from their deletion from the index provided that they have been removed from the ineligible alert board before the relevant equity universe cutoff date.
+In order to minimize potential reverse turnover, securities deleted due to inclusion on such boards (see deletion of existing index constituents below) may only be added back to the MSCI GIMI™ after 12 months from their deletion from the index provided that they have been removed from the ineligible alert board before the relevant equity universe cutoff date.
 For example, securities that are deleted due to becoming part of an ineligible alert board as part of the May 2014 Index Review will only be eligible for inclusion in the MSCI GIMI as part of the May 2015 Index Review if they have been removed from the ineligible alert board by the end of February 2015.

M8 modified Deletion of Existing Index Constituents

--- Deletion of Existing Index Constituents (2026-10-03_78eb9f3f)
+++ Deletion of Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-Constituents of the MSCI GIMI that enter the alert boards listed in the table above will be deleted on the last business day of each month at market price with a notice period of at least two full business days.
+Constituents of the MSCI GIMI™ that enter the alert boards listed in the table above will be deleted on the last business day of each month at market price with a notice period of at least two full business days.
 During an Index Review, the deletion of a security that enters an ineligible alert board will be made to coincide with the effective date of the Index Review.
 In addition, MSCI may reverse the addition of any company that may enter the alert boards in order to avoid potential reverse turnover.
 In the event the securities do not trade on the implementation date of the deletion, MSCI would amend the deletion price from market price to lowest system price.

M8 modified Other Casessimilarity 84%

--- Other Cases (2026-10-03_78eb9f3f)
+++ Other Cases (2026-10-02_9ff15223)
@@ -1 +1,2 @@
-During Index Reviews, securities that enter any of the following boards during the period starting from the previous Index Review Price Cutoff Date (as defined in section 3.1.9) until three business days before the current Index Review effective date are subject to the following treatment: India Short Term and Long Term Additional Surveillance Measure (ASM) Indonesia Watchlist Board due to Criteria 10 Korea Investment Alert Issue and Investment Risk Issue Taiwan Disposition Board In such cases, after the application of all the relevant index review criteria including investability screens and size segmentation determination, MSCI will not implement the following index movement for those securities: additions to IMI and size-segment migrations between the Standard and Small Cap Indexes Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.
+During Index Reviews, securities that enter any of the following boards during the period starting from the current Index Review Price Cutoff Date (as defined in section 3.1.9) until three business days before the current Index Review effective date are subject to the following treatment: India Short Term and Long Term Additional Surveillance Measure (ASM) Korea Investment Alert Issue and Investment Risk Issue Taiwan Disposition Board In such cases, after the application of all the relevant index review criteria including investability screens and size segmentation determination, MSCI will not implement the following index movement for those securities: additions to IMI™ and size-segment migrations between the Standard and Small Cap Indexes Securities that enter Indonesia Watchlist Board due to Criteria 10 are subject to the same treatment but monitored starting from the previous Index Review Price Cutoff Date (as defined in section 3.1.9) until three business days before the current Index Review effective date.
+Such securities will be re-evaluated for inclusion or size-segment migration in the subsequent Index Review.

M1 modified Appendix II: Market Classification Frameworksimilarity 99%

--- Appendix II: Market Classification Framework (2026-10-03_78eb9f3f)
+++ Appendix II: Market Classification Framework (2026-10-02_9ff15223)
@@ -2,7 +2,7 @@
 The approach used by MSCI aims to reflect the views and practices of the international investment community by striking a balance between a country’s economic development and the accessibility of its market while preserving index stability.
 The MSCI Market Classification Framework consists of following three criteria: Economic Development, Size and Liquidity Requirements as well as Market Accessibility.
 In order to be classified in a given investment universe, a country must meet the requirements of all three criteria as described in the table below.
-Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 232 mm USD 3,937 mm USD 7,874 mm Security size (float market cap) ** USD 116 mm USD 1,969 mm USD 3,937 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 232 mm USD 3,937 mm USD 7,874 mm Security size (float market cap) ** USD 116 mm USD 1,969 mm USD 3,937 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2024 GNI per capita of USD 13,935 (World Bank, Atlas method) ** Minimum in use for the May 2026 Index Review, updated on a quarterly basis
+Criteria Frontier Emerging Developed A Economic Development Country GNI per capita 25% above the A.1 Sustainability of economic development No requirement No requirement World Bank high income threshold * for 3 consecutive years B Size and Liquidity Requirements B.1 Entry requirement Number of companies meeting the following Standard 1 3 5 Index criteria over each of the last 8 Index Reviews Company size (full market cap) ** USD 236 mm USD 4,069 mm USD 8,138 mm Security size (float market cap) ** USD 118 mm USD 2,034 mm USD 4,069 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR B.2 Maintenance requirements Number of companies meeting the following Standard - 1 1 Index criteria Company size (full market cap) ** USD 236 mm USD 4,069 mm USD 8,138 mm Security size (float market cap) ** USD 118 mm USD 2,034 mm USD 4,069 mm Security liquidity 2.5% ATVR 15% ATVR 20% ATVR Minimum number of securities in the Market Investable 1 3 5 Equity Universe C Market Accessibility Criteria C.1 Openness to foreign ownership At least some Significant Very high C.2 Ease of capital inflows / outflows At least partial Significant Very high C.3 Efficiency of operational framework Modest Good and tested Very high C.4 Availability of investment instrument High High Unrestricted C.5 Stability of the institutional framework Modest Modest Very high * High income threshold: 2025 GNI per capita of USD 14,375 (World Bank, Atlas method) ** Minimum in use for the August 2026 Index Review, updated on a quarterly basis
 The Economic Development criterion is only used in determining the classification of Developed Markets while that distinction is not relevant between Emerging and Frontier Markets given the very wide variety of development levels within each of these two universes.
 The Size and Liquidity Requirements are based on the minimum investability requirements for the MSCI Global Standard Indexes.
 The Size and Liquidity Entry Requirements are used for evaluating markets for reclassification, requiring a minimum number of companies meeting Standard Index criteria over each of the last eight Index Reviews.

M4 modified Markets Under Index Continuitysimilarity 99%

--- Markets Under Index Continuity (2026-10-03_78eb9f3f)
+++ Markets Under Index Continuity (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
 In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a minimum number of five constituents will be maintained for a DM Standard Index, three constituents for an EM Standard Index, and one constituent for an FM Standard Index.
-The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the May 2026 Index Review.
-Developed Markets Emerging Markets Frontier Markets New Zealand Egypt Serbia Hungary
+The following table below shows those markets where after the application of the index maintenance methodology, the Standard Index contains less than the minimum number of constituents, and hence the index continuity rules have been applied to achieve the minimum number of constituents as part of the August 2026 Index Review.
+Developed Markets Emerging Markets Frontier Markets New Zealand Egypt Serbia Peru

M2 modified Country Specific Cases

--- Country Specific Cases (2026-10-03_78eb9f3f)
+++ Country Specific Cases (2026-10-02_9ff15223)
@@ -14,10 +14,10 @@
 Also, the companies which derive a majority of revenues and assets from Macau are included in the MSCI Hong Kong universe.
 Companies that do not satisfy the H Shares, Red Chip, P Chip or HKSAR conditions, but are incorporated in Hong Kong, are included in MSCI Hong Kong universe.
 Securities classified in China may be represented by a foreign listing (i.e. a listing outside China or Hong Kong) in the MSCI China Indexes.
-However, such securities listed in the US and resulting from reverse mergers 39 are not eligible for index inclusion.
+However, such securities listed in the US and resulting from reverse mergers39 are not eligible for index inclusion.
 Australia: The MSCI Australia universe includes companies incorporated in Papua New Guinea that are listed on the Australian Securities Exchange.
 40 Greece: The MSCI Greece universe includes companies incorporated in Cyprus that are listed on the Athens Exchange.41 Countries subject to economic sanctions: MSCI does not cover certain countries for which significant economic sanctions are applied.
 Examples of such countries as of February 2018 are Cuba, Democratic Republic of the Congo, Libya, North Korea, Iran, Iraq, Somalia, Sudan and Syria.
-Companies that are classified to and/or incorporated in such countries are not eligible for inclusion in the MSCI Global Investable Market Indexes.
-MSCI regularly assesses eligibility of new markets and communicates their potential inclusion in the MSCI GIMI in advance of implementation.
+Companies that are classified to and/or incorporated in such countries are not eligible for inclusion in the MSCI GIMI™.
+MSCI regularly assesses eligibility of new markets and communicates their potential inclusion in the MSCI GIMI™ in advance of implementation.
 39 Companies resulting from reverse merger but are later listed through a formal IPO will be considered eligible. 40 Effective since the November 2015 Index Review. 41 Effective since the May 2009 Index Review.

M3 modified Appendix IV: Foreign Listing Materiality Requirementsimilarity 98%

--- Appendix IV: Foreign Listing Materiality Requirement (2026-10-03_78eb9f3f)
+++ Appendix IV: Foreign Listing Materiality Requirement (2026-10-02_9ff15223)
@@ -1,15 +1,14 @@
-Securities may be represented in the MSCI Global Investable Market Indexes by a listing in the country where they are classified (i.e. “local listing”).
-In addition, securities may also be represented by a listing in a different country (i.e. “foreign listing”) in certain MSCI Country Investable Market Indexes (IMI) within the MSCI Global Investable Market Indexes.
+Securities may be represented in the MSCI GIMI™ by a listing in the country where they are classified (i.e. “local listing”).
+In addition, securities may also be represented by a listing in a different country (i.e. “foreign listing”) in certain MSCI Country IMI™ Indexes within the MSCI GIMI.
 Foreign listings may become eligible to represent securities only from the countries that meet the Foreign Listing Materiality Requirement.
 This requirement is applied at the time of Index Reviews to the countries that do not yet include securities represented by foreign listings.
 In order to assess whether a country meets the Foreign Listing Materiality Requirement, the following steps are undertaken: Apply Index Review index maintenance rules described in Sub-section 3.1 to determine which securities represented by a foreign listing would be included in the MSCI Country IMI if foreign listings were eligible from that country.
-Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - -
-5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 42, and 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI.
+Calculate the aggregate free float-adjusted market capitalization of all such securities This aggregate market capitalization of securities represented by foreign listings should represent at least: - 5% of the free float-adjusted market capitalization of the relevant MSCI Country IMI 42, and - 0.05% of the free float-adjusted market capitalization of the MSCI ACWI IMI™.
 The second condition is not applied to Frontier Markets countries.
 Once a country meets the Foreign Listing Materiality Requirement at a given Index Review, foreign listings will become eligible from this country after two Index Reviews.
-For example, foreign listings will become eligible for a country at the November 2026 Index Review once that country meets the Foreign Listing Materiality Requirement at the May 2026 Index Review.
+For example, foreign listings will become eligible for a country at the February 2027 Index Review once that country meets the Foreign Listing Materiality Requirement at the August 2026 Index Review.
 Then, foreign listings will remain eligible even if the aggregate market capitalization of securities represented by foreign listings decreases over time below the materiality thresholds.
 The following table provides the list of countries for which securities may be represented by foreign listings:
-42 Securities represented by foreign listings are included in the free float-adjusted market capitalization of the MSCI Country IMI for the purpose of this calculation.
+42 Securities represented by foreign listings are included in the free float-adjusted market capitalization of the MSCI Country IMI™ for the purpose of this calculation.
 Countries for which foreign listings are eligible Argentina Israel Peru Bahrain Jordan Romania Botswana Kazakhstan Singapore Brazil Lebanon Slovenia China Mauritius Sweden Hong Kong Netherlands Ukraine Iceland Panama (*) (*) The MSCI Panama Index was launched as a Standalone Market Index as part of the May 2017 Index Review and currently includes only foreign listings.
-At the May 2026 Index Review, no additional markets met the Foreign Listing Materiality Requirement.
+At the August 2026 Index Review, no additional markets met the Foreign Listing Materiality Requirement.

M3 modified Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959

--- Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-03_78eb9f3f)
+++ Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
 U.S. Executive Order 13959
 The U.S.
 Executive Order 13959 dated November 12, 2020 which Prohibits Transactions by U.S.
-Persons in Certain Chinese Companies (the Order), along with clarification from the Office of Foreign Assets Control (OFAC), results in the deletion from / non-inclusion in the MSCI GIMI of relevant impacted securities.
+Persons in Certain Chinese Companies (the Order), along with clarification from the Office of Foreign Assets Control (OFAC), results in the deletion from / non-inclusion in the MSCI GIMI™ of relevant impacted securities.
 On January 5, 8 and 26, 2021, MSCI deleted securities impacted by the Order from the MSCI GIMI.
 Following the amendment of the Order on June 3, 2021, OFAC has published the Non- SDN Chinese Military-Industrial Complex Companies List (NS-CMIC List) and related security tickers.
 MSCI deleted the securities included in OFAC's NS-CMIC List from the MSCI GIMI as of the close of July 26, 2021.

M3 modified MSCI J-Series Indexes

--- MSCI J-Series Indexes (2026-10-03_78eb9f3f)
+++ MSCI J-Series Indexes (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-The MSCI J-Series Indexes follow the MSCI GIMI Methodology but do not apply the treatment of investment sanctions related to the Order.
+The MSCI J-Series Indexes follow the MSCI GIMI™ Methodology but do not apply the treatment of investment sanctions related to the Order.
 Therefore, the MSCI J-Series Indexes will retain the securities deleted from the MSCI GIMI due to the investment sanctions related to the Order.
 MSCI J-Series Indexes are available upon request for clients subscribing to standard and custom indexes impacted by the Order.

M3 modified Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues

--- Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-03_78eb9f3f)
+++ Treatment of Hong Kong Listed Securities With High Shareholding Concentration Issues (2026-10-02_9ff15223)
@@ -1,8 +1,8 @@
-Issues Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI.
+Issues Securities of companies included on the Hong Kong Securities and Futures Commission (SFC) high shareholding concentration notices are not eligible for inclusion in the MSCI GIMI™.
 Such securities will remain ineligible until sufficient public disclosure is made by the issuing companies confirming an increase in free float that results in a Foreign Inclusion Factor equal to or larger than 0.15, following the SFC high shareholding concentration notice.
-Constituents of the MSCI GIMI included on the SFC high shareholding concentration notices will be deleted on a quarterly basis coinciding with the regular Index Reviews.
+Constituents of the MSCI GIMI™ included on the SFC high shareholding concentration notices will be deleted on a quarterly basis coinciding with the regular Index Reviews.
 At each regular Index Review MSCI will reflect the SFC high shareholding concentration notices until the Price Cutoff Date (as defined in section 3.1.9).
-Constituents of the MSCI GIMI added to the SFC high shareholding concentration notices after the Price Cutoff Date will be deleted from the IMI at the next Index Review, unless such deletion is warranted as part of the ongoing Index Review based on other index inclusion criteria, such as size or liquidity.
+Constituents of the MSCI GIMI added to the SFC high shareholding concentration notices after the Price Cutoff Date will be deleted from the IMI™ at the next Index Review, unless such deletion is warranted as part of the ongoing Index Review based on other index inclusion criteria, such as size or liquidity.
 Index Review changes, including increasing free float-adjusted market capitalization or migration of such security will be cancelled.
 Additions of newly eligible securities to the MSCI GIMI as part of a regular Index Reviews may be revised until five business days before the Index Review effective date if such newly eligible companies were added to the SFC high shareholding concentration notices after the Index Review Price Cutoff Date.
 In order to avoid potential reverse turnover, MSCI may review eligibility of companies included on the SFC high shareholding concentration notice until five business days before the Index Review effective date if sufficient public disclosure is made available by the company that confirms an increase in free float resulting in a Foreign Inclusion Factor equal to or larger than

M5 modified Treatment of Non-Voting Depositary Receipts in Thailandsimilarity 97%

--- Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-03_78eb9f3f)
+++ Treatment of Non-Voting Depositary Receipts in Thailand (2026-10-02_9ff15223)
@@ -13,10 +13,9 @@
 The company full market capitalization is calculated based on the price45 of the Local Line.
 Foreign Inclusion Factor.
 The free float distribution between the Foreign Line and the Local Line is determined as follows: If Foreign Line is not included in If Foreign Line is included in Index Index FIF (Local Line) = Minimum (DIF, NVDR FIF (Foreign Line) = Minimum (DIF, FOL limit – NVDR strategic holdings) FOREIGN strategic shareholding) FIF (Local Line) = Minimum (DIF – FIF (Foreign Line), NVDR limit – NVDR strategic holdings)
-Foreign Room. Foreign room is assessed for the Local Line relative to the NVDR issuance limits in line with the quarterly review of foreign room described in section 3.1.6.2.
+Foreign Room. Foreign room is assessed for the Local Line relative to the NVDR issuance limits in line with the quarterly review of foreign room described in section 3.1.6.2. Foreign Lines are not monitored for low foreign room since Foreign Lines have secondary market trading.
 44 Financial institutions including banks and finance companies that accept deposits from the public 45 This will result in changes to the company full market capitalization of BANGKOK BANK and KASIKORNBANK.
 The changes in the company full market capitalization were reflected in the MSCI product files effective April 16, 2019.
-Foreign Lines are not monitored for low foreign room since Foreign Lines have secondary market trading.
 Early Inclusions.
 MSCI will not include the Foreign Line in the MSCI Indexes at the time of IPOs or other early inclusions.
 This is to provide sufficient time to evaluate liquidity of Foreign Lines in the secondary market.

M6 modified MSCI Market Monitoring Framework

--- MSCI Market Monitoring Framework (2026-10-03_78eb9f3f)
+++ MSCI Market Monitoring Framework (2026-10-02_9ff15223)
@@ -1 +1 @@
-The MSCI Market Monitoring Framework aims to continually assess the potential impact of market conditions on regular Index Reviews along three key dimensions: Market Functioning, Market Liquidity and Data Availability. – Market Liquidity: monitoring of security liquidity which is based on liquidity screening criteria required by relevant index methodologies and market liquidity based on MSCI ACWI bid-ask spreads and MSCI ACWI volatility – Market Functioning: monitoring of unexpected market closures or market disruptions – Data Availability: monitoring of company and market data required to conduct Index Reviews
+The MSCI Market Monitoring Framework aims to continually assess the potential impact of market conditions on regular Index Reviews along three key dimensions: Market Functioning, Market Liquidity and Data Availability. – Market Liquidity: monitoring of security liquidity which is based on liquidity screening criteria required by relevant index methodologies and market liquidity based on MSCI ACWI® bid-ask spreads and MSCI ACWI® volatility – Market Functioning: monitoring of unexpected market closures or market disruptions – Data Availability: monitoring of company and market data required to conduct Index Reviews

M6 modified “Light” Rebalancing

--- “Light” Rebalancing (2026-10-03_78eb9f3f)
+++ “Light” Rebalancing (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-In the context of the MSCI GIMI, “light” rebalance refers to implementing the index maintenance methodology as described further in this section in place of the usual Index Review index maintenance rules described in Section 3.2.
+In the context of the MSCI GIMI™, “light” rebalance refers to implementing the index maintenance methodology as described further in this section in place of the usual Index Review index maintenance rules described in Section 3.2.
 For the other MSCI index methodologies, MSCI would implement Quarterly Index Review (QIR) index maintenance methodology if such are defined in the respective index methodology books.
 For methodologies which rebalance annually or where QIRs are not defined, MSCI would proceed as per the normal rebalancing schedule.
 If the upcoming scheduled rebalance is already a QIR, then no change to the process would occur.

M6 modified Market Monitoring Period and Criteriasimilarity 99%

--- Market Monitoring Period and Criteria (2026-10-03_78eb9f3f)
+++ Market Monitoring Period and Criteria (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
 MSCI sets the last ten business days of the month prior to the announcement date of an Index Review as the “market monitoring period.” If within the “market monitoring period”, one of the following two conditions related to the Market Liquidity and Market Functioning pillars of the Market Monitoring Framework is met, a review by the relevant MSCI Index Committee(s) whether or not to switch to a “light rebalancing” would be triggered: - Market Liquidity, for any 3 days within the “market monitoring period”
-o MSCI ACWI-weighted bid-ask spread, measured as index market capitalizationweighted bid-ask spread ( [ask-bid] / ask )47, breaching 0.19% AND o MSCI ACWI volatility, measured as the annualized standard deviation48 of the daily o returns of the MSCI ACWI over the past 10 business days, breaching 0.55 - OR - Market Functioning
-Unexpected full day or partial stock exchange closures impacting 20% of MSCI o ACWI constituents cumulatively over the “market monitoring period”
+MSCI ACWI®-weighted bid-ask spread, measured as index market capitalizationo weighted bid-ask spread ( [ask-bid] / ask )47, breaching 0.19% AND o MSCI ACWI® volatility, measured as the annualized standard deviation48 of the daily o returns of the MSCI ACWI® over the past 10 business days, breaching 0.55 - OR - Market Functioning
+o Unexpected full day or partial stock exchange closures impacting 20% of MSCI ACWI® constituents cumulatively over the “market monitoring period”

M6 modified Index Review of the MSCI GIMI™ under Light Rebalancing (was Index Review of the MSCI GIMI under Light Rebalancing)similarity 99%

--- Index Review of the MSCI GIMI under Light Rebalancing (2026-10-03_78eb9f3f)
+++ Index Review of the MSCI GIMI™ under Light Rebalancing (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 Light rebalancings aim to ensure that the indexes continue to be an accurate reflection of the evolving equity marketplace during conditions of market stress.
 This is achieved by a timely reflection of significant market driven changes that were not captured in the index at the time of their actual occurrence but are significant enough to be reflected before the next Index Review.
-Light rebalancings may result in: Additions or deletions due to migration to another Size-Segment Index Addition of significant new investable companies to the Standard Index Deletion of companies from the Investable Market Indexes due to low liquidity Changes in FIFs and in NOS.
+Light rebalancings may result in: Additions or deletions due to migration to another Size-Segment Index Addition of significant new investable companies to the Standard Index Deletion of companies from the IMI™ due to low liquidity Changes in FIFs and in NOS.
 The buffer zones used to manage the migration of companies from one segment to another are wider than those used in the Index Reviews.

M7 modified Size-Segment Migrations during Light Rebalancingssimilarity 96%

--- Size-Segment Migrations during Light Rebalancings (2026-10-03_78eb9f3f)
+++ Size-Segment Migrations during Light Rebalancings (2026-10-02_9ff15223)
@@ -11,34 +11,35 @@
 The largest companies from the upper buffer of the next lower size-segment.
 However, companies that would migrate from the lower Size-Segment Index but are below the lower bound of the Global Minimum Size Range, as well as companies that would migrate from upper Size-Segment but are above the upper bound of the Global Minimum Size Range, are retained in their current Size-Segment.
 The Segment Number of Companies is increased or decreased accordingly.
-Once companies have been assigned to the Standard, Large and Investable Market Indexes, companies are then assigned to the Mid and Small Cap Indexes.
+Once companies have been assigned to the Standard, Large and IMI™ Indexes, companies are then assigned to the Mid and Small Cap Indexes.
 The Mid Cap Index comprises the companies that are in the Standard Index but not the Large Cap Index.
-The Small Cap Index comprises the companies that are in the Investable Market Index but not in the Standard Index.
+The Small Cap Index comprises the companies that are in the IMI but not in the Standard Index.
 Assessing Conformity with Final Size-Segment Investability Requirements Once the securities are assigned to the appropriate Size-Segment Indexes, the securities that migrate from the Small Cap Indexes to the Standard Indexes are evaluated for compliance with the additional investability requirements for the Standard Index.
 Please refer to Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
-Existing IMI constituents that exhibit extreme price increase (as per section 2.3.6.3) will not be eligible for migration into the Standard Indexes.
-Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
+Existing IMI constituents that exhibit extreme price increase with a FIF less than 0.75 will not be eligible for migration into the Standard Indexes.
+Detailed treatments are described in Sub-
+section 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase.
 Similar to the foreign room treatment during Index Reviews, current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
 The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
 foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25% room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
 0.5
-0.25 0 Current adjustment factor = 0.5
-1
+0.25 0 Current adjustment factor = 0.5 1
 0.5
 0.5
 0.25 0 Current adjustment factor = 0.25 1
 0.5
 0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0 49.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 049.
 Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
 Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
 (For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL51 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9: Date of Data Used for Index Review.
 For example, to be considered for the February Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the November Index Review.
+During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to
 49 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
 In case of India, MSCI monitors securities appearing on the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached on a daily basis.
 MSCI deletes securities from the MSCI India Indexes that are (i) Appearing on the Breach list (ii) Appearing on the Red Flag/Caution list and have foreign room below 3.75% by giving 2 business days’ notice.
 In the case of Mexico, MSCI monitors the foreign investments under the Neutral Trust Program (NTP).
 The NTP structure mandates foreign investors to acquire shares only through it.
 MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
-During the Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL50 until five business days before the effective date of that Index Review.
-Securities that are part of the Market Investable Equity Universe, but did not meet additional investability requirements at the previous Index Review are not added to the Investable Market Indexes as part of the light rebalancing, unless they meet the criteria outlined in Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings.
+monitor any potential increased foreign room due to an increase in FOL50 until five business days before the effective date of that Index Review.
+Securities that are part of the Market Investable Equity Universe, but did not meet additional investability requirements at the previous Index Review are not added to the IMI Indexes as part of the light rebalancing, unless they meet the criteria outlined in Addition of Companies Currently not Constituents of the IMI Indexes during Light Rebalancings.

M4 modified Addition of Companies Currently not Constituents of the IMI™ during Light Rebalancings (was Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings)similarity 88%

--- Addition of Companies Currently not Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-03_78eb9f3f)
+++ Addition of Companies Currently not Constituents of the IMI™ during Light Rebalancings (2026-10-02_9ff15223)
@@ -1,10 +1,10 @@
-Light Rebalancings Securities that are currently not constituents of the Investable Market Indexes and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase are not eligible for inclusion into the Standard Indexes.
+Securities that are currently not constituents of the IMI™ and that meet the investability screens described in Sub-section 2.2 (with the exception of the Minimum Length of Trading Requirement), including large IPOs that were not added earlier, and in addition meet the requirements listed below, are added to the Standard Index: A full market capitalization that exceeds 1.8 times the Interim Market Size-Segment Cutoff for the Standard Size-Segment A free float-adjusted market capitalization that exceeds 1.8 times one-half the Interim Market Size-Segment Cutoff for the Standard Size-Segment Securities that exhibit extreme price increase with a FIF less than 0.75 are not eligible for inclusion into the Standard Indexes.
 Please refer to section 2.3.6.3 for more details.
 These companies are assigned to the Large Cap Index if their full market capitalization exceeds the Interim Market Size-Segment Cutoff for the Large Cap Size-Segment; they are assigned to the Mid Cap Index otherwise.
 In addition, IPOs eligible for early inclusion according to Sub-section 3.2.7, and for which the effective date of inclusion is either 5 days before the effective date of the Index Review or 3 days after, will be made effective to coincide with the Index Review.
 For example, when the effective date of inclusion of the IPO is August 29 (3 business days before September 1), while the effective date of the Index Review is September 1, the IPO will be added effective September 1.
+For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.
 50 Applicable only for securities still subject to FOLs.
 For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
 In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and  National Securities Depository Limited’s (NSDL).
 For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
-For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.

M3 modified Deletion of Companies Currently Constituents of the IMI™ during Light Rebalancings (was Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings)similarity 83%

--- Deletion of Companies Currently Constituents of the Investable Market Indexes during Light Rebalancings (2026-10-03_78eb9f3f)
+++ Deletion of Companies Currently Constituents of the IMI™ during Light Rebalancings (2026-10-02_9ff15223)
@@ -1,9 +1,8 @@
-Rebalancings Existing constituents of the Investable Market Indexes can remain in the Investable Market Indexes only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
-If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing51 Foreign listing in the same geographical region 52 Foreign listing in a different geographical region 53 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
-However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor; or
+Existing constituents of the IMI™ can remain in the IMI only if: The 3-month ATVR and Frequency of Trading are at least 5% and 80% respectively for Developed Markets The 3-month ATVR and Frequency of Trading are at least 5% and 70% respectively for Emerging Markets If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
+If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing51 Foreign listing in the same geographical region52 Foreign listing in a different geographical region53 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its free float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor; or Would maintain the security in the GIMI™ and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews; or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
+0.5 if none of the above conditions are met.
 51 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
 52 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
 If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
 53 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
-Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews; or Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
-0.5 if none of the above conditions are met.

M9 modified Policy Regarding Trading Suspensions for Individual Securities during Index Reviews

--- Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-03_78eb9f3f)
+++ Policy Regarding Trading Suspensions for Individual Securities during Index Reviews (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-Reviews MSCI will postpone the implementation of Index Review changes for IMI constituents, as well as Micro Cap constituents, when the affected securities are suspended54 on the day prior to the effective implementation date55 of the Index Review.
+Reviews MSCI will postpone the implementation of Index Review changes for IMI™ constituents, as well as Micro Cap constituents, when the affected securities are suspended 54 on the day prior to the effective implementation date55 of the Index Review.
 The postponed Index Review changes will be implemented by giving  two full business days (excluding the trading resumption day) after the securities starts trading.
 Index Review changes include: Additions to, deletions from or migrations between the MSCI Large Cap, MSCI Mid Cap, MSCI Small Cap and MSCI Micro Cap Indexes Changes in Foreign Inclusion Factor (FIF), Domestic Inclusion Factor (DIF), Number of Shares (NOS) or style for the relevant current and pro forma IMI and Micro Cap constituents All Index Review changes that are postponed due to suspension will be cancelled two months after the effective date of the Index Review if the securities are still suspended and will be implemented at the Index Review following the securities’ resumption of trading if still warranted.
 Additions of Chinese securities to all MSCI Indexes56 (including pro forma MSCI China Indexes, MSCI China A Inclusion Indexes, MSCI China All Shares Indexes and MSCI China A Onshore Indexes) will be cancelled instead of postponed if the securities are suspended on the day prior to the effective implementation of the Index Review.

M9 modified Policy Regarding Market Closures during Index Reviews

--- Policy Regarding Market Closures during Index Reviews (2026-10-03_78eb9f3f)
+++ Policy Regarding Market Closures during Index Reviews (2026-10-02_9ff15223)
@@ -2,4 +2,4 @@
 54 The suspension status is taken as per the close of the regular trading time of the relevant stock exchange.
 55 In cases where the Index Review effective date falls on a Tuesday, the postponement for suspended securities in indexes calculated from Sunday to Thursday will be reviewed on Sunday.
 For details on the Sunday – Thursday Index Calculation Methodology, refer to Appendix XII of the MSCI Index Calculation Methodology.
-56 Non-current IMI constituent
+56 Non-current IMIT constituent

M9 modified Unexpected Full Trading Day Market Closuressimilarity 97%

--- Unexpected Full Trading Day Market Closures (2026-10-03_78eb9f3f)
+++ Unexpected Full Trading Day Market Closures (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-In the event that the primary stock market in a country fails to open for trading and remains closed for the entire trading day on the implementation date of the review due to an unexpected market closure, MSCI will postpone the implementation of the additions to and deletions from the MSCI All Countries World Index (ACWI), as well as the changes in FIF and NOS with a combined impact on the country index of at least 50bp, resulting from the Index Review of the MSCI Global Investable Market Indexes for that specific country index.
+In the event that the primary stock market in a country fails to open for trading and remains closed for the entire trading day on the implementation date of the review due to an unexpected market closure, MSCI will postpone the implementation of the additions to and deletions from the MSCI ACWI®, as well as the changes in FIF and NOS with a combined impact on the country index of at least 50bp, resulting from the Index Review of the MSCI GIMI™ for that specific country index.
 MSCI will implement the above changes as a result of the Index Review for that country as of the close of the first business day (Monday to Friday) that the specific market reopens for trading and closing prices are available.
 In the event of unexpected closures of stock markets in more than one country, MSCI will evaluate the situation and may apply a different policy.
 For smaller countries, however, in the event of unexpected market closures, MSCI reserves the right to implement the Index Review changes using the closing price of the last day the market was open.

M9 modified Unexpected Market Closures of Less Than a Full Trading Daysimilarity 91%

--- Unexpected Market Closures of Less Than a Full Trading Day (2026-10-03_78eb9f3f)
+++ Unexpected Market Closures of Less Than a Full Trading Day (2026-10-02_9ff15223)
@@ -1 +1 @@
-The trading suspensions of less than one full trading day will not trigger any postponement of the implementation of the Index Review of the MSCI Global Investable Market Indexes.
+The trading suspensions of less than one full trading day will not trigger any postponement of the implementation of the Index Review of the MSCI GIMI™.

M4 modified General Principles for Updating the Global Minimum Size References and Ranges

--- General Principles for Updating the Global Minimum Size References and Ranges (2026-10-03_78eb9f3f)
+++ General Principles for Updating the Global Minimum Size References and Ranges (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The Investable Market Index Global Minimum Size Reference for Developed Markets is the full company market capitalization of the company at the same rank that determined the Investable Market Index Global Minimum Size Reference at the previous Index Review (that is not a light rebalancing) as long as the cumulative free float-adjusted market capitalization coverage of the existing DM Investable Equity Universe at that rank is between 99% and 99.25%.
+The IMI™ Global Minimum Size Reference for Developed Markets is the full company market capitalization of the company at the same rank that determined the IMI Global Minimum Size Reference at the previous Index Review (that is not a light rebalancing) as long as the cumulative free float-adjusted market capitalization coverage of the existing DM Investable Equity Universe at that rank is between 99% and 99.25%.
 If the coverage at that rank is not between 99% and 99.25%, the rank is reset to the first company that reaches a cumulative free float-adjusted representation of not less than 99% (if below) or not more than 99.25% (if above) and the Global Minimum Size Reference is recalculated.
 The Standard Index Global Minimum Size Reference for Developed Markets is the full company market capitalization of the company ranked at the same rank that determined the Standard Index Global Minimum Size Reference at the previous Index Review (that is not a light rebalancing) as long as the cumulative free float-adjusted market capitalization coverage of the existing DM Investable Equity Universe at that rank is between 85 and 87%.
 If the coverage at that rank is not between 85% and 87%, the rank is reset to that company that reaches a cumulative free float-adjusted representation of not less than 85% (if below) or not more than 87% (if above) and the Global Minimum Size Reference is calculated.

M1 modified Appendix XIII: MSCI Domestic Indexessimilarity 98%

--- Appendix XIII: MSCI Domestic Indexes (2026-10-03_78eb9f3f)
+++ Appendix XIII: MSCI Domestic Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
 The MSCI Domestic Indexes are designed to represent the performance of the domestic equity markets of certain countries.
-Most of the MSCI Domestic Indexes are based on the MSCI Global Investable Market Indexes Methodology.
+Most of the MSCI Domestic Indexes are based on the MSCI GIMI™ Methodology.
 The indexes use the Domestic Inclusion Factor (DIF) as the free float adjustment factor for the market capitalization of each security.
 MSCI defines the free float of a security as the proportion of tradable shares outstanding that are deemed to be available for purchase in the public equity markets by domestic investors57.
 In practice, limitations on free float available to domestic investors also include strategic and other shareholdings and these are not considered as part of available free float.
-Free float of MSCI GIMI and MSCI Domestic indexes are reviewed, as defined in Sub-Section 3.1.7 based on the date of data defined in Sub-Section
-3.1.9.
-Please see Appendix VI for details on MSCI Free Float Definition and Estimation Guidelines.
-Currently, MSCI Domestic Indexes based on the MSCI Global Investable Market Indexes Methodology are available for China58, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Canada, Korea and Australia59.
+Free float of MSCI GIMI and MSCI Domestic indexes are reviewed, as defined in Sub-Section 3.1.7 based on the date of data defined in Sub-Section 3.1.9.
+Please see
+Appendix VI for details on MSCI Free Float Definition and Estimation Guidelines.
+Currently, MSCI Domestic Indexes based on the MSCI GIMI Methodology are available for China58, India, GCC Countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), Canada, Korea and Australia59.

M1 modified MSCI China A Onshore Indexessimilarity 94%

--- MSCI China A Onshore Indexes (2026-10-03_78eb9f3f)
+++ MSCI China A Onshore Indexes (2026-10-02_9ff15223)
@@ -1 +1 @@
-The MSCI China A Onshore Indexes, referred to as the MSCI China A Indexes prior to March 1, 2018, are part of the MSCI Domestic Indexes. The MSCI China A Onshore Indexes are based on the MSCI Global Investable Market Indexes, with the following methodology adaptations:
+The MSCI China A Onshore Indexes, referred to as the MSCI China A Indexes prior to March 1, 2018, are part of the MSCI Domestic Indexes. The MSCI China A Onshore Indexes are based on the MSCI GIMI™, with the following methodology adaptations:

M3 modified Equity Universe Minimum Sizesimilarity 92%

--- Equity Universe Minimum Size (2026-10-03_78eb9f3f)
+++ Equity Universe Minimum Size (2026-10-02_9ff15223)
@@ -1 +1 @@
-The Equity Universe Minimum Size applied to the MSCI China A Indexes are based on the Global Minimum Size Reference of the Emerging Markets under the MSCI Global Investable Market Indexes Methodology.
+The Equity Universe Minimum Size applied to the MSCI China A Indexes are based on the Global Minimum Size Reference of the Emerging Markets under the MSCI GIMI™ Methodology.

M5 modified Assigning a Free Float-Adjustment Factorsimilarity 98%

--- Assigning a Free Float-Adjustment Factor (2026-10-03_78eb9f3f)
+++ Assigning a Free Float-Adjustment Factor (2026-10-02_9ff15223)
@@ -2,4 +2,4 @@
 In practice, limitations on free float available to domestic investors also include strategic and other shareholdings that are not considered part of available free float.
 MSCI free float-adjusts the market capitalization of each security using an adjustment factor referred to as the Domestic Inclusion Factor (DIF).
 The DIF is not subject to Foreign Ownership Limits (FOL).
-Currently, the index market capitalization of securities in the MSCI China A Onshore Indexes is determined as Domestic Inclusion Factor * Security Full Market Capitalization as in the MSCI Global Investable Market Indexes.
+Currently, the index market capitalization of securities in the MSCI China A Onshore Indexes is determined as Domestic Inclusion Factor * Security Full Market Capitalization as in the MSCI GIMI™.

M3 modified MSCI K-Series Indexessimilarity 97%

--- MSCI K-Series Indexes (2026-10-03_78eb9f3f)
+++ MSCI K-Series Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 The MSCI K-Series Indexes are parallel versions of the MSCI China A Onshore Indexes that exclude relevant securities impacted by the investment sanctions related to the Order.
-The treatment of investment sanctions related to the Order in the MSCI K-Series Indexes mirrors the treatment of such sanctions in the MSCI Global Investable Market Indexes, as described in Appendix V: Treatment of Investment Sanctions Related to U.S.
+The treatment of investment sanctions related to the Order in the MSCI K-Series Indexes mirrors the treatment of such sanctions in the MSCI GIMI™, as described in Appendix V: Treatment of Investment Sanctions Related to U.S.
 Executive Order 13959.
 Any changes to the list of securities impacted by this treatment would be publicly announced.

M1 modified MSCI China Indexes Offering

--- MSCI China Indexes Offering (2026-10-03_78eb9f3f)
+++ MSCI China Indexes Offering (2026-10-02_9ff15223)
@@ -1,11 +1,4 @@
-Share Class Domestic MSCI China Indexes P Foreign Connect Index Free Float B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe MSCI China All Shares Index
-L/M/S Onshore FIF MSCI China A International Index L/M/S Onshore FIF MSCI China Indexes
-L/M Connect 20% FIF MSCI China A Inclusion Index
-L/M Connect FIF MSCI China A Inclusion RMB Index
-L/M Onshore FIF MSCI China A Index
-L/M Connect FIF MSCI China A RMB Index
-L/M Onshore FIF Domestic China A Shares Equity Universe MSCI China A Onshore Index
-L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
+Share Class Domestic MSCI China Indexes P Foreign Connect Index Free Float B Shares H Shares Red Chips Size- Chips Listings A Shares CDR* eligible Listing Inclusion Inclusion Segment only Factor Factor Integrated China Equity Universe MSCI China All Shares Index L/M/S Onshore FIF MSCI China A International Index L/M/S Onshore FIF MSCI China Indexes L/M Connect 20% FIF MSCI China A Inclusion Index L/M Connect FIF MSCI China A Inclusion RMB Index L/M Onshore FIF MSCI China A Index L/M Connect FIF MSCI China A RMB Index L/M Onshore FIF Domestic China A Shares Equity Universe MSCI China A Onshore Index L/M/S Onshore DIF * CDRs are generally subject to the same requirements as China A shares, including Stock Connect eligibility further described in Appendix on Index Maintenance of the MSCI China Indexes.
 CDRs are not included in the MSCI China A Onshore Index, MSCI China A Index, MSCI China A Inclusion Index and MSCI China A International Index.
 The MSCI China All Shares Indexes are built on the basis of the integrated China Equity Universe, including China A shares.
 The MSCI China All Shares Indexes are designed to represent the opportunity set of China share classes.
@@ -19,6 +12,6 @@
 The MSCI China A Indexes are calculated using the Stock Connect listing based on the offshore RMB exchange rate (CNH), while the MSCI China A RMB Indexes are variants of the MSCI China A Indexes that are calculated using China A local listings based on the onshore RMB exchange rate (CNY).
 The MSCI China A Inclusion Indexes62 represent the China A share portion of the MSCI China Index and are identical to the MSCI China A Indexes following the inclusion of Mid Cap China A shares in the MSCI Emerging Markets Index.
 These indexes are also calculated using the CNH and CNY rates similar to the MSCI China A Indexes.
-In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes63 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
+In addition, MSCI will also continue to calculate the MSCI China A Onshore Indexes 63 which are based on the Domestic Inclusion Factor (DIF) that is not subject to FOL and constructed only on the basis of the China A Equity Universe.
 Until March 1 2018, these indexes were named the MSCI China A Indexes.
 61 Please refer to Appendix XVII for more details. 62 Please refer to Appendix XVI for more details. 63 Please refer to Appendix XII for more details on the MSCI China A Onshore Indexes.

M6 modified Appendix XV: Index Maintenance of the MSCI China Indexessimilarity 99%

--- Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-03_78eb9f3f)
+++ Appendix XV: Index Maintenance of the MSCI China Indexes (2026-10-02_9ff15223)
@@ -1 +1 @@
-This section has been updated in January 2020 64.
+This section has been updated in January 202064.

M6 modified Index Maintenance of the MSCI China Indexessimilarity 95%

--- Index Maintenance of the MSCI China Indexes (2026-10-03_78eb9f3f)
+++ Index Maintenance of the MSCI China Indexes (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’ as it describes only the points specific to maintenance of the MSCI China Indexes.
+This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’ as it describes only the points specific to maintenance of the MSCI China Indexes.
 The MSCI China All Shares Indexes are the basis for the construction of the MSCI China Indexes included in Emerging Markets, subject to additional screening and inclusion factors.
 64 The MSCI China Indexes in this section refers to the MSCI China Indexes included in the MSCI Emerging Markets Indexes.

M2 modified Integrated MSCI China Equity Universesimilarity 99%

--- Integrated MSCI China Equity Universe (2026-10-03_78eb9f3f)
+++ Integrated MSCI China Equity Universe (2026-10-02_9ff15223)
@@ -7,12 +7,12 @@
 MSCI China All Shares
 Intra-quarter changes due to Corporate Events Full China Universe
 Integrated MSCI China Equity Universe
-The MSCI China Indexes will be maintained using the MSCI Global Investable Market Indexes
-methodology under the Emerging Market framework. They will be constructed on the basis of
-the integrated MSCI China Equity Universe comprised of A‐shares, CDRs 65 and B‐shares
-listed in China, H‐shares, Red‐chips, and P‐chips listed in Hong Kong and foreign listings
-listed outside China or Hong Kong, identical to the universe used for the construction of the
-MSCI China All Shares Index.
+The MSCI China Indexes will be maintained using the MSCI GIMI™ methodology under the
+Emerging Market framework. They will be constructed on the basis of the integrated MSCI
+China Equity Universe comprised of A‐shares, CDRs 65 and B‐shares listed in China, H‐
+shares, Red‐chips, and P‐chips listed in Hong Kong and foreign listings listed outside China
+or Hong Kong, identical to the universe used for the construction of the MSCI China All Shares
+Index.
 While all share classes from the integrated China Equity Universe will be included in the
 construction of the MSCI Investable Equity Universe, as well as in the process of allocation of
 companies into the Size-Segments, China A shares of companies allocated to the Small Cap

M3 modified Investability Requirementssimilarity 98%

--- Investability Requirements (2026-10-03_78eb9f3f)
+++ Investability Requirements (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
-In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the Investable Market Indexes) from the investable equity universe if the securities: - - Are suspended on the Price Cutoff date, or Have been suspended for at least 50 days consecutively in the past 12 months66 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
+In addition to the Investability Requirements described in section 2.2, MSCI will exclude newly eligible securities (securities that are not current constituents of the IMI™) from the investable equity universe if the securities: - - Are suspended on the Price Cutoff date, or Have been suspended for at least 50 days consecutively in the past 12 months66 Companies and securities are evaluated based on the integrated MSCI China Equity Universe.
 China A shares of companies will be assessed based on their current status in the MSCI China All Shares Indexes for this requirement, subject to the relevant buffer rules.

M3 modified Assessing Conformity with Final Size-Segment Investability Requirementssimilarity 95%

--- Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-03_78eb9f3f)
+++ Assessing Conformity with Final Size-Segment Investability Requirements (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
 Like for any other market, once companies are assigned to each Size-Segment, the securities of companies are evaluated for conformity with the additional Size-Segment Investability Requirements for each Size-Segment.
 However, in addition to the requirements described in the relevant sections, such as Section 2.3.6 and 3.1.6, China A shares are further screened on the basis of their Stock Connect eligibility, Size-Segment allocation status, as well additional full company market capitalization requirements.
 More specifically, during Index Reviews, China A shares that are non-current constituents of the MSCI China Index and assigned to the Large Cap or Mid Cap Size-Segments must meet the following requirements to be added to the MSCI China Index: - 1.0x the Standard Cutoff in terms of company full market capitalization - 0.5x the Standard Cutoff in terms of security FIF-adjusted market capitalization
-Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of o Security FIF-adjusted Market Capitalization - Stock Connect eligibility
+Securities with FIF below 0.15 must meet 1.8x 0.5x the Standard Cutoff in terms of o Security FIF-adjusted Market Capitalization China A shares that are current constituents of the MSCI China All Shares IMI™ will o be assessed using the free float-adjusted market capitalization before the application of the adjustment factor - Stock Connect eligibility
 China A shares assigned to Small Cap Size-Segment will not be added to the MSCI China Indexes.
 China A shares that are existing constituents of the MSCI China Index must meet the requirements specified in Section 3.1.6 and remain Stock Connect eligible to be retained in the MSCI China Index.
 Stock Connect Eligibility China A Shares that are eligible for both buy and sell under either the Shanghai Connect or the Shenzhen Connect program will be eligible for inclusion to the MSCI China Index.

