Direct Answer
The MSCI EM Latin America Index is a rule-based measurement of large- and mid-cap equities across emerging market countries in Latin America, 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 Latin America Index covers large- and mid-cap equities across emerging market countries in Latin America, within the Latin America 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 building block composite of the individual country Standard Indexes, so country weights follow each market's own investable float-adjusted size rather than a set quota.
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 (Standard Index) segments of the emerging markets in Latin America, each built at a target of about 85% plus or minus 5% of its market's free float-adjusted coverage. An emerging market security needs 12-month and 3-month ATVR of at least 15%, 3-month frequency of trading of at least 80% over the last four quarters, a Foreign Inclusion Factor of at least 0.15 and, if subject to 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 traded for three months before a review, unless it is a large IPO that qualifies for early inclusion after the close of its tenth trading day. Existing constituents are held to lower thresholds than new names: 12-month ATVR above 10%, 3-month ATVR of at least 5% 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 take place in February, May, August and November. For the February review the equity universe is fixed at the end of November, liquidity data at the end of December and prices on a day in the last ten business days of January; the other reviews follow the same pattern three months apart. Event-related changes are applied as they happen.
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
An existing emerging market Standard Index constituent that fails the liquidity test can stay if it has a weight above 10% in its country index and float-adjusted size above half the Emerging Markets Global Minimum Size Reference. It then carries a 0.5 Liquidity Adjustment Factor until it passes the new-constituent tests for three consecutive reviews or fails again and is deleted.
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 Latin America Index constituents
MSCI publishes and licenses the MSCI EM Latin America 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.
- Emerging Markets 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 Latin America Index?
MSCI maintains the MSCI EM Latin America Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the MSCI EM Latin America Index measure?
It measures large- and mid-cap equities across emerging market countries in Latin America. 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 Latin America 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.