While investing in stock markets sometimes leads our thoughts to the most popular global markets, the Romanian stock market is not something to be overlooked.
Frontier market investments can have a low correlation to developed markets and thus can provide additional diversification to an investment portfolio. In portfolio management, most of the time, investors are trying to balance the strengths and the weaknesses, the opportunities and the risks of certain choices.
In this guide we look at methods and investment products that track and provide exposure to the BET Index, the reference for the Romanian stock exchange.
Bucharest Exchange Traded Index (BET Index or BET-20) – Key Takeaways
- The BET index is used as an important benchmark in measuring the returns of the most liquid stocks traded on the Bucharest Stock Exchange.
- Index investing has become increasingly popular over the years, with this passive strategy outperforming more active investment over time, especially net of fees and taxes.
- Exposure on the BET index can only be accomplished indirectly, either through self-indexing, index derivatives, or index funds & ETFs.
NAGA is the only international broker offering investments in stocks listed on the Bucharest Stock Exchange and included in the BET Index.
What is the BET Index?
BET (Bucharest Exchange Trading), is the main index of the Romanian stock market and reflects the evolution of the most traded companies on the Main Market of the BVB, excluding financial investment companies (SIFs). It is a free-float market capitalization-weighted index, with the maximum weight of its components of 20%.
The number of companies included in the BET index varies between 10 and 20, according to the BVB website. To be included in the basket of the BET index are selected in descending order companies with the highest liquidity ratio. The liquidity ratio is calculated half-yearly (March and September), by the Index Committee and is the basic source for drawing up the list of companies eligible to be included in the Index basket.
There are also other relevant considerations that can be considered by the BVB Indices Committee, as appropriate, such as: the company's financial situation, legal elements, company transparency, the interest of market participants etc.
Currently, the BET index consists of the following 20 private or state-owned companies:
Company Ticker Weight (%) OMV PETROM S.A. SNP 19.27 BANCA TRANSILVANIA S.A. TLV 18.94 S.N.G.N. ROMGAZ S.A. SNG 12.2 S.P.E.E.H. HIDROELECTRICA S.A. H2O 11.7 S.N.T.G.N. TRANSGAZ S.A. TGN 6.38 BRD - GROUPE SOCIETE GENERALE S.A. BRD 6.36 SOCIETATEA ENERGETICA ELECTRICA S.A. EL 4.4 Digi Communications N.V. DIGI 4.25 MedLife S.A. M 3.46 S.N. NUCLEARELECTRICA S.A. SNN 3.11 C.N.T.E.E. TRANSELECTRICA TEL 2.48 FONDUL PROPRIETATEA FP 1.27 ONE UNITED PROPERTIES ONE 1.23 AQUILA PART PROD COM AQ 0.94 Premier Energy PLC PE 0.92 ANTIBIOTICE S.A. ATB 0.91 TERAPLAST SA TRP 0.69 Sphera Franchise Group SFG 0.68 TTS (TRANSPORT TRADE SERVICES) TTS 0.67 PURCARI WINERIES PUBLIC COMPANY LIMITED WINE 0.16 Source: bvb.ro (as of 12 Nov. 2025 – *Note that Holdings and their number could change in time)
The Bucharest Stock Exchange (BVB) calculates 8 indices, all using the market capitalization weighting method. Six of these are price indices and two total return indices have been developed as versions of the most representative market indices, BET and BET-XT.
- BET-FI - Introduced in 2000 as a sector-specific index for investment funds.
- BET Plus - launched in 2014 and includes more companies (37 compared to the original 10 launched in 1997).
- BET-TR - the first full return index introduced by the BVB, based on the structure of the market benchmark, BET. The BET-TR index reflects both the price performance of its component companies and the dividends they pay.
- BET-XT - reflects the share price performance of the 25 most traded companies on the BVB's regulated market, including financial investment companies (SIFs).
- BET-XT-TR - the full return version of the BET-XT index, which includes the 25 most traded Romanian companies listed on the BVB. The BET-XT-TR index reflects both the price performance of the component companies and the dividends they pay.
- BET-BK - constructed and launched for use as a benchmark index by fund managers and other institutional investors.
- BET-NG - introduced in 2008 to track transactions with shares of energy companies.
Why invest in the BET Index?
Investing in the Romanian BET Index in 2025 presents a strategic opportunity to benefit from the growth of Romania’s most liquid and prominent publicly traded companies.
