Also known as: TA-90 Index (Bloomberg) · 143 (TASE code)
At a glance
- Weighting schemeFree float market cap
- Review frequencySemi-annual
- Constituent count90
- Single cap2
- Buffer80 / 100
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Rimon series indices | TA-35, TA-90, TA-125, TA Banks-5, TA BlueChip15Price, TA-Rimon, TA SME60 | Rimon index series: the TA-35 index, TA-90 index, TA-125 index, TA Banks-5 index, TA BlueChip15Price index, TA-Rimon index, and the TA SME60 index.Open p.11 ↗ |
The Rimon index series includes the TA-35, TA-90, TA-125, TA Banks-5, TA BlueChip15Price, TA-Rimon, and TA SME60 indices. |
| Derivatives settlement index | opening index rounded to two decimal places on the last trading day preceding exercise or expiration | The index for option exercise and futures expiration will be the opening index rounded to two decimal places on the last trading day preceding the exercise or expiration date, as applicable.Open p.11 ↗ |
Options exercise and futures expiration use the opening Rimon index, rounded to two decimal places, on the last trading day before exercise or expiration. |
| Derivatives contract multipliers | 10, 25, 50, 100, 200 | The contract multiplier for options and futures on a Rimon series index is 10, 25 ,50, 100 or 200, as stated in the derivatives profile.Open p.11 ↗ |
The contract multiplier for options and futures on a Rimon series index may be 10, 25, 50, 100, or 200, as specified in the derivatives profile. |
| Index name | TA-90 index | The TA-90 index (hereinafter: “the index”) is a Rimon series index.Open p.41 ↗ |
The official index name is the TA-90 index. |
| Index short name | TA-90 | The TA-90 index (hereinafter: “the index”) is a Rimon series index.Open p.41 ↗ |
The index's short name is TA-90. |
| Local index name | ת"א-90 | The TA-90 index (hereinafter: “the index”) is a Rimon series index.Open p.41 ↗ |
The local Hebrew index name is ת"א-90. |
| Administrator | TASE | The constituency of Tamar series indices and the method of their calculation are subject to the provisions of this chapter, and to decisions adopted by TASE Board of Directors.Open p.10 ↗ |
TASE, through its Board of Directors and index governance framework, administers the Tamar and Rimon index series. |
| Index family | Rimon series | The TA-90 index (hereinafter: “the index”) is a Rimon series index.Open p.41 ↗ |
TA-90 is a Rimon series index. |
| Parent index | Rimon | a. Its inclusion in the Rimon has been determined. b. Its exclusion from the TA-35 index has been determined.Open p.41 ↗ |
A share must have been determined for inclusion in the Rimon to be a TA-90 constituent. |
| Launch date | 1999-01-03 | Index launch date – 3.1.1999Open p.42 ↗ |
The index launch date was January 3, 1999. |
| Base date | 2017-02-12 | The base index of the TA-90 index on 12.2.2017 was identical to the closing index of the TA-75 at the end of 9.2.2017.Open p.42 ↗ |
The TA-90 base date following expansion was February 12, 2017. |
| Base value | 299.89 | The TA-90 index was initially launched as the TA-75 index on 3.1.1999 at a base of 299.89.Open p.42 ↗ |
The index was initially launched as TA-75 at a base of 299.89. |
| Size segment | Mid | a. Its inclusion in the Rimon has been determined. b. Its exclusion from the TA-35 index has been determined.Open p.41 ↗ |
TA-90 tracks Rimon shares excluded from TA-35, corresponding to the mid-cap segment. |
| M2 Universe · 7 fields | |||
| Tamar constituent removal link | Yes | Should a share be removed from the Tamar, that share will be removed from all the Tamar series indices of which it is a constituent on the day of its removal from the Tamar.Open p.10 ↗ |
A share removed from the Tamar is removed from every Tamar series index containing it on the same day. |
| Rimon constituent removal link | Yes | Should a share be removed from the Rimon, that share will be removed from all the Rimon series indices of which it is a constituent on the day of its removal from the Rimon.Open p.10 ↗ |
A share removed from the Rimon is removed from every Rimon series index containing it on the same day. |
| Markets | Israel | a calculation will be performed for each of the shares that are traded on TASE, excluding the share of a company that is suspended from trading and excluding a share traded on the maintenance listOpen p.26 ↗ |
The liquidity measurements cover shares traded on TASE, indicating the Israeli market. |
| Exchanges | TASE | a calculation will be performed for each of the shares that are traded on TASE, excluding the share of a company that is suspended from trading and excluding a share traded on the maintenance listOpen p.26 ↗ |
The relevant shares are those traded on TASE. |
| Security types | Common | Unless specifically stipulated otherwise, the indices in the Tamar series will comprise solely shares included in the Tamar.Open p.10 ↗ |
Tamar and Rimon series indices comprise shares included in the Tamar or Rimon universes. |
| Parent universe index | Rimon | a. Its inclusion in the Rimon has been determined. b. Its exclusion from the TA-35 index has been determined.Open p.41 ↗ |
TA-90 constituents are selected only from shares whose inclusion in the Rimon has been determined. |
| Exclusions | suspended shares, shares traded on the maintenance list | excluding the share of a company that is suspended from trading and excluding a share traded on the maintenance listOpen p.26 ↗ |
Shares suspended from trading and shares traded on the maintenance list are excluded from the semi-annual liquidity calculations. |
| M3 Eligibility screens · 16 fields | |||
