iShares MSCI New Zealand ETF (ENZL US) – Portfolio Construction Methodology

The underlying MSCI New Zealand All Cap Top 25 Capped Index offers free float-adjusted exposure to the 25 largest New Zealand-listed equities while enforcing single-name and group-entity concentration limits. The starting universe is the MSCI New Zealand All Cap Index, which includes all large-, mid-, small- and micro-cap stocks meeting MSCI’s global size, free float and liquidity standards. At each review, constituents are ranked by free float market cap and the top 25 are selected, with standard MSCI buffer rules limiting turnover around the 25th rank. The index is market cap weighted but constrained so no group entity exceeds 25% of index weight and the aggregate of group entities above 5% does not exceed 50%, implemented via 10% buffers that effectively cap weights at 22.5% and 45%. The index is rebalanced quarterly alongside the parent index.

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