|IS INVESTMENT BIST 30 EXCHANGE TRADED FUND
BIST 30 Index consists of 30 stocks which are selected among the stocks of companies listed on the National Market and the stocks of real estate investment trusts and venture capital investment trusts listed on the Collective Products Market.
• In order for stocks to be eligible for inclusion in the index, they should be traded either in List A or List B as of the end of the review period. Stocks traded in List C are not included in the index.
• The composition of the index is comprised of the stocks of companies traded on the National Market and the stocks of the real estate investment trusts and venture capital investment trusts traded on the Collective Products Market.
• To become eligible for inclusion in the index, stocks should have been traded on Borsa Ýstanbul for at least 60 days as of the end of the review periods. If the stocks are included in the index within the review period because of a market value (of the publicly offered portion) higher than TL 1 billion or 1% of the total free float market value in the National Market, the 60-day trading requirement does not apply.
• If a company has more than one group of stock, then only one group of stock can be included in the index.
• The selection procedure for the index is as follows:
Stocks are ranked from highest to lowest both according to free float market value as of the end of the review period and according to the daily average traded value in the review period. (In the calculation of the daily average traded value, only the number of days on which the stocks have been traded and the board lot trades with feature codes “E” (Old) and "Y" (New) are taken into account.)
After the stocks are ranked in two separate lists according to the two criteria mentioned above, a final ranking is made as described below:
-If there is any stock which is in the first place in both lists, it is assigned to the first place in the final list. If there is no stock which is in the first place in both lists, it is examined whether there is any stock which is in the first two places. These steps are repeated until a stock which will be assigned to the first place in the final list is found. After finding the stock to be assigned to the first place in the final list, the above steps are repeated for the succeeding places. If there are two stocks which are eligible to be placed in the first “n” places in both lists, then the one with the higher market value is assigned to the upper rank in the final list.
- Selection for the index is made starting with the stocks placed on top of the final list. The upper and lower ranks described in Periodic Review section below should also be taken into account in order for a stock which is not a constituent to be included in that index and in order for a constituent stock to be excluded from that index.
PERIODIC CHANGES ON CONSTITUENT STOCKS
Periodic changes on stocks within the index are conducted according to the following principles, based on the study carried out for the next index period using the review period data:
In order for a stock which is not a constituent to be included in the index, it must rise to a specific upper rank or above in the final ranking and in order for a constituent stock to be excluded from the index, it must fall under a specific lower rank in the final ranking.
Specific upper and lower ranks are 25th and 35th for the BIST 30 Index.
In the final ranking;
a) Stocks which ascend to the specific upper rank or higher and are not covered by the index are included in the index.
b) Stocks which descend down below the specific lower rank and are covered by the index are excluded from the index.
c) If the number of stocks ascending to the specific upper rank or higher is higher than the number of stocks which descend down below the specific lower rank, then starting from the stock which is positioned in the specific lower rank, the required number of stocks in the upper ranks are excluded from the index until the numbers of stocks included-excluded are equal.
d) If the number of stocks descending down below the specific lower rank is higher than the number of stocks ascending to the specific upper rank or higher, then starting from the stock which is positioned one place below the specific upper rank, the required number of stocks in the lower ranks are included the index until the numbers of stocks included-excluded are equal.
e) Reserve Stocks: 2 stocks for the index are selected as substitutes for any changes likely to occur within the period and this Reserve List is announced concurrently with the periodic changes.
This is the period which the data used in the review correspond to during the periodic review conducted with respect to the scope of the BIST 30 index. The review period includes the past 6 months from the last trading days of November, February, May and August for traded value, and the last trading day of November, February, May and August for market value. With regards to the rate of shares outstanding data, the most recent rates announced by CRA will be taken into account during the periodic review.
This is the period in which the periodic changes in the scope of the BIST 30 index will be in effect as a result of the periodic review conducted. There are 4 index periods for the index, namely, January-March, April-June, July-September and October-December.
Announcement of Periodic Changes
Periodic changes on the BIST 30 index are announced at least 10 days prior to the beginning of the relevant index period.
Index Calculation and Dissemination
Index is calculated during the sessions once every 10 seconds and disseminated in real-time.
Free float market values and the most recent registered prices of the stocks are used in the index calculations.
The following formula is used in the calculation of indices:
Et = Value of the index at period t
n = Number of stocks (companies) included in the index
Fit = Price of the stock "i" at period t
Nit = Total number of stock "i" at period t
Hit = Free float ratio of the stock "i" at period t
Bt = Divisor of the index at period t
For detailed information please see www.borsaistanbul.com/en