How diversified are the ETFs listed in Zagreb: from 0.4% to 32.2% of assets outside the top ten
The label "ETF" is often read as a synonym for diversification. Across the four equity ETFs listed on the Zagreb Stock Exchange, that dispersion varies so widely that the two extremes barely belong in the same bracket: in one fund 0.4% of assets sit outside the top ten positions, in another 32.2%.
The figures below come from the issuer's monthly reports (InterCapital ETF d.o.o.) for August 2026 and from the official ZSE price list. Six ETFs from the same issuer are listed on the ZSE; this article covers only the four equity ones (7CRO, 7SLO, 7BET, 7POL). The other two — 7CASH (money market) and 7GROM (bonds) — hold different assets, so equity concentration is not a comparable measure for them.
How much sits in the top ten positions
| ETF | Index tracked | Largest position | Top 3 | Top 10 | "Other" |
|---|---|---|---|---|---|
| 7SLO | SBITOP TR (Ljubljana) | KRKA 27.7% | 64.5% | 99.6% | 0.4% |
| 7CRO | CROBEX10tr (Zagreb) | HT 18.7% | 53.9% | 98.8% | 1.2% |
| 7BET | BET-TRN (Bucharest) | Banca Transilvania 18.6% | 48.5% | 90.5% | 9.4% |
| 7POL | WIG30TR (Warsaw) | PKO BP 9.9% | 28.0% | 67.8% | 32.2% |
The range is wide: from 67.8% to 99.6% of assets in the top ten positions. At one end sits 7POL, which tracks WIG30TR — an index of 30 Warsaw-listed shares — with the smallest top holding (9.9%) and by far the most assets outside the top ten (32.2%). At the other is 7SLO, where three positions — KRKA, Petrol and NLB — account for 64.5% of the fund. ⛔ No rule is claimed here linking the number of index constituents to a fund's concentration: constituent counts are published only for WIG30TR (30) and CROBEX10tr (as a rule the 10 most liquid ZSE shares), and four funds are too small a sample.
One note on reading the table: in 7SLO, not every one of the ten largest positions is a share. Ninth place is a deposit (OTP STBA, 2.2%), so the equity share of the top ten is 97.4%, not 99.6%.
7CRO: two Končar entities hold 28.8%
With 7CRO it is worth looking below the largest position. The fund holds KONČAR-Elektroindustrija (KOEI) at 18.5% and KONČAR-Distribution and Special Transformers (KODT) at 10.3% — together 28.8% of assets in two companies of the same group. That is more than the single largest position, Hrvatski Telekom (18.7%).
The same concentration shows up in the exchange's daily figures. On Friday 25 September 2026, KOEI was the most traded share on the ZSE with EUR 293,446 across 49 trades, or 18.3% of that day's total equity turnover (EUR 1,606,302, 317 trades, 38 shares traded). KODT was third with EUR 183,320. The index 7CRO replicates and the actual turnover on the exchange therefore rest on the same narrow set of issuers.
⛔ This describes structure, not merit. Nothing about how these shares will move follows from their weight in a fund.
Costs alongside concentration
Total expense ratio (TER) and transaction costs per the issuer's August 2026 data:
| ETF | TER | Transaction costs | Total |
|---|---|---|---|
| 7POL | 0.53% | 0.04% | 0.57% |
| 7BET | 0.84% | 0.13% | 0.97% |
| 7SLO | 0.88% | 0.26% | 1.14% |
| 7CRO | 0.90% | 0.35% | 1.25% |
The most dispersed fund is also the cheapest, and the most expensive is the one tracking the domestic index. None of the four charges entry, exit or performance fees; buying on the exchange may carry a brokerage commission.
Size and liquidity
| ETF | Assets (NAV) | ZSE price, EOD 25 Sep 2026 | Days traded |
|---|---|---|---|
| 7SLO | EUR 84.7m | EUR 65.50 | 245/250 |
| 7BET | EUR 49.6m | EUR 27.25 | 228/250 |
| 7CRO | EUR 23.2m | EUR 40.40 | 230/250 |
| 7POL | EUR 11.7m | EUR 11.58 | 90/93 since class launch 19 May 2026 |
Worth noting: the fund tracking the Slovenian index, at EUR 84.7 million, is 3.7 times larger than the one tracking Croatia's CROBEX10tr — even though both are listed in Zagreb. 7POL is the youngest (its class launched on 19 May 2026), so its liquidity is measured over a shorter period and is not directly comparable.
Portfolio metrics
The issuer also publishes aggregate basket metrics for each fund (monthly report, August 2026):
| ETF | Portfolio P/E | Dividend yield | ROE |
|---|---|---|---|
| 7POL | 13.0 | 3.4% | 16.4% |
| 7BET | 13.7 | 3.0% | 14.3% |
| 7SLO | 15.3 | 3.3% | 13.0% |
| 7CRO | 16.3 | 2.6% | 10.5% |
In this snapshot the basket tracking the Zagreb exchange carries the highest P/E and the lowest dividend yield and ROE of the four. That is one date's measurement, not a trend.
What these numbers do not say
Concentration describes composition; it is not a quality rating or a forecast. A fund with a large share in a few positions follows the fate of those issuers more closely — in both directions. Which arrangement is appropriate depends on what an investor already holds elsewhere, and none of the tables above knows that.
Historical returns published in the issuer's reports are not an indicator of future returns, and they are deliberately left out of the main comparison here.
Sources: monthly reports of the issuer InterCapital ETF d.o.o. for August 2026 (filings on the EHO portal), official Zagreb Stock Exchange price list (EOD 25 Sep 2026).
Individual pages with full holdings: 7CRO · 7SLO · 7BET · 7POL. The shares inside 7CRO can be compared in the screener.
For information only — not investment advice, a recommendation or an inducement to trade.