SBF 120 Bourse Direct: Understanding the Leading Index of the Paris Stock Exchange and the Role of Bourse Direct
What is the SBF 120?
The SBF 120 is one of the main stock market indices of the Paris stock exchange. It was created to provide a very broad overview of listed French companies. The acronym SBF stands for "Société des Bourses Françaises," and the index includes the 120 most liquid and important stocks listed on the Paris Stock Exchange. It includes all the companies of the CAC 40, to which are added 80 titles representing other sectors and capitalizations.
The SBF 120 index is commonly followed by fund managers, individual investors, analysts, and media to measure the health and dynamics of major French publicly traded companies. It also serves as a reference for many index funds, ETFs, structured products, or savings solutions.
Composition and Operation of the SBF 120
The composition of the SBF 120 is regularly updated by the scientific council of Euronext. It includes:
- The 40 companies making up the CAC 40, selected for their market capitalization and liquidity.
- 80 additional companies, representing various sectors and the most important companies outside the CAC 40.
This index thus reflects a total diversification of the French economy: retail, luxury, industry, services, healthcare, finance, technology, energy, etc.
The SBF 120 is weighted according to the floating market capitalization of each company. Companies with higher valuation and significant liquidity weigh more heavily in the calculation of the index.
Select Criteria
- Adjusted market capitalization of the float (quantity of shares available freely for purchase/sale)
- Sufficient average trading volume
- Annual review and update by the scientific committee
Evolution of the List of Companies Composing the SBF 120
The composition can change based on the evolution of listed groups, mergers, listings, exits from the market, and changes in ranking.
As of November 11, 2025, the SBF 120 includes, for example, iconic values such as LVMH, TotalEnergies, Danone, Air Liquide, Sanofi, BNP Paribas, Vinci, L'Oréal, but also smaller companies that stand out for their high liquidity or rise to prominence.
Note: Bourse Direct is not part of the companies in the SBF 120 at this date and has never been a member or founder. Its stock (FR0000074254) is listed on Euronext Paris but outside the major reference indices.
Weight and role of the SBF 120 in financial markets
The SBF 120 represents a significant portion of the French stock market capitalization and faithfully reflects the trends of the hexagonal economy. Its broad weighting makes it an unavoidable tracking index for:
- Individual investors wishing to diversify their investments
- Institutional investors to build or replicate indexation strategies
- Analysts, rating agencies, and specialized media for their market studies
- Issuers of financial products (ETFs, funds, mutual funds, securities, warrants)
This wide spectrum implies representative performance of the entire Parisian stock exchange. Movements of the SBF 120 are particularly followed during macroeconomic announcements or major quarterly results.
Bourse Direct: key player in brokerage, but outside the SBF 120
Bourse Direct is a pioneer of online brokerage in France, founded in 1996. The company is independent and listed on Euronext Paris (ISIN FR0000074254), which offers transparency to its customers and investors. Bourse Direct is recognized for its competitive fees and tools adapted to independent investors.
Unlike some assertions sometimes read, Bourse Direct does not feature in the SBF 120 index. It has never been included in this index, and therefore does not represent a major weighting or a founding group of this selection.
Its shareholding and size are indeed significant in the universe of brokerage, but insufficient to meet the strict criteria (size, float, liquidity) that determine membership in the SBF 120. The Bourse Direct stock remains, however, accessible via Euronext Paris, and can be held in a PEA (Plan d'Épargne en Actions) or a regular securities account.
Key figures as of November 7, 2025
- Stock price of Bourse Direct (FR0000074254): 4.14 euros
- Number of individual shareholders continuously increasing
- Company eligible for PEA and securities account
- Market: Euronext Paris section C
Services and specialties
- Order execution on French and international stocks
- PEA, PEA-PME, securities account, life insurance
- Web platform and mobile trading applications
- Training and webinars for beginners and experienced traders
- Customer service based in France
Offers and fees at Bourse Direct
Bourse Direct's pricing offers are among the most attractive on the French market, with a clear intention to democratize access to the stock market for individuals.
Brokerage fees
- Starting at 0.99 euros per order for orders under 500 euros
- Progressive pricing, adapted to the volume traded
- No custody fees for the majority of securities accounts
Transfer fees: special offer
Bourse Direct reimburses up to €200 in transfer fees per account when transferring a PEA or a brokerage account, a frequent operation for investors wishing to change brokers without additional costs.
