The MSCI Price Indices measure only the price performance of markets. Dividends are not considered in price indices. Each index measures the sum of the free float-weighted market capitalization price returns of all its constituents on a given day.
The MSCI Total Return Indices measure the market performance, including both price performance and income from dividend payments. The MSCI Daily Total Return (DTR) Methodology reinvests dividends in the indices on the day the security is quoted ex-dividend (xd-date).
The following MSCI Total Return Indices are calculated:
* With Gross Dividends:
This series approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.
* With Net Dividends:
This series approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates.