Expat Slovakia SAX
UCITS ETF
A passive exchange-traded fund tracking the SAX Index on the Bratislava Stock Exchange through direct physical replication. Access Slovakia’s dynamic economy with eurozone stability.
| Market | Ticker | Bloomberg Ticker | Reuters Ticker | ISIN |
| XETRA | SK9A | SK9A GY | SK9A.DE | BGSKSAX04187 |
| BSE | SK9A | SK9A BU | BGSKSAX04187 |
SAX Index
SAX is the main equity index of the Bratislava Stock Exchange, tracking the performance of the 6 largest and most liquid Slovak companies and providing broad exposure to Slovakia’s key economic sectors.
It is weighted by free-float market capitalization, with constituent weights capped and reviewed quarterly to ensure compliance with UCITS standards for portfolio diversification. The index comprises leading companies across 5 sectors, with industrials, financials and consumer discretionary representing the largest allocation, followed by health care and materials.
With a market capitalization of approximately €1.9 billion, SAX offers concentrated exposure to Slovakia’s blue-chip segment for both institutional and retail investors.
Key Stats
Sector Allocation
- Industrials
- Financials
- Consumer Discretionary
- Health Care
- Materials
Top Holdings
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Slovakia Economic Outlook
Slovakia is one of the world’s leading per-capita automobile producers, hosting major global manufacturers and an extensive supplier base that drives advanced engineering and export capacity. This industrial strength is complemented by a growing electronics and machinery sector, strong logistics connectivity, and integration into German-centric value chains.
Slovakia presents an improving macro alignment within the EU and the Eurozone (member since 2004 and 2009 respectively). After growth of 0.8% in 2025, output is projected to accelerate to 2.3% by 2027, signaling a shift from stabilization to expansion. In the same horizon, inflation is expected to ease from 4.1% to 3%, reducing cost pressures and supporting margin recovery across sectors.
Backed by an A+ investment-grade credit rating, Slovakia remains an attractive option for long-term exposure within the EU.
GDP Growth 2025
+0.8%
Inflation 2025
4.2%
Unemployment
5.6%
Debt / GDP
61.4%
EU Integration Milestones
EU Member
Since May 2004 – Full access to EU single market
Eurozone Member
Since January 2009 – EUR as official currency
Schengen Area
Since December 2007 – Border-free travel zone
Credit Rating
A+ (Investment Grade) – Strong fiscal position
Expat Slovakia
SAX UCITS ETF
Expat Slovakia SAX UCITS ETF offers investors efficient exposure to Slovakia’s equity market by tracking the SAX Index of the Bratislava Stock Exchange through direct physical replication. The fund provides diversified access to Slovakia’s leading listed companies within a fully UCITS-regulated structure.
The ETF invests in the shares of companies included in the SAX Index – the main equity index of the Bratislava Stock Exchange, consisting of 6 companies. The fund invests in all SAX constituents in proportions closely matching those of the index, within applicable legal and regulatory limitations.
Listed on the Frankfurt Stock Exchange (XETRA) and the Bulgarian Stock Exchange, the ETF provides broad accessibility to investors across Europe.
The ETF is an open-ended, passively managed collective investment scheme. The fund does not distribute dividends – all profits are reinvested, increasing the net asset value for the benefit of investors.
Risk Information
The fund is exposed to market and currency risk – the possibility of losses due to adverse changes in the value of the reference index. Other key risk factors include:
- The NAV of the shares and their returns may fall, the returns are not guaranteed. Investors take the risk that they may get back less than they originally invested.
- Unusual circumstances such as trading obstruction on the stock exchange, surcharges, extremely volatile markets and others can lead to significant differences between the performance of the Fund and the performance of the Index.
- Liquidity risk – under certain conditions it may become difficult to sell portfolio holdings.
- Other risks: credit risk, interest risk, tax risk, regulatory risk, political risk, operational risk, price risk, currency risk, concentration risk, systemic risk, risk of the passive fund management, risk of corporate events, tracking error risk, events that affect the Reference Index, etc.
More information about risks can be found in the Prospectus. Past performance does not guarantee future results.
Returns
Historical Annual Returns
Past performance does not guarantee future results.
Return Summary
YTD
-2.80%
2025
-7.70%
5-Year CAGR (2021–2025)
-9.95%
Since Inception (Annualized)
-9.09%
Documents
Main Documents
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