M8 modified Ongoing Event Related Changes

--- Ongoing Event Related Changes (2026-10-03_78eb9f3f)
+++ Ongoing Event Related Changes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI Methodology and the MSCI Corporate Events Methodology.
+The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI™ Methodology and the MSCI Corporate Events Methodology.
 In order to reflect accessibility of securities trading on Stock Connect and keep the MSCI Indexes replicable, methodologies were enhanced in order to more accurately reflect the investment process of Stock Connect investors, especially for cases when Stock Connect is closed but the onshore Chinese domestic market is trading.
 Details of the treatment of Stock Connect China A shares can be found in Appendix VII of the MSCI Corporate Events Methodology.
 This section provides details on specific Corporate Events treatment of China A Stock Connect securities in the MSCI China Indexes in relation to their status in MSCI China All Shares.
@@ -14,7 +14,7 @@
 As another example, if a merger between an existing Large Cap China A share constituent of the MSCI China Index and a Small Cap China A share not represented in the MSCI China Index results in a new security that qualifies for the Large Cap size-segment, the new security will be included in the MSCI China Index.
 Furthermore, migrations of China A shares to the Large Cap or Mid Cap Size-Segment from the Small Cap Size-Segment of the MSCI China All Shares Indexes outside regular Index Reviews will not be added to the MSCI China Index.
 However, migrations of China A shares from the Large Cap or Mid Cap Size-Segment to the Small Cap Size-Segment of MSCI China All Shares Indexes outside of regular Index Reviews will be simultaneously deleted from the MSCI China Index.
-For example, if a China A share constituent of the MSCI China All Shares IMI is migrating from Small Cap to Large Cap or Mid Cap due to a corporate event, the China A share security will not be added to the MSCI China Index at the time of the implementation of the corporate event and will be considered for inclusion in the following Index Review for MSCI China Index.
+For example, if a China A share constituent of the MSCI China All Shares IMI™ is migrating from Small Cap to Large Cap or Mid Cap due to a corporate event, the China A share security will not be added to the MSCI China Index at the time of the implementation of the corporate event and will be considered for inclusion in the following Index Review for MSCI China Index.
 However, if a China A share constituent of the MSCI China All shares IMI is migrating from Large Cap or Mid Cap to Small Cap due to a corporate event, the China A share security will be deleted from the Large Cap or Mid Cap Size-Segment of MSCI China Index at the time of the implementation of the corporate event.
 Calculation of the Interim Market Size-Segment Cutoffs The Interim Market Size-Segment Cutoffs are calculated based on the integrated MSCI China Investable Equity Universe.
 The Interim Size-Segment Cutoffs for the MSCI China Indexes and the MSCI China All Shares Indexes will be the same starting from June 1 2018.

M6 modified Index Maintenance

--- Index Maintenance (2026-10-03_78eb9f3f)
+++ Index Maintenance (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 The constituents of the MSCI China A Inclusion Index are derived from the MSCI China Index at each Index Review by including only the China A shares component.
 Following the inclusion of Mid Cap China A shares, the MSCI China A Inclusion Indexes are identical to the MSCI China A Indexes.
-The ongoing event-related changes to the MSCI China A Inclusion Index follow the MSCI GIMI Methodology.
+The ongoing event-related changes to the MSCI China A Inclusion Index follow the MSCI GIMI™ Methodology.
 For more information on the details of the implementation of ongoing event related changes, please refer to section 3.2 of the MSCI GIMI Methodology and the MSCI Corporate Events Methodology.

M1 modified Appendix XVII: MSCI China A Indexes

--- Appendix XVII: MSCI China A Indexes (2026-10-03_78eb9f3f)
+++ Appendix XVII: MSCI China A Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The MSCI China A Indexes 67 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
+The MSCI China A Indexes67 and the MSCI China A RMB Indexes are designed to represent the performance of the China A shares portion of the MSCI China Index.
 The MSCI China A Indexes are designed for global investors accessing the China A shares market through the Stock Connect program.
 The MSCI China A RMB Indexes are designed for domestic China investors and have the same constituents as the MSCI China A Indexes.
 Currently, MSCI calculates the Standard as well as the Large Cap and the Mid Cap Size Segment Indexes for both the MSCI China A and the MSCI China A RMB Indexes.

M8 modified Ongoing Event Related Changes

--- Ongoing Event Related Changes (2026-10-03_78eb9f3f)
+++ Ongoing Event Related Changes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI Methodology and the MSCI Corporate Events Methodology.
+The ongoing event-related changes to the MSCI China Indexes primarily follow the MSCI GIMI™ Methodology and the MSCI Corporate Events Methodology.
 In order to reflect accessibility of securities trading on Stock Connect and keep the MSCI Indexes replicable, methodologies were enhanced in order to more accurately reflect the investment process of Stock Connect investors, especially for cases when Stock Connect is closed but the onshore Chinese domestic market is trading.
 Details of the treatment of Stock Connect China A shares can be found in Appendix VIII of the MSCI Corporate Events Methodology.
-67 The MSCI China A Onshore Indexes were previously known as the MSCI China A Indexes prior to March 1, 2018. Please refer to Appendixes XII and XIV of the MSCI GIMI Methodology for more details on the MSCI China A Onshore Indexes.
+67 The MSCI China A Onshore Indexes were previously known as the MSCI China A Indexes prior to March 1, 2018. Please refer to Appendixes XII and XIV of the MSCI GIMI™ Methodology for more details on the MSCI China A Onshore Indexes.

other modified Appendix XIX: Transition to the MSCI GIMI™ Methodology (was Appendix XIX: Transition to the MSCI GIMI Methodology)similarity 97%

--- Appendix XIX: Transition to the MSCI GIMI Methodology (2026-10-03_78eb9f3f)
+++ Appendix XIX: Transition to the MSCI GIMI™ Methodology (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-MSCI transitioned the current Standard Index, the Small Cap Index and all indexes derived from the Standard Index to the Global Investable Market Indexes methodology described in this book at the end of May 2008.
+MSCI transitioned the current Standard Index, the Small Cap Index and all indexes derived from the Standard Index to the GIMI™ methodology described in this book at the end of May 2008.
 All indexes that are constructed with the Standard Indexes as their basis, such as the GDPweighted indexes, 10/40 Indexes and other custom indexes, High Dividend Yield Indexes, the MSCI Global Value and Growth Indexes, etc., continued to be derived from the Standard Indexes throughout the transition.
-The transition of the MSCI Standard and the MSCI Small Cap Indexes to the MSCI Global Investable Market Indexes methodology occurred in two phases.
+The transition of the MSCI Standard and the MSCI Small Cap Indexes to the MSCI GIMI methodology occurred in two phases.
 The first phase occurred as of the close of November 30, 2007 and the second phase occurred as of the close of May 30, 2008.
 All indexes derived from the MSCI Standard Indexes followed the two phase transition except the MSCI Euro and Pan Euro Indexes which were transitioned in one phase in November 2007.
 The transition was synchronized for all markets and composites.
-During the transition period, MSCI was producing the MSCI Provisional Standard and Provisional Small Cap Indexes to assist investors in understanding the changes that would have occurred if the Global Investable Market Indexes methodology had been immediately implemented in the current MSCI Standard and Small Cap Indexes.
-The Provisional Indexes also provided increased flexibility to current investors who wished to transition to the Global Investable Market Indexes methodology on their own schedule.
+During the transition period, MSCI was producing the MSCI Provisional Standard and Provisional Small Cap Indexes to assist investors in understanding the changes that would have occurred if the GIMI methodology had been immediately implemented in the current MSCI Standard and Small Cap Indexes.
+The Provisional Indexes also provided increased flexibility to current investors who wished to transition to the GIMI methodology on their own schedule.
 The Provisional Standard and Provisional Small Cap Indexes and the new Size-Segment and Style Indexes that were created based on this methodology were official MSCI indexes and, as such, could be used for a variety of purposes, including as the basis for new investment mandates and for investment vehicles such as indexed mutual funds, exchange traded funds and listed and over-the-counter derivative contracts.

other modified Provisional Indexessimilarity 96%

--- Provisional Indexes (2026-10-03_78eb9f3f)
+++ Provisional Indexes (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
 Provisional Indexes, together with the constituents, could be used by clients who wished to measure their performance against such indexes, ahead of MSCI’s official implementation
-schedule.  The Provisional Indexes and the new Size-Segment and Style Indexes were maintained according to the index maintenance principles of the Global Investable Market Indexes methodology.
+schedule.  The Provisional Indexes and the new Size-Segment and Style Indexes were maintained according to the index maintenance principles of the GIMI™ methodology.

other modified Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexessimilarity 99%

--- Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes (2026-10-03_78eb9f3f)
+++ Deriving the Size-Segment Indexes at Initial Construction of the Provisional Indexes (2026-10-02_9ff15223)
@@ -1,8 +1,9 @@
 In the initial construction of the Provisional Size-Segment Indexes, the Segment Number of Companies in each size-segment and the Market Size-Segment Cutoffs was determined as described in section 2 of this methodology book.
-However, with a view to reducing transition turnover and ongoing turnover, the following additional rules were used at initial construction: The Standard Indexes targeted market coverage and size integrity as described in Sub-
+However, with a view to reducing transition turnover and ongoing turnover, the following additional rules were used at initial construction:
+The Standard Indexes targeted market coverage and size integrity as described in Sub-
 section 2.3.3: Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs using the 85% ± 5% Market Segment Coverage Range, and specifically aiming at reaching 85%, when possible.
 However, a Global Minimum Size Range of 0.5 times to 1.05 times the Global Minimum Size Reference, rather than 0.5 times to 1.15, was used for initial construction to limit turnover during the transition, as long as market coverage did not exceed 90%.
-The buffer zones used in maintaining the MSCI Global Investable Market Indexes at Semi- Annual Index Reviews were fully populated at initial construction with companies from the current Standard and Small Cap Indexes, in order to minimize turnover during the transition.
+The buffer zones used in maintaining the MSCI GIMI™ at Semi-Annual Index Reviews were fully populated at initial construction with companies from the current Standard and Small Cap Indexes, in order to minimize turnover during the transition.
 If a company was represented in both the Standard and the Small Cap Index, it was evaluated using the eligibility requirements of the Standard Index only.
 For details on the application of buffer zones in the assignment of companies to size-segments, please see Sub-section 3.1.5.1: Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes.
 At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market Segment were derived by including all companies equal to or larger than the Global Minimum Size Reference for this segment.

other modified Publication of Provisional Indexessimilarity 96%

--- Publication of Provisional Indexes (2026-10-03_78eb9f3f)
+++ Publication of Provisional Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
-In preparation for the transition, as of the close of May 3, 2007, the list of pro forma index constituents under the Global Investable Market Indexes methodology for the Provisional MSCI Standard and Small Cap Indexes in each market and for all Provisional Indexes derived from the Standard indexes were made available to clients.
+In preparation for the transition, as of the close of May 3, 2007, the list of pro forma index constituents under the GIMI™ methodology for the Provisional MSCI Standard and Small Cap Indexes in each market and for all Provisional Indexes derived from the Standard indexes were made available to clients.
 The Provisional Indexes started with a base level of 1000 as of the close of May 31, 2007.
-All Global Investable Market Indexes, including the Provisional Standard and Provisional Small Cap Indexes, were calculated as of June 1, 2007 and published daily as of the close of June 5, 2007.
+All GIMI, including the Provisional Standard and Provisional Small Cap Indexes, were calculated as of June 1, 2007 and published daily as of the close of June 5, 2007.
 After the May 2008 Index Review, the Provisional Standard and Provisional Small Cap Indexes were discontinued.

other modified Reflecting Constituent Changes in the Standard Indexes at the Transition Pointssimilarity 99%

--- Reflecting Constituent Changes in the Standard Indexes at the Transition Points (2026-10-03_78eb9f3f)
+++ Reflecting Constituent Changes in the Standard Indexes at the Transition Points (2026-10-02_9ff15223)
@@ -18,16 +18,16 @@
 0 1
 0.5 0 0 Company G
 0 0 0 1 1 For example, say companies A, B, C and D were current constituents of the Standard Index.
-Company A continued as a constituent of the Standard Index under the Global Investable Market Indexes methodology.
+Company A continued as a constituent of the Standard Index under the GIMI™ methodology.
 It had an Index Inclusion Factor of 1 throughout the transition.
-Company B was not eligible for inclusion in the Standard Index under the Global Investable Market Indexes methodology.
+Company B was not eligible for inclusion in the Standard Index under the GIMI methodology.
 So, in the first phase, it was marked for removal from the Standard Index and an Index Inclusion Factor of 0.5 was applied to it.
 In the second phase the Index Inclusion Factor went to 0 indicating removal of the company from the Standard Index.
 Company C was also identified for removal from the Standard Index and had an Index Inclusion factor of 0.5 in the first phase.
 But when evaluated at phase 2, it became eligible for inclusion and the Index Inclusion Factor was changed to 1 for the second phase.
 Company D was retained in the Standard Index when evaluated in the first phase and carried an Index Inclusion Factor of 1 for that phase.
 But in phase 2, it was no longer eligible for inclusion in the Standard Index and, hence its Index Inclusion Factor was changed to 0.0.
-Companies E, F, and G were new constituents that were eligible for inclusion under the Global Investable Market Indexes methodology.
+Companies E, F, and G were new constituents that were eligible for inclusion under the GIMI methodology.
 Company E remained eligible for inclusion to the Standard Index throughout the transition and had an Index Inclusion Factor of 0.5 in the first phase and 1 in the second phase.
 Company F, was identified as an addition in the first phase, but at the second phase it was no longer eligible for inclusion.
 Its Index Inclusion Factor of 0.5 in the first phase was therefore changed to 0 in the second phase.

other modified Index Reviews and Treatment of On-Going Market Events during the Transition Periodsimilarity 98%

--- Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-03_78eb9f3f)
+++ Index Reviews and Treatment of On-Going Market Events during the Transition Period (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
 Period During the transition period, from May 4, 2007 through May 30, 2008, MSCI was maintaining its
 schedule of regular Index Reviews for its Standard and Small Cap Index series.
-The Provisional Indexes and Size-Segment Indexes were maintained according to the index maintenance principles of the Global Investable Market Indexes methodology.
+The Provisional Indexes and Size-Segment Indexes were maintained according to the index maintenance principles of the GIMI™ methodology.
 To minimize changes not related to the transition, all changes in the Standard Indexes were coordinated with the Provisional Indexes.
 Only very significant changes in the equity markets and constituents were reflected during the Quarterly Index Reviews for the existing Standard and Small Cap Indexes.
 All new additions of companies to the Provisional Standard Indexes resulting from IPOs and the August 2007 and February 2008 Index Reviews were also included in the Standard Indexes at their full free float-adjusted market capitalization.

other modified May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Indexsimilarity 99%

--- May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-03_78eb9f3f)
+++ May 2007 Annual Full Country Index Review of the Standard Indexes and Semi-Annual Index Review of the Small Cap Index (2026-10-02_9ff15223)
@@ -1,10 +1,10 @@
 Review of the Small Cap Index The changes resulting from the May 2007 Annual Full Country Index Review of the existing Standard Indexes were announced on May 3, 2007, earlier than its normal announcement
-schedule, to coincide with the availability of the pro-forma list of constituents of the MSCI Global Investable Market Indexes.
+schedule, to coincide with the availability of the pro-forma list of constituents of the MSCI GIMI™.
 Further, in order to minimize reverse turnover, the May 2007 Annual Full Country Index Review for the Standard Indexes used the same Global Minimum Size Requirement and other investability requirements that were applied in the construction and maintenance of the Provisional Standard Indexes.
 Only securities that were constituents of the Provisional Standard Indexes were added to the Standard Indexes to bring the Industry Group representation closer to 85%, if necessary.
 If an Industry Group was over represented, only companies not included in the Provisional Standard Indexes were deleted.
 The current Small Cap Indexes continued to target securities of companies in the full market capitalization range of USD 200–1,500 million that defines the small cap universe under the current Small Cap Index methodology.
-The changes resulting from the May 2007 Index Review of the current Small Cap Indexes were made available on May 3, 2007, along with the final pro forma list of constituents of the MSCI Global Investable Market Indexes.
+The changes resulting from the May 2007 Index Review of the current Small Cap Indexes were made available on May 3, 2007, along with the final pro forma list of constituents of the MSCI GIMI.
 In order to minimize reverse turnover, the May 2007 Index Review for the Small Cap Indexes used the same Global Minimum Size Requirement and other investability screens that were applied in the construction and maintenance of the Provisional Small Cap Indexes.
 Only securities that were constituents of the Provisional Small Cap Indexes were added to the Small Cap Indexes to bring the Industry Group representation closer to 40%, if necessary.
 Potential deletion of a security from the Small Cap Indexes due to excessive industry group representation was considered only if it was not a constituent of the Provisional Small Cap Indexes.

other modified August 2007 Quarterly Index Reviewsimilarity 97%

--- August 2007 Quarterly Index Review (2026-10-03_78eb9f3f)
+++ August 2007 Quarterly Index Review (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-In August 2007, the first QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the Global Investable Market Indexes methodology.
+In August 2007, the first QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the GIMI™ methodology.
 Newly eligible companies that were included in the Provisional Standard Indexes as a result of the August 2007 Index Review were also added to the existing Standard Indexes as of the close of August 31, 2007.
 The migration of companies between the Provisional Standard and Provisional Small Cap Indexes was also reflected in the Standard and Small Cap Indexes.

other modified November 2007 Semi-Annual Index Reviewsimilarity 98%

--- November 2007 Semi-Annual Index Review (2026-10-03_78eb9f3f)
+++ November 2007 Semi-Annual Index Review (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
 The changes in the Standard and Small Cap Indexes during the November 2007 Index Review were determined in two steps: Identification of the changes resulting from the regular Semi-Annual Index Review and;
-Identification of the additional changes resulting from the first phase of the transition to the Global Investable Market Indexes Methodology.
-In the first step, MSCI performed the regular Semi-Annual Index Review of the Standard and Small Cap Indexes under the principles of the Global Investable Market Indexes Methodology, meaning that all changes in the Standard and Small Cap Indexes were coordinated with the Semi-Annual Index Review of the Provisional Standard and Provisional Small Cap Indexes.
+Identification of the additional changes resulting from the first phase of the transition to the GIMI™ Methodology.
+In the first step, MSCI performed the regular Semi-Annual Index Review of the Standard and Small Cap Indexes under the principles of the GIMI Methodology, meaning that all changes in the Standard and Small Cap Indexes were coordinated with the Semi-Annual Index Review of the Provisional Standard and Provisional Small Cap Indexes.
 Similar to the August 2007 Quarterly Index Review, the additions to and deletions from the Provisional Standard and Provisional Small Cap Indexes resulting from the review were fully added to or deleted from the current Standard and Small Cap Indexes.
 In the second step, MSCI determined the difference in each constituent’s free float-adjusted market capitalization between the indexes resulting from the first step above and the corresponding Post Semi-Annual Index Review Provisional Standard and Provisional Small Cap Indexes.
 Then, one-half of this difference was added to or deleted from the Standard and Small Cap Indexes.

other modified February 2008 Quarterly Index Reviewsimilarity 97%

--- February 2008 Quarterly Index Review (2026-10-03_78eb9f3f)
+++ February 2008 Quarterly Index Review (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-In February 2008, the second QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the Global Investable Market Indexes methodology.
+In February 2008, the second QIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the GIMI™ methodology.
 Newly eligible companies that were included in the Provisional Standard Index as a result of the February 2008 Index Review were also added to the Standard Index as of the close of February 29, 2008.
 The migrations of companies between the Provisional Standard and Provisional Small Cap Indexes were also reflected in the Standard and Small Cap Indexes.

other modified May 2008 Semi-Annual Index Reviewsimilarity 97%

--- May 2008 Semi-Annual Index Review (2026-10-03_78eb9f3f)
+++ May 2008 Semi-Annual Index Review (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-In May 2008, the second SAIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the Global Investable Market Indexes methodology.
+In May 2008, the second SAIR for the Provisional Standard and Provisional Small Cap Indexes was conducted under the principles of the GIMI™ methodology.
 The addition or deletion of the remaining difference of the free float-adjusted market capitalization for each constituent was implemented in the Standard and Small Cap Indexes as of the close of May 30, 2008.
 After this, the Provisional Indexes were discontinued as of the close of June 30, 2008.

other modified Global Value and Growth Indexessimilarity 96%

--- Global Value and Growth Indexes (2026-10-03_78eb9f3f)
+++ Global Value and Growth Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 The Global Value and Growth Indexes followed the timeline and implementation of the Standard Indexes.
 Starting with the first phase of the transition, the style classification of the Provisional MSCI Global Value and Growth Indexes prevailed over that of the current Global Value and Growth Indexes.
-Therefore, at the first phase of the transition, the constituents of the existing MSCI Global Value and Growth Indexes acquired style inclusion factors derived from the Global Investable Market Indexes.
-In those rare cases where an existing constituent of the current Global Value and Growth Indexes were not included in the Global Investable Market Indexes, those constituents retained their current style inclusion factors.
+Therefore, at the first phase of the transition, the constituents of the existing MSCI Global Value and Growth Indexes acquired style inclusion factors derived from the GIMI™.
+In those rare cases where an existing constituent of the current Global Value and Growth Indexes were not included in the GIMI, those constituents retained their current style inclusion factors.

other modified Euro and Pan-Euro Indexessimilarity 93%

--- Euro and Pan-Euro Indexes (2026-10-03_78eb9f3f)
+++ Euro and Pan-Euro Indexes (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 The MSCI Euro and MSCI Pan-Euro Indexes are subsets of the Standard MSCI EMU and MSCI Europe Indexes, respectively, and aimed to capture 90% of the market capitalization of the broader benchmarks.
-The MSCI Euro Pan-Euro methodology evolved to the methodology for the Large Cap Index under the Global Investable Market Indexes methodology.
-Consequently, The enhanced MSCI Pan Euro Index became identical to the MSCI Europe Large Cap Index under the MSCI Global Investable Market Indexes methodology.
-The enhanced MSCI Euro Index became identical to the MSCI EMU Large Cap Index under the MSCI Global Investable Market Indexes methodology.
-The transition of the MSCI Euro and MSCI Pan-Euro Indexes to the Global Investable Market Indexes methodology took place in a single phase, as of the close of business on November 30, 2007.
+The MSCI Euro Pan-Euro methodology evolved to the methodology for the Large Cap Index under the GIMI™ methodology.
+Consequently, The enhanced MSCI Pan Euro Index became identical to the MSCI Europe Large Cap Index under the MSCI GIMI methodology.
+The enhanced MSCI Euro Index became identical to the MSCI EMU Large Cap Index under the MSCI GIMI methodology.
+The transition of the MSCI Euro and MSCI Pan-Euro Indexes to the GIMI methodology took place in a single phase, as of the close of business on November 30, 2007.

other modified Summary Transition Timelinesimilarity 98%

--- Summary Transition Timeline (2026-10-03_78eb9f3f)
+++ Summary Transition Timeline (2026-10-02_9ff15223)
@@ -1,16 +1,15 @@
 The transition time line for the Standard Index (and Small Cap Index) is as shown below.
-Date Provisional/New Standard & Small Cap March 28, Final MSCI Global Investable No impact.
-2007 Market Indexes methodology was announced.
-May Annual Initial construction based on data Regular Annual Index Review of the Index Review  used in Standard and Small Cap Current Standard Index., taking into Index Review, including
-account new minimum size requirements. population of the buffers.
+Date Provisional/New Standard & Small Cap March 28, Final MSCI GIMI™ methodology No impact.
+2007 was announced.
+May Annual Initial construction based on data Regular Annual Index Review of the Index Review  used in Standard and Small Cap Current Standard Index., taking into Index Review, including account new minimum size requirements. population of the buffers.
 Regular SAIR of the Current Small Cap Index.
 Corporate events, IPOs and other new company additions treated in accordance with the current index methodology.
 May 3, 2007 List of index constituents for Results of May Annual Index Review were Provisional Standard and
 announced.
-Provisional Small Cap Indexes, under the Global Investable Market Indexes methodology for each of the MSCI Provisional Standard and Provisional Small Cap Indexes, was made available.
+Provisional Small Cap Indexes, under the GIMI™ methodology for each of the MSCI Provisional Standard and Provisional Small Cap Indexes, was made available.
 May 31, 2007 Provisional Indexes start with a Annual Index Review changes became base level of 1000 as of the close effective. of May 31, 2007 and calculation began June 5, 2007 Start of daily publication of the No impact.
 Provisional Standard and Provisional Small Cap Indexes.
-New Large Cap, Mid Cap, and Investable Market Indexes also published.
+New Large Cap, Mid Cap, and IMI™ Indexes also published.
 August 2007 QIR of the Provisional and new QIR of the current Standard and Small Cap indexes using buffers zones, Indexes reflecting changes in NOS, FIF, updates of NOS, FIFs, IPO and etc. newly eligible companies Addition of IPOs and newly eligible inclusions, etc. companies to the Provisional Standard Index Series were reflected in the Standard Index at their full weight.
 Migrations between the Provisional Standard and Provisional Small Cap Indexes were also reflected in the Standard and Small Cap Indexes.
 November SAIR for Provisional and Size- First phase of the transition included in QIR 2007 Segment Indexes. for Standard Indexes and SAIR for Small Cap Indexes.
@@ -18,6 +17,7 @@
 Cap Indexes implemented.
 February 2008 QIR of Provisional and new Size- QIR of the current Standard and Small Cap Segment Indexes using buffers, Indexes reflecting changes in NOS, FIF etc. updates of NOS, IPO inclusions, Addition of IPOs and newly eligible etc. companies to the Provisional Standard Index Series were reflected in the Standard Index at their full weight.
 Migrations between the Provisional Standard and Provisional Small Cap Indexes were also reflected in the Standard and Small Cap Indexes.
-May 2008 SAIR for Provisional and Size- Second and final phase of the transition SAIR and Segment Indexes. included in May Annual Index Review for Annual Review
-Standard Indexes and SAIR for Small Cap Indexes.
-May 30, 2008 Fully transitioned Standard and Small Cap Indexes implemented. After June 1, Provisional Indexes discontinued. All MSCI global equity indexes operate 2008 under Global Investable Market Indexes methodology.
+May 2008 SAIR for Provisional and Size- Second and final phase of the transition SAIR and Segment Indexes. included in May Annual Index Review for Annual Review Standard Indexes and SAIR for Small Cap Indexes.
+May 30, 2008 Fully transitioned Standard and Small Cap Indexes implemented.
+After June 1, Provisional Indexes discontinued.
+All MSCI global equity indexes operate 2008 under GIMI™ methodology.

other modified Appendix XX: Transition to a Quarterly Comprehensive Index Reviewsimilarity 99%

--- Appendix XX: Transition to a Quarterly Comprehensive Index Review (2026-10-03_78eb9f3f)
+++ Appendix XX: Transition to a Quarterly Comprehensive Index Review (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 Review
-Prior to the February 2023 Index Review, the MSCI Global Investable Market Indexes were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August
+Prior to the February 2023 Index Review, the MSCI GIMI™ were reviewed on a quarterly basis which involved: - Semi-Annual Index Reviews (SAIRs) in May and November and - Quarterly Index Reviews (QIRs) in February and August
 The objective of the SAIRs was to systematically reassess the various dimensions of the Equity Universe for all markets, involving a comprehensive review of the Size-Segment Indexes.
 QIRs aimed to capture significant market driven changes that were not captured in the index at the time of their actual occurrence but are significant enough to be reflected before the next SAIR.
 Following positive feedback from market participants in a market consultation, MSCI transitioned to a Quarterly Comprehensive Index Review (QCIR) schedule starting from the February 2023 Index Review.

