MSCI ACWI ex Japan Value Weighted Index

The MSCI ACWI ex Japan Value Weighted Index is based on the MSCI ACWI ex Japan Index, its parent index, which includes large and mid cap stocks across Developed and Emerging Markets, excluding Japan. The MSCI ACWI ex Japan 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.