Global Index Mail

Research evidence excerpt

Global Index Mail

Min Moon AC Global Markets Strategy

(1-212 ) 272-8456 10 July 2026 J P M O R G A N

min.k.moon@jpmorgan.com

2026. Bulgaria will be reclassified from Standalone to Frontier Market status in one step

during the May 2027 Index review. Indonesia and Turkey are under

assessment, flagged for shareholder transparency and coordinated trading issues that can

distort free float and weaken price reliability for index replication. MSCI will monitor

progress in these markets through the November 2026 Index Review and, if sufficient

progress is not evident, MSCI may launch a consultation on the appropriate treatment.

MSCI will continue monitoring measures aimed at improving accessibility of

the Korean equity market for international institutional investors. MSCI provided a

reminder on the market classification status of Greece regarding the confirmed upgrade

from Emerging Market to Developed Market in one step during the May 2027 Index

Review.

• 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