--- title: "SBI TOP: Methodology" description: "SBI TOP is maintained by Ljubljana Stock Exchange and covers Slovenian blue-chip equity benchmark. How the index selects and weights its constituents." canonical: https://www.getswoopr.com/stocks/indexes/sbi-top/ source: "Swoopr Investment: https://www.getswoopr.com" --- # SBI TOP: What It Measures and How It Is Built ## Direct Answer > The SBI TOP is a rule-based measurement of Slovenian blue-chip equity benchmark, maintained by Ljubljana 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 SBI TOP covers Slovenian blue-chip equity benchmark, within the Slovenia market. Ljubljana 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 price index. Participation rates are capped on the review day at 30% for the share with the largest free float market capitalisation and 20% for all others, by lowering a weight by 1% at a time until no share is above its ceiling. Holders above 5% are excluded from free float, except open end funds and open end pension funds. 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 Ordinary shares of joint stock companies, not investment funds, on the Equity Market. A share must trade on at least 50% of trading days with realised turnover excluding blocks, and the highest ranked by mean trading volume and free float market capitalisation are included. The index holds between 5 and 15 shares. 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 Shares need at least 20 trading days of trading before a review, and as a general rule must have spent at least one quarter on the watch list. A newly listed share is added on the third Friday of the month after trading starts if it meets the criteria. 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 Four periodic reviews a year at the beginning of February, May, August and November. Composition is reviewed in February and August on a one year data window, while calculation parameters are reviewed every quarter, and new parameters apply after the third Friday of the review month. 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 For stability, normally at most two constituents can be replaced by non constituents in one review. A trading suspension lasting 10 trading days or more triggers a special review. ## References - [Ljubljana Stock Exchange: Ljubljana Stock Exchange Instructions for the Indices, Liquidity Criteria, Price List and Other Statistics](https://ljse.si/UserDocsImages/datoteke/Pravila,%20Navodila,%20Priro%C4%8Dniki/20220525_Instructions_Index_clean_za%20objavo.pdf), as published 2022. Every rule described on this page is taken from this document. ## Current SBI TOP constituents Ljubljana Stock Exchange publishes and licenses the SBI TOP constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [Ljubljana Stock Exchange: official SBI TOP page](https://ljse.si/en/indices-552/551) ## 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 SBI TOP? Ljubljana Stock Exchange maintains the SBI TOP and publishes the methodology document that defines its eligibility and weighting rules. ### What does the SBI TOP measure? It measures Slovenian 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 SBI TOP constituents? Ljubljana 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.