Direct Answer
The BELEXline is a rule-based measurement of broad Serbian 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 BELEXline covers broad Serbian 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 index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Free float market capitalization weighted price index, not adjusted for paid dividends. Non free float shares are holdings above 5% of outstanding shares by single owners (with exceptions for funds and similar investors), international development institutions and the Republic of Serbia. A single issuer is limited to 10% of index capitalization, applied only on revision days.
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 BELEX markets with at least 10% successful trading days (days with transactions) in the previous quarter, ranked by free float market capitalization. The basket has at least 70 components with no stated upper limit, the stated tendency being a sample of no more than 150. The Index Committee makes the final decision on composition.
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
Revised semiannually on 15 March and 15 September, implemented after trading on 31 March and 30 September. Quarterly reviews on 15 June and 15 December are implemented on 30 June and 31 December and adjust free float factors, share count changes under 5% and the weight and divisor. Components change only on revision or review dates.
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 number of shares from one industrial sector is limited to 40% of the issuers in the basket, applied by Index Committee decision at each revision rather than on quantitative indicators alone. An extraordinary revision may be started if shares change cumulatively by more than 5% or the free float factor by more than 10%.
References
- Belgrade Stock Exchange: Belgrade Stock Exchange, BELEXline Methodology Ver 2.2, March 2011, as published 2011. Every rule described on this page is taken from this document.
Current BELEXline constituents
Belgrade Stock Exchange publishes and licenses the BELEXline constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Europe indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the BELEXline?
Belgrade Stock Exchange maintains the BELEXline and publishes the methodology document that defines its eligibility and weighting rules.
What does the BELEXline measure?
It measures broad Serbian 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 BELEXline 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.