The MSCI All Country World Index (ACWI) is one of the most widely respected and broadly used global equity indexes in the world. It provides investors with a barometer of the global stock market, offering exposure to global equity markets and allowing investors to measure the performance of global markets in relation to one another in a single index.

The scale of the index is vast. It covers nearly 3,000 stocks across 48 developed and emerging market countries, with a combined market capitalization of more than $70 trillion. While it includes many large-cap stocks, like Apple and Microsoft, it also contains smaller companies, including those that make up the Dow Jones Industrial Average and the S&P 500.

The MSCI ACWI is used as a benchmark for determining global equity funds and as a guide to asset allocation decisions. For example, investors can compare the risk/return characteristics of various portfolios that track the ACWI. Additionally, an investor can use the MSCI ACWI to look at the performance of global markets relative to one another.

Individual investors can gain access to the MSCI ACWI through Exchange Traded Funds (ETFs) that replicate its performance. The ETFs may also provide exposure to additional markets or asset classes, such as commodities and foreign currencies, which are not included in the MSCI ACWI index.

Overall, the MSCI ACWI is an effective tool for investors to measure their global investment performance and make the most of their investment portfolios. By using the index and its associated ETFs, investors can gain exposure to global equity markets and access the potential of global returns on their investments.