That is a great find. All of MSCI’s indexes are created using...

That is a great find.

All of MSCI’s indexes are created using the Global Industry Classification Standard (GICS®), an industry classification system developed by MSCI and S&P Global, which provides a common framework to classify stocks. They offer exhaustive coverage of the investable opportunity set with non-overlapping size and style segmentation.

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INDEX METHODOLOGY
The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology —a comprehensive and consistent approach
to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size,
sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment
opportunity set with a strong emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in
February, May, August and November—with the objective of reflecting change in the underlying equity markets in a timely manner,
while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and all
capitalization cutoff points are recalculated.

FACTOR BOX AND FaCS METHODOLOGY
MSCI FaCS is a standard method (MSCI FaCS Methodology) for evaluating and reporting the Factor characteristics of equity
portfolios. MSCI FaCS consists of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been
extensively documented in academic literature and validated by MSCI Research as key drivers of risk and return in equity
portfolios. These Factor Groups are constructed by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT
Reversal, Leverage, Earnings Variability/Quality, Beta) from the latest Barra global equity factor risk model, GEMLT, designed to
make fund comparisons transparent and intuitive for use. The MSCI Factor Box, which is powered by MSCI FaCS, provides a
visualization designed to easily compare absolute exposures of funds/indexes and their benchmarks along 6 Factor Groups that
have historically demonstrated excess market returns over the long run.