Why Are Strategy and Metaplanet Leaving MSCI Indexes on Nov. 30?

MSCI's November 2026 Index Review takes Strategy out of the MSCI USA Index. The company's Class A shares sit in the deletions list of MSCI's Global Standard Indexes review results, and the change lands at the close of business on 30 November 2026. It runs through the new non-operating company framework, which MSCI approved in October and will implement in this review, after the consultation it opened on 3 August 2026.

• MSCI's November 2026 review deletes Strategy's Class A shares from the MSCI USA Index, effective at the close of 30 November 2026.
• The same review adds 13 securities to and deletes 100 from the MSCI ACWI Index, based on data as of the 20 October 2026 price cutoff.
• With this review, MSCI also ends the interim measures it announced on 10 October 2025 for companies whose digital asset holdings were 50% or more of total assets.

How MSCI's Screen Decides a Company Is Non-Operating

Two steps decide the question. MSCI first runs a core screen on whether an issuer is a company with substantial operating assets. Issuers that fail that screen then face an exclusion screen built on five non-industry-specific financial ratios, and a security is ineligible if it is flagged on four or more of the five, MSCI's framework announcement says.

Patience is built in. MSCI said current constituents are removed only if they fail the ineligibility screen in each of the two most recent annual filing periods. That is why the new rules matter beyond this one name: a company that clears the ratios in one year but not the next can survive a single bad filing.

MSCI's public list shows the outcome, not the ratio-by-ratio scoring behind each name. It does not publish which of the five tests caught a given issuer.

Metaplanet and Upexi Go Out With Strategy

Metaplanet, the Tokyo-listed bitcoin treasury company, exits the MSCI Japan Small Cap Index on the same timetable, and crypto treasury company Upexi is also marked for deletion. Both changes take effect at the close of business on 30 November 2026.

The full list of names caught by the screen runs longer than those three. Counts of the deletions and of the watchlist names differ between published versions, and the final-list table itself could not be read directly, so the complete roll of names is not confirmed here.

The Rest of the November Review, by the Numbers

The review moved far more than the treasury names. MSCI's results announcement lists 13 additions and 100 deletions for the MSCI ACWI Index, and 171 additions against 243 deletions for the MSCI ACWI Small Cap Index. Measured by full company market capitalization, the two additions to the MSCI World Index are Moderna and Aritzia.

All of it is based on data as of the 20 October 2026 price cutoff and takes effect at the close of business on 30 November 2026. That is the same implementation timetable MSCI set out in October, when the framework was still a proposal.

What Strategy Told MSCI

Strategy opposed the proposal, arguing that it repackaged MSCI's earlier effort to exclude digital asset treasury companies and injected policy judgments into index construction. In its consultation response, Strategy said MSCI-linked funds held roughly 13 million of its shares, about 3.1% of basic shares outstanding and less than one day's trading volume.

Against that sits a JPMorgan estimate from October: the exclusion could trigger roughly $2.8 billion in selling. That number is an estimate of forced index selling, not a measured outflow.

What Happens After the Close of 30 November

Funds that track MSCI's indexes rebalance when the changes go live at the close of 30 November, the date to watch for passive flows. Strategy shares fell in after-hours trading on Wednesday once the review was out, with the size of the drop reported differently: one count put it at 1.65%, another at 2.4%.

MSCI said the final list would be made available on 11 November 2026 as part of the review announcement, which is now out. If you hold Strategy or Metaplanet, the question between now and 30 November is how much of that estimated selling turns into real index flow.