The Morgan Stanley Capital International All Country World ex-U.S. Index tracks the performance of equity markets around the globe excluding the United States, cites ETF Database. The index contains a portfolio of micro and large-cap stocks from developed and emerging market countries, according to About.com.
Investors use the index as an easy way to measure financial markets globally, explains About.com. Many institutional investors use the index as benchmarks for their international portfolios. Three variations of the index include the MSCI ACWI IMI Investable Market Index, the MSCI ADWI Ex-Indices and the MSCI ACWI All Cap Index. The ex-indices excludes the indexes of certain countries.