Expat Bulgaria SOFIX UCITS ETF
BGX.L
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- Expat Bulgaria SOFIX UCITS ETF (BGX.L) is an open-ended, passively managed exchange-traded fund that seeks to replicate the performance of the SOFIX Index, the main benchmark of the Bulgarian Stock Exchange comprising the 15 most liquid companies listed on the BSE, through full physical replication by investing in all index constituents in proportions closely matching their weightings; the fund is UCITS-compliant, accumulating (reinvests profits without distributing dividends), denominated in Bulgarian Lev (BGN), and offers liquid exposure to diversified Bulgarian equities across sectors and market capitalizations for both Bulgarian and international investors. The ETF trades on multiple regulated exchanges including the Bulgarian Stock Exchange (ticker: BGX), London Stock Exchange (BGX.L), Frankfurt Stock Exchange (XETRA, BGX GY), and Ljubljana Stock Exchange; it features low transaction costs, tax exemptions on capital gains from Bulgarian exchange trades, no corporate taxation due to UCITS status, daily published portfolio transparency, and primary market creation/redemption for eligible investors, with market makers such as First Financial Brokerage House, Benchmark Finance, Elana Trading, Lang & Schwarz, Stifel, and InterCapital Securities ensuring liquidity. Launched on August 19, 2016, and licensed by Bulgaria's Financial Supervision Commission (FSC authorization No. 156-DF/23.08.2016), the ETF is managed by Expat Asset Management EAD, headquartered at 96A G.S. Rakovski Street, Sofia, Bulgaria (established 2007), with Eurobank Bulgaria AD serving as custodian; it was first listed on BSE on September 27, 2016, followed by Frankfurt (XETRA) on January 10, 2018, and London on October 1, 2018, with geographic focus on the Bulgarian equity market but accessible across EU member states via notified UCITS passporting. In June 2017, the fund's rules were amended to eliminate concentration limits, enabling closer index tracking post-rebalancing; its prospectus was most recently updated and signed on January 15, 2025, reflecting ongoing regulatory compliance and operational enhancements, while annual reports through 2024 confirm sustained performance with year-to-date yields of +25.20% as of December 2025 and assets under management around EUR 5 million.