Expat Bulgaria SOFIX UCITS ETF received an order on the primary market from a foreign institutional investor for issuance of 1 mln shares of the fund, the asset manager announced on 20 February. The fund got net flows of BGN 830k, which brought to over BGN 27 mln net asset value for the first SOFIX ETF.
SOFIX ETF preparing for London listing
In January the asset manager announced the procedure with UK regulator has been started. SOFIX ETF is one of the very few financial instruments of this type in Central and Eastern Europe and Expat expects foreign investors’ interest to grow towards it when listing in London. “When a foreign investor decides to invest in a small country such as Bulgaria, the easiest way is to do it through a passive ETF listed on big international exchange”, Maria Boichinova, Member of the Board of Expat Asset Management, noted in an interview for investor.bg a month ago. She added her expectations for 2017 were that international investors will look for more risky assets and SOFIX ETF is a transparent and good option.
About SOFIX ETF
Expat Bulgaria SOFIX UCITS ETF is the only exchange traded fund in Bulgaria and it follows the performance of the major BSE stock index SOFIX. It is traded on the Bulgarian Stock Exchange – Sofia with a ticker BGX. Trading started on September 27th 2016 and the fund was considered the driver of the local market rally.
ELANA Trading is one of the three registered market makers together with Benchmark Finance and First Investment Brokerage House.
Driving SOFIX up
SOFIX wrapped up 2016 approx. 28% on the upside. This was the second best year for the local stock market since 2007. SOFIX ranked third by performance among European indices following Russian MICEX and Belgian BUX.