August 23 (SeeNews) - Bulgarian investment and asset management company Expat Asset Management said it will launch the first exchange-traded fund (ETF) on the Bulgarian bourse.
The fund, named Expat Bulgaria SOFIX UCITS ETF, will track the performance of the blue-chip SOFIX index of the Bulgarian Stock Exchange (BSE), by adhering to the method of full physical replication of the index, the company said on its website on Monday.
For the purposes of liquidity management and compliance restrictions, the fund may also invest in deposits and government securities.
Individual investors will be able to buy and sell shares of the fund on the secondary market of the BSE, while the the primary market will be open only to institutional investors and market-makers.
Expat Asset Management was granted a permission to manage the ETF by the country's financial regulator last week.
The fund will be registered in the central depository and will receive its bourse code, after which it will be officially announced along with its prospectus and key information for investors.