Lease certificate market ha been growing on both government and private sector front in Turkey. Lease certificates are issued as asset based and they distribute rental income as opposed to conventional bonds paying interest to its investors. Investors of the lease certificates face with liquidity risk and high transaction costs due to large bid and ask spreads. Investing in Turkish lease certificates through Exchange Traded Fund can improve the lease certificate market and thus helps increasing the liquidity in the secondary market. The proposed Index (and also the Exchange Traded Fund) will differ from the existing indices by distributing the rental income of the lease certificates. In this paper we tried to set the rules and calculation methodology for Turkish Public Lease Certificates Index such that an Exchange Traded Fund, distributing rental payments will be constructed upon the Index.Keywords: Bond indexing, exchange traded funds, Turkish Lease Certificates, Islamic Finance, Sukuk.JEL Classification: G11, G12, G23