The Morningstar Global Markets NR Index is a broad-based securities market index that captures the performance of large-, mid‑ and small‑cap stocks located in the developed and emerging countries across the world, representing the top 97% of the investable universe by market capitalization. A net total return index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non‑resident individuals who do not benefit from double taxation treaties.