- Access to Romania’s economic development: The BET Index reflects the performance of the top Romanian companies listed on the Bucharest Stock Exchange (BVB), which are positioned for growth as Romania's economy continues to develop and integrate further with the European and global markets.
- Attractive long-term returns and dividends: The BET Index has delivered strong returns historically, outperforming major global indices like the S&P 500 and STOXX 600 over extended periods. Many of its constituent companies also pay dividends, providing an appealing income source for investors.
- Diversified exposure to key sectors: The BET Index includes companies across various industries, offering investors exposure to Romania's leading sectors and helping to diversify growth drivers.
Considering these factors, let’s explore practical steps and methods for investing and trading in the BET Index to capitalize on Romania's market potential.
How to invest in the BET Index?
An index like BET is a hypothetical basket of stocks, so it cannot be invested in directly. But there are investment products that track indexes available through product providers and fund issuers or instruments you can leverage to replicate an index investment.
The truth is that there are both advantages and disadvantages to each, and these could help you decide which option is right for you, considering your investment strategy, risk tolerance, investment goals, and time horizon.
1. Direct investments in top BET Index companies' stocks
When you buy shares of stock in individual businesses, you become a part owner of the company. That means you get a share of the profits or losses, based on how well the company does.
Individual stocks can have good performance over time, but they may be volatile in the short term, fluctuating massively, which comes along with risks. It’s not unusual for high-flying stocks to decline 20-30% (or more) each year on their way to long-term outperformance. On the other hand, a strong stock might go up 50% or more in a single year, especially if the overall industry or sector is hot.
In general, in the short run, stocks may rise and fall for many reasons, and market sentiment often determines how a stock performs day to day. In the long term, however, a stock more closely follows the company’s growth. As the company expands its profits, usually, the stock will tend to rise as well.
NAGA is the only international broker offering investments in stocks listed on the Bucharest Stock Exchange and included in the BET Index.
Key Romanian BET stocks available to trade or buy include:
- OMV Petrom (SNP): Romania’s largest energy company, OMV Petrom dominates the oil and gas sector.
- Banca Transilvania (TLV): The leading Romanian bank with approximately 24% market share in banking assets.
- Hidroelectrica (H2O): The biggest Romanian IPO and a major player in Romania’s renewable energy sector.
- Romgaz (SNG): One of Eastern Europe’s largest natural gas producers and suppliers.
While Romania’s economy and BET Index companies offer attractive growth and dividend prospects, investors should consider risks such as regulatory changes, currency volatility, and regional economic conditions. Utilizing trading platforms like NAGA through advanced features such as stop-loss orders and demo accounts can help manage these risks effectively when trading or investing in the BET Index.
2. Investing in ETFs tracking the BET Index
An ETF might be a higher-priority investment if you are an investor, seeking diversification and if you set objectives for the long-term.
When you invest in ETFs, you invest in many securities rather than just one company. An ETF can be made up of hundreds or even thousands of stocks (or other assets), allowing you to diversify your portfolio with a single investment.
Sometimes, investors may wish to quickly gain portfolio exposure to specific sectors, styles, industries, or countries but do not have expertise in those areas. Given the wide variety of sector, style, industry, and country categories available, ETF shares may be able to provide exposure to a specific desired market segment.
Some of the Best ETFs November 2025
3. Investments in the BET Index via futures contracts
Indices futures contracts are for speculating on the price movements of various stock indices, such as the Dow Jones, Nasdaq 100 or BET Index. Like commodities futures, traders can choose whether to speculate on price movements or hedge with multiple positions to manage risk.
For example, if a trader bought a futures contract and the price of the index rose and was trading above the original contract price at expiration, then they would have a profit. Alternatively, if the index falls, he would have a loss.
The expiration of index futures contracts doesn’t require the delivery of a physical asset. Instead, it is settled with cash. The amount of cash is dependent on the difference between the entry and exit prices of the contract.
For the BET index the required margins will be even less than 10%, while for other products the margins would be between 10% and 30-40%.
Learn more about Futures trading
BET Index Predictions for 2026
The BET Index increased by more than 6.300 points, which means around 38% since the beginning of 2025. But what are experts’ predictions for the next months and years? Which sector is expected to perform better?
BET index is expected to trade at 22.521 points by the end of this quarter, according to Trading Economics global macro models and analysts' expectations. Looking forward, the agency estimates it to trade at 20.614 in 12 months', indicating a moderate expected decline over the next year.
