--- title: "BET-NG: Methodology" description: "BET-NG is maintained by Bucharest Stock Exchange and covers Romanian energy and utilities equity benchmark. How the index selects and weights its constituents." canonical: https://www.getswoopr.com/stocks/indexes/bet-ng/ source: "Swoopr Investment: https://www.getswoopr.com" --- # BET-NG: What It Measures and How It Is Built ## Direct Answer > The BET-NG is a rule-based measurement of Romanian energy and utilities equity benchmark, maintained by Bucharest 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 BET-NG covers Romanian energy and utilities equity benchmark, within the Romania market. Bucharest 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 Weighted by free float market capitalization: price times shares times a free float factor (steps of 0.1, rounded up) times a representation factor that limits any company to 30% of the basket capitalization at each adjustment. No adjustment is made for dividends. 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 A sector index of the shares of companies on the BVB regulated market that operate in energy and related utilities, selected also on qualitative criteria such as financial position, legal aspects, transparency, English reporting under IFRS and investor relations. Shares issued by collective investment undertakings are excluded and the number of companies is variable. 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 The Index Committee decides on inclusions and exclusions semiannually in the first week of March and September, and can meet urgently in exceptional cases. Periodic adjustments are quarterly, normally five trading days before the end of the quarterly futures cycle. 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 single company limit is 30% and the index has no fixed size, which suits a sector with only a few large issuers. ## References - [Bucharest Stock Exchange: Bucharest Stock Exchange, Manual of the Energy and Related Utilities Index (BET NG), version 08.2018, Romanian text](https://www.bvb.ro/info/indices/2018/Manual%20BET-NG%20RO_08082018.pdf), as published 2018. Every rule described on this page is taken from this document. ## Current BET-NG constituents Bucharest Stock Exchange publishes and licenses the BET-NG constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [Bucharest Stock Exchange: official BET-NG page](https://bvb.ro/indices) ## 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 BET-NG? Bucharest Stock Exchange maintains the BET-NG and publishes the methodology document that defines its eligibility and weighting rules. ### What does the BET-NG measure? It measures Romanian energy and utilities 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 BET-NG constituents? Bucharest 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.