When people choose an investment track in a study fund or pension, they choose by name. "Equities" sounds like equities. "General" sounds like something in the middle. "Combined tradable" sounds like a mix.
We went through all 887 tracks open to the general public across pension, provident funds, investment provident funds, study funds and savings policies, using what the providers report to the Ministry of Finance as of the end of August 2026. The conclusion is simple: a track's name does not tell you where the money is invested. In some cases the gap between two tracks with the same name is larger than the gap between "equities" and "general".
Three questions the name does not answer
Every track has three numbers that determine how it will behave:
- How much is in equities. That is the volatile part. More equities means higher potential return and bigger swings along the way.
- How much is abroad. That is geographic diversification: how much of the money depends on the Israeli economy, and how much on the world.
- How much is exposed to foreign currency. That is the third risk most savers do not know exists: how much of the money rises and falls with the dollar.
Here is what we found, for study funds alone:
| Track name | Equities | Abroad | Foreign currency |
|---|---|---|---|
| "General" (12 providers) | 47%–56% | 31%–55% | 18%–21% |
| "Tradable equities" | 73%–104% | 2%–105% | 1%–97% |
| "Combined tradable" | 48%–99% | 1%–112% | 0%–98% |
| "S&P 500 tracker" | about 100% (one new track: 69%) | about 100% (69%) | 5%–100% |
Surprisingly, the general track is the most consistent: roughly half equities at every provider. The big differences are in the tracks whose names sound the clearest.
"Tradable equities": Israel or the world?
In Yelin Lapidot's "tradable equities" study fund track, 2.4% of the money is invested abroad, so it is almost entirely Israeli stocks. In the track with the same name at Menora Mivtachim, 105% is invested abroad (above 100% because of derivatives). Two "tradable equities" tracks, two opposite bets: one on the Tel Aviv exchange, the other on world markets.
Neither is "good" or "bad". But someone who chose either of them because of the name does not know which of the two they bought.
"Combined tradable": combined of what?
This is where the gap is widest. In Analyst's "combined tradable" study fund track, 48% is in equities. In the track of the same name at Altshuler Shaham, 99%. At Meitav, 99% equities and just 1% abroad. "Combined" means the manager is allowed to combine asset classes, not that it does. In practice, some of these tracks are Israeli equity tracks in all but name.
A track name describes what the manager is allowed to do. The actual composition describes what it does. Only the second decides what happens to your money in a downturn.
"S&P 500 tracker": same index, different risk
Almost every S&P 500 track holds about 100% in US stocks. Currency exposure is where they differ: in most tracks it is about 100%, while in Ayalon's new study fund track it is 5%, meaning the track hedges almost all of its dollar exposure. In a year when the dollar fell 6%, that is the difference between two tracks with the same name and the same index. More on this in our article on the dollar and your savings.
And in pensions: why "equities" is not 100% equities
In a comprehensive pension fund, "equities" tracks hold 66% to 76% in stocks, not 100%. The reason: about 30% of a comprehensive pension fund is invested in designated bonds the state issues to pension funds at a guaranteed rate. That is an advantage, not a flaw, but it means someone who chose "equities" in their pension and in their study fund does not hold the same thing in both places.
And someone who never chose a track? They are probably in the default age-based track. In comprehensive pension funds, the track for ages 50 and under holds 55% to 62% equities, depending on the provider.
How to check your track
- On the track lookup page (in Hebrew): choose a product, provider and track, or search by the fund number on your annual statement. You see equities, abroad and foreign-currency exposure, fees and returns. The data updates monthly from the Ministry of Finance databases.
- On your annual statement from the fund you will find the track name and fund number. That is all you need.
What this means for you
The right track is not the one with the right name. It is the one whose composition fits your horizon, your goal and the rest of your portfolio. If you hold a study fund, a pension and a provident fund, you need to connect all three into one picture: how much in equities overall, how much abroad, how much in dollars. Without that picture you cannot tell whether your portfolio is diversified or the same bet three times.
Data: Gemel-net, Pensia-net and Bituach-net databases of the Ministry of Finance, Capital Market Authority, as of end of August 2026, cross-checked against mygemel.net. Exposure above 100% reflects derivatives. General information only; not investment advice or marketing.
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