| Median trading velocity | Calculation frequency: Every six months; Rounding: rounded to the fifth decimal place and multiplied by 100,000; Exclusions: suspended shares, maintenance-list shares | Every six months, on the record date for the updating of the Universes, a calculation will be performed for each of the shares that are traded on TASE, excluding the share of a company that is suspended from trading and excluding a share traded on the maintenance list, of: - The median trading velocity, rounded to the fifth decimal place digit and multiplied by 100,000Open p.26 ↗ |
Every six months on the universe update record date, median trading velocity is calculated for TASE-traded shares, excluding suspended and maintenance-list shares, rounded to five decimal places and multiplied by 100,000. |
| Median daily trading volume | Calculation frequency: Every six months; Exclusions: suspended shares, maintenance-list shares | Every six months, on the record date for the updating of the Universes, a calculation will be performed for each of the shares that are traded on TASE, excluding the share of a company that is suspended from trading and excluding a share traded on the maintenance list, of:Open p.26 ↗ |
Every six months on the universe update record date, median daily trading volume is calculated for TASE-traded shares, excluding suspended and maintenance-list shares. |
| Trading velocity and volume categories | Category: A; Share range: 0%-10%, Category: B; Share range: 10%-20%, Category: C; Share range: 20%-25%, Category: D; Share range: 25%-35%, Category: E; Share range: 35%-45%, Category: F; Share range: 45%-60%, Category: G; Share range: 60%-80%, Category: H; Share range: 80%-100% | all shares shall be divided into 8 median trading velocity categories (hereafter: “the trading velocity category”), in descending order, and into 8 median daily trading volume categories (hereafter: “the trading volume category”), in descending orderOpen p.26 ↗ |
Shares are ranked in descending order into eight categories for both median trading velocity and median daily trading volume, with A covering the top 10% and H covering the bottom 20%. |
| Category minimum values | The lowest value in each category, T for trading velocity and V for trading volume, is fixed until the next Tamar update. | The lowest value in each trading velocity category (hereafter -Open p.26 ↗ |
The lowest value in each trading-velocity category T and trading-volume category V becomes the fixed category minimum from the following Tamar update date until the next update. |
| Category assignment below h minimum | Shares below the minimum value of category H are assigned to category H. | Shares with value results that are below the minimum value of category H will be assigned to category H.Open p.27 ↗ |
On parameter update record dates, shares with results below the minimum value of category H are assigned to category H. |
| Liquidity ratio scale | Category: A, Category: B; Ratio: 0.8, Category: C; Ratio: 0.6, Category: D; Ratio: 0.45, Category: E; Ratio: 0.35, Category: F; Ratio: 0.25, Category: G; Ratio: 0.2, Category: H; Ratio: 0.1 | B V20% or T20%Open p.27 ↗ |
The published liquidity ratios are 0.8 for B, 0.6 for C, 0.45 for D, 0.35 for E, 0.25 for F, 0.2 for G, and 0.1 for H; no ratio is printed for category A in the provided table. |
| Liquidity bracket update limit | 1 bracket | On each parameter update date, the liquidity bracket of each share will be updated by a maximum of one bracket.Open p.27 ↗ |
At each parameter update, a share's liquidity bracket may move by no more than one bracket. |
| Weight float rate change limit | 5% | The Index Manager has determined that the change in a share’s weight float rate shall not exceed 5% in a single parameter update. This condition shall not apply on the date of the first update pursuant to these rules.Open p.26 ↗ |
The Index Manager determined that a share's weight float rate may not change by more than 5% in one parameter update, except at the first update under these rules. |
| Israeli share requirement | Yes | c. The share is an Israeli share.Open p.41 ↗ |
The share must be an Israeli share. |
| Ta 35 exclusion requirement | Yes | b. Its exclusion from the TA-35 index has been determined.Open p.41 ↗ |
The share must have been determined for exclusion from the TA-35 index. |
| Overseas shares same country limit | 4 shares | The Index Committee decided that the maximum number of an Overseas shares with same country orientation in the index shall be not greater than 4.Open p.41 ↗ |
The maximum number of overseas shares with the same country orientation in the index is four. |
| Overseas share country cap selection | Highest average market capitalization | the overseas shares with the highest average market capitalization among the said overseas shares, shall be included in the index.Open p.41 ↗ |
If qualifying overseas shares with the same country orientation exceed the country cap, the highest average market capitalization shares are included. |
| Liquidity screen | Metric: Liquidity ratio; Window: semi-annual universe update measurement period; Threshold: Category-based liquidity ratio from 0.1 to 0.8 | For each share, a liquidity ratio will be determined based on its liquidity bracket, as described in the table below. The liquidity bracket of a share will be determined based on its location in the trading velocity categories and the trading volume categories, whichever is higher.Open p.27 ↗ |
Each share receives a liquidity ratio based on the higher of its median trading-velocity and median daily-trading-volume categories, with ratios ranging from 0.1 in category H to 0.8 in category B. |
| Minimum size | Metric: Rank; Threshold: Top 90 among shares meeting index criteria, based on average market capitalization | The index will include 90 shares, which on the index rebalancing record date have the highest average market capitalization of the shares meeting the index criteriaOpen p.41 ↗ |