M6 modified Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexessimilarity 98%

--- Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-03_78eb9f3f)
+++ Treatment of MSCI Derived Indexes with Different Index Review Schedules compared to Parent Indexes (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
-compared to Parent Indexes Indexes constructed from a parent index that follows GIMI methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
-For Derived Indexes whose Index Review schedule is less frequent compared to their parent, for example less frequent than quarterly (e.g. semi-annual, annual) compared to the MSCI Global Investable Market Indexes which are reviewed on a quarterly basis, changes resulting from the parent index, such as deletions, additions, as well as Number of Shares and Foreign Inclusion Factor changes, will be reflected as per the intra-rebalance treatment specified in their respective methodologies.
+compared to Parent Indexes Indexes constructed from a parent index that follows GIMI™ methodology but apply an alternative weighting methodology and/or additional screening methodology (Derived Indexes), such as MSCI Factor, ESG or Capped Indexes, may have Index Review schedules which do not always coincide with the Index Review schedule of their respective parent index.
+For Derived Indexes whose Index Review schedule is less frequent compared to their parent, for example less frequent than quarterly (e.g. semi-annual, annual) compared to the MSCI GIMI which are reviewed on a quarterly basis, changes resulting from the parent index, such as deletions, additions, as well as Number of Shares and Foreign Inclusion Factor changes, will be reflected as per the intra-rebalance treatment specified in their respective methodologies.

other modified Appendix XXI: Changes to the MSCI Frontier Markets Indexes Methodologysimilarity 99%

--- Appendix XXI: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-03_78eb9f3f)
+++ Appendix XXI: Changes to the MSCI Frontier Markets Indexes Methodology (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
 Indexes Methodology
-In August 2022, a consultation was launched with proposals to enhance the MSCI Frontier Markets Indexes Methodology with the aim of addressing the following: A limited number of eligible securities and much smaller investment opportunity set caused by higher size cutoffs linked to Developed Markets (DM) Significantly higher country concentration, as a few heavily-weighted markets at the top of the index exist along with a longer list of smaller markets at the bottom Frequent changes in index composition, often driven by market reclassifications Following feedback from market participants, the changes below were implemented at the August 2023 Index Review: Independent size cutoffs for Frontier Markets are no longer linked to Developed Markets, For each individual Frontier Market, a reduction in the minimum number of companies meeting Standard Index requirements for Size and Liquidity from two companies to one, and Regional consolidation of individual markets for the purpose of index construction and maintenance where appropriate, starting with the Baltic States, i.e., Estonia, Lithuania and Latvia: MSCI considers Estonia, Lithuania and Latvia as a single market for the purpose of o index construction and maintenance under the MSCI Global Investable Market Indexes Methodology to derive the constituents of the MSCI Baltic States Indexes.
+In August 2022, a consultation was launched with proposals to enhance the MSCI Frontier Markets Indexes Methodology with the aim of addressing the following: A limited number of eligible securities and much smaller investment opportunity set caused by higher size cutoffs linked to Developed Markets (DM) Significantly higher country concentration, as a few heavily-weighted markets at the top of the index exist along with a longer list of smaller markets at the bottom Frequent changes in index composition, often driven by market reclassifications Following feedback from market participants, the changes below were implemented at the August 2023 Index Review: Independent size cutoffs for Frontier Markets are no longer linked to Developed Markets, For each individual Frontier Market, a reduction in the minimum number of companies meeting Standard Index requirements for Size and Liquidity from two companies to one, and Regional consolidation of individual markets for the purpose of index construction and maintenance where appropriate, starting with the Baltic States, i.e., Estonia, Lithuania and Latvia: MSCI considers Estonia, Lithuania and Latvia as a single market for the purpose of o index construction and maintenance under the MSCI GIMI™ Methodology to derive the constituents of the MSCI Baltic States Indexes.
 The MSCI Estonia, MSCI Lithuania and MSCI Latvia Indexes are then derived from the constituents of the MSCI Baltic States Indexes, As part of the August 2023 Index Review, the constituents of the MSCI Estonia and o MSCI Lithuania Indexes were considered as existing constituents of the MSCI Baltic States Index for rebalancing purpose, The MSCI Baltic States Indexes is  maintained as a Very Low Liquidity market with a o minimum Annualized Traded Value Ratio (ATVR) requirement of 2.5%.

other modified Changes to the Methodology Book

--- Changes to the Methodology Book (2026-10-03_78eb9f3f)
+++ Changes to the Methodology Book (2026-10-02_9ff15223)
@@ -43,7 +43,7 @@
 2.4  Index Continuity Rules Updates in this section
 Section 3 Introduction Clarification paragraph added
 3.1.9  Data used for Semi-Annual Index Reviews Updates in this section
-3.2.2  Quarterly Index Review of Addition of Companies Currently not Constituents of the Investable Market Indexes Updates in this section
+3.2.2  Quarterly Index Review of Addition of Companies Currently not Constituents of the IMI™ Updates in this section
 3.2.6  Data used for Quarterly Index Reviews Updates in this section
 3.3.3.1  Changes in FIF, Number of Shares or Industry Classification for Existing Constituents Updates in this section
 4.2.2 Quarterly Index Reviews of February and August Updates in this section
@@ -52,7 +52,7 @@
 Appendix V: Global Industry Classification Standard (GICS) Updates in this section
 Appendix X: MSCI Provisional Saudi Arabia Indexes New section The following sections have been modified since August 2014:
 2.1.1 Identifying Eligible Equity Securities Clarification on eligibility of Limited Partnerships
-3.1.4.1 Determining Initial Segment Number of Companies Clarification on counting the Initial Segment Number of Companies for the IMI
+3.1.4.1 Determining Initial Segment Number of Companies Clarification on counting the Initial Segment Number of Companies for the IMI™
 Section 3.1.9: Date of Data Used for Semi-Annual Index Review Added footnote
 Section 3.2.6: Date of Data Used for Quarterly Index Review Added footnote
 3.3.3.1 Changes in FIF, Number of Shares or Industry Classification for Existing Constituents Clarification on treatment of securities with decreased FOL or foreign room outside of Index Reviews
@@ -65,21 +65,21 @@
 Appendix XI: MSCI Provisional Indexes for Coverage Enhancements New section
 Appendix XIII: Transition of MSCI China A Index Deleted “Treatment of Suspensions”
 Appendix XV: MSCI India Domestic Index New section
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes New section The following sections have been modified since February 2015:
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™ New section The following sections have been modified since February 2015:
 Appendix I: Equity Markets and Universe REITs
 Appendix III: MSCI Ineligible Securities
 Appendix X: MSCI Provisional Saudi Arabia Indexes
 Appendix XI: MSCI Provisional Indexes for Coverage Enhancements
 Appendix XIV: MSCI DR Indexes Updated for fees on dividends
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™
 The following section has been modified since May 2015:
 Appendix X: MSCI Saudi Arabia Indexes
 The following sections have been modified since July 2015:
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)”
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes Updated the table “Eligible Markets (Emerging Markets)”
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™ Updated the table “Eligible Markets (Emerging Markets)”
 The following sections have been modified since August 2015:
 Section 3.2.4: Quarterly Index Reviews Changes in FIFs Added clarification in footnote
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes Updated the section on China under the revised Appendix III: Country Classification of Securities
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™ Updated the section on China under the revised Appendix III: Country Classification of Securities
 The following section has been modified since October 2015:
 Appendix III: Country Classification of Securities Added the section on Australia under Country Specific Case
 The following sections have been modified since November 2015:
@@ -90,17 +90,16 @@
 Section 3.1.2: Updating the Market Investable Equity Universes Updates in this section
 Section 3.1.2.1: Eligibility of Foreign Listings New section
 Section 3.1.2.4: Minimum Liquidity Requirement for Existing Constituents Updates in this section on priority rules for selection of listings
-Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the
-Updates in this section on priority rules for selection of listings
+Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the IMI™ Updates in this section on priority rules for selection of listings
 Section 3.2.5: Quarterly Index Review of Changes in Number of Shares (NOS) Updates in this section Added footnote
 Section 5.1.2: Standalone Market Indexes Section deleted
 Section 6: MSCI Standalone Market Indexes New section
 Appendix I: Equity Markets and Universe Updated all the tables to reflect eligibility of foreign listings Updated list of countries with REITs to include Pakistan
-Appendix III: Country Classification of Securities Updated the sections “General Framework” and “Other Cases” Updated the treatment of China under the section “Country Specific Cases” Added the treatment of Greece under the section “Country Specific Cases” Deleted the sections “Review and Maintenance” and “Country of Coverage of Companies Not Eligible for Inclusion in the MSCI Global Investable Market Indexes”
+Appendix III: Country Classification of Securities Updated the sections “General Framework” and “Other Cases” Updated the treatment of China under the section “Country Specific Cases” Added the treatment of Greece under the section “Country Specific Cases” Deleted the sections “Review and Maintenance” and “Country of Coverage of Companies Not Eligible for Inclusion in the MSCI GIMI™”
 Appendix IV: Foreign Listing Materiality Requirement New appendix
 Appendix V: Free Float Definition and Estimation Guidelines Updates in the table on the Classification of Shareholder Types
 Appendix X: Frontier Markets Country Classification Updates in the format of the table
-Appendix XVI: Enhancements to the Coverage of the MSCI Global Investable Market Indexes
+Appendix XVI: Enhancements to the Coverage of the MSCI GIMI™
 Appendix deleted
 The following sections have been modified since February 2016:
 Section 3.1.9: Date of data used for Semi-Annual Index Review Updates in this section on ongoing maintenance of securities’ share classes, share types and alternate listing
@@ -130,7 +129,7 @@
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)”
 Section 2.2.5: DM and EM Minimum Liquidity Requirements Added footnote on priority rule for local listings
 Section 3.1.2.4: Minimum Liquidity Requirement for Existing Constituents Added footnote on priority rule for local listings
-Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the Investable Market Indexes Added footnote on priority rule for local listings
+Section 3.2.3: Quarterly Index Review of Deletion of Companies Currently Constituents of the IMI™ Added footnote on priority rule for local listings
 The following sections have been modified since November 2016:
 Section 3.1.4.2: Changes in the Segment Number of Companies Added footnotes
 Section 3.1.9: Date of Data Used for Semi-Annual Index Review Updates in this section
@@ -163,7 +162,7 @@
 Section 3.3.3.3: Early Inclusions of Non-Index Constituents Clarification of the industry classification review as part of a corporate event
 Section 5.2.2: Categorization of Frontier Markets into Very Low, Low or Average Liquidity Markets Clarification on priority rules for selection of listings
 Appendix I: Equity Markets and Universe Updated the table “Eligible Classes Of Securities For Stock Exchanges In Emerging Markets” Updated the list of ineligible alert boards Clarification on the treatment of additions of securities that are on ineligible alert boards The following section has been modified since September 2017:
-Section 2.7: Constructing and Calculating the Individual MSCI Global Investable Markets Indexes Added section to clarify the creation and maintenance of the MSCI GIMI Composite Indexes
+Section 2.7: Constructing and Calculating the Individual MSCI Global Investable Markets Indexes Added section to clarify the creation and maintenance of the MSCI GIMI™ Composite Indexes
 The following sections have been modified since October 2017:
 Section 2.2.5: DM and EM Minimum Liquidity Requirement Updated the requirement for Chinese securities
 Section 3.2.1.4: Minimum Liquidity Requirement for Existing Constituents Updated the requirement for Chinese securities
@@ -193,7 +192,7 @@
 Appendix XIV: MSCI China Indexes New section
 Appendix XV: Inclusion of China A Shares in the MSCI China Indexes New section
 Appendix XVI: MSCI China A Inclusion Indexes Previously Appendix XIX
-Appendix XVII: Transition to the MSCI GIMI Methodology Previously Appendix XII
+Appendix XVII: Transition to the MSCI GIMI™ Methodology Previously Appendix XII
 The following sections have been modified since May 2018:
 Section 3.3.4.1: IPOs and Other Early Inclusions Clarification of the treatment of over-allotment
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes Of Securities For Stock Exchanges In Developed Markets” Updated the table “Eligible Classes Of Securities For Stock Exchanges In Standalone Markets”
@@ -206,14 +205,14 @@
 Appendix XV: Inclusion of China A Shares in the MSCI China Indexes Clarified migrations outside of Index Reviews
 Appendix XVII: MSCI China A Indexes Added new section, previously from MSCI China All Shares Indexes
 Appendix XVIII: Provisional GICS Indexes New Appendix
-Appendix XIX: Transition to the MSCI GIMI Methodology Previously Appendix XVII
+Appendix XIX: Transition to the MSCI GIMI™ Methodology Previously Appendix XVII
 The following sections have been modified since August 2018:
 APPENDIX I: EQUITY MARKETS AND UNIVERSE Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for Stock Exchanges in Standalone Markets”
 Section 2.2.8 Minimum Foreign Room Requirement Updated Footnote
 Section 3.1.6.2 For Existing Constituents Updated Footnote
 Section 3.1.7 Semi-Annual Index Review of Changes In Foreign Inclusion Factors (FIFs) Updated Footnote
 Section 3.2.1.4 Assessing Conformity with Final Size-Segment Investability Requirements Updated Footnote
-Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the Investable Market Indexes Updated Footnote
+Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the IMI™ Updated Footnote
 Appendix XVIII: Provisional GICS Indexes Updated the dates in the example
 The following sections have been modified since September 2018:
 Appendix XIII: MSCI Saudi Arabia Indexes Updates in this section
@@ -234,7 +233,8 @@
 APPENDIX I: EQUITY MARKETS AND UNIVERSE Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Frontier Markets)” Updated the list of Ineligible Alert Boards
 APPENDIX III: Country Classification of Securities Clarification on the treatment of reverse mergers
 Appendix XVIII: MSCI Provisional GICS Indexes
-Appendix removed The following sections have been modified since February 2019:
+Appendix removed
+The following sections have been modified since February 2019:
 Section 3.1.6.2 Assessing Conformity with Final Size-Segment Investability Requirements for Existing Constituents Updated treatment for securities with low Foreign Room with liquid Depositary Receipts (DRs)
 Section 3.2.1.4 Assessing Conformity with Final Size-Segment Investability Requirements Updated treatment for securities with low Foreign Room with liquid Depositary Receipts (DRs)
 Appendix I: Equity Markets and Universe Updated list of REITs
@@ -251,11 +251,10 @@
 3.2.4 Quarterly Index Reviews of Changes in FIFs Clarifications and updates
 Appendix II: Market Classification Framework Updated the table and summarized measure for “Availability of Investment Instruments”
 The following sections have been modified since August 2019:
-Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the Investable Market Indexes Clarification on the cutoff used when assigning companies to the Large cap Index
+Section 3.2.2 Quarterly Index Review of Addition of Companies Currently Not Constituents of the IMI™ Clarification on the cutoff used when assigning companies to the Large cap Index
 Appendix V: Free Float Definition and Estimation Guidelines Clarification on treatment of NVDRs
 Appendix XVIII MSCI Provisional Argentina Indexes and MSCI Argentina Indexes
-Appendix deleted
-The following sections have been modified since August 2019:
+Appendix deleted The following sections have been modified since August 2019:
 Section 2.1.1. Identifying Eligible Equity Securities Clarification on eligibility of securities
 Section 3.4.4. IPOs and Other Early Inclusion Clarification on announcement policy on early inclusion of STAR board securities
 Appendix I Equity Markets and Universe Updates on eligible segments
@@ -305,7 +304,8 @@
 Appendix IX: Frontier Markets Country Classification Removed Kuwait
 The following sections have been modified since November 2020:
 Appendix V: Treatment of Investment Sanctions Related to U.S Executive Order 13959 New Appendix added
-Appendix XII: MSCI Domestic Indexes Updated to reflect treatment of investment sanctions related to U.S. Executive Order 13959 The following sections have been modified since December 2020:
+Appendix XII: MSCI Domestic Indexes Updated to reflect treatment of investment sanctions related to U.S. Executive Order 13959
+The following sections have been modified since December 2020:
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Frontier Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Frontier Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Standalone Markets”
 Appendix II: Market Classification Framework Updated the table “Markets Under Index Continuity”
 Appendix V: Treatment of Investment Sanctions Related to U.S. Executive Order 13959 Added clarifications
@@ -318,7 +318,7 @@
 Section 2.3.6.3: Treatment of Securities that Exhibit Extreme Price Increase New section added following consultation
 Section 3.1.6.2: For Existing Constituents Clarifications added following consultation
 Section 3.2.1.4: Assessing Conformity with Final Size-Segment Investability Requirements Clarifications added following consultation
-Section 3.2.2: Quarterly Index Review of Additions of Companies Currently not Constituents of the Investable Market Indexes Clarifications added following consultation
+Section 3.2.2: Quarterly Index Review of Additions of Companies Currently not Constituents of the IMI™ Clarifications added following consultation
 Appendix VIII: Market Monitoring and Potential Switch to a Light Rebalancing under Conditions of Market Stress New Appendix added following consultation
 The following sections have been modified since April 2021:
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Frontier Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets”
@@ -350,8 +350,7 @@
 Appendix IX: Policy Regarding Trading Suspensions and Market Closures During Index Reviews Clarifications added
 The following sections have been modified as of March 2022:
 Section 2.5.2: Composite Indexes Updated examples of composite indexes
-Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Standalone Markets”
-The following section has been modified as of April 2022:
+Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated the table “Eligible Classes of Securities for stock exchanges in Emerging Markets” Updated the table “Eligible Classes of Securities for stock exchanges in Standalone Markets” The following section has been modified as of April 2022:
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)”
 The following sections have been modified as of May 2022:
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” Updated the table “Eligible Markets (Frontier Markets)”
@@ -364,8 +363,7 @@
 Appendix I: Eligible Markets (Developed Markets) Updated Footnote
 The following sections have been modified as of November 2022:
 Section 3.3.3.3 Early Inclusions of Non-Index Constituents Clarification on foreign room requirement when non-constituent acquires constituent
-Appendix I: Eligible Markets (Developed Markets) Updated Footnote
-The following section has been modified as of December 2022:
+Appendix I: Eligible Markets (Developed Markets) Updated Footnote The following section has been modified as of December 2022:
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)”
 The following sections have been modified as of January 2023: Methodology book was updated to reflect the transition to Quarterly Comprehensive Index Reviews. All references to “Semi-Annual Index Reviews” and “Quarterly Index Reviews” were replaced with “Index Reviews”.
 Section 3.1.2.1 Eligibility of Foreign Listings Update to clarify that foreign listings are eligible if the requirement is met at least two Index Reviews prior
@@ -401,7 +399,7 @@
 Appendix III: Country Classification of Securities Updated the periodicity of Change in Country Classification
 Appendix VI: Free Float Definition and Estimation Guidelines Updated the rules the NOS review cut off date Added reference to the MSCI Free Float Data Methodology Removed Index Review of Changes in FIF and NOS starting from the May 2023 Index Review
 The following sections have been modified as of July 2023:
-Section 2: Constructing the MSCI Global Investable Market Indexes Updated footnote
+Section 2: Constructing the MSCI GIMI™ Updated footnote
 Section 2.1.2: Country Classification of Eligible Securities Updated description
 Section 5.1: Frontier Markets Defintion Updated definition
 Section 5.2: Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes Updated the distinction between Frontier Markets and Developed and Emerging Markets Removed subsection on Categorization of Frontier Markets into Larger and Smaller Markets Added subsection for Equity Universe Minimum Size Requirement Added subsection for Global Minimum Size Reference Updated subsection on Minimum Liquidity Requirement for Existing Consitutents Removed subsection on Final Size-Segment Investability Requirements Updated subsection on Index Continuity Rules Removed subsection on IPOs and Other Early Inclusions
@@ -413,7 +411,7 @@
 Appendix XX: Changes to the MSCI Frontier Markets Indexes Methodology Added section
 The following sections have been modified as of August 2023:
 Section 2.2.3: Equity Universe Minimum Size Requirement Added distinction for Developed Markets, Emerging Markets, and Frontier Markets
-Section 2.3.3: Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs Deleted sentence for disclosing latest Index Review Developed Markets Global Minimum Size Reference for Investable Market Indexes
+Section 2.3.3: Determining the Segment Number of Companies and Associated Market Size- Segment Cutoffs Deleted sentence for disclosing latest Index Review Developed Markets Global Minimum Size Reference for IMI™
 Section 5.2.2: Global Minimum Size Reference Added reference for Frontier Markets Global Minimum Size Reference
 Appendix II: Market Classification Framework Updated the footnote in the table of “Market Classification Framework” for the high income threshold Updated the description, footnote and table of “Markets Under Index Continuity”
 Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Frontier Markets)” Updated the table “Eligible Markets (Standalone Markets)” Updated Ineligible Alert Boards and footnotes
@@ -426,7 +424,8 @@
 Appendix II: Market Classification Framework Updated the table of “Markets Under Index Continuity”
 Appendix III: Country Classification of Securities Updated “Change in Country Classification” section
 Appendix IV: Foreign Listing Materiality Requirement Updated the dates for clarification Updated the table of “Countries for which foreign listings are eligible”
-Appendix XI: Frontier Markets Country Classification Updated the table The following sections have been modified as of February 2024:
+Appendix XI: Frontier Markets Country Classification Updated the table
+The following sections have been modified as of February 2024:
 Section 3.2.5: Corporate Events Affecting the Index Review Updated the corporate events related monitoring for Index Review
 Appendix I: Equity Markets and Universe Updated the tables “Eligible Markets (Frontier Markets)” and Eligible Markets (Standalone Markets) Updated the table “Eligible Classes of Securities for Stock Exchanges in Frontier Markets” and “Eligible Classes of Securities for Stock Exchanges in Standalone Markets”
 Appendix II: Market Classification Framework Updated the table of “Markets Under Index Continuity”
@@ -474,4 +473,14 @@
 Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress Updated to clarify the methodology of weight increase due to foreign room The following section has been modified as of March 2026:
 Section 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) Updated the rules for implementation of FIF changes
 Appendix VI: Free Float Definition and Estimation Guidelines Updated the free float rounding rules Updated the Treatment of Depository Receipts where Underlying Shares are Not Available for Trading The following section has been modified as of May 2026:
-Appendix XVIII: MSCI Southbound Index Added section for MSCI Southbound Indexes
+Appendix XVIII: MSCI Southbound Index Added section for MSCI Southbound Indexes The following section has been modified as of July 2026:
+Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Developed Markets)” The following section has been modified as of August 2026:
+Section 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase Introduced a Foreign Inclusion Factor (FIF)-based exemption from the Extreme Price Increase screen for Standard Index additions
+Section 3.1.6.2 Minimum Free Float Market Capitalization Requirement for Existing Constituents Updated based on section 3.1.6.2 For Existing Constituents
+Section 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents Separated from previous section 3.1.6.2 For Existing Constituents
+Section 3.1.6.4 Treatment of Existing Constituents that Exhibit Extreme Price Increase New section
+Section 3.2.8: Corporate Events Affecting the Index Review Clarification on reversal of index review on account of ongoing corporate events
+Appendix I: Equity Markets and Universe Updated the table “Eligible Markets (Emerging Markets)”
+Appendix I: Equity Markets and Universe – Ineligible Alert BoardsUpdated the monitoring period for Ineligible Alert Boards listed in Other Cases section
+Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress Updated the treatment of securities exhibiting Extreme Price Increase during Light Rebalancings
+Appendix XV: Index Maintenance of the MSCI China Indexes Added clarification on the use of free float-adjusted market capitalization before the application of the adjustment factor

other modified Contact ussimilarity 99%

--- Contact us (2026-10-03_78eb9f3f)
+++ Contact us (2026-10-02_9ff15223)
@@ -1,7 +1,6 @@
 About MSCI Inc.
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other modified Notice and disclaimer

