Overview
- MSCI opened a public consultation in August 2026 and a May 2026 simulation showed Strategy, Metaplanet and uranium holder Yellow Cake would have failed the new test and been removed from the MSCI ACWI IMI.
- The proposed screen is two steps: a core test that checks whether operating assets exceed 50 percent of total assets and a second stage of five financial ratios where failing at least four flags a company as non‑operating.
- MSCI would give existing index constituents a persistence buffer that requires failure across two consecutive annual filings before deletion while new candidates face a single‑review threshold.
- Removal from MSCI indexes would mechanically force passive funds that track those benchmarks to sell shares, and published estimates of potential forced selling vary widely with no MSCI outflow estimate provided.
- Strategy publicly objected on X, market prices for the flagged stocks dipped after the simulation became public, feedback is open through September 30, and MSCI expects to publish consultation results on October 16 with possible changes in the November 2026 index review.