The ETF replicates the SBITOP TR index (SBITOP gross total return index). The SBITOP TR index is the primary equity benchmark of the Ljubljana Stock Exchange (LJSE). It reflects the performance of the nine most traded companies on the LJSE regulated market and is adjusted to reflect the reinvestment of gross dividends paid by them.

“We are pleased to see ICAM returning to BVB with another ETF listing, this time with exclusively international exposure. With today’s listing, investors on the Bucharest Stock Exchange have access to the Slovenian capital market, which is a first for Romania. Diversification of financial instruments is a strength of the local capital market, which will certainly attract more and more investors. Thus, the number of investors is continuously growing: at the end of 2024, the stock exchange had over 226,000 trading accounts opened directly with brokers. People’s increasing interest in the capital market and the increasingly varied investment solutions that BVB makes available are good signs that the local economy is on an upward trend.”, said Adrian Tanase, CEO of the Bucharest Stock Exchange.

InterCapital SBITOP TR UCITS ETF offers Romanian investors exposure to a diverse portfolio of Slovenian stocks. The index’s largest constituent, Krka, is a leading generic pharmaceutical producer and key player in Romania’s pharma market. The financial sector is well represented with banking player, NLB Grupa and insurers Triglav and Sava Re. The index also includes Petrol, a major fuel retailer investing in renewables, Luka Koper, Slovenia’s main seaport manager, Telekom Slovenia, Cinkarna Celje, chemical processing company, and Equinox, a local real estate player.

“We are excited to introduce Romania’s first ETF offering exposure to the Slovenian capital market, a region with strong returns and an attractive dividend profile. At InterCapital, our goal is to bring innovative and accessible investment solutions to Romanian investors, and today’s listing marks another step in expanding regional diversification. The SBITOP TR index has delivered impressive long-term performance, with a total return of almost 350% over the past decade and more than 50% last year alone, fueled by both price appreciation and high dividends. By listing this ETF on BVB, we provide a straightforward way for investors to gain exposure to a resilient and growing market without the complexities of foreign trading accounts. We believe this product will add value to local portfolios of local and institutional investors and further strengthen cross-border investment opportunities in Central and Eastern Europe,” stated Ivan Kurtovic, Chairman of the Management Board at InterCapital Asset Management.

Slovenian companies have traditionally offered high dividends, contributing significantly to returns. Over the ten-year period ending on March 13, 2025, SBITOP TR index achieved an impressive total return of 341% in euros, reflecting a 16% annual return. Approximately half of this return is attributed to dividends, with the remainder driven by price appreciation – both surpassing the S&P 500, which offered a 12% annual return over the same period. The SBITOP TR ETF reinvests all dividends received and is exempt from dividend taxation, allowing it to benefit from gross dividends.

The first ETF listed by ICAM on the local capital market, identifiable under the stock symbol ICBETNETF, was listed on May 29, 2024 on the BVB and tracks the performance of the BET-TRN index, the net total return variant of the BET index, which reflects both the price evolution of the most important Romanian companies listed on the stock exchange, and the reinvestment of net dividends offered by them.

Alongside the InterCapital SBITOP TR UCITS ETF listed today, three other ETFs are available on the BVB: INTERCAPITAL BET-TRN UCITS ETF from ICAM, which tracks the performance of the BET-TRN index, the OPEN-END INVESTMENT FUND ETF BET PATRIA-TRADEVILLE, from Patria Asset Management, which tracks the performance of the BET index, and the OPEN-END INVESTMENT FUND ETF ENERGIE PATRIA-TRADEVILLE, also from Patria Asset Management, a sector ETF that has as its reference the BET-NG index, dedicated to the energy and related utilities sector.

InterCapital SBITOP TR UCITS ETF is a sub-fund of the INTERCAPITAL UMBRELLA UCITS ETF Zagreb fund, managed by SAI INTERCAPITAL ASSET MANAGEMENT d.o.o. Zagreb through the initiator company Intercapital Securites Ltd.

The listing of the InterCapital SBITOP TR UCITS ETF was carried out with the support of InterCapital Securities Ltd, which also acts as Market Maker of the ETF.

How can you invest in the three ETF’s available at the Bucharest Stock Exchange?

• The funds are addressed to all individuals and legal entities, without restrictions.
• The purchase and sale of fund units can be carried out through any authorized intermediary, using the same procedure by which shares or bonds are bought and sold on the stock exchange. The list of intermediaries authorized to trade at the Bucharest Stock Exchange is available HERE.

About InterCapital Asset Management

With nearly 20 years of experience and a portfolio that includes 19 classic funds and 5 ETFs, InterCapital is the largest independent asset management company in Croatia managing EUR 650 million. Over the years, InterCapital has demonstrated expertise and innovation in investment fund management with multiple products and services launched. Namely, InterCapital is 1^st SEE asset manager that has pivoted from classic UCITS funds into ETFs and digital robo-advisory space with its app, Genius. InterCapital has a clear path to offer cost effective and attractive products across SEE region following its mission to develop regional capital markets through implementation of the best global standards and practices.