Eligible shares are selected by average market capitalization rank, with the index normally holding the 90 highest-ranked qualifying shares. |
| Minimum free float | 20% | e. The share’s free float rate on the free float record date shall not be less than 20%.Open p.41 ↗ |
A share's free float rate on the free float record date must be at least 20%. |
| Suspension rule | Suspended shares are excluded from the semi-annual median trading velocity and median daily trading volume calculations. | excluding the share of a company that is suspended from trading and excluding a share traded on the maintenance listOpen p.26 ↗ |
Shares of companies suspended from trading are excluded when minimum median trading velocity and median daily trading volume values are calculated. |
| M4 Selection and constituent count · 3 fields | |||
| Selection method | Rank by metric | shares that meet the index criteria will be ranked on the average market capitalization ranking scale.Open p.41 ↗ |
Qualifying shares are ranked by average market capitalization and selected according to rank-based entry and removal rules. |
| Ranking metrics | Name: Average market capitalization; Window: index rebalancing record date; Direction: Descending; Step order: 1 | shares that meet the index criteria will be ranked on the average market capitalization ranking scale.Open p.41 ↗ |
Shares meeting the criteria are ranked by average market capitalization on the index rebalancing record date. |
| Target constituent count | 90 | The index will include 90 shares, which on the index rebalancing record date have the highest average market capitalizationOpen p.41 ↗ |
The index includes a fixed target of 90 shares. |
| M5 Weighting and capping · 18 fields | |||
| Liquidity bracket in weight | Weight formula includes a liquidity bracket factor that is updated as a fixed parameter. | Lit - The liquidity bracket of share i on day t, as specified in Paragraph 9. below.Open p.22 ↗ |
A constituent's index weight includes its liquidity bracket, which is specified among the fixed weighting parameters. |
| Daily weight calculation | Weights are calculated daily before trading opens using updated prices and fixed parameters. | The weight of each share in an index is calculated on a daily basis prior to the opening of trading, according to the following equationOpen p.22 ↗ |
The weight of each share is calculated daily before the opening of trading. |
| Fixed parameter update schedule | Frequency: tri-monthly; Months: February, May, August, November; Day: first Thursday; Timing: close of trading | The fixed parameters used in calculating the weight of a share in an index are updated at the close of the trading day on the first Thursday of each month of February, May, August and NovemberOpen p.23 ↗ |
Fixed weighting parameters are updated at the close of the first Thursday in February, May, August, and November. |
| Fixed parameter record date | The Thursday three weeks before the parameter update date. | at the close of the Thursday preceding the parameter update date by three weeks (above and hereinafter: “the parameter update record date”)Open p.23 ↗ |
Fixed parameters are set using data from the Thursday three weeks before the parameter update date. |
| Fixed parameter publication lead time | 5 trading days | The fixed parameters will be published at least five trading days prior to the parameter update date, provided that the day on which the parameters are updated shall be included in the countOpen p.23 ↗ |
Fixed parameters are published at least five trading days before the parameter update date, including the update date in the count. |
| Ians definition | IANS is the equity listed for trading on the parameter update record date. | A share’s tri-monthly IANS on the parameter update date is the equity listed for trading on the parameter update record date.Open p.24 ↗ |
Tri-monthly IANS is the amount of equity listed for trading on the parameter update record date. |
| Special ians events | stock dividends, reverse stock split, rights distribution | In the cases listed below a TASE-listed share’s IANS will be updated in the following manner, and this at the beginning of the day on which the base price is the ex-priceOpen p.24 ↗ |
IANS receives special updates for stock dividends, reverse stock splits, and qualifying rights distributions. |
| Weight float change limit | The percentage prescribed by the Index Manager. | the rate of change in the weight float rate between one parameter update date to the next parameter update date shall not exceed the percentage prescribed by the Index Manager1.Open p.26 ↗ |
The change in weight float rate between parameter updates may not exceed the percentage prescribed by the Index Manager. |
| Weight limit factor minimum | 0.00001 | however will not be less than 0.00001.Open p.28 ↗ |
The weight limit factor may not be lower than 0.00001. |
| Overseas shares country orientation threshold | 9% | The cumulative weight of overseas shares linked to the same country orientation exceeds 9% of either the TA-35 index or the TA-125 index.Open p.29 ↗ |
A special weight-limit factor may be used when overseas shares linked to the same country orientation exceed 9% of the TA-35 or TA-125 index. |
| Uncapped index factor | 1 | d) Calculation of the weight limit factor in uncapped indices The weight limit factor of each constituent in an index without weight limits will equal 1.Open p.33 ↗ |
In indices without weight limits, each constituent's weight limit factor equals 1. |
