New ETFs Launch in Romania, Expanding Investment Opportunities
InterCapital ETF, a pioneering international ETF provider in Romania, is set to introduce two new exchange-traded funds (ETFs) on the Bucharest Stock Exchange starting November 11, 2025. These new instruments are designed to offer investors broader access to regional markets and financial opportunities.
The first of these is theInterCapital CROBEX10 TR UCITS ETF, which tracks the performance of the CROBEX10tr index, providing exposure to the Croatian blue-chip equity market. This fund allows investors to gain access to Croatia’s largest and most liquid companies, which are driven by industrial modernization, electrification, infrastructure expansion, and sustained growth in tourism and consumer sectors.
The second ETF is theInterCapital EUR Romania Govt Bond 5-10yr UCITS ETF, aimed at offering straightforward and liquid access to euro-denominated Romanian government bonds with maturities between five and ten years. This fund is particularly appealing given the current high yields available in Romania’s bond market.
Alongside these new listings, InterCapital ETF already has two other ETFs trading on the Bucharest Stock Exchange: theInterCapital BET-TRN UCITS ETF, which tracks the Bucharest Stock Exchange’s main index, and theInterCapital SBITOP TR UCITS ETF, providing exposure to Slovenia’s blue-chip market. With the addition of the two new ETFs, the company will have a total of four ETFs available for trading on the BVB.
Growing Popularity of ETFs
Globally, ETF investing has become one of the dominant ways for individuals and institutions to access markets. The convenience, transparency, and cost-effectiveness of ETFs have made them a preferred choice for many investors.
Kreso Vugrinčić, Chairman of the Management Board at InterCapital ETF, highlighted the significance of these new listings. “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.”
Performance and Features of the CROBEX10 TR UCITS ETF
TheInterCapital CROBEX10 TR UCITS ETFhas been listed in Zagreb since November 2020 and has delivered impressive returns. Over the past five years, it has generated a return of 155% in euros, equivalent to a 21% annualized return. This passive, total-return ETF reinvests dividends at full value, with no dividend tax impact.
Currently, the fund 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. The valuation of the Croatian market stands at roughly 11.5x price-to-earnings, slightly above Romania and Slovenia.
Attractive Yields in Romania’s Bond Market
Romania 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, the country is expected to expand by 1.4% in 2025. Additionally, 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%.
TheInterCapital EUR Romania Govt Bond 5-10yr UCITS ETFwas first listed in Zagreb in May 2024 and has already attracted over 100 investors with approximately EUR 0.8 million in assets. This actively managed fund operates under strict rules defined in the Prospectus, maintaining an average maturity 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.
Conclusion
With the launch of these two new ETFs, InterCapital ETF is further solidifying its position as a key player in the Romanian financial market. These instruments provide investors with diversified access to both the Croatian equity market and the Romanian government bond market, offering opportunities that were previously more challenging to access due to cross-border investment barriers.