MSCI Brazil IMI Value Weighted Index

The MSCI Brazil IMI Value Weighted Index is based on a traditional market cap weighted parent index, the MSCI Brazil IMI, which includes Brazilian large, mid and small cap stocks. The MSCI Brazil IMI Value Weighted Index reweights each security of the parent index to emphasize stocks with lower valuations. Index weights are determined using fundamental accounting data—sales, book value, earnings, and cash earnings—rather than market prices.