Global Index Mail May 21, 2026

Research evidence excerpt

Global Index Mail May 21, 2026

Min Moon AC Global Markets Strategy

(1-212 ) 272-8456 21 May 2026 J P M O R G A N

min.k.moon@jpmorgan.com

• FTSE Country Classification Review 2025:FTSE announced the results of the annual

review of country classification after the US market close on October 07, 2025.

Greece will be promoted to Developed Market status (DM) in conjunction with

the September 2026 semi-annual review. We estimate net passive outflow of

approximately $112.8 million from Greece. The estimated weight of Greece in the FTSE

DM All Cap Ex-US is expected to be around 0.27%, down from approximately 0.70%

in the FTSE EM All Cap Index. Vietnam will be promoted to Emerging Market status

(EM) in conjunction with the September 2026 semi-annual review subject to an

interim review in March 2026. We estimate 22 Vietnam stocks could be potentially

added to FTSE EM indices based on current market cap. The estimated passive inflow

could be around $1.3bn with an estimated weight of 0.34% in the FTSE Emerging Market

All Cap index.

• MSCI Country Classification Review 2025:MSCI announces the results of its Annual

Market Classification Review after the US market close on June 24, 2025. Select

highlights of this year’s review includes: 1) MSCI will continue to review the

implementation and market adoption of measures to enhance the accessibility of the

Korean equity market. 2) MSCI provided updates on the market classification status of

Greece regarding potential upgrade from Emerging Market to Developed Market. 3) The

consultation on a potential reclassification of Bulgaria from Standalone to Frontier

Market status will be extended to June 2026. 4) MSCI will continue to monitor the market

accessibility of the Bangladesh equity market.

• J.P.