FinEx-ETF

What FinEx-ETF does

FinEx ETF is an exchange-traded fund provider that built and marketed the largest and most diversified ETF lineup available to Russian retail and institutional investors, offering ruble-, dollar-, euro-, and tenge-denominated share classes on the Moscow Exchange. The product suite spans roughly twenty active ETFs and closed funds across US, German, Chinese, Kazakh, emerging-markets-ex-Chindia, developed-markets-ex-US, and Japanese equity exposures; US Treasury, TIPS, fallen-angel, and Russian eurobond fixed income; physically-backed gold (FXGD, holding 2,400.3 kg of allocated bullion as of July 2026); and thematic baskets in blockchain (FXBC) and video gaming/eSports (FXES). Funds are physically backed and index-replicating, structured as Irish Collective Asset-management Vehicles (FinEx Funds ICAV and FinEx Physically Backed Funds ICAV) authorized by the Central Bank of Ireland under the UCITS framework, with index calculation provided by Solactive AG and MV Index Solutions GmbH.

The business model is a pure asset-based fee model: FinEx generates revenue exclusively from annual management fees (expense ratios) ranging from 0.20% on the short-term US Treasury FXTB fund to 1.39% on the Kazakhstan FXKZ fund, deducted from fund assets. There are no direct transaction fees to the issuer; investors pay commissions to brokers. Distribution is entirely intermediated through the Moscow Exchange via Russian broker-dealers, with supporting customer-service operations in Moscow and customer-education and marketing channels on Telegram, VKontakte, YouTube, and a corporate blog. Customer segments are primarily Russian retail investors, with secondary demand from restricted Russian government employees (РФ) and a long tail of professional and institutional users.

As of June 29, 2026, both issuer vehicles are in liquidation following orders of the High Court of Ireland, with Damien Murran and Jennifer McMahon of Teneo Restructuring (Ireland) Limited appointed as joint liquidators and a Notice of Termination issued to shareholders on June 30, 2026. The website, NAV calculator, and Decree No. 844 portfolio-valuation tool remain operational, but the issuer entities are no longer a going concern and the previously active distribution and product pipeline is in run-off.

Name

FinEx-ETF

Legal name

FinEx Funds ICAV

Website

https://finex-etf.ru

Company type

Private

Founded year

1901

Operating status

Closed

Headcount range

11–50 employees

Short description

FinEx ETF is a Russian-focused exchange-traded fund provider, offering roughly twenty ETFs across global equities, bonds, gold, and thematic sectors via Irish UCITS structures on the Moscow Exchange; both issuer vehicles are in liquidation following June 2026 High Court of Ireland orders.

Ownership category

akta.pro rank

Product category

Asset Management / Exchange-Traded Funds

NAICS

Open-End Investment Funds (52591), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Finance Services (6199)

akta.pro primary industry

Real Assets & Infrastructure ETFs (REITs, Infrastructure, Natural Resources) (FSAAAFAH)

akta.pro secondary industries

Fixed Income ETFs (Government, Corporate, Munis, TIPS) (FSAAAFAD), Credit & High Yield / Bank Loan ETFs (FSAAAFAE)

Keywords

• Exchange-traded funds
• ETF provider
• Asset management
• UCITS funds
• Portfolio investment products

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees (Expense Ratios): FinEx generates revenue through annual management fees charged as a percentage of assets under management. Fee rates vary by fund, ranging from 0.2% (FXTB - short-term US Treasuries) to 1.39% (FXKZ - Kazakhstan equity). These fees are deducted from fund assets and are the primary revenue stream for the ETF provider.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

FinEx-ETF is the largest ETF provider in Russia, offering over 20 exchange-traded funds (ETFs) structured as Irish-domiciled UCITS-compliant ICAVs that provide Russian investors with access to global equity markets (US, Germany, China, emerging markets, Kazakhstan), US Treasuries and TIPS, high-yield corporate eurobonds, physically-backed gold, and thematic sectors (blockchain, video gaming/eSports). Funds are listed and traded on the Moscow Exchange in rubles, dollars, euros, and tenge, with several products offering twin share classes in different currencies.

Product overview

FinEx ETF operates as a platform of exchange-traded funds (ETFs) providing Russian investors access to global financial markets. The portfolio consists of 20+ active and archived ETF products organized across several categories: regional equity ETFs (covering USA, Germany, China, Kazakhstan, Russia), thematic ETFs (blockchain, video gaming/eSports), sector ETFs (US IT), bond ETFs (corporate, government including TIPS), commodity ETFs (gold), and money market ETFs. Some products have twin share classes in different currencies (USD/RUB). The company also provides investor tools including portfolio NAV calculators and risk/return forecasting tools. All funds are structured through Irish-domiciled ICAV entities (FinEx Funds ICAV and FinEx Physically Backed Funds ICAV). Several funds are currently in liquidation or have been terminated.

