InterCapital ETF, the first international ETF provider in Romania, will launch two new exchange-traded funds on the Bucharest Stock Exchange starting November 11, 2025.
The new instruments are the InterCapital CROBEX10 TR UCITS ETF, which offers exposure to the Croatian blue-chip equity market by tracking the performance of the CROBEX10tr index, and the InterCapital EUR Romania Govt Bond 5-10yr UCITS ETF, designed to provide straightforward and liquid access to euro-denominated Romanian government bonds with maturities between five and ten years.
With these two listings, alongside the InterCapital BET-TRN UCITS ETF, which tracks the Bucharest Stock Exchange’s main index, and the InterCapital SBITOP TR UCITS ETF, providing exposure to Slovenia’s blue-chip market, the company will have four ETFs trading on the BVB.
Globally, ETF investing has become one of the dominant ways for individuals and institutions to access markets.
“Croatia’s equity market has been growing fast, with strong companies in industrials, tourism, and consumer goods, while Romania currently offers some of the most attractive euro-denominated bond yields in Europe. By listing these ETFs in Bucharest, we remove the operational barriers that normally come with cross-border investing and make these opportunities accessible in a liquid and regulated local framework,” stated Kreso Vugrinčić, Chairman of the Management Board at InterCapital ETF.
The InterCapital CROBEX10 TR UCITS ETF, which has been listed in Zagreb since November 2020, has delivered a return of 155% in euros in under five years, equivalent to a 21% annualized return. It is a passive, total-return ETF that reinvests dividends at full value, with no dividend tax impact. The fund currently holds approximately EUR 14 million in assets and has over 900 investors.
The CROBEX10 index includes Croatia’s largest and most liquid companies, offering investors access to a diversified market driven by industrial modernization, electrification, infrastructure expansion, and sustained growth in tourism and consumer sectors. The valuation of the Croatian market stands at roughly 11.5x price-to-earnings, slightly above Romania and Slovenia.
Romania, on the other hand, continues to offer some of the most attractive yields in Europe on euro-denominated government bonds. Despite slower economic growth and wider fiscal deficits in the short term, Romania is expected to expand by 1.4% in 2025, while 10-year euro bonds currently yield around 5.7%, significantly higher than similarly rated peers such as Hungary and Serbia, which trade around 4.0–4.5%.
The InterCapital EUR Romania Govt Bond 5-10yr UCITS ETF was first listed in Zagreb in May 2024 and has already attracted over 100 investors with approximately EUR 0.8 million in assets. It is an actively managed fund, operating under strict rules defined in the Prospectus, with an average maturity maintained between five and ten years. Coupons are automatically reinvested, making it a total-return instrument. The current portfolio has an average maturity of 7.3 years and an average yield-to-maturity of around 5.1% before costs.
The ETF will be available for trading on the Bucharest Stock Exchange in RON, offering an additional way for investors to hedge against potential RON depreciation while still benefiting from high euro yields.
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