--- Notice and disclaimer (2026-10-03_78eb9f3f)
+++ Notice and disclaimer (2026-10-02_9ff15223)
@@ -1,8 +1,8 @@
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 Unless you contact MSCI and receive its prior written permission, you must NOT use the Information, directly or indirectly, in whole or in part (i) for commercial purposes, (ii) in a manner that competes with MSCI or impacts its ability to commercialize the Information or its services, (iii) to provide a service to a third party, (iv) to permit a third party to directly or indirectly access, use or resell the Information, (v) to redistribute or resell the Information in any form, (vi) to include the Information in any materials for public dissemination such as fund factsheets, market presentations, prospectuses, and investor information documents (e.g.
-KIIDs or KIDs), (vii) to create or as a component of any financial products, whether listed or traded over the counter or on a private placement basis or otherwise, (viii) to create any indexes, ratings or other data products, including in derivative works combined with other indexes or data or as a policy, product or performance benchmarks for active, passive or other financial products, (ix) to populate a database, or (x) to train, use as an input to, or otherwise in connection with any artificial intelligence, machine learning, large language models or similar technologies except as licensed and expressly authorized under MSCI’s AI Contracting Supplement at https://www.msci.com/legal/supplemental-terms-for-client-use-of-artificial-intelligence.
-The intellectual property rights of MSCI and its Information Providers may not be misappropriated or used in a competitive manner through the use of thirdparty data or financial products linked to the Information, including by using an MSCI index-linked future or option in a competing third-party index to provide an exposure to the underlying MSCI index or by using an MSCI index-linked ETF to create a financial product that provides an exposure to the underlying MSCI index without obtaining a license from MSCI.
+KIIDs or KIDs), (vii) to create or as a component of any financial products, whether listed or traded over the counter or on a private placement basis or otherwise, (viii) to create any indexes, ratings or other data products, including in derivatives combined with other indexes or data or as a policy, product or performance benchmarks for active, passive or other financial products, (ix) to populate a database, or (x) to train, use as an input to, or otherwise in connection with any artificial intelligence, machine learning, large language models or similar technologies except as licensed and expressly authorized under MSCI’s AI Contracting Supplement at https://www.msci.com/legal/supplemental-terms-for-client-use-of-artificial-intelligence.
+The intellectual property rights of MSCI and its Information Providers may not be misappropriated or used in a competitive manner through the use of thirdparty data or financial products linked to the Information, including by using an MSCI index-linked future or option in a competing third-party index to provide an exposure to the underlying MSCI index or by using an MSCI index-linked ETF to create a financial product  that provides an exposure to the underlying MSCI index without obtaining a license from MSCI.
 The user or recipient of the Information assumes the entire risk of any use it may make, permit or cause 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 ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, SUITABILITY, 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 MSCI or any other Information Provider have any liability arising out of or relating to any of the Information, including for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages, even if notified of the possibility of such damages.
@@ -55,7 +55,7 @@
 MSCI Solutions is an independent provider of sustainability and climate data.
 All use of indicative prices for carbon credits must comply with any rules specified by MSCI.
 All transactions in carbon credits must be traded “over-the-counter” (i.e. not on a regulated market, trading venue or platform that performs a similar function to a trading venue) and result in physical delivery of the carbon credits.
-You may not remove, alter, or obscure any attribution to MSCI or notices or disclaimers that apply to the Information.
+You may not remove, alter, or obscure any attribution to MSCI or notices or disclaimers that apply to the Information. “ACWI, EAFE, IMI, GIMI, and the MSCI IMI family of index names are trademarks or service marks of MSCI Inc.
 MSCI, Barra, RiskMetrics, 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 other jurisdictions.
 The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Dow Jones Indices. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Dow Jones Indices.
 Terms such as including, includes, for example, such as and similar terms used herein are without limitation.

other modified Outline of the Methodology Booksimilarity 96%

--- Outline of the Methodology Book (2026-10-02_735fbfb9)
+++ Outline of the Methodology Book (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 This methodology book outlines MSCI’s index objectives and details the methodology employed to create and maintain the MSCI Global Investable Market Indexes.
-Section 1 provides an introduction and background to the MSCI Global Investable Market Indexes including the objectives and design of the indexes.
+Section 1 provides an introduction and background to the MSCI GIMI™ including the objectives and design of the indexes.
 Section 2 details the principles and the methodology used for index construction. This includes the investability requirements and the size-segmentation methodology used in constructing the indexes.
 Section 3 describes the maintenance principles employed for reflecting the evolution of the markets in a timely fashion while providing index stability and controlling turnover.
 Section 4 details the principles and the methodology used for MSCI All Cap Indexes construction.
@@ -7,5 +7,4 @@
 Section 6 details the principles and the methodology used for MSCI Standalone Market Indexes construction.
 The Appendices contain details on equity market coverage, country classification of securities, free float definition and estimation, and other attributes.
 For more information on the terms used throughout this methodology document please refer to the MSCI Index Glossary on MSCI's website: https://www.msci.com/index-methodology.
-This book was last updated in February 2026.
-MSCI Global Investable Market Indexes Methodology | November 2025
+This book was last updated in August 2026.

M1 modified 1 Introduction to the MSCI GIMI™ (was 1 Introduction to the MSCI Global Investable Market Indexes)similarity 98%

--- 1 Introduction to the MSCI Global Investable Market Indexes (2026-10-02_735fbfb9)
+++ 1 Introduction to the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -2,18 +2,17 @@
 The MSCI global equity indexes have maintained their leading position because they have evolved over time to continue to appropriately reflect the international investable opportunity set of equities while addressing the changing and expanding investment interests of cross-border investors.
 Developments in international equity markets and investment management processes have led many investors to desire very broad coverage and size-segmentation of the international equity markets.
 To address these desires and continue to meet our index construction and maintenance objective, after a thorough consultation with members of the international investment community, MSCI enhanced its Standard Index methodology, by moving from a sampled multi-cap approach to an approach targeting exhaustive coverage with nonoverlapping size and style segments.
-The MSCI Standard and MSCI Small Cap Indexes, along with the other MSCI equity indexes based on them, transitioned to the Global Investable Market Indexes methodology described in this methodology book.
+The MSCI Standard and MSCI Small Cap Indexes, along with the other MSCI equity indexes based on them, transitioned to the GIMI™ methodology described in this methodology book.
 The transition was completed at the end of May 2008.
 The MSCI Standard Indexes are composed of the MSCI Large Cap and Mid Cap Indexes.
-The MSCI Global Small Cap Index transitioned to the MSCI Small Cap Index resulting from the Global Investable Market Indexes methodology and contains no overlap with constituents of the transitioned MSCI Standard Indexes.
-Together, the relevant MSCI Large Cap, Mid Cap and Small Cap Indexes make up the MSCI Investable Market Index for each country, composite, sector, and style index that MSCI offers.
-Based on transparent and objective rules, the Global Investable Market Indexes are intended to provide: Exhaustive coverage of the investable opportunity set with non-overlapping size and style segmentation.
+The MSCI Global Small Cap Index transitioned to the MSCI Small Cap Index resulting from the GIMI methodology and contains no overlap with constituents of the transitioned MSCI Standard Indexes.
+Together, the relevant MSCI Large Cap, Mid Cap and Small Cap Indexes make up the MSCI IMI™ for each country, composite, sector, and style index that MSCI offers.
+Based on transparent and objective rules, the GIMI are intended to provide: Exhaustive coverage of the investable opportunity set with non-overlapping size and style segmentation.
 A strong emphasis on investability and replicability of the indexes through the use of size and liquidity screens.
 Size segmentation designed to achieve an effective balance between the objectives of global size integrity and country diversification.
 An innovative maintenance methodology that provides a superior balance between index stability and reflecting changes in the opportunity set in a timely way.
-A complete and consistent set of Size-Segment Indexes, with Standard, Large Cap, Mid Cap, Small Cap, and Investable Market Indexes.
-In addition to the innovations listed above, the Global Investable Market Indexes methodology retained many of the features of the original methodology, such as:
-The use of a building block approach to permit the creation and calculation of meaningful composites.
+A complete and consistent set of Size-Segment Indexes, with Standard, Large Cap, Mid Cap, Small Cap, and IMI.
+In addition to the innovations listed above, the GIMI methodology retained many of the features of the original methodology, such as: The use of a building block approach to permit the creation and calculation of meaningful composites.
 The creation of sector and industry indexes using the Global Industry Classification Standard (GICS®).
 Minimum free float requirements for eligibility and free float-adjusted capitalization weighting to appropriately reflect the size of each investment opportunity and facilitate the replicability of the Indexes.
 Timely and consistent treatment of corporate events and synchronized rebalancings, globally.

M4 modified 2 Constructing the MSCI GIMI™ (was 2 Constructing the MSCI Global Investable Market Indexes)similarity 96%

--- 2 Constructing the MSCI Global Investable Market Indexes (2026-10-02_735fbfb9)
+++ 2 Constructing the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-The MSCI Global Investable Markets Indexes are constructed and maintained at an individual Market1 level.
-Constructing the MSCI Global Investable Market Indexes involves the following steps: Defining the Equity Universe for each Market.
+The MSCI GIMI™ are constructed and maintained at an individual Market1 level.
+Constructing the MSCI GIMI involves the following steps: Defining the Equity Universe for each Market.
 Determining the Market Investable Equity Universe for each Market.
 Determining market capitalization size-segments for each Market.
 Applying Index Continuity Rules for the Standard Index.

M3 modified 2.2 Determining the Market Investable Equity Universessimilarity 98%

--- 2.2 Determining the Market Investable Equity Universes (2026-10-02_735fbfb9)
+++ 2.2 Determining the Market Investable Equity Universes (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 A Market Investable Equity Universe for a market is derived by: Identifying eligible listings for each security in the Equity Universe, and Applying investability screens to individual companies and securities in the Equity Universe that are classified in that market.
 A market is equivalent to a single country, except in DM Europe, where all DM countries in Europe are aggregated into a single market for index construction purposes.
-Subsequently, individual DM Europe country indexes within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the Global Investable Market Indexes methodology.
+Subsequently, individual DM Europe country indexes within the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the GIMI™ methodology.
 The Global Investable Equity Universe is the aggregation of all Market Investable Equity Universes.
 The DM Investable Equity Universe is the aggregation of all the Market Investable Equity Universes for Developed Markets

M3 modified 2.2.3 Equity Universe Minimum Size Requirement

--- 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_735fbfb9)
+++ 2.2.3 Equity Universe Minimum Size Requirement (2026-10-02_9ff15223)
@@ -15,6 +15,6 @@
 240,000 190,000 4.68% 5 AF c
 235,000 95,000 4.98% 6 GG a 230,000 230,000 5.73% 7 AH 225,000 225,000 6.45% 8 a AL d
 210,000 210,000 7.13% 9 … … … … … … … … … … .. .. .. .. .. WWW f 1,000 250 98.99% 8,007 XYZ 150 130 99.00% 8,008 g YYY f 125 125 99.01% 8,009 ZZZZ f 100 100 99.01% 8,010 … … … … … Total 31,000,000 100.00%
-At the time of the February 2026 Index Review, the Equity Universe Minimum Size Requirement was USD 507 million for the Developed and Emerging Markets while it was USD 13 million for the Frontier Markets.
+At the time of the August 2026 Index Review, the Equity Universe Minimum Size Requirement was USD 585 million for the Developed and Emerging Markets while it was USD 14 million for the Frontier Markets.
 Companies with full market capitalizations below this level are not included in any Market Investable Equity Universe.
 The Equity Universe Minimum Size Requirement is reviewed and, if necessary revised, at Index Reviews.

M3 modified 2.2.5 DM and EM Minimum Liquidity Requirementsimilarity 96%

--- 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_735fbfb9)
+++ 2.2.5 DM and EM Minimum Liquidity Requirement (2026-10-02_9ff15223)
@@ -18,17 +18,17 @@
 Foreign listing in a different geographical region9.
 Concerning the level of a stock price, there may be liquidity issues for securities trading at a very high stock price.
 Hence, a limit of USD 10,000 has been set and securities with stock prices above USD 10,000 fail the liquidity screening.
-This rule applies only for non-constituents of the MSCI Global Investable Market Indexes.
-Consequently, current constituents of the MSCI Global Investable Market Indexes would remain in the index if the stock price passes the USD 10,000 threshold.
+This rule applies only for non-constituents of the MSCI GIMI™.
+Consequently, current constituents of the MSCI GIMI would remain in the index if the stock price passes the USD 10,000 threshold.
 Details on the calculation of ATVR and FOT are available in the MSCI Liquidity Data Methodology10 at www.msci.com/index-methodology.
 In some circumstances, MSCI may apply relevant adjustments to the liquidity values at the time of the regular Index Reviews, in those cases where the ATVR11 and/or Frequency of Trading are the decisive elements for a security impacting the Market Investable Universe.
-For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the Investable Market Index are not eligible for the Market Investable Equity Universe.
+For example, In cases where the latest 3-month ATVR is not calculated due to suspensions, nonconstituents of the IMI™ are not eligible for the Market Investable Equity Universe.
 In the cases of large public offerings that significantly increase a security’s free floatadjusted market capitalization and liquidity, MSCI may use trading volumes after the public offering.
 When determining the potential re-addition of a security that was deleted in the prior 12months, MSCI may adjust ATVR values by excluding the trading volumes of the month during which the deletion of the security was announced and implemented.
 In case of an increase in a security’s FIF from zero to non-zero effective at an upcoming regular Index Review or during the relevant ATVR calculation period (e.g. due to an increase in FOL or in any adjustment factor), MSCI may adjust ATVR values by applying the updated FOL or adjustment factor during the ATVR calculation period where the FIF was zero.
+In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
 9 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
 10 Liquidity values published in the MSCI Index monthly product files currently does not consider certain adjustments such as trading volumes on Saturdays and/or Sundays.
 11 Notes on ATVR calculation: - Trading volumes and prices for liquidity computation will only be captured from eligible exchange, including USA and Canada.
 In general, MSCI uses free float-adjusted security market capitalization after the application of any relevant adjustment factors (e.g. adjustment factors applied due to low foreign room, Liquidity Adjustment Factors).
-ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In some cases of FIF changes due to significant FIF corrections, regulatory changes in Foreign Ownership Limits or methodology changes, MSCI may adjust ATVR values by applying the updated FIF during the relevant ATVR calculation period.
-In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.
+ATVR values used in the regular Index Reviews as well as the relevant thresholds are not rounded. - In the cases of initial public offering of China A shares, MSCI may use trading volumes after the limit up period.

M3 modified 2.2.8 Minimum Foreign Room Requirement11Fsimilarity 81%

--- 2.2.8 Minimum Foreign Room Requirement11F (2026-10-02_735fbfb9)
+++ 2.2.8 Minimum Foreign Room Requirement11F (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
 This investability screen is applied at the individual security level.
-For a security that is subject to a Foreign Ownership Limit (FOL) to be eligible for inclusion in a Market Investable Equity Universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 15%.
+12 Indian securities included in the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached would not be considered for the For a security that is subject to a Foreign Ownership Limit (FOL) to be eligible for inclusion in a Market Investable Equity Universe, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 15%.
 For more information on the adjustment applied to securities within the Market Investable Equity Universe that have foreign room less than 25%, please refer to Sub-section 2.3.6.2 for details.

M4 modified 2.3 Defining Market Capitalization Size-Segments for Each Marketsimilarity 89%

--- 2.3 Defining Market Capitalization Size-Segments for Each Market (2026-10-02_735fbfb9)
+++ 2.3 Defining Market Capitalization Size-Segments for Each Market (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-Once a Market Investable Equity Universe is defined, it is segmented into the following sizebased indexes: Investable Market Index (Large + Mid + Small) Standard Index (Large + Mid) Large Cap Index Mid Cap Index Small Cap Index The structure of the MSCI Global Investable Market Indexes in each market is depicted below.
-12 Indian securities included in the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached would not be considered for the inclusion in Market Investable Equity Universe.
+Once a Market Investable Equity Universe is defined, it is segmented into the following sizebased indexes: Investable Market Index (Large + Mid + Small) Standard Index (Large + Mid) Large Cap Index Mid Cap Index Small Cap Index The structure of the MSCI GIMI™ in each market is depicted below.
+The IMI™, the Standard Index and the Large Cap Index are created first, while the Mid Cap Index is derived as the difference between the Standard Index and the Large Cap Index, and the Small Cap Index is derived as the difference between the IMI and the Standard Index.
+inclusion in Market Investable Equity Universe.
 More generally, based on information available from the country regulatory authority, for securities where further purchase are restricted due to foreign ownership restriction, the securities would not be considered for the inclusion in Market Investable Equity Universe.
-The Investable Market Index, the Standard Index and the Large Cap Index are created first, while the Mid Cap Index is derived as the difference between the Standard Index and the Large Cap Index, and the Small Cap Index is derived as the difference between the Investable Market Index and the Standard Index.
 In order to create size-segments that can be meaningfully aggregated into composites, the individual Market Size-Segments need to balance the following two objectives: Achieving Global Size Integrity by ensuring that, within a given size-segment of a composite index, only companies of comparable and relevant sizes are included across all markets.
 This can be measured by looking at a size-segment cutoff relative to a free float-adjusted market capitalization coverage target based on the Global Investable Equity Universe.
 Achieving Consistent Market Coverage by ensuring that each market’s size-segment is represented in its proportional weight in the composite universe.
@@ -9,7 +9,8 @@
 It is not possible to achieve both of these objectives consistently and simultaneously across all markets.
 Therefore, to balance these objectives, the methodology sets a minimum size cutoff for each size-segment in each market using: A size range for all markets derived from a free float-adjusted target market capitalization of the Global Investable Equity Universe, together with A target free float-adjusted coverage range set within each individual Market Investable Equity Universe.
 The intersection of these ranges specifies a Size and Coverage Target Area as depicted below.
-This is done for each of the three size-segment indexes, namely the Investable Market Index, the Standard Index, and the Large Cap Indexes.
+This is done for each of the three size-segment indexes, namely the IMI, the Standard Index, and the Large Cap Indexes.
 Full Market Capitalization
 Size and Coverage Size Range Target Area
-Cumulative Free Float- Coverage Adjusted Range Market Coverage Creating the Size-Segment Indexes in each market involves the following steps: Defining the Market Coverage Target Range for each size-segment Determining the Global Minimum Size Range for each size-segment Determining the Market Size-Segment Cutoffs and associated Segment Number of Companies Assigning companies to the size-segments Applying final size-segment investability requirements
+Cumulative Free Float- Coverage Adjusted Range Market Coverage
+Creating the Size-Segment Indexes in each market involves the following steps: Defining the Market Coverage Target Range for each size-segment Determining the Global Minimum Size Range for each size-segment Determining the Market Size-Segment Cutoffs and associated Segment Number of Companies Assigning companies to the size-segments Applying final size-segment investability requirements

M4 modified 2.3.1 Defining the Market Coverage Target Range for Each Size-Segmentsimilarity 97%

--- 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment (2026-10-02_735fbfb9)
+++ 2.3.1 Defining the Market Coverage Target Range for Each Size-Segment (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
 To define the Size-Segment Indexes for a market, the following free float-adjusted market capitalization Market Coverage Target Ranges are applied to the Market Investable Equity Universe: Large Cap Index: 70% ± 5%.
 Standard Index: 85% ± 5%.
-Investable Market Index:     99%+1% or -0.5%.
+IMI™: 99%+1% or -0.5%.
 The Mid Cap Index market coverage in each market is derived as the difference between the market coverage of the Standard Index and the Large Cap Index in that market.
-The Small Cap Index market coverage in each market is derived as the difference between the free float-adjusted market capitalization coverage of the Investable Market Index and the Standard Index in that market.
+The Small Cap Index market coverage in each market is derived as the difference between the free float-adjusted market capitalization coverage of the IMI and the Standard Index in that market.

M4 modified 2.3.2 Determining the Global Minimum Size Range for Each Size-Segmentsimilarity 96%

--- 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment (2026-10-02_735fbfb9)
+++ 2.3.2 Determining the Global Minimum Size Range for Each Size-Segment (2026-10-02_9ff15223)
@@ -1 +1,2 @@
-The Global Minimum Size Range for each size-segment is determined by defining a Global Minimum Size Reference for Large Cap, Standard, and Investable Market Indexes, and specifying a range of 0.5 times to 1.15 times those References.
+The Global Minimum Size Range for each size-segment is determined by defining a Global Minimum Size Reference for Large Cap, Standard, and IMI™ Indexes, and specifying a range of
+0.5 times to 1.15 times those References.

