MSCI November review: 13 additions and 100 deletions for MSCI ACWI

MSCI announced the results of its November 2026 Index Review on 11 November, and all changes will be implemented as of the close of 30 November 2026, according to its press release. The changes therefore apply from 1 December. The review also implements MSCI’s new rule on non-operating companies (see below).

Headline counts

All figures below are as MSCI published them in that press release on 11 November.

The press release also says that these changes, along with other changes across MSCI Equity Indexes including the MSCI US Equity Indexes, the MSCI US REIT Index, the MSCI China A Onshore Indexes and the MSCI China All Shares Indexes, are available on MSCI’s Index Review page.

Names MSCI highlighted

MSCI’s press release names the following additions, measured by full company market capitalisation:

• MSCI World (two additions): Moderna (USA) and Aritzia (Canada).
• MSCI Emerging Markets (three largest additions): Zhongji Innolight H (China), Life Insurance Corporation of India (India) and Nan Ya Printed Circuit Board Corporation (Taiwan).
• MSCI Frontier Markets (three largest additions): Oman Arab Bank (Oman), BRAC Bank (Bangladesh) and NCBA Group (Kenya).

The Midpoint does not republish MSCI’s full additions and deletions. Readers can find the review results on MSCI’s Index Review page.

Methodology: non-operating companies

On 15 October, MSCI announced the results of its consultation on the eligibility of non-operating companies in the MSCI Global Investable Market Indexes. The consultation was announced on 3 August 2026. MSCI said it would implement the proposal, with minor modifications, as part of this November review.

According to that announcement:

• Investment funds, business development companies and other passive investment vehicles are already ineligible. Non-operating companies will now also include other corporate issuers with similar characteristics, identified through new quantitative screens.
• The screens are an initial core screen to test whether an issuer has substantial operating assets and, for issuers that fail it, an exclusion screen on five non-industry-specific financial ratios. A security is ineligible if it is flagged on four or more of the five ratios.
• Buffers apply. Non-constituents are ineligible for addition if they fail the screen in either of their two most recent annual filing periods. Current constituents are removed only if they fail it in each of the two most recent annual filing periods.
• MSCI will discontinue, with this review, the interim measures it announced on 10 October 2025 for companies whose digital asset holdings were 50% or more of total assets. These included the freeze on Number of Shares, Foreign Inclusion Factor and Domestic Inclusion Factor increases and the deferral of additions and size-segment migrations.

MSCI said in that announcement that the final list of affected constituents would be made available on 11 November as part of the review announcement. MSCI published the final impact list on 11 November. This article does not reprint that list or attribute any deletion in the November review results to the new rule.

Dates

• Announcement: 11 November 2026.
• Effective: as of the close of 30 November 2026, so the changes apply from 1 December 2026.

Not investment advice. This article reports index changes as published by MSCI. Index names are used only to identify the indexes.