MSCI announced on October 15, 2026, that it adopted new rules to screen out companies deemed non-operational from its Global Investable Market Indexes. [2, 3, 6] The methodology takes effect with the November 2026 index review. It uses a two-stage process: an operating asset test, followed by five financial ratios, to identify and exclude companies that function more like holding vehicles. [1, 3, 8]
A simulation using May 2026 data indicated that MicroStrategy, Metaplanet, and Yellow Cake could be at risk of removal. [1, 5, 8] If MicroStrategy is delisted, JPMorgan estimates that passive funds tracking MSCI indexes could sell approximately $2.8 billion in shares. [2, 3, 5]
Current index members would be removed only after failing the eligibility criteria in two consecutive annual reviews. [1, 3]