Past performance is not a reliable indicator of future results. All historical data, including but not limited to returns, volatility, and other performance metrics, should not be construed as a guarantee of future performance.
Simplywall.st analysts are most optimistic about the Materials sector, expecting annual earnings growth of 90% over the next 5 years. This is better than its past earnings decline of 24% per year. In contrast, the Telecom sector is expected to see its earnings decline by 79% per year over the next few years.
Key drivers for the Romanian BET Index in 2026 include:
- Economic growth: Romania's GDP growth in 2026 is expected to be modest, with estimates ranging from around 0.5% to 1.4%. This slow growth is influenced by fiscal consolidation, tightening fiscal policies, and high interest rates that may moderate expansion in key sectors.
- Sectoral performance: The expansion of sectors such as technology, manufacturing, and services—which are prominent in Romania's market—will be crucial for the BET index performance. However, these sectors face challenges from fiscal tightening and inflationary pressures.
- Investment climate and foreign investments: Foreign investment attractiveness might be restrained due to fiscal policy tightening and high borrowing costs, which may suppress investment levels. However, investment acceleration financed by European Union funds programs is expected to support some growth and market liquidity.
- Dividend outlook and market stability: Companies listed on the BET index may face pressures from subdued economic growth and inflation, affecting dividend stability and investor sentiment.
To find out more about the BET Index outlook, visit our research and analysis of the top 12 components:
BET Index Trading Hours
The Bucharest Stock Exchange allows daily trading from Monday to Friday. Trading hours differ depending on the markets and the type of financial instruments. The regulated market (REGS) has a Pre-Opening session from 9:30 to 9:45 AM (Eastern European Time), a regular trading session is from 9:45 to 17:55, Pre-Closing is from 17:55 to 18:00, from 18:00 to 18:10 is the Closing Trading session and the market is closed at 18:10. At Bucharest Stock Exchange there is no trading on Saturdays and Sundays, as well as on national holidays in Romania, announced in advance by BVB.
BET Index History
According to BVB, the BET index began its history 26 years ago from a level of 1,000 points, with 10 companies and a capitalization of 443 million lei. Today, the main index stands at 12.176 points, includes 20 companies with an index capitalization of 50.7 billion RON (~EUR 10.2 billion).
Historically, one year after its launch, the BET was to hit an all-time low: on 24 September 1998, the index reached a low of 281 points.
Almost 10 years after its launch, the Romanian stock market was standing at 10,813. Subsequently, events on the international financial scene in 2008 led to steep declines in all the world's capital markets, and the lowest level after this period was reached in Romania on 25 February 2009, when the BET index had a level of 1,887 points. On 18 September 2017, the BET closed the session close to the 8,000-point level, an increase of 324% since 2009.
The BET Index (Bucharest Exchange Trading Index) reached its all-time high of 23,136.51 points in November 2025. This milestone reflects recent strong performance in Romania’s stock market.
The longest-standing issuer in BET's history is Banca Transilvania and it has been in the index for 25 years. BRD - Groupe Societe Generale has been in BET for 24 years and OMV Petrom for 23 years.
Conclusion
For some, their belief in investing in individual stocks is so deep, it's almost like a religion. They will tell anyone who is willing to listen to buy stocks they have researched thoroughly and hand-picked. Others sleep better at night knowing that their portfolio is well diversified through exchange-traded funds (ETFs). There are also investors whose risk appetite is higher. Many of them will choose more speculative financial instruments, such as future contracts, or stock trading via CFDs.
Investments in the BET Index can provide additional diversification to an equity portfolio, but might come along with risks, like any kind of investment, especially during economic and geopolitical turbulent periods.
Investors and speculators have the possibility to choose their own investment method, considering personal circumstances such as risk tolerance, investment objectives, or horizon.
Free resources
Before you start investing in the stock indices such as BET index, you should consider using the educational resources we offer like NAGA Academy or a demo trading account. NAGA Academy has lots of free trading courses for you to choose from, and they all tackle a different financial concept or process – like the basics of analyses – to help you to become a better trader or make more informed investment decisions.
Our demo account is a suitable place for you to learn more about leveraged trading, and you’ll be able to get an intimate understanding of how CFDs work – as well as what it’s like to trade with leverage – before risking real capital. For this reason, a demo account with us is a great tool for investors who are looking to make a transition to leveraged trading.
