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  Indices Constituents Update
 
The constituents of the TASE equity indices are updated on the Index Review Dates. In addition, newly-listed shares, (IPO or a Dual-Listing) which match the indices fast-track criteria, enter the indices all year long.
TASE Indices Subject to the New Methodology
 
TA-25 Index, TA-75 Index, TA-100 Index, Mid-Cap-50 Index, Mid-Cap-TA Index, TA Composite Index, TA BlueTech-50 Index, TA-Technology Index, TA-Biomed Index, TA-Finance Index , TA Banks Index, TA-Insurance Index , TA-Oil & Gas Index , TA-Com Index , Real-Estate-15 Index, Tel Div and the Maala SRI Index.  

The calculation of all other TASE indices will continue to follow the methodology employed prior to the institution of the reform.

For the TASE indices methodology, click here.

Index Review Dates 

Type

Record Date

Publication Date

Effective Date

Semi-annual*

 

May 31st

November 30th

by June 10th

by December 10th

June 15th

December 15th

*  The Maala SRI Index is updated  annually on the 15/6 of each year, based on 31/5 data.
   The Tel-Div Index is updated  annually on the 15/3 of each year, based on 28/2 data.

 

On the effective date, the population of the Index Universe is updated concurrently with the constituents of the various continuously quoted equity indices.

Index Update Process
 
A share’s eligibility for inclusion in an index is determined by the specific provisions applicable to each index. For example, all constituents of the TA-25 Index must be drawn from the Universe and must have a Free Float Rate of at least 25%, while TA-Technology constituents must be drawn from the Universe and be listed on the Technology List.
Subject to these provisions, potential constituents for each index are pooled into groups:
  • For indices not limited by the number of constituents – the relevant pool is included in the index. For example – the Finance Index pool is comprised from shares included in the Universe and in the finance sector.
  • For indices with limited number of constituents:
    • Shares are ranked according to the replacement criteria (for the TA-25 and Real Estate- 15, for example, shares are ranked by market capitalization).
    • Rule of entry  – all shares above an “upper threshold” (entry rank) either remain or are inserted into the  relevant index
      Rule of exit - all shares currently included in an index which have fallen below a “lower threshold” (exit rank) are deleted from the index.
    • Completion of the index– if there is a discrepancy between the number of  shares entering or exiting the index, shares ranked between the entry and exit ranks are either inserted or deleted from the index, as relevant, until compliance with index’s size limitation is attained.
Click here for an example of the index update process.
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