Updated on 21.04.2026 by Alex B. for DF
What is SBITOP?
SBITOP is the flagship equity index of the Ljubljana Stock Exchange (Ljubljanska borza) and the primary benchmark for the Slovenian stock market. It measures the performance of the most liquid, largest, and most reputable listed Slovenian companies — the country’s “blue chips.” Ljubljana Stock Exchange
For investors, SBITOP is the key indicator of how Slovenia’s public equity market is performing.
Official Definition
According to the Ljubljana Stock Exchange, SBITOP is:
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a free-float market capitalization weighted index
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composed of the most traded and representative Slovenian shares
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designed under regulated EU benchmark standards
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reviewed periodically based on liquidity and eligibility rules
This means companies with larger investable market value receive higher weights, while shares not freely available to investors are excluded.
Source: Ljubljana Stock Exchange official methodology.
Current SBITOP Constituents (Latest Official Composition)
Based on the latest official index factsheet, SBITOP currently includes 11 companies:
| Ticker | Company | Weight |
|---|---|---|
| KRKG | Krka | 28.81% |
| NLBR | NLB | 20.26% |
| PETG | Petrol | 17.55% |
| POSR | Pozavarovalnica Sava | 8.13% |
| ZVTG | Zavarovalnica Triglav | 6.84% |
| LKPG | Luka Koper | 6.41% |
| SALR | Salus | 5.96% |
| TLSG | Telekom Slovenije | 3.48% |
| CICG | Cinkarna Celje | 1.85% |
| VZZR | Vzajemna | 0.47% |
| EQNX | Equinox | 0.24% |
Source: Ljubljana Stock Exchange official SBITOP page.
What This Means in Practice
Top 3 Holdings Dominate the Index
The three largest constituents currently represent:
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Krka
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NLB
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Petrol
Combined weight:
66.62% of the entire index
Sector Breakdown (Approximate)
| Sector | Main Companies |
|---|---|
| Pharmaceuticals | Krka |
| Banking | NLB |
| Energy / Fuel Retail | Petrol |
| Insurance | Triglav, Sava Re |
| Logistics / Port | Luka Koper |
| Telecom | Telekom Slovenije |
| Chemicals | Cinkarna Celje |
| Healthcare Distribution | Salus |
| Real Estate | Equinox |
| Mutual Insurance | Vzajemna |
This gives Slovenia a relatively defensive market structure focused on dividends and stable cash flow businesses.
Key Free-Float Details
SBITOP does not use full company market cap. It uses free-float adjusted market capitalization, meaning only shares realistically available to investors count.
Examples:
| Company | Free Float Factor |
|---|---|
| Salus | 0.90 |
| Krka | 0.66 |
| Petrol | 0.60 |
| NLB | 0.42 |
| Triglav | 0.35 |
| Telekom Slovenije | 0.32 |
| Vzajemna | 0.25 |
This is why some companies with large total value still have lower weights.
Why Krka Is #1
Krka d.d. has:
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high market capitalization
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strong liquidity
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meaningful free float
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consistent profitability
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strong investor demand
That keeps it the dominant SBITOP component.
Why SBITOP Is Unique in Europe
Unlike many Western European indices dominated by tech stocks, SBITOP is built around:
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dividends
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banks
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pharma
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insurance
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energy
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infrastructure
This often makes it more value-oriented and income-focused.
ETF Products Tracking SBITOP
1. InterCapital SBITOP TR UCITS ETF
Why This ETF Is Interesting:
It tracks SBITOP TR (Total Return) — not just prices.
That means when Krka, NLB, Petrol and others pay dividends, those dividends are included in performance.
Made for:
- Investors focused on dividend reinvestment
- Regional Balkan / CEE investors
- Larger local ETF product
2. Expat Slovenia SBI TOP UCITS ETF
This ETF buys the actual Slovenian shares in the index. Dividends received are automatically reinvested into the fund instead of paid out in cash.
Made for:
- EU brokers with access to Xetra
- Long-term compounding
- International investors wanting Slovenia exposure
Bottom Line
SBITOP offers concentrated exposure to Slovenian blue chips, especially Krka, NLB, and Petrol.
Offering:
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dividends
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value stocks
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Central European exposure
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smaller market inefficiencies
