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Center for Research in Security Prices
The FTSE Global Equity Index Series
S&P Dow Jones Indices
Morgan Stanley Capital International 
Fixed Income Indexes

MSCI’s benchmark methodology


Morgan Stanley Capital International (MSCI) is a leading provider of domestic and international indexes, as well as benchmark-related products and services, to investment managers around the world. A benchmark specialists and consultant for more than 35 years, MSCI has more than $3 trillion, as of December 2008, benchmarked to its indexes globally.

The MSCI indexes are market cap-weighted indexes, which means stocks are weighted according to their market capitalization—calculated as stock price multiplied by the total number of shares outstanding. The stock with the largest market capitalization gets the highest weighting on the index. Each index in the MSCI family is reviewed quarterly and rebalanced twice a year.

MSCI website

Vanguard ETFs and their MSCI benchmarks




Communication Services ETF (USD)


MSCI US Investable Market Communication Services 25/50 Index

Consumer Discretionary ETF (USD)


MSCI US Investable Market Consumer Discretionary 25/50 Index

Consumer Staples ETF (USD)


MSCI US Investable Market Consumer Staples 25/50 Index

Energy ETF (USD)


MSCI US Investable Market Energy 25/50 Index

Financials ETF (USD)


MSCI US Investable Market Financials 25/50 Index

Health Care ETF (USD)


MSCI US Investable Market Health Care 25/50 Index

Industrials ETF (USD)


MSCI US Investable Market Industrials 25/50 Index

Information Technology ETF (USD)


MSCI US Investable Market Information Technology 25/50 Index

Materials ETF (USD)


MSCI US Investable Market Materials 25/50 Index

Utilities ETF (USD)


MSCI US Investable Market Utilities 25/50 Index

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. The prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with Vanguard and any related funds.

All investments, including those that seek to track indexes, are subject to risk, including the possible loss of principal. Diversification does not ensure against a profit or protect against a loss in a declining market. While ETFs are designed to be as diversified as the original indexes they seek to track and can provide greater diversification than an individual investor may achieve independently, any given ETF may not be a diversified investment. Investments in bonds are subject to call risk, credit risk, income risk and interest rate risk. Please see the Vanguard ETFs’ prospectus for a description of the unique risks applicable to bond investing. Foreign investing involves additional risks, including currency fluctuations and political uncertainty.

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