InterCapital BET-TRN UCITS ETF reaches 2,000 Investors on the Bucharest Stock Exchange one year after launch
InterCapital ETF, the first ETF manager in both Croatia and Slovenia and the first international ETF provider in Romania, marks the one-year anniversary of the InterCapital BET-TRN UCITS ETF (ICBETNETF), the first ETF listed on the Bucharest Stock Exchange (BVB) to track Romania’s flagship index with dividend reinvestment. The ETF became tradeable on May 29, 2024, and has since delivered a 2.89% return in euros and a 4.46% return in RON over its first 12 months, despite the BET index recording flat price performance during the period. The return was driven entirely by dividends, highlighting the advantage of tracking a total return index in a year of price stagnation.
Krešo Vugrinčić, President of the Board of Directors at InterCapital ETF, commented: “We are extremely proud of the performance and reception of the InterCapital BET-TRN UCITS ETF in its first year. Romanian equities have shown exceptional resilience and long-term potential, and this ETF gives investors a simple, transparent and liquid way to access that opportunity. Launching a product that delivers net positive returns in a year when price movement alone was flat speaks to the power of total return investing. We remain committed to supporting the development of Romania’s capital markets through high-quality ETF products built for both institutional and retail investors.”
The InterCapital BET-TRN UCITS ETF (ICBETNETF) tracks the BET-TRN index, which reflects both the price performance and net dividends of Romania’s most important listed companies. It offers a simple, transparent way for investors to gain exposure to the Romanian equity market, and is available both through any Romanian authorized intermediaries and globally through Interactive Brokers. Investors should note that trades executed via Interactive Brokers are settled in euros, while those conducted directly on the Bucharest Stock Exchange are settled in Romanian leu. This distinction is important for investors managing currency exposure or aligning with the denomination of their existing portfolios.
The ETF is supported by two market makers, InterCapital Securities and Investimental, ensuring continuous liquidity and efficient price formation on the Bucharest Stock Exchange. Since March 2025, ICBETNETF has also been available for trading via Interactive Brokers, one of the world’s leading online trading platforms, opening up the Romanian market to global investors for the first time through a total return ETF listed locally.
As of May 28, 2025, ICBETNETF had reached 18.9 million euros in assets under management, with Class A units (listed in Zagreb and Ljubljana) totaling 13 million euros and Class B units (listed in Bucharest) totaling 5.9 million euros. On the Bucharest Stock Exchange alone, the ETF generated RON 56.9 million in turnover over the past year, representing approximately 13% of total ETF trading volume for the period. More than 2,000 investors now hold the ETF, including both retail and institutional clients.
Romania’s equity market has proven to be one of the strongest performers in Europe over the long term. Over the 10 years ending May 28, 2025, the BET index recorded a compound annual growth rate of 16.9% in euros, outpacing nearly all major markets except the tech-heavy Nasdaq 100. This long-term strength, combined with consistent dividend payouts, positions Romania as a compelling equity market for investors seeking both income and capital growth.
InterCapital ETF currently manages five ETFs with total assets under management of over 130 million euros: InterCapital BET-TRN UCITS ETF, InterCapital SBITOP TR UCITS ETF, InterCapital CROBEX10 TR UCITS ETF, InterCapital Euro Money Market UCITS ETF, and InterCapital EUR Romania Government Bond 5–10yr UCITS ETF. Of these, the InterCapital BET-TRN UCITS ETF and InterCapital SBITOP TR UCITS ETF, tracking the main idex of the Ljubliana Stock Exchange, are already listed on the Bucharest Stock Exchange. InterCapital ETF is also preparing to list the InterCapital EUR Romania Government Bond 5–10yr UCITS ETF on the BVB, offering exposure to Romanian euro-denominated government bonds with maturities of 5 to 10 years.
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About InterCapital ETF
InterCapital ETF is the first ETF manager in both Croatia and Slovenia and the first international ETF provider in Romania. The company currently manages 5 ETFs with a total of EUR 100 million in assets under management, including: InterCapital Euro Money Market UCITS ETF, InterCapital SBITOP TR UCITS ETF, InterCapital BET-TRN UCITS ETF, InterCapital CROBEX10 TR UCITS ETF, and InterCapital EUR Romania Government Bond 5–10yr UCITS ETF.
InterCapital ETF is part of InterCapital Group, which also includes InterCapital Digital Wealth Management, offering a robo-advisory service through its app, Genius, InterCapital HICP, a real estate-focused alternative investment fund, and InterCapital Securities, the largest broker and market maker in Croatia and Slovenia and a remote member in Romania.