| Tamar gradual inclusion factors | Period: addition to Tamar; Factor multiplier: 0.25, Period: next parameter update after addition; Factor multiplier: 0.5, Period: second parameter update after addition; Factor multiplier: normal weight limit factor | At the time of the addition of a share to Tamar, its original factor value in each of the indices in which it will be included will be multiplied by 0.25.Open p.34 ↗ |
A share added to Tamar receives factor multipliers of 0.25 at addition, 0.50 at the next parameter update, and normal weighting from the second update. |
| Investment intensive gradual inclusion factors | Period: inclusion in an investment-intensive index; Factor multiplier: 0.25, Period: next parameter update after inclusion; Factor multiplier: 0.5, Period: second parameter update after inclusion; Factor multiplier: normal weight cap factor | Upon the inclusion of a share that is not currently included in an Investment-intensive index into such an index, its original factor value in the index shall be multiplied by 0.25.Open p.34 ↗ |
New constituents of investment-intensive indices receive factor multipliers of 0.25 at inclusion, 0.50 at the next parameter update, and normal weighting from the second update. |
| Weighting scheme | Free float market cap | Qit - the IANS of share i on day t, as specified in Paragraph 9 below; Fit - the free float of share i on day t, as specified in Paragraph 9 below.Open p.22 ↗ |
Index weights are based on free-float capitalization, with IANS, free float, liquidity bracket, weight-limit factor, and price in the formula. |
| Free float factor | Method: Free float | The weight float rate will be updated at each parameter update date and shall be identical to the float rate that was in effect on the record date for the update, rounded to the nearest whole percent.Open p.26 ↗ |
The weight float rate is the float rate in effect on the record date, rounded to the nearest whole percent and updated at each parameter update date. |
| Weight cap | 2% | The Index Committee decided that the index’s weight cap shall be 2%.Open p.42 ↗ |
The Index Committee set the TA-90 constituent weight cap at 2%. |
| Cap application timing | At review | The weight limit factor of constituents of a capped index are updated on the parameter update date and are calculated in the following stagesOpen p.30 ↗ |
Weight-limit factors used for capped indices are updated on the parameter update date. |
| Shares outstanding | IANS, the equity listed for trading, is taken on the parameter update record date for tri-monthly updates and adjusted for special corporate-action events. | A share’s tri-monthly IANS on the parameter update date is the equity listed for trading on the parameter update record date.Open p.24 ↗ |
The share count used in weighting is IANS, based on equity listed for trading on the parameter update record date, with special updates for corporate actions. |
| M6 Review and rebalance schedule · 11 fields | |||
| Fast track months | February, August | will be added to the Universes on the quarterly parameter updating dates taking place in February and AugustOpen p.15 ↗ |
Fast-track entries occur on quarterly parameter updating dates in February and August. |
| Fast track record date rule | Fast-track eligibility uses the fixed parameters set on the parameter update record date. | For the purpose of fast-track entrance to the universes, the fixed parameters set on the parameter update record date shall be taken into account.Open p.15 ↗ |
For fast-track entry, fixed parameters established on the parameter update record date are used. |
| Update date postponement limits | 30 trading days | the Index Committee may postpone or advance a certain universe update date and solely provided that the date not be advanced or postponed by more than 30 trading daysOpen p.12 ↗ |
The Index Committee may advance or postpone a universe update date by no more than 30 trading days from the original date. |
| Record date postponement limits | 30 trading days | the Index Committee may postpone or advance a certain universe update record date and solely if it is not advanced or postponed more than 30 trading daysOpen p.12 ↗ |
The Index Committee may advance or postpone a universe update record date by no more than 30 trading days. |
| Free float record dates | March 31, September 30 | for seasoned shares – the close of the trading days on March - 31st and September 30th, as applicable.Open p.12 ↗ |
For seasoned shares, the free float record date is the close of March 31 or September 30, as applicable. |
| Review frequency | Semi-annual | The Universes shall be updated semi-annually, at the close of the trading day of the first Thursday in May and NovemberOpen p.12 ↗ |
The universes are updated semi-annually. |
| Review types | Scheduled review, Ad hoc | The Universes shall be updated semi-annually, at the close of the trading day of the first Thursday in May and NovemberOpen p.12 ↗ |
The document provides scheduled semi-annual universe updates, fast-track additions on quarterly parameter update dates, and ad hoc removals. |
| Review months | May, November | at the close of the trading day of the first Thursday in May and November (hereinafter: “the universe update date”)Open p.12 ↗ |
Scheduled universe updates occur in May and November. |
| Data cutoff rule | The universe update record date is at the close of the Thursday three weeks before the universe update date; postponed update dates do not revise the record date. | The record date for updating the universes will be at the close of the Thursday three weeks prior to the universe update dateOpen p.12 ↗ |
Eligibility data are measured as of the close on the Thursday three weeks before the update date, and that record date is not revised if the update date is postponed. |