M4 modified 2.3.2.1 Defining the Global Minimum Size Referencesimilarity 97%

--- 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_735fbfb9)
+++ 2.3.2.1 Defining the Global Minimum Size Reference (2026-10-02_9ff15223)
@@ -1,12 +1,13 @@
 The Global Minimum Size Reference for the Large Cap, Standard, and Investable Market sizesegments are derived in a similar manner to the derivation of the Equity Universe Minimum Size as follows: First, the companies in the DM Investable Equity Universe are sorted in descending order of full market capitalization and the cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe is calculated at each company.
-Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen: - DM Large Cap Index:      70% coverage - DM Standard Index:                  85% coverage - DM Investable Market Index:   99% coverage
+Then, the respective full market capitalizations of the companies that provide the following cumulative free float-adjusted market capitalization coverage of the DM Investable Equity Universe are chosen:
+- DM Large Cap Index:      70% coverage - DM Standard Index:                  85% coverage - DM IMI™:                                     99% coverage
 For Emerging Markets, the Global Minimum Size Reference is set at one-half the corresponding level of full market capitalization used for the Developed Markets for each size-segment.
-The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on January 16, 2026 data, are set forth below.
-The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 15.20 billion.
+The Global Minimum Size References for the Large Cap, Standard, and Investable Market segments, based on July 20, 2026 data, are set forth below.
+The full market capitalization of the company that provides at least an 85% cumulative free float-adjusted coverage of the DM Investable Equity Universe is USD 16.28 billion.
 This level, therefore, defines the Global Minimum Size Reference for DM Standard Indexes.
 Applying the range of
-0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 7.60 billion to USD 17.48billion for the DM Standard Indexes.
-The EM range for the Standard Indexes, therefore, is USD 3.80 billion to USD 8.74 billion.
-Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Size Global Minimum Size Global Minimum Size Coverage Reference Reference (50% of DM) Reference Feb-26 Feb-26 Feb-26 Universe
-Large Cap 70% 49,097 24,548 1,181 Mid Cap 85% 15,198 7,599 452 Small Cap 99% 1,158 579 32
-All market caps are in USD millions. Data as of the close of January 16, 2026 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.
+0.5 times to 1.15 times to this Global Minimum Size Reference gives the Global Minimum Size Range of USD 8.14 billion to USD 18.72 billion for the DM Standard Indexes.
+The EM range for the Standard Indexes, therefore, is USD 4.07 billion to USD 9.36 billion.
+Global Minimum Size Reference Percent of Free Float Investable Equity Developed Markets Emerging Markets Frontier Markets Adjusted Market Universe Global Minimum Global Minimum Size Global Minimum Coverage Size Reference Reference (50% of DM) Size Reference Aug-26 Aug-26 Aug-26 Universe
+Large Cap 70% 53,878 26,939 1,283 Mid Cap 85% 16,276 8,138 473 Small Cap 99% 1,234 617 31
+All market caps are in USD millions. Data as of the close of July 20, 2026 The Developed Markets and Frontier Markets Global Minimum Size References are calculated based on the Developed Markets and Frontier Markets Investable Equity Universes, respectively.

M4 modified 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffssimilarity 99%

--- 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-02_735fbfb9)
+++ 2.3.3 Determining the Segment Number of Companies and Associated Market Size-Segment Cutoffs (2026-10-02_9ff15223)
@@ -1,16 +1,15 @@
 Segment Cutoffs The Market Size-Segment Cutoffs are derived by identifying a size cutoff which falls within, or as close as possible to, the Size and Coverage Target Area for that size-segment.
 For each size-segment, for each market, this is achieved as follows: The companies in the Market Investable Equity Universe are sorted in descending order of full market capitalization.
 The cumulative free float-adjusted capitalization coverage of the Market Investable Equity Universe is calculated at each company.
-MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - Investable Market Index: 99%
-If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
+MSCI notes the respective full market capitalization of the companies that provide the following free float-adjusted market capitalization coverage for the relevant size-segments: - Large Cap Index: 70% - Standard Index: 85% - IMI™: 99% If the full market capitalization of the relevant company lies within the Global Minimum Size Range for the size-segment, then: - The full market capitalization of the relevant company defines the Market Size-Segment Cutoff for that size-
 segment at that point in time. - The number of companies with full market capitalization greater than or equal to the relevant company provides
 the Segment Number of Companies, which will be used to maintain the indexes over time. If it is not, then: - The number of companies is decreased until the full market capitalization of the smallest company in the size-
 segment is equal or higher than the lower bound of the Global Minimum Size Range for that size-segment. Or, - The number of companies is increased to include all companies with a full market capitalization higher than the
 upper bound of the Global Minimum Size Range for that size-segment. - The full market capitalization of the last company defines the Market Size-Segment Cutoff for that segment and
 the Segment Number of Companies is set to this company’s rank.
 This process is designed to give priority to global size integrity over market coverage in situations where both objectives cannot be achieved simultaneously.
-For the Investable Market Index, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
-At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the Investable Market Indexes.
+For the IMI™, at initial construction, the above process is not followed in order to provide as broad a coverage as possible without sacrificing size integrity.
+At initial construction the Market Size-Segment Cutoffs and associated Segment Number of Companies of the Investable Market segment are derived by including all companies equal to or larger than the Global Minimum Size Reference for the IMI.
 Since Size-Segment Indexes are based on company full market capitalization, all securities of a company are always classified in the same size-segment.
 As a result, there may be more securities than companies in a given size-segment.
 The Market Size-Segment Cutoffs and Segment Number of Companies are maintained daily, and updated at Index Reviews, additionally taking into account index stability and continuity rules.

M3 modified 2.3.6 Applying Final Size-Segment Investability Requirementssimilarity 95%

--- 2.3.6 Applying Final Size-Segment Investability Requirements (2026-10-02_735fbfb9)
+++ 2.3.6 Applying Final Size-Segment Investability Requirements (2026-10-02_9ff15223)
@@ -1 +1 @@
-To enhance the replicability of Size-Segment Indexes, additional size-segment investability requirements are set for the Investable Market and the Standard Indexes.
+To enhance the replicability of Size-Segment Indexes, additional size-segment investability requirements are set for the IMI™ and the Standard Indexes.

M3 modified 2.3.6.1 Minimum Free Float Market Capitalization Requirementsimilarity 96%

--- 2.3.6.1 Minimum Free Float Market Capitalization Requirement (2026-10-02_735fbfb9)
+++ 2.3.6.1 Minimum Free Float Market Capitalization Requirement (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the Investable Market Index, a security can be included in the Investable Market Index only if its free floatadjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the Investable Market Index.
-In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the Investable Market Index, the security’s free floatadjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the Investable Market Index.
-In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the Investable Market Index, the security’s free float-adjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the Investable Market Index.
+If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the IMI™, a security can be included in the IMI only if its free float-adjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the IMI.
+In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the IMI, the security’s free float-adjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the IMI.
+In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the IMI, the security’s free floatadjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the IMI.
 If the Market Size-Segment Cutoff is within the Global Minimum Size Range for the Standard Index, a security can be included in the Standard Index only if its free float-adjusted market capitalization is at least 50% of the Market Size-Segment Cutoff for the Standard Index.
 In the case of the Market Size-Segment Cutoff being above the Global Minimum Size Range upper boundary for the Standard Index, the security’s free float-adjusted market capitalization must be at least 50% of the upper boundary of the Global Minimum Size Range for the Standard Index.
 In the case of the Market Size-Segment Cutoff being below the Global Minimum Size Range lower boundary for the Standard Index, the security’s free float-adjusted market capitalization must be at least 50% of the lower boundary of the Global Minimum Size Range for the Standard Index.
-Any company excluded from the Standard Index based on this rule is also excluded from the Investable Market Index.
+Any company excluded from the Standard Index based on this rule is also excluded from the IMI.
 For a security with a Foreign Inclusion Factor (FIF) lower than 0.15 to be included in the Standard Market Index, its free float-adjusted market capitalization must be at least 1.8 times the minimum free float-adjusted market capitalization required for the Standard Index.
 Please refer to the Section 3.1.6.2 for details on assessing conformity with the Final Size-Segment Investability Requirements for existing constituents.

M3 modified 2.3.6.2 Minimum Foreign Room Requirementsimilarity 98%

--- 2.3.6.2 Minimum Foreign Room Requirement (2026-10-02_735fbfb9)
+++ 2.3.6.2 Minimum Foreign Room Requirement (2026-10-02_9ff15223)
@@ -1,5 +1,5 @@
-For a security that is subject to a Foreign Ownership Limit (FOL) to be included in the Investable Market Index at its entire free-float adjusted market capitalization, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 25%.
+For a security that is subject to a Foreign Ownership Limit (FOL) to be included in the IMI™ at its entire free-float adjusted market capitalization, the proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least 25%.
 If a security's foreign room is less than 25% and equal to or higher than 15%, MSCI will use an adjustment factor of 0.5 to reflect the actual level of foreign room to adjust the security's final foreign inclusion factor (FIF).
 As described in Sub-Section 2.2.8, securities will not be eligible for inclusion in a Market Investable Equity Universe if the foreign room is less than 15%.
 The adjustment factor will be applied to the security actual FIF to arrive at the final FIF of the security.
-Conformity with the minimum free float-adjusted market capitalization requirements for Investable Market Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor.
+Conformity with the minimum free float-adjusted market capitalization requirements for IMI constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor.

M3 modified 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increasesimilarity 62%

--- 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase (2026-10-02_735fbfb9)
+++ 2.3.6.3 Treatment of Securities that Exhibit Extreme Price Increase (2026-10-02_9ff15223)
@@ -1,8 +1,9 @@
-Securities that exhibit extreme price increase will not be eligible for addition into the Standard Indexes but will continue to be considered as part of the market investable universe.
-Such securities would be re-evaluated for Standard Index inclusion in the subsequent Index Review using Standard Index inclusion criteria, including the return-based thresholds for extreme price increase as described below.
-For additions to the Standard indexes, MSCI will evaluate their excess returns for specific monitoring periods against relevant thresholds as per the below table.
-A security that breaches the threshold of any period is considered to exhibit extreme price increase.
-Monitoring Periods and Thresholds for Extreme Price Increase Period* 5D 10D 15D 20D 25D 30D 35D 40D 45D 50D 55D 60D Excess Returns 100% 100% 100% 100% 200% 200% 200% 200% 400% 400% 400% 400% Threshold Period* 90D 120D 150D 180D 250D Excess Returns 500% 800% 1500% 1500% 2500% Threshold * Number of days (Mon-Fri) prior to the price cutoff date of the Index Review ** The extended measurement period of 90D, 120D, 150D, 180D and 250D is effective from May 2024 Index Review
-Excess return is calculated as the difference between the return of a security for the relevant period and the average return of IMI constituents belonging to the same country-sector where the security is classified (in terms of country of classification and GICS classification at the sector level).
+For additions to the Standard indexes, MSCI will evaluate the excess returns over specific monitoring periods against the relevant thresholds set out in the table below.
+A security that breaches the threshold of any period is considered to exhibit extreme price increase (EPI).
+Excess return is calculated as the difference between the return of a security for the relevant period and the average return of IMI™ constituents belonging to the same country-sector where the security is classified (in terms of country of classification and GICS classification at the sector level).
 For country-sectors that have five or less IMI constituents, the relevant country IMI return is used instead.
+Monitoring Periods and Thresholds for Extreme Price Increase: Period* 5D 10D 15D 20D 25D 30D 35D 40D 45D 50D 55D 60D Excess Returns 100% 100% 100% 100% 200% 200% 200% 200% 400% 400% 400% 400% Threshold Period* 90D 120D 150D 180D 250D Excess 500% 800% 1500% 1500% 2500% Returns Threshold * Number of days (Mon-Fri) prior to the price cutoff date of the Index Review ** The extended measurement period of 90D, 120D, 150D, 180D and 250D is effective from May 2024 Index Review
+Securities with a Foreign Inclusion Factor (FIF) of at least 0.75 are not subject to EPI screens.
+Non-constituents of the IMI that exhibit EPI with a FIF below 0.75 and meet all other Standard Index inclusion requirements will not be added to the Standard Index and will be retained in the market investable universe.
+In all cases where a security is not added to the Standard Index due to EPI, it will be reevaluated for Standard Index inclusion at the subsequent Index Review using Standard Index inclusion criteria, including the return-based thresholds for Extreme Price Increase as described above.
 IPOs that do not meet the minimum length of trading requirements but meet all other criteria for Standard Index inclusion are not subject to this requirement.

M4 modified 2.4 Index Continuity Rules

--- 2.4 Index Continuity Rules (2026-10-02_735fbfb9)
+++ 2.4 Index Continuity Rules (2026-10-02_9ff15223)
@@ -6,5 +6,5 @@
 index stability the free float-adjusted market capitalization of the securities included in the Standard Index prior to the Index Review is multiplied by a factor of 1.5 - The securities are added to the Standard Index in order to reach five constituents for a Developed Market or three
 for an Emerging Market in the ranking order determined in the step above Please note that the index continuity rules are applicable only to the Standard Market Indexes.
 Other indexes, such as Large, Mid or Small Market Indexes or indexes based on the GICS segmentation may have as little as one constituent.
-Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI methodology.
+Also such indexes may be discontinued if there are no constituents left in accordance with the MSCI GIMI™ methodology.
 Similarly, MSCI may resume calculation of such indexes if over time some companies become eligible for inclusion.

M4 modified 2.5 Constructing and Calculating the Individual MSCI GIMI™ Indexes (was 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes)similarity 0%

--- 2.5 Constructing and Calculating the Individual MSCI Global Investable Markets Indexes (2026-10-02_735fbfb9)
+++ 2.5 Constructing and Calculating the Individual MSCI GIMI™ Indexes (2026-10-02_9ff15223)
@@ -1 +0,0 @@
-Markets Indexes

M4 modified 2.5.1 Market Size-Segment Indexessimilarity 98%

--- 2.5.1 Market Size-Segment Indexes (2026-10-02_735fbfb9)
+++ 2.5.1 Market Size-Segment Indexes (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 After companies are allocated to their respective Size-Segments (section 2.3.4) and securities are reviewed for complying with the Final Size-Segment Requirements (section 2.3.6), the final list of constituents for each of the Market Size-Segment Indexes is determined.
-The MSCI Investable Market Indexes are composed of the MSCI Standard Indexes and the MSCI Small Cap Indexes.
+The MSCI IMI™ Indexes are composed of the MSCI Standard Indexes and the MSCI Small Cap Indexes.
 The MSCI Standard Indexes are further subdivided into the MSCI Large Cap and the MSCI Mid Cap Indexes.
-For example, the MSCI USA IMI, MSCI USA Index, MSCI USA Large Cap Index, MSCI USA Mid Cap Index, MSCI USA Small Cap Index.
+For example, the MSCI USA IMI™, MSCI USA Index, MSCI USA Large Cap Index, MSCI USA Mid Cap Index, MSCI USA Small Cap Index.

M4 modified 2.5.3 GICS®-Based Indexes (was 2.5.3 GICS-Based Indexes)similarity 77%

--- 2.5.3 GICS-Based Indexes (2026-10-02_735fbfb9)
+++ 2.5.3 GICS®-Based Indexes (2026-10-02_9ff15223)
@@ -2,13 +2,12 @@
 To this end, MSCI has designed, in conjunction with S&P Dow Jones Indices, the Global Industry Classification Standard (GICS).
 The GICS currently consists of 11 Sectors, 25 Industry Groups, 74 Industries and 163 Sub-Industries.
 Under the GICS, each company is assigned uniquely to one Sub-Industry according to its principal business activity.
-Narrower Indexes may be derived from each MSCI Market, Regional or Composite Indexes based on the industry classification of each company as defined by the Global Industry Classification Standard (GICS).
-The indexes may contain securities belonging to specific Sectors, Industry Groups, Industries, Sub-Industries or a combination of these.
-For example,
 13 Composite Indexes covered in this section refer to market capitalization weighted indexes created by combining individual Market Indexes.
 14 Please refer to Appendix II for the MSCI Market Classification Framework.
 15 The MSCI World Index is made up of all the Markets Indexes classified as Developed Markets.
 16 All Countries include both Developed Markets and Emerging Markets Indexes.
-MSCI Japan Energy Index, MSCI Japan Media Index, MSCI Japan Financials Index.
+Narrower Indexes may be derived from each MSCI Market, Regional or Composite Indexes based on the industry classification of each company as defined by the Global Industry Classification Standard (GICS).
+The indexes may contain securities belonging to specific Sectors, Industry Groups, Industries, Sub-Industries or a combination of these.
+For example, MSCI Japan Energy Index, MSCI Japan Media Index, MSCI Japan Financials Index.
 Also, indexes can be created by combining the country grouping described in Sub-section 2.5.2 above with GICS classification.
 As an illustration, the MSCI EM Asia Utilities Index is a GICSbased Index carved out of a broader Composite Regional Index.

M6 modified 3 Maintaining the MSCI GIMI™ (was 3 Maintaining the MSCI Global Investable Market Indexes)similarity 99%

--- 3 Maintaining the MSCI Global Investable Market Indexes (2026-10-02_735fbfb9)
+++ 3 Maintaining the MSCI GIMI™ (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-The MSCI Global Investable Market Indexes are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve: Index continuity, Continuous investability of constituents and replicability of the indexes, and Index stability and low index turnover.
+The MSCI GIMI™ indexes are maintained with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve: Index continuity, Continuous investability of constituents and replicability of the indexes, and Index stability and low index turnover.
 In particular, index maintenance involves: Quarterly Index Reviews (Index Reviews) in February, May, August and November of the Size-Segment Indexes which include: - Updating the indexes on the basis of a fully refreshed Equity Universe. - Taking buffer rules into consideration for migration of securities across size and style segments. - Updating Foreign Inclusion Factors (FIFs) and Number of Shares (NOS).
 Ongoing event-related changes.
 Changes of this type are generally implemented in the indexes as they occur.
 Significantly large IPOs are included in the indexes after the close of the company’s tenth day of trading.
-Any index constructed on the basis of the GIMI methodology may be subject to potential concentration and other limitations resulting from changes in the underlying markets.
+Any index constructed on the basis of the GIMI™ methodology may be subject to potential concentration and other limitations resulting from changes in the underlying markets.
 Any such potential limitations of an existing methodology may be assessed as part of the Index Review process.

M6 modified 3.1 Quarterly Index Reviewssimilarity 99%

--- 3.1 Quarterly Index Reviews (2026-10-02_735fbfb9)
+++ 3.1 Quarterly Index Reviews (2026-10-02_9ff15223)
@@ -1,4 +1,4 @@
 The objective of the Index Reviews is to systematically reassess the various dimensions of the Equity Universe for all markets on a fixed quarterly timetable.
 An Index Review involves a comprehensive review of the Size-Segment Indexes.
 During each Index Review, the Equity Universe is updated and the Global Minimum Size Range is recalculated for each size-segment.
-Then, the following index maintenance activities are undertaken for each market: Updating the Market Investable Equity Universe Recalculating the Global Minimum Size References and Global Minimum Size Ranges Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs Assigning companies to the size-segments taking into account buffer zones Assessing conformity with Final Size-Segment Investability Requirements The MSCI Global Investable Market Indexes may follow light rebalancing rules (Light Rebalancing) at an Index Review if the criteria set in Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress are met
+Then, the following index maintenance activities are undertaken for each market: Updating the Market Investable Equity Universe Recalculating the Global Minimum Size References and Global Minimum Size Ranges Reassessing the Segment Number of Companies and the Market Size-Segment Cutoffs Assigning companies to the size-segments taking into account buffer zones Assessing conformity with Final Size-Segment Investability Requirements The MSCI GIMI™ may follow light rebalancing rules (Light Rebalancing) at an Index Review if the criteria set in Appendix VIII: Market Monitoring Framework and Potential Switch to a Light Rebalancing under Conditions of Market Stress are met

M3 modified 3.1.2 Updating the Market Investable Equity Universessimilarity 97%

--- 3.1.2 Updating the Market Investable Equity Universes (2026-10-02_735fbfb9)
+++ 3.1.2 Updating the Market Investable Equity Universes (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
-During each Index Review, the Market Investable Equity Universes are updated by: Reviewing the list of countries in which securities may be represented by foreign listings Evaluating each security that is not a constituent of the Investable Market Indexes for investability using the same investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
-Existing constituents of the Investable Market Indexes, on the other hand, are evaluated using buffers around these investability requirements as explained below.
+During each Index Review, the Market Investable Equity Universes are updated by: Reviewing the list of countries in which securities may be represented by foreign listings Evaluating each security that is not a constituent of the IMI™ indexes for investability using the same investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
+Existing constituents of the IMI indexes, on the other hand, are evaluated using buffers around these investability requirements as explained below.

M3 modified 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalizationsimilarity 99%

--- 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization (2026-10-02_735fbfb9)
+++ 3.1.2.3 Updating the Equity Universe Minimum Free Float–Adjusted Market Capitalization (2026-10-02_9ff15223)
@@ -1,2 +1,2 @@
 The Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement is calculated as 50% of the updated Equity Universe Minimum Size Requirement.
-Non constituents of the IMI are evaluated relative to this updated threshold, whereas all existing constituents will not be evaluated relative to this investability requirement.
+Non constituents of the IMI™ indexes are evaluated relative to this updated threshold, whereas all existing constituents will not be evaluated relative to this investability requirement.

M7 modified 3.1.2.4 Minimum Liquidity Requirement for Existing Constituentssimilarity 90%

--- 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_735fbfb9)
+++ 3.1.2.4 Minimum Liquidity Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,18 +1,18 @@
-Non constituents of the Investable Market Indexes are evaluated relative to the thresholds described in section 2.2.5.
-An existing constituent of the Investable Market Indexes may remain in a Market Investable Equity Universe if its 12-month ATVR falls below the Minimum Liquidity Requirement as long as it is above 2/3rd of the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 13.3% and 10%, respectively.
-In addition, in order to remain in the Investable Market Indexes the existing constituent must have: The 3-month ATVR of at least 5%;
+Non constituents of the IMI™ indexes are evaluated relative to the thresholds described in
+section 2.2.5.
+An existing constituent of the IMI may remain in a Market Investable Equity Universe if its 12month ATVR falls below the Minimum Liquidity Requirement as long as it is above 2/3rd of the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 13.3% and 10%, respectively.
+In addition, in order to remain in the IMI the existing constituent must have: The 3-month ATVR of at least 5%;
 The 3-month Frequency of Trading of at least 80% for Developed Markets and 70% for Emerging Markets.
 If the listing used for an existing constituent no longer meets the above liquidity requirements, other eligible listings that do meet such liquidity requirements will be used to represent the security in the Market Investable Equity Universe.
 If the security has two or more other eligible listings, the following priority rules would be used to determine which of such listings will be used to represent the security in the Market Investable Equity Universe: Local listing17 Foreign listing in the same geographical region18 Foreign listing in a different geographical region19.
 Changes in listing from a foreign listing to a local listing for existing constituents will be applied even if the foreign listing still meets the liquidity requirements, in cases where the local listing has a 12-month ATVR above two times the minimum level requirement of 20% for Developed Markets and 15% for Emerging Markets, i.e., 40% and 30%, respectively.
 Such changes from a foreign listing to a local listing for existing index constituents will only be considered when data from previous twelve months is available for calculation of the 12-month ATVR.
 If an existing constituent of a Standard Index in Emerging Markets fails to meet the liquidity requirements, but has a weight of more than 10% in the respective country index and its float adjusted market capitalization is above 0.5 times the Global Minimum Size Reference for Emerging Markets, then such constituent will remain in the index.
-However, MSCI would apply a
+However, MSCI would apply a Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or;
 17 If the security has two or more local listings, then the listing with the highest 3-month ATVR would be used.
 18 MSCI classifies markets into three main geographical regions: EMEA, Asia Pacific and Americas.
 If the security has two or more foreign listings in the same geographical region, then the listing with the highest 3-month ATVR would be used.
 19 If the security has two or more foreign listings in a different geographical region, then the listing with the highest 3-month ATVR would be used.
-Liquidity Adjustment Factor of 0.5 to the weight of the security, and in the subsequent Index Review, MSCI: Would delete the security from the index if the security does not meet all liquidity requirements for existing constituents calculated after applying the Liquidity Adjustment Factor or;
-Would maintain the security in the GIMI and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or;
+Would maintain the security in the GIMI™ and remove the Liquidity Adjustment Factor if the security meets all the liquidity requirements for new constituents, calculated before applying the Liquidity Adjustment Factor for three consecutive Index Reviews or;
 Would continue maintaining the security in the GIMI with the Liquidity Adjustment Factor of
 0.5 if none of the above conditions are met.

