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Tel Aviv Stock Exchange, BlueStar announce launch of TA-BIGITech
By Tali Rackner
Norfolk, Va., March 24 – The Tel Aviv Stock Exchange and BlueStar Indexes announced the launch of the TASE-BlueStar Israel Global Technology index, or TA-BIGITech, which includes 57 stocks of Israeli or Israel-related high-tech companies trading in Tel Aviv, New York and London as well as dual-listed companies, according to a press release.
The index is an evolution of BlueStar's BIGITech benchmark calculated since 2013 and has history dating to December 2003, the release noted.
Leading Israeli companies in the index include: Amdocs, Check Point, Mobileye, Stratasys and Mellanox.
The aggregate market cap of the companies included in the index is about $75 billion, compared to TA-BlueTech's $23 billion.
This is the first index to include Israeli high-tech companies trading on markets worldwide, and it can act as the underlying benchmark for index funds, exchange-traded funds and exchange-traded notes issued in Israel and abroad, the release stated.
“We are thrilled to join forces with the Tel Aviv Stock Exchange to create TA-BIGITech,” BlueStar founder and CIO Steven Schoenfeld said in the release.
“The TASE's involvement has already enhanced our methodology, and we will benefit from the exchange's participation on the BlueStar Index Advisory Committee, which helps govern TA-BIGITech.
“We are pleased that the first index fund to track BIGITech has already been launched in Israel, and we estimate that ETNs and ETFs tracking the index will soon be issued, serving both Israeli and international investors," he added.
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