| Announcement rule | The updated constituent list is published at least five trading days before the universe update date, counting the update date; fast-track and removal announcements are posted on TASE systems. | The list of Tamar and Rimon constituents on the universe update date shall be published at least five trading days prior to the universe update dateOpen p.15 ↗ |
Scheduled constituent lists are published at least five trading days before the effective update date, including the update date in the count, while fast-track entries and removals are announced on TASE systems. |
| Effective date rule | Changes take effect at the close of the trading day on the first Thursday in May and November, subject to postponement rules. | The Universes shall be updated semi-annually, at the close of the trading day of the first Thursday in May and NovemberOpen p.12 ↗ |
Scheduled additions and removals take effect at the close on the universe update date, normally the first Thursday in May or November. |
| M7 Buffers and turnover control · 2 fields | |||
| Fast track no removal until next universe update | Yes | Where a share was included under the fast track, no other share will be removed from the Rimon until the next Universes’ updating date.Open p.15 ↗ |
When a share is admitted through the fast track, no other share is removed from Rimon until the next universe update date. |
| Buffer zone | Entry rank: 80; Exit rank: 100 | shares ranked 100th or lower on the average market capitalization ranking scale will be removed from the index, and shares ranked 80th or above on the average market capitalization ranking scale will be addedOpen p.41 ↗ |
Shares ranked 80th or above are added, while shares ranked 100th or lower are removed at rebalancing. |
| M8 Corporate actions, IPOs, ad-hoc changes · 10 fields | |||
| Removal timing multiple triggers | earliest applicable removal date | Should there exist two or more grounds for removing a share from the universes, and if, given these grounds, more than one date for the removal of the share is indicated, the share will be removed on the earliestOpen p.17 ↗ |
If two or more removal grounds apply and indicate different dates, the share is removed on the earliest specified date. |
| Removal postponement when no trading | Removal may be postponed to a day with closing trading or separate opening trading. | If on the day of a share’s removal, neither closing trading nor separate opening trading were conducted in that share, the Index Manager may postpone the date of removalOpen p.18 ↗ |
If neither closing trading nor separate opening trading occurs in a share on its scheduled removal date, the Index Manager may postpone removal to a trading day when one of those trading sessions occurs. |
| Removal revocation | The Index Manager may revoke removal if the removal grounds are revoked, with notice posted on TASE systems. | If the aforementioned grounds for removing a share from the universes be revoked, the Index Manager may revoke the share’s removal from the universes as well.Open p.18 ↗ |
If the grounds for removal are revoked, the Index Manager may also revoke the removal and must notify cancellation through the TASE systems. |
| Announcement channel | TASE systems | An announcement regarding a share’s entrance into the universes will be posted on the TASE systems.Open p.15 ↗ |
Announcements of fast-track entry, corporate-action-driven changes, and scheduled removals are posted on the TASE systems. |
| Fast track no removal until next rebalancing | Yes | Should a share be added on a parameter update date that is not an index rebalancing date, another share will not be removed from the index until the following index rebalancing date.Open p.41 ↗ |
A fast-track addition on a non-rebalancing parameter update date does not cause another share to be removed until the next index rebalancing date. |
| Fast track overseas country cap | Yes | An overseas share will not be added to the index if, following its addition, the number overseas shares linked to the same country exceeds the maximum numberOpen p.41 ↗ |
An overseas share is not fast-track added if it would cause the same-country overseas share limit to be exceeded. |
| Fast entry | Size threshold: average market capitalization rank 65 or greater; Timing: parameter update dates in February and August; Additional requirement: new share that is not a Tamar constituent and meets the index criteria | a new share which is not a Tamar constituent will be added to the index on the parameter update dates taking place in February and AugustOpen p.41 ↗ |
A new non-Tamar share meeting the index criteria may enter via fast track in February or August if its average market capitalization rank is 65 or greater. |
| Ad-hoc deletion | Prolonged suspension, Acquisition, Other | A share shall be removed from the universes following a decision to suspend trading in that share for failure to file financial reports and immediately after trading is suspended on any other grounds.Open p.16 ↗ |
Shares are removed between scheduled updates for suspension, a fully accepted tender offer, merger, transfer to the maintenance list, delisting, price deficiency, significant cryptocurrency activity, sector reclassification where required, or other Index Committee grounds. |
| Replacement policy | None | Where a share was included under the fast track, no other share will be removed from the Rimon until the next Universes’ updating date.Open p.15 ↗ |
Fast-track additions do not cause another Rimon share to be removed before the next scheduled universe update, and no general reserve-list replacement policy is stated. |