M4 modified 3.1.4.1 Determining Initial Segment Number of Companiessimilarity 80%

--- 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_735fbfb9)
+++ 3.1.4.1 Determining Initial Segment Number of Companies (2026-10-02_9ff15223)
@@ -2,5 +2,3 @@
 If the Interim Market Size-Segment Cutoff is below the lower bound of the Global Minimum Size Range, then the Initial Segment Number of Companies is equal to the sum of: The number of companies in the updated Investable Equity Universe with the full company market capitalization equal or above the lower bound of the Global Minimum Size Range and;
 The number of companies in the updated Investable Equity Universe that were also part of the corresponding Size-Segments prior to the Index Review with the full market capitalization below the Global Minimum Size Range, but equal to or above the Interim Market Size-Segment Cutoff.
 This Initial Segment Number of Companies takes into account the newly eligible companies as well as deletions from the updated Investable Equity Universe.
-20 The Interim Market Size-Segment Cutoff during an Index Review is calculated the same way as the Interim Market Size- Segment Cutoffs, which are reported daily, however the Number of Shares and Foreign Inclusion factor post Index Review are used in the calculations and the value is not limited by the Global Minimum Size Range.
-Furthermore, if the Interim Market Size-Segment Cutoff is lower than the Equity Universe Minimum Size Requirement, then the Interim Market Size-Segment Cutoff is set to the Equity Universe Minimum Size Requirement.

M4 modified 3.1.4.2 Changes in the Segment Number of Companiessimilarity 91%

--- 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_735fbfb9)
+++ 3.1.4.2 Changes in the Segment Number of Companies (2026-10-02_9ff15223)
@@ -1,10 +1,13 @@
-The full market capitalization of the company ranked in the updated Market Investable Equity Universe at the Initial Segment Number of Companies and the cumulative free float-adjusted market capitalization coverage at this company rank are used to verify that the Initial Segment Number of Companies falls either: within the Size and Coverage Target Area for the Size-Segment Index or within the Lower or Upper Size Range Boundary Proximity Areas, which span from 0.5 times to 0.575 times and from one time to 1.15 times the Global Minimum Size Reference respectively (please refer to the diagram below for more details).
+The full market capitalization of the company ranked in the updated Market Investable Equity Universe at the Initial Segment Number of Companies and the cumulative free float-adjusted market capitalization coverage at this company rank are used to verify that the Initial Segment Number of Companies falls either: within the Size and Coverage Target Area for the Size-Segment Index or
+20 The Interim Market Size-Segment Cutoff during an Index Review is calculated the same way as the Interim Market Size- Segment Cutoffs, which are reported daily, however the Number of Shares and Foreign Inclusion factor post Index Review are used in the calculations and the value is not limited by the Global Minimum Size Range.
+Furthermore, if the Interim Market Size-Segment Cutoff is lower than the Equity Universe Minimum Size Requirement, then the Interim Market Size-Segment Cutoff is set to the Equity Universe Minimum Size Requirement.
+within the Lower or Upper Size Range Boundary Proximity Areas, which span from 0.5 times to 0.575 times and from one time to 1.15 times the Global Minimum Size Reference respectively (please refer to the diagram below for more details).
 If it does, the Segment Number of Companies post Index Review becomes equal to this Initial Segment Number of Companies, and the full market capitalization corresponding to the smallest company in the Segment Number of Companies becomes the Market Size-Segment Cutoff for that market and is used in this Index Review.
 The Segment Number of Companies is also equal to the Initial Segment Number of Companies in the cases when the full company market capitalization of the company corresponding to the Initial Segment Number of Companies is above the Global Minimum Size Range and there are no investable companies between this company and the upper boundary of the Global Minimum Size Range.
-Changing Segment Number of Companies Full Market Capitalization Nb. of Companies 1.15x GMSR Upper Size Range Boundary Proximity Area GMSR
+Changing Segment Number of Companies
+Full Market Capitalization Nb. of Companies 1.15x GMSR Upper Size Range Boundary Proximity Area GMSR
 0.575X GMSR Low er Size Range Boundary Proximity Area 0.50X GMSR
-80% 85%
-90% Cumulative Free Float-Adjusted Market Coverage
+90% 80% 85% Cumulative Free Float-Adjusted Market Coverage
 Additions No Changes Deletions
 If the Initial Segment Number of Companies falls outside of the size and coverage target area, the Initial Segment Number of Companies is changed to bring it closer to the area.
 In making this change, consideration is given to index stability and index turnover, which may impact the ability of Market Size-Segment Cutoffs to fall within the Size and Coverage Target range.
@@ -21,12 +24,11 @@
 Size-Segment Cutoff into compliance with the Size and Coverage Target Area.
 Only the companies with full company market capitalization lower than the lower limit of the Upper Size Range Boundary Proximity Area can be removed.
 22 - If this reduction brings the Market Size-Segment Cutoff into compliance with the Global Minimum Size Range, or
-removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size Range, no further adjustment is necessary. - If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at
-most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the Initial Segment Number of Companies and the lower bound.
+removes at least half the free float-adjusted market capitalization that lies between the smallest company before the adjustment of the Initial Segment Number of Companies and the lower bound of the Global Minimum Size -
+Range, no further adjustment is necessary. If not, then a reduction of not more than 20% of the Initial Segment Number of Companies is made to remove at most half the free float-adjusted market capitalization that lies between the smallest company before adjusting the -
+Initial Segment Number of Companies and the lower bound.
+In market segments with a small number of companies, the deletion of the first two companies is not subject to the limits described above.
+22 - When a limit is placed on the decrease in the number of companies, as explained above, the full market
+capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range. In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.
 21 This step is implemented even if it brings the Market Size-Segment Cutoff from below the lower boundary of the Market Coverage Target Range to above the upper boundary of the Market Coverage Target Range.
 22 A company with full market capitalization within the Global Minimum Size Range is not removed if the removal would bring the Market Size-Segment Cutoff from above the upper boundary of the Market Coverage Target Range to below the lower boundary of the Market Coverage Target Range.
-- In market segments with a small number of companies, the deletion of the first two companies is not subject to
--
-the limits described above.
-22 When a limit is placed on the decrease in the number of companies, as explained above, the full market capitalization of the smallest company in the index will remain below the lower boundary of the Global Minimum Size Range.
-In this case, the Market Size-Segment Cutoff is set at this lower bound of 0.5 times the Global Minimum Size Reference instead of the size of the smallest company.

M4 modified 3.1.5 Assigning Companies to Appropriate Size-Segments

--- 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_735fbfb9)
+++ 3.1.5 Assigning Companies to Appropriate Size-Segments (2026-10-02_9ff15223)
@@ -1,7 +1,8 @@
 During an Index Review, companies are assigned with the following priority to the Size- Segments until the Segment Number of Companies is achieved: Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during last Index Review that failed the Final Size-Segment Investability Requirements, greater than or equal to the Market Size-Segment Cutoff.
 Newly investable companies with a full market capitalization greater than or equal to the Market Size-Segment Cutoff.
 Companies greater than the upper buffer threshold 23 of the lower Size-Segment that are: - Currently in the lower Size-Segment Index or - Assigned to this Size-Segment during last Index Review and failed the Final Size-Segment Investability
-Requirement or - Investable companies during last Index Review that were not assigned to any Size-Segment.
+-
+Requirement or Investable companies during last Index Review that were not assigned to any Size-Segment.
 Current constituents of a given Size-Segment Index, as well as companies assigned to this Size-Segment during the last Index Review that failed the Final Size-Segment Investability Requirements, in the lower buffer of the Size-Segment in descending capitalization order, until the threshold of the buffer is reached.
 The largest companies from the upper buffer of the next lower size-segment.
 Once companies have been assigned to the Standard, Large and Investable Market Segments, companies are then assigned to the Mid and Small Cap Segments.

M7 modified 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexessimilarity 92%

--- 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_735fbfb9)
+++ 3.1.5.1 Using Buffer Zones to Manage the Migration of Companies between Size-Segment Indexes (2026-10-02_9ff15223)
@@ -1,12 +1,11 @@
-Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment
-23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
+Indexes In order to better reflect the investment processes of size managers, allow for timely representation of market developments when securities move far away from size-segment thresholds, and help control index turnover, buffer zones are used to control the migration of companies between Size-Segment Indexes.
 An existing constituent is generally allowed to remain in its current size-segment even if its full market capitalization falls below (above) the Market Size-Segment Cutoff that defines the lower (upper) boundary of its segment, as long as its company full market capitalization falls within a buffer zone below (above) the Market Size-Segment Cutoff.
-The buffer zones at Index Reviews are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
-In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI.
-It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the Investable Market Index.
+The buffer zones at Index Reviews
+23 Buffer zones for Size-Segments are explained in more detail in Section 3.1.5.1 are defined with boundaries of 2/3rd of and 1.5 times the Market Size-Segment Cutoff between two size-segments24.
+In addition, a Small Cap Entry Buffer Zone is used for the entry in the Small Cap Indexes of noncurrent constituents of the IMI™.
+It is defined with a boundary of 1.5 times the Market Size- Segment Cutoff for the IMI.
 The inclusion in the Small Cap Indexes of all non-current constituents of the IMI above the Investable Market Size-Segment Cutoff could lead to an excessively large number of additions of small companies.
-Consequently, noncurrent constituents of the IMI within the Small Cap Entry Buffer Zone which are assigned to the Small Cap Segment are included in the Small Cap Indexes only to the extent that they replace current constituents which have fallen below the Small Cap Lower Buffer.
-The remaining companies are not included in the Investable Market Indexes but are still taken into account to determine the Segment Number of Companies.
+Consequently, non-current constituents of the IMI within the Small Cap Entry Buffer Zone which are assigned to the Small Cap Segment are included in the Small Cap Indexes only to the extent that they replace current constituents which have fallen below the Small Cap Lower Buffer.
+The remaining companies are not included in the IMI indexes but are still taken into account to determine the Segment Number of Companies.
 Index Review Buffers
 Large Cap Mid Cap Upper Buffer (+50%) Large Cap Lower Buffer (-33%) Mid Cap Small Cap Upper Buffer (+50%) Mid Cap/Standard Lower Buffer (-33%) Small Cap Small Cap Entry Buffer (+50%) Small Cap Lower Buffer (-33%)
-24 At “light” rebalancings, the buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff between two size-segments.

M3 modified 3.1.6.1 For New Constituentssimilarity 94%

--- 3.1.6.1 For New Constituents (2026-10-02_735fbfb9)
+++ 3.1.6.1 For New Constituents (2026-10-02_9ff15223)
@@ -1,5 +1,7 @@
 Once companies are assigned to each size-segment, the securities of companies in each segment are evaluated for conformity with the additional size-segment investability requirements for each size-segment.
-The securities of newly eligible companies and of companies migrating from the lower segment are required to meet the additional investability requirements as described in Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
+The securities of newly eligible companies and of companies migrating from the lower segment are required to meet the additional investability
+24 At “light” rebalancings, the buffer zones are set at one half of and 1.8 times the Market Size-Segment Cutoff between two size-segments.
+requirements as described in Sub-section 2.3.6: Applying Final Size-Segment Investability Requirements.
 In addition, IPOs eligible for early inclusion according to Sub-section 3.2.7, and for which the effective date of inclusion is either 5 days before the effective date of the Index Review or 3 days after, will be made effective to coincide with the Index Review.
 For example, when the effective date of inclusion of the IPO is November 28 (3 business days before December 1), while the effective date of the Index Review is December 1, the IPO will be added effective December 1.
 For companies trading on a conditional basis (when-issued trading) prior to their listing and unconditional trading, MSCI assesses the inclusion of the company in the MSCI Indexes based on its first day of conditional trading.

M5 modified 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents (was 3.1.6.2 For Existing Constituents)similarity 72%

--- 3.1.6.2 For Existing Constituents (2026-10-02_735fbfb9)
+++ 3.1.6.3 Minimum Foreign Room Requirement for Existing Constituents (2026-10-02_9ff15223)
@@ -1,14 +1,6 @@
-Existing constituents may remain in the size-segment indexes if they would otherwise fail the additional investability requirements for Free Float Market Capitalization described in Section
-2.3.6.1 but still meet 2/3rd of the threshold.
-Existing constituents of the Small Cap Index must have a FIF that is equal to or larger than 0.15 to remain in the index.
-Existing constituents of the Standard Index with FIF of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index.
-Existing Standard Index constituents in the lower buffer that fail the additional investability requirements of the Standard Index are moved to the Small Cap Index.
-However, if the company has other investable securities that meet the additional investability requirements of the Standard Index, the company is retained in the Standard Size-Segment and the securities failing the final size-segment investability requirements are not included in any of the indexes within the MSCI Global Investable Market Indexes.
-Any other Standard Index constituent that fails these requirements is not included in any of the indexes within the MSCI Global Investable Market Indexes.
-Existing IMI constituents that exhibit extreme price increase (as per section 2.3.6.3) will not be eligible for migration into the Standard Indexes.
-Existing IMI constituents migrating into the Standard Index and exhibiting extreme price increase will be retained as Small Cap constituents.
 Current constituent securities for which there is less than 25% foreign room may have their weight adjusted by the application of an adjustment factor to reflect their actual level of foreign room.
-The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below: Post-review adjustment factor
+The post-review adjustment factor depends on the current adjustment factor and the actual level of foreign room of the securities, as shown in the table below:
+Post-review adjustment factor
 foreign room >= 15% <= foreign 7.5% <= foreign 3.75% <= foreign foreign room 25%
 room < 25% room < 15% room < 7.5% <3.75% Current adjustment factor = 1 1 1
 0.5
@@ -18,18 +10,19 @@
 0.25 0 Current adjustment factor = 0.25 1
 0.5
 0.25
-0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
+0.25 0 If the foreign room of an existing constituent decreases below 3.75%, then the adjustment factor equals 0.25 In order to preserve index continuity, conformity with the minimum free float-adjusted market capitalization requirements for existing IMI™ Index constituents will be assessed using the free float-adjusted market capitalization before the application of the adjustment factor26.
 That is, existing constituents of the IMI Index with FIF (before the application of the adjustment factor) of greater than or equal to 0.15 must meet 2/3rd of the minimum free float-adjusted market capitalization required for the Standard or Small Cap Index to remain in the Standard or Small Cap Index, respectively.
 Existing constituents of the Standard Index with FIF (before the application of the adjustment factor) of less than 0.15 must meet 2/3rd of the 1.8 times of the minimum free float-adjusted market capitalization required for the Standard Index to remain in the Standard Index.
 Conformity with the minimum free float-adjusted market capitalization requirements for noncurrent IMI constituents will be assessed using the free float-adjusted market capitalization after the application of the adjustment factor.
+Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
+Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
+For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily
 25 Based on information available from the country regulatory authority, the adjustment factor equals 0 for securities where further purchases are restricted due to foreign ownership restriction.
 In case of India, MSCI monitors securities appearing on the National Securities Depository Limited’s (NSDL) & Central Depository Services Limited’s (CDSL) official list of securities for which the Red flag or Breach limit has been reached on a daily basis.
 MSCI deletes securities from the MSCI India Indexes that are (i) Appearing on the Breach list (ii) Appearing on the Red Flag/Caution list and have foreign room below 3.75% by giving 2 business days’ notice.
 In the case of Mexico, MSCI monitors the foreign investments under the Neutral Trust Program (NTP).
 The NTP structure mandates foreign investors to acquire shares only through it.
 MSCI deletes securities from the MSCI Mexico Indexes having foreign room below 3.75% by giving 2 business days’ notice.
-26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 Foreign room level will be reviewed on a quarterly basis coinciding with the regular MSCI Index Reviews.
-Generally, an upward movement of the adjustment factor for existing constituents following a previous reduction in foreign room or index re-inclusion of a security deleted as a result of having a foreign room lower than 3.75% will only be considered 12 months from the effective date of the weight reduction or deletion.
-For example, to be considered for the May 2026 Index Review, the weight reduction or deletion should have been effective on or before the May 2025 Index Review); unless the upward movement of the adjustment factor is primarily driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
+26 Please note that this treatment is also applicable in the cases when Liquidity Adjustment Factor is applied as described in the section 3.1.2.4 and 5.2.3.2 driven by a change in FOL and provided that the increase in FOL27 happened prior to the Price Cutoff Date of the previous Index Review described in Section 3.1.9.
 For example, to be considered for the May Index Review, the potential increase in FOL must have happened before the Price Cutoff Date of the February Index Review.
 During a regular Index Review, for any existing IMI constituents whose weight is decreased as a result of a change in the adjustment factor due to low foreign room, MSCI will continue to monitor any potential increased foreign room due to an increase in FOL27 until five business days before the effective date of that Index Review.

M5 modified 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs)similarity 57%

--- 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) (2026-10-02_735fbfb9)
+++ 3.1.7 Index Review of Changes in Foreign Inclusion Factors (FIFs) (2026-10-02_9ff15223)
@@ -1,12 +1,14 @@
 During an Index Review, changes in FIFs can result from events that occurred or were not captured in the course of the previous quarter covering changes in all aspects of shareholder information used to estimate free float.
 Changes in free float estimates and corresponding FIFs are reflected in the indexes on a quarterly basis at the February, May, August and November Index Reviews.
-All FIF changes are reflected in the indexes provided the change in free float is more than 1% or in cases of corrections.
-In addition, all FIF changes are reflected for additions to the Standard/Small Cap Size-Segments, additions to the Micro Cap Index and deletions from the Standard Size-Segment as part of the Index Review.
+All FIF changes are reflected for existing index constituents subject to the following: For securities with free float greater than 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 2.5%
+27  Applicable only for securities still subject to FOLs.
+For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
+In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
+For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.
+For securities with free float between 5% and 25%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.5% For securities with free float less than 5%, FIF/DIF change is implemented only if the absolute change in free float compared to current index DIF is at least 0.1%
+In addition, the above mentioned thresholds would not be applicable and all FIF changes are reflected for: Additions to the Standard/Small Cap Size-Segments, including migrations between these two size-segments as part of the Index Review Additions to the Micro Cap Index, including deletions from the IMI™ as part of the Index Review FOL change resulting in a FIF change;
+In case of corrections.
 FIF changes are implemented as part of a given Index Review if the changes take place prior to the Price Cutoff Date (as defined in Sub-Section 3.1.9) of that Index Review.
 In cases of changes effective after the Price Cutoff Date, the implementation would generally be postponed to the next closest Index Review.
 MSCI may implement the changes as part of a given Index Review even if they are effective after the Price Cutoff Date.
 Such changes may be announced by MSCI until 3 business days before the Index Review effective date.
-27  Applicable only for securities still subject to FOLs.
-For example, if the FOL increases to 100% (i.e., FOL is no longer applicable) prior to the Price Cutoff Date, it will be reflected in the upcoming Index Review.
-In the case of India, MSCI would consider potential increases in FOL based on data published by Central Depository Services Limited’s (CDSL) and National Securities Depository Limited’s (NSDL).
-For securities that are not covered by the list provided by the CDSL/NSDL, FOL will be determined based on publicly available data.

M6 modified 3.1.9 Date of Data Used for Index Reviewssimilarity 86%

--- 3.1.9 Date of Data Used for Index Reviews (2026-10-02_735fbfb9)
+++ 3.1.9 Date of Data Used for Index Reviews (2026-10-02_9ff15223)
@@ -1,15 +1,20 @@
 The standard data cutoff dates for the Index Reviews are as follows: Equity Universe Cutoff Date: the last business day of November for the February Index Review, the last business day of February for the May Index Review, the last business day of May for the August Index Review, and the last business day of August for the November Index Review.
-This is the relevant cutoff date for: - Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe; - Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2:
-Updating the Equity Universe Minimum Size Requirement;
+This is the relevant cutoff date for: - -
+Data used to update the Equity Universe as per Sub-section 2.1: Defining the Equity Universe;
+Data used for calculating the updated Equity Universe Minimum Size Requirement as per Sub-section 3.1.2.2: Updating the Equity Universe Minimum Size Requirement;
 Liquidity Cutoff Date: the last business day of December for the February Index Review, the last business day of March for the May Index Review, the last business day of June for the August Index Review, and the last business day of September for the November Index Review.
 This is the relevant cutoff date for data used for the liquidity calculations, such as ATVRs and frequency of trading.
 Price Cutoff Date: any one of the last 10 business days28 of January for the February Index Review, of April for the May Index Review, of July for the August Index Review and of October for the November Index Review.
-This is the relevant cutoff date for:
-28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days. For example, if the effective date of the November 2024 Index - Prices used for calculating market capitalization; - -
-Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
+This is the relevant cutoff date for: - Prices used for calculating market capitalization; - Data used to update FIFs as per Sub-section 3.1.7: Index Review of changes in Foreign Inclusion Factors (FIFs); - Data used to incorporate all foreign room changes. - Data used to update NOS as per Sub-section 3.1.8: Index Review of changes in Number of Shares (NOS).
 A business day is defined as a day from Monday to Friday where markets cumulatively constituting more than 80% of the MSCI All Countries World Index free float-adjusted market capitalization are expected to be open on the basis of a security’s country of listing 29.
 As a general rule, price movements after the Price Cutoff Date will not impact the results of the Index Review.
-However, in cases of extraordinary events or news related to a specific company identified as a migration between the size-segments or as an addition to the IMI based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
+However, in cases of extraordinary events or news related to a specific company
+28 If the effective date of the Index Review is within the announcement month, in such scenario Price Cutoff Date would also prepone accordingly by the same number of business days.
+For example, if the effective date of the November 2024 Index Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
+28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
+29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI™.
+Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open.
+identified as a migration between the size-segments or as an addition to the IMI™ based on the Index Review Price Cutoff Date MSCI may decide not to change the company’s size-segment allocation.
 In such instances, the company would either be maintained in its current sizesegment or not added to the IMI.
 Examples of such extraordinary events or news are allegations of fraud, falsification of accounting data or news on a takeover bid resulting in a significant reduction (or increase) in company’s market capitalization between the Index Review Price Cutoff Date and the announcement date or/and in its suspension for an undetermined period.
 Market cap fluctuations or suspensions of trading after the Index Review announcement date typically would not result in the reversion of an already announced decision on the company’s size-segment allocation.
@@ -17,10 +22,6 @@
 MSCI monitors the full company market capitalization (issuer level) of companies in the Market Investable Equity Universes on a monthly basis as a part of its ongoing maintenance.
 The full company market capitalization is the aggregate security market capitalization of all listed securities of an issuer that are included in the MSCI Equity Universe, as well as all unlisted securities of such issuer that exhibit characteristics of equity securities.
 Full company market capitalization = Σ (Number of shares of listed security lines*Price) + Σ (Number of shares of unlisted security lines*Price of reference listed security line*Conversion factor).
-Review is November 26, 2024, the price cutoff date will be any one of the 10 business days from October 15, 2024 to October 28, 2024.
-28Global holidays such as Thanksgiving, Good Friday and Easter Monday will be considered non-business days when determining price cut-off dates.
-29 Currently, only Stock Connect eligible China A shares are included in the MSCI GIMI.
-Therefore, the China A share market will only be considered open if the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Stock Connect program are open.
 The conversion factor is an estimate of the economic value of the unlisted shares relative to the economic value (i.e., price) of the reference listed shares.
 Generally, MSCI uses publicly available information such as the exchange ratio of unlisted shares to the listed shares, relative dividend rights or relative par value, among others, to derive this conversion factor.
 Unlisted securities with no economic rights are not included in the computation of full company level market capitalization.

