Graphic Strip - Indices

Equity Indices Universe

Tamar and Rimon Equity Universes​

Equity universes consist of shares that meet certain criteria. Only shares included in the universes can be included in TASE tracking indices. There are two equity universes:
  • Tamar Universe – an expanded universe comprised of all shares included in TASE tracking indices.
  • Rimon Universe – a limited number of shares included in TASE flagship indices. Rimon Universe is comprised of shares included in the Tamar Universe.

Tamar Universe

The Tamar Universe is a list of all shares that meet basic threshold criteria to be included in the TASE tracking indices, and consists of over 300 shares traded on the exchange. The universe serves as the foundation for growth shares market indices, such as TA-AllShare, TA-Growth and Sectoral indices.
 
TASE updates the list of shares included in the Tamar universe semi-annually. Essential threshold criteria for inclusion in the Tamar universe are generally more stringent than those of already existing constituents.
Following are the three major threshold criteria for inclusion in the Tamar Universe. 
 
 
Shares already included in Tamar
Shares not included in Tamar
Minimum Free float rate
10%
15%
Minimum average free float value
20M NIS
40M NIS
Minimum average price
30 Agorot
50 Agorot
 

Rimon Universe

Rimon Universe is a list of shares derived from the Tamar universe, that meet more stringent criteria, and it includes approximately 200 shares traded on the exchange. Rimon Universe is used as the basis for TASE flagship indices, which are "fit" to be used as an underlying asset for derivatives, such as TA-35, TA-90, TA-125 and TA banks-5 indices.
 
The Rimon Universe is updated semi-annually at the same time as the Tamar Universe, in February and August, respectively. Essential threshold criteria for addition to the Rimon Universe are generally more stringent than those of already existing constituents.
 
Following are the major threshold criteria for inclusion in the Rimon Universe
1.    Minimum Free Float rate
  • Shares listed for trading for less than 2 years – 20%
  • Shares listed for trading for more than 2 years, included in the Rimon – 30%
  • Shares listed for trading for more than 2 years, about to join the Rimon – 35%
2.    Minimum Free Float Value
  • Shares already included in Rimon – 50M NIS
  • Shares about to join Rimon – 100M NIS
3.    Six Month Minimum Liquidity
For a share to be included in the Rimon universe, it must meet at least one of the following conditions:
  • 50,000 NIS average trading volume
  • 10,000 NIS median trading volume
 

Semi-Annual Universe updates

 Tamar and Rimon Universes are updated semi-annually.  Equity index compositions are derived from the equity universes and updated simultaneously.
  • Update Date 
    • At the end of trading session on the first Thursday in February and in August.
    • If no trading takes place in Tel Aviv or New York at that time, the update date is postponed to the first date on which trading takes place in both TASE and NYSE.
  • Publication Date
    • Two weeks prior to the update date.
    • If no trading takes place in Tel Aviv or New York at that time, the publication date is postponed to the first date on which trading takes place in both TASE and NYSE.
    • The data is published under Indices and Indices and Universes Composition Updates page on the TASE website.
  • Update Record Date
    • Equity Universe compositions are determined based on data held on the record date three weeks prior to the update date, with the exception of the Free Float Rate criterion.
    • Free float rate record dates:
      • February Update - 31 December of the previous year
      • August Update - June 30th

Indices and Universes Fast Track

In addition to updating the indices and universes semi-annually, shares not included in the indices and universes are reviewed each month for fast track addition into the indices (fast-track entrance). A share listed for trading for more than 30 days but less than two years will be examined under more lenient criteria.  A share listed for trading for more than two years will be examined under the "regular" criteria. No shares will be deleted out of the indices and universes as a result of a fast track addition.
  • Update Date
    • At the end of trading session on the first Thursday of each month (monthly parameters update date).
    • If no trading takes place in Tel Aviv or New York at that time, the publication date is postponed to the first date on which trading takes place in both TASE and NYSE.
  • Publication Date
    • Two weeks prior to update date.
    • If no trading takes place in Tel Aviv or New York at that time, the publication date is postponed to the first date on which trading takes place in both TASE and NYSE.
    • The data is published under Indices and Universes Composition Updates page on the TASE website.
  • Record Date
    • Universe composition is determined based on data three weeks prior to the update date.