--- title: "BET-XT: Methodology" description: "BET-XT is maintained by Bucharest Stock Exchange and covers Romanian extended equity benchmark. How the index selects and weights its constituents." canonical: https://www.getswoopr.com/stocks/indexes/bet-xt/ source: "Swoopr Investment: https://www.getswoopr.com" --- # BET-XT: What It Measures and How It Is Built ## Direct Answer > The BET-XT is a rule-based measurement of Romanian extended 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-XT covers Romanian extended 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 Free float market capitalisation weighted. The free float factor moves in steps of 0.1 from 0.1 to 1.0 by rounding up, and a representation factor keeps any company at or under a 15% maximum weight at the adjustment date. Both factors are revised quarterly, and the index is not adjusted 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 fixed size of 30 Romanian companies on the BVB regulated market, picked mainly on a liquidity coefficient built from each company's share of regulated market traded value over several periods, plus qualitative tests such as English language IFRS reporting and investor relations quality. Collective investment undertakings are excluded. 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. ## How long a listing must exist first A company must have traded for at least 20 days before the analysis date to enter screening, and partial qualifiers can sit on a watchlist for at least 6 months before an inclusion decision. A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time. ## When the membership is revised The Index Committee decides inclusions and exclusions twice a year, at meetings in the first week of March and September, and updates its watchlist quarterly. Weight adjustments run quarterly, usually five trading days before the futures cycle ends, effective the first trading day after futures expiry. 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 Entry is not automatic: a newcomer must be in the top 25 on liquidity, have an expected weight of at least 0.3% and replace a less liquid constituent, and the Committee can keep or drop a company despite the numbers. ## References - [Bucharest Stock Exchange: Bucharest Stock Exchange Index Management Rules for BET XT, version 01.2021](https://bvb.ro/info/indices/2025/BVB_EN_Manual%20BET-XT_31-08-2021.pdf), as published 2021. Every rule described on this page is taken from this document. ## Current BET-XT constituents Bucharest Stock Exchange publishes and licenses the BET-XT 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-XT 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-XT? Bucharest Stock Exchange maintains the BET-XT and publishes the methodology document that defines its eligibility and weighting rules. ### What does the BET-XT measure? It measures Romanian extended 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-XT 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.