Clarification on the I-Fund -- Not ACWX but ACWI IMI ex USA ex China ex Hong Kong Index

[vanweigel]

The TSP Talk Commentary for 01/05/2026 noted a discrepancy between the performance of the ACWX index versus the TSP I-Fund.

I believe that the I-Fund is based on the ACWI IMI ex USA ex China ex Hong Kong Index (a change that took place in early 2024?), whereas the ACWX includes both China and Hong. Is that correct?

 

[JPH543]

This is what I have learned over the past few months of researching this, and I'm still new so take it with a grain of salt.

There will always be closing discrepancies between net and fair value with international funds due to the time differences of when foreign markets close.

As for the ticker for tracking, from what I understand it's an index fund (strategy) vs ETF fund (management) thing. you can find the index data for the MSCI ACWI IMI ex USA ex China ex Hong Kong Index, but there is no direct ticker.

The ACWX (ACWI ex. U.S ETF) ticker is broader but seems to be the closest matched ETF fund to what the new I fund index is doing.

The changes happened gradually over 2024 and finished in the end of October 24, the new I fund additionally includes small caps now, so again the ACWX is not a 100% solution, just as the EFA (MSCI EAFE ETF) ticker was not perfect for the old I fund index either.

 

[tsptalk]

I'll take a look at that one.

ACWX was up 1.1% on Monday, and ACWI was up 0.84%. Let's see what the I-fund price brings later today.

 

[tsptalk]

The I-fund was given a 1.23% gain on the day. As I mentioned in Monday's commentary...

"...the TSP only gave it a gain of 0.97% gain [on Friday] so there may be some positive fair value added to today's [Monday] price."

I assume that was the positive fair value.

I'll take a look at that one.

ACWX was up 1.1% on Monday, and ACWI was up 0.84%. Let's see what the I-fund price brings later today.