Direct Answer
The MSCI EM EMEA Index is a rule-based measurement of large- and mid-cap equities across emerging market countries in Europe, Middle East, and Africa, 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 EMEA Index covers large- and mid-cap equities across emerging market countries in Europe, Middle East, and Africa, within the EMEA 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. The regional index is a composite built from the Standard Indexes of the individual emerging markets in Europe, the Middle East and Africa, so each country's weight follows its own investable float-adjusted size.
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 countries MSCI classifies as Emerging Markets in Europe, the Middle East and Africa, which include the Czech Republic, Egypt, Greece, Hungary, Kuwait, Poland, Qatar, Saudi Arabia, South Africa, Turkey and the UAE. A security needs 15% ATVR and 80% 3-month frequency of trading. A foreign listing can represent a security only if its country passes the Foreign Listing Materiality Requirement, and local listings take priority over foreign ones.
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 started trading at least three months before a review. Existing constituents are retained at lower thresholds, 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. Kuwait joined from the Frontier Markets group at the November 2020 review and Saudi Arabia from Standalone status at the May 2019 review, each following MSCI's market classification process.
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
Where a foreign ownership limit applies, a security needs at least 15% foreign room to be eligible at all. Between 15% and 25% foreign room, its Foreign Inclusion Factor takes an additional 0.5 adjustment factor, so its weight is cut even though it passes the screen.
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 EMEA Index constituents
MSCI publishes and licenses the MSCI EM EMEA 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 EMEA Index?
MSCI maintains the MSCI EM EMEA Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the MSCI EM EMEA Index measure?
It measures large- and mid-cap equities across emerging market countries in Europe, Middle East, and Africa. 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 EMEA 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.