--- title: "MSCI Emerging Markets IMI: Methodology" description: "MSCI Emerging Markets IMI is maintained by MSCI and covers large-, mid-, and small-cap equities across 24 emerging market countries. How it is weighted." canonical: https://www.getswoopr.com/stocks/indexes/msci-em-imi/ source: "Swoopr Investment: https://www.getswoopr.com" --- # MSCI Emerging Markets IMI: What It Measures and How It Is Built ## Direct Answer > The MSCI Emerging Markets IMI is a rule-based measurement of large-, mid-, and small-cap equities across 24 emerging market countries, 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 Emerging Markets IMI covers large-, mid-, and small-cap equities across 24 emerging market countries, within the Global 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. Each emerging market contributes its Investable Market Index of non-overlapping Large, Mid and Small Cap segments, and the regional composite is built from those country blocks. 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, mid and small cap securities of the 24 emerging markets in MSCI's current list, from Brazil and China to Turkey and the UAE, each targeting about 99% free float-adjusted coverage. A security needs 15% 12-month and 3-month ATVR, 80% 3-month frequency of trading over the last four quarters, a Foreign Inclusion Factor of at least 0.15 and, if under a foreign ownership limit, at least 15% foreign room. 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. An IPO falling short can still be added if its full and float-adjusted sizes reach 1.8 times, and 1.8 times half of, the Standard Index interim cutoff. Existing constituents are retained at lower levels, such as 12-month ATVR above 10%. 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, with separate cutoff dates for the equity universe, liquidity and prices. Between reviews, corporate events are generally implemented as they occur, and a light rebalancing can replace a full one under market stress criteria. 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 Emerging markets have no size floor of their own. The Equity Universe Minimum Size Requirement is read off the developed markets universe at 99% cumulative coverage, and the same value is used for both developed and emerging markets. ## References - [MSCI: MSCI GIMI Methodology: Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes](https://www.msci.com/index/methodology/latest/GIMI), as published 2026. Every rule described on this page is taken from this document. ## Current MSCI Emerging Markets IMI constituents MSCI publishes and licenses the MSCI Emerging Markets IMI constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [MSCI: official MSCI Emerging Markets IMI page](https://www.msci.com/indexes) ## Related reading - [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised. - [Global indexes](https://www.getswoopr.com/stocks/indexes/global/): others covering the same region. - [Index concentration](https://www.getswoopr.com/technical-analysis/market-concentration/index-concentration/): measuring how much of an index sits in its largest holdings. - [Index rebalancing and inclusion effects](https://www.getswoopr.com/stocks/corporate-actions-catalysts/index-rebalancing-and-inclusion-effects/): what happens to a stock when index membership changes. ## Frequently Asked Questions ### Who maintains the MSCI Emerging Markets IMI? MSCI maintains the MSCI Emerging Markets IMI and publishes the methodology document that defines its eligibility and weighting rules. ### What does the MSCI Emerging Markets IMI measure? It measures large-, mid-, and small-cap equities across 24 emerging market countries. 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 Emerging Markets IMI constituents? MSCI publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence. ## About the author The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day. Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.