InterCapital lists ETF tracking Slovenia’s main stock market index on Bucharest Stock Exchange
On March 18, InterCapital Asset Management (ICAM), the largest independent investment manager in Croatia, listed its second ETF (Exchange Traded Fund), tracking Slovenia’s main stock market index.
The ETF’s full name is InterCapital SBITOP TR UCITS ETF and it trades on the Bucharest Stock Exchange (BVB) under the ticker symbol ICSLOETF, replicating the SBITOP TR index (SBITOP gross total return index), an 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," said Adrian Tanase, CEO of the Bucharest Stock Exchange.
The Slovenian 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 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, chemical processor Cinkarna Celje and Equinox, a local real estate player.
“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,” 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 first ETF listed by ICAM on the local capital market, trading under the symbol ICBETNETF, was listed on May 29, 2024 on the BVB and tracks the performance of the BET-TRN index, representing the net total return variant of the BET index.
(Photo source: Bvb.ro)
