MSCI has scheduled Strategy and Metaplanet for removal from major equity benchmarks in its November 2026 index review, setting the changes to take effect after the Nov. 30 market close. MSCI listed “STRATEGY A” for deletion from the MSCI USA Index, while Metaplanet will leave the MSCI Japan Small Cap Index.
The published effective date gives funds that track the affected benchmarks a defined point at which to adjust holdings. The removals were disclosed on Nov. 11 in MSCI’s review materials and reporting on the Japan index changes.
MSCI schedules deletions for the Nov. 30 close
MSCI’s Global Standard Indexes November 2026 Review lists Strategy A as a deletion from the MSCI USA Index, with the action effective at the close of trading on Nov. 30, 2026.
Metaplanet is also being removed in the November review, from the MSCI Japan Small Cap Index. The change is scheduled for implementation after the same Nov. 30 close, according to The Block’s report on the reshuffle.
Index reviews can require portfolio changes by investors and funds designed to follow MSCI benchmarks, though the materials provided do not quantify any expected trading flows tied to these two deletions.
MSCI’s non-operating-company test
MSCI’s final methodology for non-operating companies uses an operating-assets screen alongside five financial-ratio tests to determine eligibility. For companies already included in an index, removal under the framework requires failure across both of the two most recent annual filing periods.
The methodology sets out the screening process, but the available review notice does not specify which operating-assets or financial-ratio criteria Strategy or Metaplanet did not meet. It therefore does not establish a particular test as the basis for either company’s deletion.
MSCI’s methodology document describes the two-period requirement for current constituents, distinguishing it from an assessment based on a single annual filing period.
Screenshot illustrating the MSCI index-removal announcement involving Strategy and Metaplanet. — Source: The Block
Strategy falls after announcement
Strategy shares fell 2.6% in after-hours trading following the announcement. Metaplanet shares, meanwhile, had closed 2.53% lower in Tokyo before MSCI published the removals.
The different timing means Metaplanet’s Tokyo decline cannot be attributed to the subsequent MSCI publication on the information available. The next measurable event for benchmark-tracking investors is the implementation of both index changes after trading ends on Nov. 30.