| Merger spinoff rules | The Index Committee may add a spun-off share or an absorbing share to universes and indices even if eligibility criteria are not met; the Index Manager sets weighting parameters and entry date, and changes are announced on TASE systems. | The Index Committee may add a spun-off share to some or all the universes and indices of which the spin-off share was a constituent, even if this share does meet the criteriaOpen p.16 ↗ |
For spin-offs and mergers, the Index Committee may add the spun-off or absorbing share to affected universes and indices despite non-compliance with ordinary criteria, while the Index Manager determines its weight parameters and entry date. |
| M9 Calculation and return variants · 13 fields | |||
| Last transaction excludes block trades | Yes | For the purpose of this paragraph- "The last transaction"- excluding block transaction, as defined in the regulations to the Third Part of the rules.Open p.19 ↗ |
For real-time index calculation, the last transaction excludes block transactions. |
| Deleted constraint zero price rule | When a participating constituent is removed under the specified ground and no closing or separate opening trading occurred, the closing index on removal day treats its closing price as zero. | If neither closing nor separate opening trading were conducted, as applicable, in a participating constituent on the date of its removal from the index on one of the grounds stipulated in sub-paragraph 6.a.2) of the Fourth Part of the TASE Rules, the closing index for the day of the share’s removal from the index will be calculated as if the closing price of the said share equaled 0.Open p.20 ↗ |
A removed constituent without closing or separate opening trading on its removal date is valued at zero in that day's closing index under the specified removal ground. |
| Cash tender or merger deletion price | On removal following a specified tender offer or all-cash merger, the constituent's deemed closing price equals the cash proceeds per share, translated using the last representative exchange rate when applicable. | On the day a participating constituent is removed from an index following the acceptance of a tender offer stipulated in sub-paragraph 6.a.2) above, or following a merger stipulated in sub-paragraph 6.a.3) above, for which solely cash proceeds are unconditionally received, the closing index shall be calculated as if the closing price of that share equals the proceeds received in agorotOpen p.20 ↗ |
For cash-only tender offers or mergers, the deleted constituent is valued at the unconditional cash proceeds per share, with foreign currency converted at the last representative exchange rate before removal. |
| Formula type | Chain linked | Unless specifically stipulated otherwise, the indices will be calculated according to one of the formulas articulated below, as set out in the appendices to this chapter, or as will be determined in TASE Board of Director resolutions, as applicable:Open p.18 ↗ |
Indices are calculated using daily chain-linked formulas that relate the current index value to the prior closing or base index through constituent weights and price ratios. |
| Price source | Theoretical indices use theoretical opening prices; opening index uses opening prices; real-time index uses the last non-block transaction, or opening/base price if unavailable; closing index uses TASE closing prices. | Theoretical indices are calculated and published during the pre-opening trading phase, according to the theoretical opening price, as defined in Chapter Five of the Regulations pursuant to the Third Part of the Rules, at the time of calculation, for each index constituent.Open p.18 ↗ |
The source price depends on the index calculation phase: theoretical opening price, opening price, last non-block transaction price, or official closing price, with base prices used as fallbacks. |
| Calculation frequency | Theoretical during pre opening, Opening, Real time every 15 seconds, Closing end of trading day | Theoretical indices are calculated and published during the pre-opening trading phase, according to the theoretical opening priceOpen p.18 ↗ |
Theoretical indices are published during pre-opening, opening and closing indices are calculated at the respective trading phases, and real-time indices are calculated and published every 15 seconds. |
| Precision | 5 decimal places | All the data and calculations specified in this chapter shall be calculated to a precision level of 5 decimal places and this by way of rounding the sixth decimal place digit, according to accepted rounding principles, unless specifically designated otherwise.Open p.35 ↗ |
All data and calculations in the chapter are calculated to five decimal places by rounding the sixth decimal place. |
| Return variants | GTR | The index is calculated according to the gross total return formula.Open p.42 ↗ |
The TA-90 index is calculated using the gross total return formula. |
| Withholding tax basis | — | — (not found verbatim in the PDF) |
The provided sections do not state a withholding tax basis for net total return variants. |
| Dividend treatment | Gross total return | The index is calculated according to the gross total return formula.Open p.42 ↗ |
The index calculation uses the gross total return formula, incorporating dividends on a gross basis. |
| Divisor adjustment | — | — (not found verbatim in the PDF) |
The provided sections do not enumerate events that trigger a divisor adjustment. |