M8 modified 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenancesimilarity 98%

--- 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_735fbfb9)
+++ 3.2.1 Determining the Interim Market Size-Segment Cutoffs for Daily Maintenance (2026-10-02_9ff15223)
@@ -1,6 +1,7 @@
-For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
-To derive this number the following steps are followed: The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the Investable Market Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
+For the purpose of determining eligibility for early inclusion of securities, such as significant IPOs 30, and/or assigning a company and its securities post a corporate event, e.g., mergers and spin-offs, to the appropriate Size-Segment Index an Interim Size-Segment Cutoff is used.
+To derive this number the following steps are followed: The Global Minimum Size References and Global Minimum Size Ranges of the Large Cap, the Standard, and the IMI™ Indexes are updated daily as described in Appendix X: Updating the Global Minimum Size References and Ranges.
 On a daily basis, each Market Size-Segment Cutoff is set to be the full market capitalization of the company of the rank equal to the Segment Number of Companies for that Size- Segment in the Market Investable Equity Universe.
 The Interim Market Size-Segment Cutoff is set to: - The lower bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is below the lower bound. - The upper bound of the Global Minimum Size Range, if the Market Size-Segment Cutoff is above the upper
 -
 bound. The Market Size-Segment Cutoff, if it is within the Global Minimum Size Range. The daily values for the Market Size-Segment Cutoffs, the Segment Number of Companies and the Global Minimum Size Range are based on data from the previous trading day.
+30 As described in section 3.2.7

M8 modified 3.2.3 Changes in FIF or Number of Shares for Existing Index Constituentssimilarity 98%

--- 3.2.3 Changes in FIF or Number of Shares  for Existing Index Constituents (2026-10-02_735fbfb9)
+++ 3.2.3 Changes in FIF or Number of Shares  for Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,9 +1,8 @@
 In between the regularly scheduled Quarterly Index Reviews (QIR), certain corporate events may lead to changes in the number of shares and/or FIF of an existing Index constituent.
 Such changes in Number of Shares and/or FIF that meet the implementation threshold defined in the MSCI Corporate Events Methodology, are implemented simultaneously with the event.
-However, if the implementation threshold is not met, such changes are considered for implementation at a subsequent Index Review, subject to the rules applicable for the Index Reviews in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
+However, if the implementation threshold is not met, such changes are considered for implementation at a subsequent Index Review, subject to the rules applicable for the Index Reviews in accordance with section 3.1.7 or 3.1.8 of the MSCI GIMI™ Methodology.
 The post event Number of Shares and/or FIF is estimated based on the terms of the event as per the guidelines available in the MSCI Corporate Events Methodology and any publicly available information on the post event shareholding structure.
-When subsequent public
-30 As described in section 3.2.7 disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI Global Investable Market Indexes Methodology.
+When subsequent public disclosure is made by the company regarding the new shareholder structure following the event implementation resulting in a different estimate than that calculated at the time of the event, MSCI will update the Number of Shares, and/or FIFs at the following regularly scheduled Index Review in accordance with section 3.1.7 or 3.1.8 of the MSCI GIMI Methodology.
 Pending NOS and/or float changes, if any, including any change in shareholder structure and/or FOLs, are implemented simultaneously with the event.
 Note that if the number of shares update is smaller than + or -1% on a post-event number of shares basis, it will be implemented at a subsequent Index Review.
 Decreases in FOLs or Foreign Room in which foreign investors are obliged to immediately sell shares in the market or when further purchases are no longer allowed will be reflected in the indexes as soon as possible.

M8 modified 3.2.4 Changes in Size segment of Existing Index Constituents as a Result of a Large Corporate Eventsimilarity 95%

--- 3.2.4 Changes in Size segment of Existing Index Constituents  as a Result of a Large Corporate Event (2026-10-02_735fbfb9)
+++ 3.2.4 Changes in Size segment of Existing Index Constituents  as a Result of a Large Corporate Event (2026-10-02_9ff15223)
@@ -1,15 +1,19 @@
-Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the Global Investable Market Indexes and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
+Corporate Event In order to reflect significant changes in the market capitalization of existing constituents in the GIMI™ and in the World All Cap Indexes in a timely fashion while minimizing index turnover, the Size-Segment classification of a security is reviewed simultaneously with the event, if the market capitalization change implied by the event, including potential update in the number of shares for the security, is deemed significant.
 A significant market capitalization change is defined as an increase of 50% or greater, or a decrease of 33% or more, relative to the company’s full market capitalization before the event.
 The company’s post-event full market capitalization is then compared to the Interim Size- Segment Cutoffs in order to determine the classification of that security in the appropriate sizesegment.
 The final decision is taken at the time of the completion of the event or, if the event is not effective yet, at the time of the confirmed announcement and is based on the latest market information available at the time of the analysis, including the latest NOS, FIF, and market prices.
 In addition, the securities must pass the investability screens described in Sub-section 2.2: Determining the Market Investable Equity Universes.
-Moreover, to be added to the Investable Market Index, the securities must meet the minimum foreign room requirement for the Investable Market Index described in Sub-section 2.3.6.2: Minimum Foreign Room Requirement.
-The post-event Size-Segment of the security, following a significant corporate event, is determined based on the rules outlined in the table below. Security is deleted from MSCI Indexes if it fails to meet any of the criteria outlined below.
+Moreover, to be added to the IMI™, the securities must meet the minimum foreign room requirement for the IMI described in Sub-section 2.3.6.2: Minimum Foreign Room Requirement.
+The post-event Size-Segment of the security, following a significant corporate event, is determined based on the rules outlined in the table below.
+Security is deleted from MSCI Indexes if it fails to meet any of the criteria outlined below.
 Pre-Event Post event
 Size- Company Full Market Security Security Float Adjusted Market Size- Segment Capitalization31 FIF Capitalization Segment32
 > 0.15 > 2/3* 0.5* Standard Cutoff > Standard Cutoff Standard < 0.15 > 1.8 * 2/3*0.5*Standard Cutoff Standard < Standard Cutoff & > 0.15 > 0.5* Small Cap Cutoff Small Cap > Small Cap Cut off < Small Cap Cutoff & > 0.15 > 0.5 * Micro Cap Cutoff Micro Cap > USD 10 Million
-> 0.15 > 0.5* Standard Cutoff > 1.5*Standard Cutoff Standard < 0.15 >1.8 * 0.5 * Standard Cutoff Small Cap > 0.15 > 0.5* Standard Cutoff Standard < 1.5*Standard Cutoff & > Standard Cutoff > 0.15 < 0.5* Standard Cutoff Small Cap
+Small Cap > 1.5*Standard Cutoff > 0.15 > 0.5* Standard Cutoff Standard
 31Interim Size-Segment cut off are used at the time of the event. 32 Securities added to Standard Indexes are added to Large Cap or Mid Cap segment based on Company Full Market Capitalization.
+< 0.15 >1.8 * 0.5 * Standard Cutoff
+> 0.15 > 0.5* Standard Cutoff Standard
+< 1.5*Standard Cutoff & > 0.15 < 0.5* Standard Cutoff Small Cap > Standard Cutoff
 < 0.15 >1.8 * 0.5 * Standard Cutoff Standard
 < Standard Cutoff & > 0.15 > 2/3* 0.5* Small Cap Cutoff Small Cap > Small Cap Cut off < Small Cap Cutoff & > 0.15 Micro Cap > USD 10 Million
 A World Micro Cap Index constituent is not considered for a size-segment migration to the Small Cap Index or Standard Index due to a significant market capitalization increase at the time of the event but at Index Reviews.

M8 modified 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Eventsimilarity 98%

--- 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event (2026-10-02_735fbfb9)
+++ 3.2.5 Changes in Style Segment or Industry Classification due to the Corporate Event (2026-10-02_9ff15223)
@@ -1,7 +1,7 @@
-When a non-index constituent or a World Micro Cap Index constituent is added to the MSCI Global Investable Market Indexes due to a corporate event, or when a constituent of the MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the industry classification of the security is reviewed and implemented simultaneously with the event.
+When a non-index constituent or a World Micro Cap Index constituent is added to the MSCI GIMI™ due to a corporate event, or when a constituent of the MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the industry classification of the security is reviewed and implemented simultaneously with the event.
 In addition, in case of a spin off where the industry classification of the spunoff security is reviewed based on the above rules, the industry classification of the parent security is also systematically reviewed and implemented simultaneously with the event.
-The industry classification is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size-Segment Index (with the Large and Mid- Cap Indexes being considered as one size index) or migrates to a lower size-segment.
-Similarly, when a non-index constituent or a World Micro Cap Index constituent is added to the MSCI Global Investable Market Indexes due to a corporate event, or when a constituent of MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the Style Segment of the security is reviewed and implemented simultaneously with the event.
+The industry classification is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size-Segment Index (with the Large and Mid-Cap Indexes being considered as one size index) or migrates to a lower size-segment.
+Similarly, when a non-index constituent or a World Micro Cap Index constituent is added to the MSCI GIMI due to a corporate event, or when a constituent of MSCI Global Small Cap Indexes migrates upwards to the MSCI Global Standard Indexes, the Style Segment of the security is reviewed and implemented simultaneously with the event.
 A spun-off security is generally assigned the same Style Segment as of the parent security unless it is included in a different Size-Segment Index from the parent security and/or the parent security migrates to a different Size Segment Index at the time of the event.
 The Style Segment is not reviewed when a security, including a security treated as the continuation of an existing index constituent, remains in the same Size Segment Index (with the Large and Mid-Cap Indexes being considered as one Size Segment Index) or migrates to a lower size-segment.
 No style characteristics are assigned to the constituents of the World Micro Cap Indexes.

M8 modified 3.2.6 Early Deletions of Existing Index Constituentssimilarity 93%

--- 3.2.6 Early Deletions of Existing Index Constituents (2026-10-02_735fbfb9)
+++ 3.2.6 Early Deletions of Existing Index Constituents (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-Securities may be considered for early deletions from MSCI Global Investable Market Indexes due to one of the following scenarios: Securities of companies that file for bankruptcy, companies that file for protection from their creditors and/or are suspended and for which a return to normal business activity and trading is unlikely in the near future.
+Securities may be considered for early deletions from MSCI GIMI™ due to one of the following scenarios: Securities of companies that file for bankruptcy, companies that file for protection from their creditors and/or are suspended and for which a return to normal business activity and trading is unlikely in the near future.
 Companies that fail stock exchange’s listing requirements resulting in  announcements of delisting from the  relevant stock exchange(s)Such securities are deleted using the primary exchange price (or when the primary exchange price is unavailable, over-thecounter or the equivalent market price when such a price is available and deemed relevant, or if such over-the counter price or equivalent market price is unavailable, the lowest system price (0.00001), as soon as practicable).
-Securities may also be considered for an early deletion due to a corporate event when: The Foreign Inclusion Factor (FIF) of the security decreases or is expected to decrease below 0.1533.
+Securities may also be considered for an early deletion due to a corporate event when:
+The Foreign Inclusion Factor (FIF) of the security decreases or is expected to decrease below 0.1533.
 The Foreign Inclusion Factor (FIF) decreases for an existing constituent of the Standard Index with a FIF already lower than 0.15.
 Security is suspended for a prolonged period as defined in section 5.1.1 of MSCI Corporate Events Methodology.
 A constituent company acquires or merges with a non-index constituent company or spins-off another company and is no longer eligible to be maintained.
-33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
 A constituent’s share class converts into another share class resulting in the deletion of one or more share classes from the indexes.
 If a constituent company is involved in a large corporate event with significant market capitalization change, the securities of the constituent company might be early deleted from the indexes simultaneously with the event as discussed in Sub-section 3.2.4 above.

M8 modified 3.2.7 Early Inclusions of Non-Index Constituents and IPOssimilarity 96%

--- 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-02_735fbfb9)
+++ 3.2.7 Early Inclusions of Non-Index Constituents and IPOs (2026-10-02_9ff15223)
@@ -1,11 +1,12 @@
-When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI Global Investable Market Indexes, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and 2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
-Such non-index constituents are treated as a continuation of index constituents and are subject to foreign room thresholds as defined in
-section 3.1.6.2 applicable for existing constituents.
+When there is a corporate event affecting index constituents, non-index constituents that are involved in the event are considered for immediate inclusion in the MSCI GIMI™, as long as they meet all the index constituent eligibility rules and guidelines described in Sub-sections 2.2 and
+2.4 with the exception of the length of trading and liquidity screens and minimum foreign room requirement.
+Such non-index constituents are treated as a continuation of index constituents and are subject to foreign room thresholds as defined in section 3.1.6.2 applicable for existing constituents.
 For example, if a non-index constituent company acquires or merges with a constituent company, the post-event company may replace the constituent company.
 In addition, if a constituent’s share class is converted into another share class that is new or currently not in the index, this new share class can be included in the index to replace the current share class.
 However, when an index constituent is distributing rights to acquire a non-index constituent at a subscription price, MSCI does not include the non-index constituent at the time of the event, especially if the post-event information of the new entity is not complete and publicly available.
 Such non-index constituents are generally included in the same size-segment and, since they are considered to be a continuation of the index constituents.
 However, if the difference between the post-event market capitalization of the non-index constituents and the respective index constituents is deemed significant, a size-segment review is performed and the postevent entity is added to the appropriate size-segment in accordance with the rules applicable to index constituent as discussed in Sub-section 3.2.4.
+33 If the Standard Index constituent has a FIF lower than 0.15 after the event, the minimum float-adjusted market capitalization requirement is 2/3rd of the 1.8 times one half of the Standard Index Interim Size-Segment Cutoff.
 Securities spun-off from existing constituents are also considered for inclusion at the time of the event.
 The spun-off securities are included in the appropriate Size-Segment Indexes by comparing the company’s post-event full market capitalization with the Interim Market Size- Segment Cutoff.
 In addition, the free float-adjusted market capitalization of securities added to the Standard Index must be at least 50% of the Standard Index Interim Size-Segment Cutoff.

M8 modified 3.2.8 Corporate Events Affecting the Index Reviewsimilarity 94%

--- 3.2.8 Corporate Events Affecting the Index Review (2026-10-02_735fbfb9)
+++ 3.2.8 Corporate Events Affecting the Index Review (2026-10-02_9ff15223)
@@ -3,5 +3,6 @@
 Some corporate events, such as, but not limited to, additions to or deletions from the Indexes or corporate events that trigger a significant market capitalization change relative to the company’s full market capitalization before the event (increase of 50% or greater, or decrease of 33% or more), or corporate events that trigger a significant change in the float of the security or decrease in the Foreign Ownership Limit and Foreign room, may have an impact on the index changes announced at the time of the Index Reviews, such as migration, addition and deletion.
 In such situation and if the completion date of the corporate event is effective between the Index Review Price Cutoff Date and one month after the Index Review effective date, MSCI may amend the Index Review result and announcement to consider the impact of the corporate event, in order to avoid potential reverse turnover.
 MSCI may amend the Index Review changes until five business days before the Index Review effective date.
+In certain scenarios where new information emerges after this five-business-day deadline but prior to the Index Review effective date, MSCI may amend the Index Review changes on shorter notice in order to minimize turnover or avoid replicability issues.
 To communicate these amendments, a separate announcement will be sent to the clients either with the Index Review announcement or with the corporate event announcement depending on the announcement date of the event.
 MSCI reserves the right to handle specific cases differently if more appropriate.

M8 modified 3.3.1 Ongoing Event-Related Changessimilarity 94%

--- 3.3.1 Ongoing Event-Related Changes (2026-10-02_735fbfb9)
+++ 3.3.1 Ongoing Event-Related Changes (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI Global Investable Market Indexes.
-All additions and deletions of constituents of the MSCI Global Investable Market Indexes resulting from corporate events are also publicly announced prior to their implementation.
+All changes resulting from corporate events are announced to clients prior to their implementation in the MSCI GIMI™.
+All additions and deletions of constituents of the MSCI GIMI resulting from corporate events are also publicly announced prior to their implementation.
 Please refer to section 8 of the MSCI Corporate Events methodology for more information on the MSCI general announcement policy for corporate events.

M1 modified 4 MSCI All Cap Indexessimilarity 89%

--- 4 MSCI All Cap Indexes (2026-10-02_735fbfb9)
+++ 4 MSCI All Cap Indexes (2026-10-02_9ff15223)
@@ -1 +1 @@
-This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’. The calculation of the MSCI All Cap Indexes is currently limited to Developed Markets.
+This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’. The calculation of the MSCI All Cap Indexes is currently limited to Developed Markets.

M4 modified 4.1 Constructing the MSCI All Cap Indexessimilarity 93%

--- 4.1 Constructing the MSCI All Cap Indexes (2026-10-02_735fbfb9)
+++ 4.1 Constructing the MSCI All Cap Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-The MSCI All Cap Indexes encompass all constituents of the MSCI Global Investable Market Indexes as well as securities allocated to the MSCI Micro Cap Indexes.
-The construction of the MSCI Global Investable Market Indexes is described in detail in previous sections.
-Constructing the MSCI All Cap Indexes involves the following steps: Constructing Global Investable Market Indexes as described in earlier sections.
+The MSCI All Cap Indexes encompass all constituents of the MSCI GIMI™ as well as securities allocated to the MSCI Micro Cap Indexes.
+The construction of the MSCI GIMI is described in detail in previous sections.
+Constructing the MSCI All Cap Indexes involves the following steps: Constructing GIMI as described in earlier sections.
 Constructing a Micro Cap Index for each market as described below.
-Aggregating the Global Investable Market Indexes with the Micro Cap Indexes.
-The Micro Cap Size-Segment is constructed by including all securities which are not part of the Global Investable Market Indexes and meet the following requirements: Micro Cap Maximum Size Requirement.
+Aggregating the GIMI with the Micro Cap Indexes.
+The Micro Cap Size-Segment is constructed by including all securities which are not part of the GIMI and meet the following requirements: Micro Cap Maximum Size Requirement.
 Micro Cap Minimum Size Requirement.
 Micro Cap Minimum Liquidity Requirement.
 Global Minimum Foreign Inclusion Factor Requirement.

M6 modified 4.2.1 Quarterly Index Reviewssimilarity 96%

--- 4.2.1 Quarterly Index Reviews (2026-10-02_735fbfb9)
+++ 4.2.1 Quarterly Index Reviews (2026-10-02_9ff15223)
@@ -1,3 +1,3 @@
-As described in Section 3, during each Index Review, the Equity Universe is updated and all size-segments of the Global Investable Market Indexes are reviewed.
-The following index maintenance activities are undertaken as part of the Index Review for the Micro Cap Size- Segment: Updating the Micro Cap Minimum Size Requirement.
+As described in Section 3, during each Index Review, the Equity Universe is updated and all size-segments of the GIMI™ are reviewed.
+The following index maintenance activities are undertaken as part of the Index Review for the Micro Cap Size-Segment: Updating the Micro Cap Minimum Size Requirement.
 Assigning companies to the Micro Cap Size-Segment taking into account size and liquidity buffer zones.

M4 modified 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexessimilarity 93%

--- 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_735fbfb9)
+++ 5.2 Methodology Used to Construct and Maintain the MSCI Frontier Markets Indexes (2026-10-02_9ff15223)
@@ -1,9 +1,9 @@
-Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI Global Investable Market Indexes’ and Section 3 ‘Maintaining the MSCI Global Investable Market Indexes’.
+Markets Indexes This section should be read in conjunction with the earlier Section 2 ‘Constructing the MSCI GIMI™’ and Section 3 ‘Maintaining the MSCI GIMI’.
 The methodology used to construct the MSCI Frontier Markets Indexes is similar, but not identical, to the construction of the indexes for Developed and Emerging Markets.
 One of the prime differences is in the calculation of size requirements including the Equity Universe Minimum Size Requirement and Global Minimum Size References.
-Further, there are three
+Further, there are three levels of minimum liquidity requirements – very low, low, and average – to accommodate the
 34 E.g. Luxembourg or Cyprus. These countries are part of the developed markets universe. Given their modest size these markets are not included in the MSCI World Index.
-levels of minimum liquidity requirements – very low, low, and average – to accommodate the divergent liquidity levels in Frontier Markets.
+divergent liquidity levels in Frontier Markets.
 See Appendix X for the countries that fall under each classification.
-More specifically, the methodological differences between the index construction for Frontier Markets countries and for countries constituting the MSCI ACWI Index are found in the following: Calculation of the Equity Universe Minimum Size Requirement Calculation of the Global Minimum Size Reference Liquidity requirements resulting from categorization of Frontier Markets into very low, low or average liquidity markets Index Continuity Rules Implementation of Corporate Events In addition, the size segmentation into Large Cap and Mid Cap of the Standard Index is not offered for Frontier Markets with the exception of the MSCI Gulf Cooperation Council (GCC) Countries Indexes.
+More specifically, the methodological differences between the index construction for Frontier Markets countries and for countries constituting the MSCI ACWI® Index are found in the following: Calculation of the Equity Universe Minimum Size Requirement Calculation of the Global Minimum Size Reference Liquidity requirements resulting from categorization of Frontier Markets into very low, low or average liquidity markets Index Continuity Rules Implementation of Corporate Events In addition, the size segmentation into Large Cap and Mid Cap of the Standard Index is not offered for Frontier Markets with the exception of the MSCI Gulf Cooperation Council (GCC) Countries Indexes.
 More details on the methodological differences are described below.

M3 modified 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets

--- 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-02_735fbfb9)
+++ 5.2.3.1 Categorization of Frontier Markets into very low, low or average liquidity markets (2026-10-02_9ff15223)
@@ -1,6 +1,6 @@
 In order to account for the differences in liquidity patterns across Frontier Markets, each Frontier Market is categorized as a very low, low or average liquidity market.
-The corresponding minimum liquidity requirement levels are set at 2.5%, 5% or 15% 12‐ month ATVR, respectively.
+The corresponding minimum liquidity requirement levels are set at 2.5%, 5% or 15% 12‐month ATVR, respectively.
 In addition, a minimum level of 50% of 12-month Frequency of Trading is required for the inclusion of a security in an Investable Market Equity Universe of a Frontier Market for all liquidity categories.
 This rule is referred to as the Frontier Markets Minimum Liquidity Requirement.
 The categorization of each country is reviewed during the Index Reviews.
-For each Frontier Market MSCI considers the following factors: The proportion of the country’s IMI (in terms of number of constituents and weight) deleted from the index due to failing the liquidity requirements The proportion of the country’s Equity Universe (in terms of number of constituents and weight) not included in the IMI due to failing the liquidity requirements, and how it compares to other Frontier Markets The average liquidity level for the country’s Equity Universe, and how it compares to other Frontier Markets The country’s historical liquidity level trends and how they compare to other Frontier Markets The size and number of constituents in the country IMI Index relative to other Frontier Markets
+For each Frontier Market MSCI considers the following factors: The proportion of the country’s IMI™ (in terms of number of constituents and weight) deleted from the index due to failing the liquidity requirements The proportion of the country’s Equity Universe (in terms of number of constituents and weight) not included in the IMI due to failing the liquidity requirements, and how it compares to other Frontier Markets The average liquidity level for the country’s Equity Universe, and how it compares to other Frontier Markets The country’s historical liquidity level trends and how they compare to other Frontier Markets The size and number of constituents in the country IMI Index relative to other Frontier Markets

M7 modified 5.2.3.2 Minimum Liquidity Requirement for Existing Constituents