Direct Answer
The MSCI EM Asia Index is a rule-based measurement of large- and mid-cap equities across emerging market countries in Asia, maintained by MSCI. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The MSCI EM Asia Index covers large- and mid-cap equities across emerging market countries in Asia, within the Asia-Pacific market. MSCI defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Constituents are weighted by free float-adjusted market capitalization, scaled by the Foreign Inclusion Factor. Within China, Stock Connect eligible large and mid cap A shares enter the MSCI China Indexes at 20% of their free float-adjusted market capitalization, and MSCI applies a 30% foreign ownership limit to all China A shares.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Large and mid cap segments of the Asian countries MSCI classifies as Emerging Markets, which include China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. A security needs 15% ATVR and 80% 3-month frequency of trading. Indian securities on the depositories' official list as having reached the red flag or breach limit are not considered, and China securities suspended at the price cutoff or for 50 consecutive business days are not eligible if they are not already constituents.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
A new issue must have been trading for three months before a review, with large IPOs eligible for early inclusion after their tenth trading day. Existing constituents are retained at lower levels than new names, including 12-month ATVR above 10% and 3-month frequency of trading of at least 70%.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Quarterly reviews in February, May, August and November. China A share inclusion was phased in across 2018 and 2019 reviews, with the inclusion factor stepped from 2.5% to 20%.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
China is built from an integrated universe of A, B and H shares, red chips, P chips and foreign listings. A shares of companies placed in the small cap segment, and A shares not reachable through Stock Connect, count toward size cutoffs but are left out of the China index.
References
- MSCI: MSCI GIMI Methodology: Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes, as published 2026. Every rule described on this page is taken from this document.
Current MSCI EM Asia Index constituents
MSCI publishes and licenses the MSCI EM Asia Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Global indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the MSCI EM Asia Index?
MSCI maintains the MSCI EM Asia Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the MSCI EM Asia Index measure?
It measures large- and mid-cap equities across emerging market countries in Asia. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current MSCI EM Asia Index constituents?
MSCI publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.