| Market disruption rule | If trading in a constituent is suspended, halted, discontinued, or lacks the relevant trade or opening price, the calculation uses the last theoretical opening price, opening price, base price, or first multilateral trade price as specified for each calculation phase. | If trading in a given share is either suspended or halted after the theoretical opening prices are calculated and prior to the cessation of trading, the theoretical indices shall be calculated according to the last theoretical opening price calculated for that share.Open p.18 ↗ |
During disrupted or absent trading in a constituent, TASE uses the prescribed last available theoretical, opening, multilateral-trade, or base price rather than pausing the index calculation. |
| Recalculation policy | Calculations and examinations generally use data known to TASE at the time, even if later corrected or found incorrect; the Index Committee may amend or update the data if circumstances require. | The determining data for the purpose of the various calculations and updates, as stated above, are those that will be known to TASE at the time of the calculations and the actual examination of the data, even if after this date a correction or change was made to the data or they turned out to be incorrect in retrospect.Open p.35 ↗ |
Published calculations generally rely on data available at the original calculation time, but the Index Committee may amend or update data retrospectively when it determines circumstances require it. |
| M10 Governance, change policy, disclosure · 13 fields | |||
| Board reporting for special case decision | When the Index Committee applies different rules to an event already covered, it must report the decision and reasoning to the Board of Directors. | Having decided to proceed in the aforesaid manner, the Committee will report its decision and the reasoning therefor to the Board of Directors.Open p.35 ↗ |
A special-case departure from established rules must be reported, with reasoning, to the TASE Board of Directors. |
| Decision notice includes reasoning | Yes | will come into effect at least three trading days following their publication to the public, together with theOpen p.34 ↗ |
Public notices of Index Committee and Index Manager decisions include the reasoning behind the decision. |
| Oversight body | TASE Board of Directors, Index Committee, Index Manager, Trading Manager | as will be determined in TASE Board of Director resolutions, as applicableOpen p.18 ↗ |
TASE indices are overseen and administered through the TASE Board of Directors, Index Committee, Index Manager, and Trading Manager within their assigned powers. |
| Discretion points | The Index Manager may shorten the notice period for amendments in exceptional cases., The Index Committee or Index Manager may shorten the notice period for decisions in exceptional cases., The Index Committee may amend or update calculation data when circumstances require., The Index Committee determines procedure for events with no existing rules., The Index Committee may apply different rules to an event already covered when it considers it necessary and reports to the Board. | However, in exceptional cases, the Index Manager may shorten the period of time between the publication of the said notice and the amendment’s effective date.Open p.34 ↗ |
Discretion applies to exceptional shortening of notice periods, data amendments, unregulated events, and departing from established rules in special cases with Board reporting. |
| Methodology review frequency | — | — (not found verbatim in the PDF) |
The provided sections do not state how often the methodology itself is reviewed. |
| External review | — | — (not found verbatim in the PDF) |
The provided sections do not describe an external review or consultation of methodology changes. |
| Material change definition | — | — (not found verbatim in the PDF) |
The provided sections do not define what constitutes a material methodology change. |
| Consultation procedure | — | — (not found verbatim in the PDF) |
The provided sections do not describe a consultation procedure. |
| Notice period | 3 trading days | An amendment of the regulations or TASE Board of Directors decisions will become effective at least 3 trading days following the publication of the notice of the amendment in the TASE systems.Open p.34 ↗ |
Amendments and Index Committee or Index Manager decisions generally take effect at least three trading days after publication in the TASE systems, subject to shortening in exceptional cases. |
| Error correction policy | Data known at the calculation or examination time is determinative even if later corrected or found wrong, unless the Index Committee decides to amend or update the data because circumstances require. | even if after this date a correction or change was made to the data or they turned out to be incorrect in retrospect. Notwithstanding the above, the Index Committee may amend or update such data, if it determines that the circumstances of the case require it.Open p.35 ↗ |
Errors discovered after a calculation do not automatically trigger correction; the Index Committee may amend or update data when it finds the circumstances require it. |
| Change announcement | TASE systems | following the publication of the notice of the amendment in the TASE systems.Open p.34 ↗ |
Notices of amendments and decisions, including reasoning for Index Committee or Index Manager decisions, are published in the TASE systems. |
| Constituents published | — | — (not found verbatim in the PDF) |
The provided sections do not state whether or how often constituent lists are published. |
| Cessation policy | — | — (not found verbatim in the PDF) |
The provided sections do not state a policy for discontinuing an index. |
Open points · 43Model-written, for reference
- 1Official index name, short name, local-language name, index code, ISIN, and data-vendor tickers were not stated for a specific index.