Other Services
- Free educational training offered
- Access to real-time stock market news
- Powerful graphical tools for technical analysis
- Regular thematic webinars
SBF 120 vs CAC 40: What Are the Differences?
Even though the CAC 40 remains the most emblematic index of the Paris Stock Exchange, the SBF 120 stands out by its very broad representation of the French economy.
| Criterion | CAC 40 | SBF 120 |
|---|---|---|
| Number of companies | 40 | 120 |
| Representativeness | Major groups (mostly international) | Larger, medium-sized, and some small companies (broader economic panorama) |
| Weighing | Float-adjusted market capitalization | Float-adjusted market capitalization |
| Covered sectors | Primarily luxury, industry, energy, finance | All sectors represented at the Paris Stock Exchange |
| Usage | International barometer of the French market | Broader index used by index funds, ETFs, derivatives products |
| Update frequency | Quarterly | At least annually |
Stock Market Data as of November 11, 2025
Recent Value of the SBF 120 Index
- 6,096.36 points at the close on November 7, 2025
- 6,154.34 points during the session on November 10, 2025
Examples of Variations on the SBF 120
- Strongest increase on November 7, 2025: Arkema +4.75% to €51.35
- Strongest decrease on November 7, 2025: Atos -4.02% to €45.56
Status of the Bourse Direct Stock Exchange
Despite growing volumes on its platform, Bourse Direct remains absent from the SBF 120 index at this date due to its market capitalization, liquidity, and sector of activity.
Female Representation
The proportion of women leading companies in the SBF 120 is increasing and stands at approximately 25% in 2023, compared to 18% in 2022. This indicator reflects a positive evolution in the governance of major French corporations.
Strategies for Investing in the SBF 120
Investment in the SBF 120 index attracts by its diversified exposure and liquidity. Several solutions allow easy investment in this index from France:
- Exchange-Traded Funds (ETFs): replicate the performance of the SBF 120 almost without fees, practical for beginners.
- Open-Ended Investment Companies (OEIC) and Undertakings for Collective Investment in Transferable Securities (UCITS): active management on the companies composing the SBF 120, allowing to exploit valuation discrepancies.
- Structured Products: solutions with protected capital indexed on the index.
- Direct purchase of SBF 120 stocks: possibility of forming a selective portfolio or applying sectoral or fundamental filters.
To manage a diversified exposure, SBF 120 ETFs are very popular. They provide easy access to almost the entire listed French economy and are eligible for the PEA.
Experienced investors can also perform stock picking on certain stocks of the SBF 120 by combining fundamental analysis, technical analysis, and tracking economic news.
Criteria to consider before investing
- Volatility of the index: properly evaluate your investment horizon and risk aversion.
- Sectoral diversification: the SBF 120 is broader than the CAC 40 but remains concentrated on major sectors.
- Dividend yield and growth prospects
- Management fees of the chosen support (ETF, mutual fund, etc.)
Examples of strategies:
- Regular savings on an SBF 120 ETF to benefit from the smoothing effect over the long term
- Sectoral arbitrage according to economic trends (luxury, health, energy, etc.)
- Rotation between large, medium, and small capitalizations composing the index
Frequently Asked Questions (FAQ)
Does Bourse Direct belong to the SBF 120?
No, Bourse Direct does not belong to the companies of the SBF 120 as of November 11, 2025, and has never been part of this index. Its title is listed on Euronext Paris but outside the major national indices.
What is the current level of the SBF 120?
The SBF 120 fluctuated between 6,096 and 6,154 points during the latest trading sessions of November 2025.
Why is the SBF 120 important for an investor?
It constitutes an excellent indicator of the overall trend of the French market, covers many sectors, and allows investment through diverse solutions (ETFs, funds, derivatives).
What are the entry criteria for the SBF 120?
Companies listed in Paris presenting the highest float capitalization and liquidity across multiple sectors are selected.
Does Bourse Direct offer any offers to transfer my PEA or securities account?
Yes, Bourse Direct reimburses up to €200 in transfer fees per transferred account from another institution, one of the most attractive offers on the market today.
How do I buy an SBF 120 ETF with Bourse Direct?
Simply open an account (PEA or ordinary securities account), then search for the desired SBF 120 ETF on the platform. Placing an order is done simply online, starting at €0.99 per transaction according to the current schedule.