Dual-Listed Shares Flourish on the Tel Aviv Stock Exchange: Data, Trends, and Insights for 2025 and Beyond The growth rate of liquidity for dual-listed shares in Israel outpaced the growth rate of their trading in the U.S. In 2025, the trading volume of dual-listed shares on TASE grew by 68%, while their trading volume abroad increased by only 55%. These figures underscore the exceptional robustness of the dual-listing model currently in place at TASE, enhanced by the transition to Monday-Friday trading.
Introduction
The year 2025 marked a significant turning point for the trading of dual-listed shares on TASE. The growth rate of liquidity for dual-listed shares in Israel outpaced the growth rate of their trading in the U.S. - underscoring the increasing robustness of the dual-listing model and the enhanced attractiveness of the local market for both investors and companies. Economist Yuval Tsuk, of TASE’s Research Unit, analyzed the trading data of dual-listed shares, providing compelling insights at a unique juncture, which is characterized by surging trading volumes on TASE, the transition to Monday-Friday trading (effective January 2026) in alignment with global standards, and the recent announcement by Israeli cyber giant, Palo Alto, of its intention to dual-list its shares on TASE.
Growth Engines of the Trading in Dual-Listed Shares
The surge in the liquidity of dual-listed shares is anchored by several key factors:
- The implementation and expansion of substantial market-making programs.
- A sharp increase in Assets Under Management (AUM) within equity indices, generating consistent demand.
- Inherent advantages for local investors, including savings on currency conversion costs and convenient trading hours.
- "Home Bias” - the natural preference of investors to operate within their local exchange.
The data underscores the exceptional strength of the dual-listing model currently in place at TASE.
Impact of the Shift in Trading Days
The transition to a Monday-Friday trading week at the beginning of 2026 is expected to provide a significant boost to trading volumes for dual-listed shares. Early 2026 data already indicates a doubling of foreign investor involvement on Fridays compared to Sundays of the previous year. Furthermore, higher trading activity was recorded on Fridays across the entire Israeli equity market relative to the average Sunday trading volumes in 2025.
Contributions of the Dual-Listing Model
Dual-listing offers companies distinct advantages:
- Enhanced liquidity.
- Broader access to local investors and inclusion in local indices.
- Exposure to local capital while maintaining a presence in foreign markets.
The anticipated dual-listing of Palo Alto serves as a prominent example of the potential inherent in this model and the tailwinds it provides for continued liquidity growth.
Overview of Dual-Listed Shares at TASE
There are currently 50 dual-listed shares traded on TASE. At the end of 2025, the combined market cap of the dual-listed companies stood at US$ 141 billion, representing 22% of the total market cap of the TASE equity market.
The largest dual-listed companies by market cap are:
- Teva - Market cap of US$ 36.2 billion.
- Elbit Systems - Market cap of US$ 26.7 billion.
- Tower - Market cap of US$ 13.1 billion.
Performance and Yields
In 2025, ten dual-listed shares achieved yields exceeding the 51% yield of the TA-125 index. Leading the list were:
- Lineage Cell Therapeutics with an annual yield of 175.8%.
- Enlight Energy with an annual yield of 129.6%.
- Kenon Holding with an annual yield of 101.2%.
For comparison, the NASDAQ-100 rose by only 20% during the same year; notably, 18 dual-listed shares outperformed this leading technology index.
Trading Volumes - A Leap Forward Driven Primarily by a Real Expansion of the Trading Volumes
The average daily trading volume of dual-listed shares on TASE in 2025 totaled US$ 184.7 million - 68% growth compared to 2024. In 2023, the average daily trading volume was only US$ 100.1 million.
It is conservatively estimated that in 2026, the average daily trading volume of dual-listed shares will be more than double its 2023 level.
It is important to note that 38% of the liquidity growth stems from rising share prices, while 62% is attributed to a real increase in trading volumes.
Comparison: Israel vs. Abroad
In 2025, the trading volume of dual-listed shares on TASE grew by 68%, while their trading volume abroad increased by only 55%. This implies that the growth rate on TASE was 23% greater than the growth rate abroad.
Consequently, TASE's share of total trading in the dual-listed shares (in Israel and abroad) rose to 21.3%, up from 19.9% in 2024.
Concentration of Liquidity in Large-Cap Shares
Six dual-listed companies, with a combined market cap of US$ 100 billion, recorded an average daily trading volume exceeding US$ 10 million each on TASE: Teva, Elbit Systems, Nova, NICE, Tower, and ICL. Collectively, they accounted for an average daily trading volume of US$ 136 million.
Data shows that dual-listed shares included in TASE’s flagship indices benefit from increased trading volumes and a greater share of the total trading on TASE. Conversely, small-cap dual-listed companies (market cap below US$ 500 million) attract a significantly lower share of the trading on TASE.
Future Potential for Shifting Trading to Israel
The average daily trading volume of dual-listed shares abroad stands at US$ 684 million. This figure indicates substantial potential for shifting trading activity to the Israeli market as the local exchange's attractiveness continues to grow. Increased trading volumes on TASE support volume growth abroad due to heightened arbitrage activity by professional investors seeking to capitalize on price differentials between the markets.
TA-Dual Listing
The TA-Dual Listing index rose by 40.5% in 2025, reflecting a cumulative increase of 101.8% over the past three years. Since the beginning of the current year, the index has risen by 7%.
The index comprises 37 dual-listed companies that meet its criteria; however, there are currently no ETFs or tracking instruments on the index. The future launch of such instruments could further enhance the liquidity of dual-listed shares.