- 2Launch date, base date, base value, currency, methodology version, and methodology date were not stated.
- 3The document did not provide an explicit benchmark-regulation classification.
- 4The document did not provide a verbatim objective sentence or explicit limitations for the family.
- 5Market classification, size segment, index family type, and factor exposures were not explicitly stated and could not be assigned without unsupported inference.
- 6Listing boards, company nationality assignment rules, and non-equity security exclusions were not stated.
- 7Minimum trading history since listing was not stated.
- 8Minimum market capitalization or rank, minimum free float, foreign room, voting rights, minimum share price, financial screens, and business or ESG exclusions were not stated.
- 9An abnormal or extreme price increase screen was not stated.
- 10The exact lookback window used to calculate median trading velocity and median daily trading volume was not stated.
- 11No selection rules, target constituent count, ranking metrics, tie-break rule, industry neutrality rule, or reserve-list rule appear in the weighting and capping section.
- 12The document references index-specific weight caps as Capi but does not provide the numerical cap percentages.
- 13No sector cap percentage or country cap percentage is stated; the 9% country-orientation threshold is a trigger for a special factor, not clearly an index country cap.
- 14No explicit divisor adjustment or continuity rule is stated in the supplied weighting sections.
- 15The document does not state a foreign ownership limit or foreign-room treatment.
- 16The document does not state a domestic inclusion factor.
- 17The free-float rate change limit percentage is prescribed by the Index Manager but the numerical percentage is not stated.
- 18Profile_m6_m8: model reply contained no JSON object (stop reason=end turn, output tokens=5293); asked again one group at a time
- 19The document does not state a distinct rebalance frequency separate from the semi-annual universe updates and quarterly parameter update dates.
- 20The document does not state how often capped or factor weights are reset.
- 21The sections identify February and August quarterly parameter updating dates for fast-track entry but do not specify the other quarterly parameter update months.
- 22No rank buffer, such as separate entry and exit ranks, was stated.
- 23No size-segment buffer with semi-annual or quarterly lower and upper bounds was stated.
- 24No relaxed liquidity threshold for existing constituents was stated.
- 25No maximum turnover per periodic review was stated.
- 26No explicit deletion execution price was stated.
- 27No separate corporate-actions guide name or reference was stated.
- 28No threshold for implementing ordinary share-count or free-float changes between scheduled reviews was stated.
- 29No reserve list or scheduled replacement mechanism for ad hoc deletions was stated.
- 30Fast-track rule does not state excluded boards; eligibility elsewhere refers to the main list, but not as a fast-track exclusion condition.
- 31The supplied ad hoc deletion triggers include cryptocurrency-activity, maintenance-list transfer, price deficiency, and sector-classification cases that have no exact prescribed enum values.
- 32No explicit withholding tax basis for net total return variants is stated.
- 33No list of divisor-adjustment events or standalone divisor adjustment policy is stated.
- 34No stated methodology review frequency.
- 35No external review or consultation procedure is described.
- 36No material change definition is provided.
- 37No constituent-list publication flag or publication frequency is provided.
- 38No index cessation or discontinuation policy is provided.
- 39The formulas are rendered incompletely in the source text, so the exact chain-link formula mechanics could not be fully verified despite the evident daily linkage terms.
- 40The provided TA-90 section does not print the vendor index code 143, Bloomberg ID BBG000R07519, local Hebrew name ת"א-90, or an ISIN.
- 41The exact TA-90 base value on 12.2.2017 is not numerically stated; the text says it matched the TA-75 closing index on 9.2.2017.
- 42The provided TA-90 section does not state calculation currency, methodology version, methodology date, or market classification.
- 43The provided TA-90 section does not define the method for assigning Israeli-share or overseas-share country orientation.
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