Expat Macedonia MBI10
UCITS ETF
A passive exchange-traded fund tracking the MBI10 Index on the Macedonian Stock Exchange through direct physical replication. Access Macedonia’s dynamic economy.
| Market | Ticker | Bloomberg Ticker | Reuters Ticker | ISIN |
| XETRA | MKK1 | MKK1 GY | MKKG.DE | BGMACMB06181 |
| BSE | MKK1 | MKK1 BU | BGMACMB06181 |
MBI10 Index
MBI10 is the main equity index of the Macedonian Stock Exchange, tracking the performance of the 10 largest and most liquid North Macedonian companies and providing broad exposure to country’s key economic sectors.
The index is weighted by free-float market capitalization, with constituent weights capped and reviewed on a semiannual basis to ensure compliance with UCITS standards for portfolio diversification. It comprises leading companies across 6 sectors, with financials representing the largest allocation, followed by health care, energy and industrials.
With a market capitalization of approximately €4.3 billion, MBI10 offers concentrated exposure to North Macedonia’s blue-chip segment for both institutional and retail investors.
Key Stats
Sector Allocation
- Financials
- Health Care
- Energy
- Industrials
- Communication Services
- Consumer Discretionary
Top Holdings
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North Macedonia Economic Outlook
North Macedonia benefits from its strategic geographic position at the crossroads of Pan-European transport corridors and an export-oriented industrial base. The country has developed Technological Industrial Development Zones (TIDZs) that attract foreign direct investment in automotive components, electrical equipment, and advanced manufacturing, integrating the economy further into European supply chains. Pharmaceuticals and energy distribution also play an significant role, with established domestic industry leaders contributing to export growth and strengthening regional market presence.
With projected GDP growth of 3.4%, inflation easing toward 2.9%, and a gradually declining budget deficit, the macroeconomic framework reflects improving fiscal credibility and monetary stability. Unemployment, now at 11.5%, continues to trend downward, supporting domestic demand.
Ongoing alignment with the European acquis standards positions North Macedonia as a competitive, reform-oriented economy with convergence potential in Southeast Europe.
GDP Growth 2025
+3.5%
Inflation 2025
4.3%
Unemployment
12.3%
Debt / GDP
52.5%
Expat Macedonia
MBI10 UCITS ETF
Expat Macedonia MBI10 UCITS ETF provides efficient access to North Macedonia’s equity market by tracking the MBI10 Index of the Macedonian Stock Exchange through direct physical replication. The fund provides diversified access to North Macedonia’s leading listed companies within a fully UCITS-regulated structure.
The ETF invests in the shares of companies included in the MBI10 Index – the main equity index of the Macedonian Stock Exchange, consisting of 10 companies. The fund invests in all MBI10 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
+0.23%
For the previous year
-4.61%
5-Year CAGR (2021–2025)
+10.57%
Since Inception (Annualized)
+10.57%
Documents
Main Documents
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