TEL AVIV, Israel, November 11, 2015 /PRNewswire/ --
The board of directors of the Tel Aviv Stock Exchange (TASE) approved the launch of a new index - TA-25 Net Dollar, which will be published as of November 15. The new index is a dollar version of the TA-25 Index, with a net total return. The Index will be calculated at the end of every day, according to the closing prices of the shares comprising the index.
The existing TA-25 Index is a Shekel gross total return index, i.e., it reflects the changes in the Shekel price of the shares comprising the index and reflects the gross dividend return for such shares.
The new index has been developed with the aim of meeting the needs of international investors, following the request of an international company that plans to launch an overseas ETF which will track the TA-25 Index. Per the company's request, the Index will reflect a net total return in Dollars, with only the net dividend (75% of the dividend) being reinvested in the index.
The calculation of the Dollar index will the U.S. Dollar to Shekel exchange rate published by WMReuters daily at 4 PM (London time). The Index will be retroactively calculated from January 2005, with a base of 1,000, and will be linked to the Dollar according to the aforesaid exchange rate.
Robby Goldenberg, Senior Vice President, Head of Trading, Derivatives & Indices Department said: "We are proud of the fact that an international company has chosen to launch an ETF on the TA-25 Net Dollar Index. It is an extremely important vote of confidence in the Tel Aviv Stock Exchange and in the Israeli capital market".
Visit the Tel Aviv Stock Exchange's Website: http://www.tase.co.il
For more information please contact: Idit Yaaron or Orna Goren, TASE, +972(076)8160405/6
SOURCE Tel Aviv Stock Exchange (TASE)