--- title: "BELEX15: Methodology" description: "BELEX15 is maintained by Belgrade Stock Exchange and covers Serbian large-cap equity benchmark. How the index selects and weights its constituents." canonical: https://www.getswoopr.com/stocks/indexes/belex15/ source: "Swoopr Investment: https://www.getswoopr.com" --- # BELEX15: What It Measures and How It Is Built ## Direct Answer > The BELEX15 is a rule-based measurement of Serbian large-cap equity benchmark, maintained by Belgrade Stock Exchange. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets. ## What this index covers The BELEX15 covers Serbian large-cap equity benchmark, within the Serbia market. Belgrade Stock Exchange defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number. The name states a target of 15 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it. ## How constituents are weighted Free float market capitalisation weighted price index that is not adjusted for dividends. A weight factor limits any issuer to 20% of free float market capitalisation on the revision date, reapplied until every issuer is at or below 20%. Free float excludes holders above 5% and Republic of Serbia stakes above 5%. The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little. ## What qualifies for inclusion Common shares traded on the Regulated market. Qualifying shares are ranked by non weighted free float market capitalisation and the first 15 form the basket, though the Index Committee may set between 7 and 15 components. Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does. ## When the membership is revised Semi annual revision dates are 15 March and 15 September, implemented after the close on 31 March and 30 September. Quarterly reviews on 15 June and 15 December, implemented on 30 June and 31 December, update free float factors, small share count changes and weight factors. Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider. ## The rule that surprises people The Index Committee holds discretionary rights over the basket, and a sector limit keeps any one industry to at most half of the issuers in it. ## References - [Belgrade Stock Exchange: Belgrade Stock Exchange BELEX15 Methodology version 2.4](https://www.bgdx.rs/files/trgovanje/ENG%20BELEX15_metodologija%2019%20NOVEMBAR%202025.pdf), as published 2025. Every rule described on this page is taken from this document. ## Current BELEX15 constituents Belgrade Stock Exchange publishes and licenses the BELEX15 constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [Belgrade Stock Exchange: official BELEX15 page](https://www.belex.rs/en/trziste/indeksi) ## Related reading - [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised. - [Europe indexes](https://www.getswoopr.com/stocks/indexes/europe/): others covering the same region. - [Index concentration](https://www.getswoopr.com/technical-analysis/market-concentration/index-concentration/): measuring how much of an index sits in its largest holdings. - [Index rebalancing and inclusion effects](https://www.getswoopr.com/stocks/corporate-actions-catalysts/index-rebalancing-and-inclusion-effects/): what happens to a stock when index membership changes. ## Frequently Asked Questions ### Who maintains the BELEX15? Belgrade Stock Exchange maintains the BELEX15 and publishes the methodology document that defines its eligibility and weighting rules. ### What does the BELEX15 measure? It measures Serbian large-cap equity benchmark. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself. ### Where can I see the current BELEX15 constituents? Belgrade Stock Exchange publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence. ## About the author The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day. Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.