MSCI (MSCI) extends BlackRock ETF index licensing agreement and revises fees

Rhea-AI Filing Summary

MSCI Inc. entered into an amendment to its Master Index License Agreement for exchange-traded funds with BlackRock Fund Advisors, extending the agreement’s term until March 31, 2035, with automatic three-year renewals unless either party gives notice of termination.

The amendment keeps MSCI licensing certain equity indexes for use as ETF benchmarks and maintains a periodic license fee based on each fund’s assets under management and expense ratio. Beginning January 1, 2026, with further changes on January 1, 2027, fees for certain funds are revised, with changes varying by fund expense ratio. The revised structure aims to support long-term growth through a price and volume tradeoff. A recent Schedule 13G/A filing shows BlackRock exercising investment discretion over 5,400,012 MSCI shares, or 7.3% of the company’s outstanding common stock as of late 2024.

Insights

Equity indices and asset management analyst

MSCI secures a long-dated ETF index licensing extension with BlackRock through 2035.

The amendment extends MSCI’s existing ETF index licensing relationship with BlackRock Fund Advisors to March 31, 2035, with rolling three-year auto-renewals. MSCI continues licensing selected equity indexes for use as ETF benchmarks, and BlackRock continues paying periodic license fees tied to fund assets and expense ratios.

From January 1, 2026, and again from January 1, 2027, fees for certain funds are revised, with changes varying by each fund’s expense ratio. The text notes the revised fees aim to enable continued growth via a price and volume tradeoff over the long term, indicating a balance between lower pricing per asset unit and potential asset growth.

The mention that BlackRock exercised investment discretion over 5,400,012 MSCI shares, or 7.3% of outstanding common stock as of late 2024, highlights BlackRock as both a major client and a sizable shareholder. Actual financial impact will depend on future ETF asset growth and how the revised fee schedule interacts with fund expense ratios.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 27, 2026

MSCI Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-33812

13-4038723

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

7 World Trade Center,

250 Greenwich Street, 49th Floor,

New York,

New York

10007

(Address of principal executive offices) (Zip Code)

(212) 804-3900

(Registrant's telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01 per share			MSCI			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 1.01 Entry into a Material Definitive Agreement.

On January 27, 2026, MSCI Inc. and its subsidiary MSCI Limited (together, “MSCI”) and BlackRock Fund Advisors (together with certain of its affiliates, the “Licensee”) entered into an amendment (the “Amendment”) to the Master Index License Agreement for Exchange Traded Funds, dated October 1, 2022, and Schedule No. 1 thereto (together, the “Existing ETF Agreements”). The Amendment extends the term of the Existing ETF Agreements until March 31, 2035 and, thereafter, the term of each Existing ETF Agreement is subject to auto-renewal for successive three-year periods unless MSCI or the Licensee provides written notice of termination prior to the end of the then-current term.

Pursuant to the Amendment, MSCI will continue to license to the Licensee the right to use certain MSCI equity indexes as the basis of exchange-traded funds (each, a “Fund” and together, the “Funds”). The Licensee will continue to pay MSCI a periodic license fee calculated based on the amount of assets under management (“AUM”) for the particular Fund during the relevant license period and the Fund’s expense ratio. Beginning on January 1, 2026, with additional changes effective January 1, 2027, the Amendment revises license fees payable to MSCI by certain Funds, with changes that vary based on the expense ratio and AUM of each such Fund. The Amendment does not otherwise make material changes to the existing fee constructs in the Existing ETF Agreements. The revised fee structure aims to enable continued growth through the price and volume tradeoff over the long-term.

On February 5, 2025, BlackRock filed a Schedule 13G/A with the SEC disclosing that it exercises investment discretion over 5,400,012 shares of MSCI's common stock, par value $0.01 (“Common Stock”) as of December 31, 2024 or 7.3% of MSCI's outstanding Common Stock based on the total number of shares of Common Stock as of December 31, 2025.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.			Description
Exhibit 10.1†			Amendment to Index License Agreement for Exchange Traded Funds, dated as of January 27, 2026, between MSCI Inc., MSCI Limited and BlackRock Fund Advisors
Exhibit 104			Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL).

† Certain confidential portions of this Exhibit have been omitted pursuant to Item 601(b) of Regulation S-K because the identified confidential portions (i) are not material and (ii) are of the type that MSCI treats as private or confidential.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MSCI Inc.
Date: January 28, 2026			By:			/s/ Henry A. Fernandez
			Name:			Henry A. Fernandez
			Title:			Chairman and Chief Executive Officer

FAQ

What did MSCI (MSCI) announce regarding its ETF index licensing agreement with BlackRock?

MSCI and BlackRock Fund Advisors signed an amendment extending their ETF index licensing agreement to March 31, 2035. MSCI will keep licensing certain equity indexes for BlackRock’s funds, with license fees based on each fund’s assets under management and expense ratio.

How long is the extended term of MSCI’s ETF agreement with BlackRock (MSCI)?

The agreement now runs through March 31, 2035, and then auto-renews for successive three-year periods unless either MSCI or BlackRock provides written notice of termination. This creates a long-dated framework for their ETF index licensing relationship.

How are license fees structured under MSCI’s amended agreement with BlackRock (MSCI)?

BlackRock will continue paying MSCI periodic license fees based on each fund’s assets under management and its expense ratio. From January 1, 2026, with additional changes on January 1, 2027, fees for certain funds are revised, varying with each fund’s expense ratio.

When do the revised ETF license fees between MSCI (MSCI) and BlackRock take effect?

Revised license fees for certain funds begin on January 1, 2026, with further changes effective January 1, 2027. The changes differ by fund and are tied to each fund’s expense ratio, aiming to balance pricing and potential asset growth over time.

What is BlackRock’s reported ownership stake in MSCI (MSCI) common stock?

A Schedule 13G/A filed on February 5, 2025 reported BlackRock exercises investment discretion over 5,400,012 MSCI shares. That position represented 7.3% of MSCI’s outstanding common stock as of December 31, 2024, based on MSCI’s disclosed share count.

Does the MSCI–BlackRock amendment change the basic ETF fee construct for most funds?

The amendment states it does not make material changes to the existing fee constructs in the prior ETF agreements. Instead, it adjusts license fees for certain funds based on expense ratios, while keeping the overall fee framework largely intact.