The TASE 35: Sector Weight, Composition, and the Israeli Large-Cap Public-Equity Architecture

The TASE 35 (formerly the Tel Aviv 25 prior to 2017 restructuring) operates as the benchmark large-capitalization Israeli equity index. The index combines the 35 largest TASE-listed companies by float-adjusted market capitalization and serves as the primary Israeli equivalent of the S&P 500, FTSE 100, or DAX 40.

Per TASE disclosures, the index is rebalanced semi-annually with single-name weighting caps that limit any single position to a structurally defined maximum exposure.

Sector composition

Banking. The five major Israeli banks — Bank Leumi, Bank Hapoalim, Mizrahi-Tefahot, Bank Discount, and First International Bank of Israel — typically anchor a substantial share of total index weight. The Israeli banking sector's structural concentration produces a materially higher index banking weight than most major developed-market indices.

Energy and natural gas. NewMed Energy, Ratio Oil Exploration, Delek Group, and adjacent upstream and midstream operators produce material index energy weight, anchored by the post-2010 transformation of the Israeli natural gas economy.

Real estate. Azrieli Group, Melisron, Amot Investments, Big Shopping Centers, and the broader Israeli REIT and operating real-estate tier anchor substantial index weight.

Technology. NICE, Check Point, and selected additional Israeli technology operators with TASE primary or dual listings contribute material technology weight, though the largest single Israeli technology positions (Mobileye, Wix, JFrog, and a broader tier) list primarily on NASDAQ outside the TASE 35 universe.

Consumer and retail. Strauss Group, Osem-Nestle, Shufersal, Rami Levy, and the broader Israeli consumer-staples and retail tier anchor consumer-sector index weight.

Defense. Elbit Systems operates dual NASDAQ-TASE listing and contributes to the defense-sector index weight.

Pharmaceuticals. Teva Pharmaceutical Industries, the largest single Israeli pharmaceutical operator, anchors the index pharmaceutical weight alongside several smaller positions.

Chemicals. ICL Group operates the major Israeli chemicals position, contributing to the chemicals-and-materials index weight.

Foreign ownership trajectory

Per TASE disclosures, foreign institutional ownership of TASE-listed securities exceeds 50% — a structural shift from the historical Israeli-domestic concentration. The 2018 MSCI inclusion of Israel in Developed Markets, the substantial 2020-2025 IPO cycle, and continued foreign institutional participation through 2024-2026 have all anchored the trajectory.

The 2024 Pershing Square TASE secondary offering acquisition by Bill Ackman and Neri Oxman operates as one of the more visible recent examples of US institutional and individual UHNW entry into TASE-domiciled equity exposure.

The dual-listing architecture

Several major TASE 35 components maintain dual primary listings on both TASE and US exchanges, including Check Point (NASDAQ), NICE (NASDAQ), Tower Semiconductor (NASDAQ), Camtek (NASDAQ), Elbit Systems (NASDAQ), and selected additional operators.

The announced — though not yet completed — Palo Alto Networks TASE secondary listing under ticker "CYBR" following the February 2026 acquisition of CyberArk represents a meaningful precedent: a US-headquartered acquirer of an Israeli-founded company maintaining a TASE secondary alongside its primary US listing.

Index access

International institutional investors access the TASE 35 through several channels: direct purchase of TASE-listed equities via the Tel Aviv exchange operations; Israeli-domiciled ETFs tracking the TASE 35 and adjacent Israeli equity benchmarks; MSCI Israel and MSCI Israel Capped ETFs available on multiple international exchanges; and the iShares MSCI Israel ETF (NASDAQ: EIS) and adjacent international ETF products.

What 2026-2027 looks like

The TASE 35 trajectory through 2026-2027 will reflect continued foreign institutional flows, the post-aliyah-window Israeli capital-markets activity, the broader continued IPO cycle, and the macro environment for Israeli equity exposure.

Source data: TASE disclosures; Israel Securities Authority publications; MSCI publications on Israel index methodology; coverage in Calcalist, Globes, TheMarker, Bloomberg, Reuters. Data current as of Q2 2026.