MSCI proposes to exclude non-operating companies from indexes
MSCI has proposed adding financial-ratio screens to its Global Investable Market Indexes to exclude companies that act like investment funds rather than operating businesses. A core screen checks whether operating assets exceed half of the balance sheet, and a second stage applies five ratios; failing four of five would make a firm ineligible. Under a May 2026 simulation, Strategy and Tokyo-listed Metaplanet, both with large Bitcoin treasuries, plus uranium holder Yellow Cake, would be removed or watchlisted. MSCI is consulting through September 30, will announce results by October 16, and could apply changes in the November 2026 index review.
MSCI may remove Bitcoin treasury firms and Yellow Cake from GIMI.
Context
MSCI makes indexes that fund managers use. The firm proposed new tests to spot…
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