Expat Serbia BELEX15
UCITS ETF
A passive exchange-traded fund tracking the BELEX15 Index on the Belgrade Stock Exchange through direct physical replication. Access Serbia’s dynamic economy.
| Market | Ticker | Bloomberg Ticker | Reuters Ticker | ISIN |
| XETRA | ESNB | ESNB GY | ESNB.DE | BGSRBBE05183 |
| BSE | ESNB | ESNB BU | BGSRBBE05183 |
BELEX15 Index
BELEX15 is the main equity index of the Belgrade Stock Exchange, tracking the performance of the 12 largest and most liquid Serbian companies and providing broad exposure to Serbia’s key economic sectors.
The index comprises leading companies across 6 sectors, with industrials, financials and materials representing the largest allocation, followed by energy, consumer discretionary and utilities.
With a market capitalization of approximately €2.6 billion, BELEX15 offers concentrated exposure to Serbia’s blue-chip segment for both institutional and retail investors.
Key Stats
Sector Allocation
- Financials
- Health Care
- Consumer Discretionary
- Industrials
- Communication Services
- Other
Top Holdings
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Serbia Economic Outlook
Serbia’s macro profile is shifting from cyclical stabilization toward renewed expansion. Real GDP is projected to accelerate from 2% in 2025 to 3.7% in 2026 and 4% in 2027, supported by industrial upgrading, infrastructure deployment and rising export capacity as manufacturing FDI further integrates the economy into European supply chains.
Disinflation – from 3.9% to 3.2% over the same horizon – point to a recovery in real wage and domestic demand while preserving policy flexibility. Fiscal policies remain disciplined, with deficits contained near 3% of GDP and set to gradually narrow.
A BBB- sovereign rating, tightening labor market conditions and sustained capital inflows collectively signal improving earnings visibility across both domestically driven and export-oriented sectors, positioning Serbia as an attractive medium to long-term growth opportunity within the CEE region.
GDP Growth 2025
+2.0%
Inflation 2025
4.1%
Unemployment
7.1%
Debt / GDP
44.5%
Expat Serbia
BELEX15 UCITS ETF
Expat Serbia BELEX15 UCITS ETF offers investors efficient exposure to Serbia’s equity market by tracking the BELEX15 Index of the Belgrade Stock Exchange through direct physical replication. The fund provides diversified access to Serbia’s leading listed companies within a fully UCITS-regulated structure.
The ETF invests in the shares of companies included in the BELEX15 Index – the main equity index of the Belgrade Stock Exchange, consisting of 12 companies. The fund invests in all BELEX15 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
-2.96%
2025
+2.06%
5-Year CAGR (2021–2025)
-0.07%
Since Inception (Annualized)
-1.09%
Documents
Main Documents
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