Direct Answer
The BET is a rule-based measurement of Romanian blue-chip 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 covers Romanian blue-chip 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 holds any company at or below 20% of the basket at each adjustment. It is a price index with no adjustment 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
Between 10 and 20 of the most liquid Romanian companies on the regulated market main segment, excluding financial investment companies and collective investment undertakings. They are ranked by a liquidity coefficient built from traded value shares over 1, 3, 6, 9 and 12 months, then tested on qualitative points such as sustainable liquidity, English reporting under IFRS and investor relations.
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 it is analysed. Companies that only partly meet the criteria can be put on a watchlist for at least six months before a decision on inclusion.
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 semiannually in the first week of March and September. Weights, free float and representation factors are adjusted quarterly, usually five trading days before the end of the quarterly futures cycle so they take effect after 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
Membership is led by liquidity rather than size: a new company must rank in the top 20 by the liquidity coefficient and have an expected weight of at least 0.5%, while a current member stays at 0.2%, and the committee may include a company that meets only some qualitative criteria.
References
- Bucharest Stock Exchange: Bucharest Stock Exchange, BET Index Manual (Manualul Indicelui BET), version 01.2022, Romanian text, as published 2022. Every rule described on this page is taken from this document.
Current BET constituents
Bucharest Stock Exchange publishes and licenses the BET 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 BET?
Bucharest Stock Exchange maintains the BET and publishes the methodology document that defines its eligibility and weighting rules.
What does the BET measure?
It measures Romanian blue-chip 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 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.