Differentiator

Problem solved

Functional benefit

Products and services

• FinEx Blockchain UCITS ETF (FXBC) Thematic UCITS ETF providing exposure to companies in the blockchain ecosystem across the USA, Canada, China, UK, and Hong Kong. For investors seeking exposure to blockchain technology equities.
• FinEx Emerging Markets ex Chindia UCITS ETF (FXEM) Regional equity ETF covering emerging market stocks excluding China, India, and the Middle East, holding 380+ stocks across 15 emerging markets. For investors seeking diversified emerging market exposure.
• FinEx US REIT UCITS ETF (FXRE) USD-denominated REIT ETF investing in 120+ US real estate investment trusts. For investors seeking US real estate sector exposure.
• FinEx Fallen Angels UCITS ETF (RUB) (FXRD) RUB-denominated high-yield corporate bond ETF investing in USD bonds from 20+ developed market issuers with recently downgraded credit ratings (BB+ to BB-). Twin fund to FXFA. For investors seeking high-yield corporate bond exposure.
• FinEx Video Gaming and eSports UCITS ETF (FXES) Thematic ETF investing in video gaming and eSports industry companies, tracking the MVIS Global Video Gaming and eSports index. For investors seeking gaming and eSports sector exposure.
• FinEx US TIPS UCITS ETF (RUB) (FXIP) RUB-denominated US Treasury Inflation-Protected Securities (TIPS) ETF tracking the Solactive US 5-20 Year Treasury Inflation-Linked Bond Index. Twin share class to FXTP. For investors seeking inflation-protected US government bond exposure.
• FinEx US TIPS UCITS ETF (FXTP) USD-denominated US Treasury Inflation-Protected Securities (TIPS) ETF tracking the Solactive US 5-20 Year Treasury Inflation-Linked Bond Index. Twin share class to FXIP. For investors seeking inflation-protected US government bond exposure.
• FinEx Fallen Angels UCITS ETF (FXFA) USD-denominated high-yield corporate bond ETF investing in bonds from 20+ developed market issuers with recently downgraded credit ratings (BB+ to BB-). Twin share class to FXRD. For investors seeking high-yield corporate bond exposure.
• FinEx Developed Markets ex US UCITS ETF (USD) (FXDM) Developed markets equity ETF (ex-USA) holding 200 world brands across Japan, UK, France, Switzerland, Australia, Canada, Netherlands and 10+ other countries. For investors seeking diversified global ex-US equity exposure.
• FinEx Gold ETF (FXGD) USD-denominated ETF investing in physical gold stored in bars (2,400.3 kg net weight as of July 2026). For investors seeking direct physical gold exposure with full transparency on inventory.
• FinEx Global Equity UCITS ETF (USD) (FXWO) USD-denominated global equity ETF covering stocks from USA, Germany, Japan, UK, China, and Australia. Twin share class to FXRW. For investors seeking diversified global equity exposure.
• FinEx Global Equity UCITS ETF (RUB) (FXRW) RUB-denominated global equity ETF covering stocks from USA, Germany, Japan, UK, China, and Australia. Twin share class to FXWO. For investors seeking diversified global equity exposure in rubles.
• FinEx Cash Equivalents UCITS ETF (USD) (FXTB) USD-denominated money-market ETF investing in short-term US Treasury bills with maturities of 1-3 months. Twin share class to FXMM. For investors seeking USD cash-equivalent exposure.
• FinEx Cash Equivalents UCITS ETF (RUB) (FXMM) RUB-denominated money-market ETF investing in short-term US Treasury bills with maturities of 1-3 months. Twin share class to FXTB. For investors seeking RUB-denominated USD cash-equivalent exposure.
• FinEx Russian RTS Equity UCITS ETF (USD) (FXRL) USD-denominated Russian equity ETF tracking RTS Index stocks listed on Moscow Exchange. For investors seeking exposure to Russian equities.
• FinEx USA Information Technology UCITS ETF (FXIT) USD-denominated sector ETF investing in US information technology sector stocks. For investors seeking US technology sector exposure.
• FinEx USA Information Technology UCITS ETF - MiniShares (FXIM) USD-denominated US IT sector ETF in MiniShares share class with lower price per share. Composition similar to FXIT. For investors seeking US technology sector exposure at a lower per-share price.
• FinEx USA UCITS ETF (FXUS) USD-denominated US equity ETF covering approximately 85% of the US stock market by investing in the largest US companies. For investors seeking broad US equity market exposure.
• FinEx Tradable Russian Corporate Bonds UCITS ETF (USD) (FXRU) USD-denominated ETF investing in eurobonds of Russian issuers. For investors seeking exposure to Russian corporate eurobonds.
• FinEx Germany UCITS ETF (FXDE) EUR-denominated German equity ETF covering approximately 85% of Germany's stock market, including Siemens, SAP, Bayer, Daimler, Allianz, Adidas, BASF, Volkswagen, and BMW. For investors seeking German equity exposure.
• FinEx China UCITS ETF (FXCN) USD-denominated Chinese equity ETF investing in a portfolio of the largest Chinese companies with dividends reinvested in the underlying index. For investors seeking Chinese equity exposure.
• FinEx FFIN Kazakhstan Equity ETF (FXKZ) KZT (tenge)-denominated Kazakhstan equity ETF tracking the KASE Index, providing additional currency diversification. For investors seeking Kazakhstan equity exposure.
• Portfolio NAV Calculator Online tool for calculating the real value of FinEx ETF portfolios during periods of market liquidity issues, allowing investors to determine accurate portfolio valuation based on actual NAV data. For Russian ETF investors.
• Portfolio Value Calculator for Trading (Decree No. 844) Online calculator to determine ETF portfolio value for participation in trades under Russian President Decree No. 844 (November 8, 2023), enabling the potential buyback of foreign securities by non-residents from Russian individuals. For Russian individual investors holding foreign securities.
• Risk and Return Forecast Tool Online tool showing expected return and volatility for individual FinEx ETFs and model portfolios, helping investors assess risk and return parameters for portfolio construction based on 10-year projections. For Russian ETF investors and advisors.

Quantifiable outcome

• FXUS tracks approximately 85% of the US stock market
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Teneo Restructuring (Ireland) LimitedcoreImplementation/ SI/ Consulting Partner · 29 June 2026Appointed as joint liquidators for both FinEx Funds ICAV and FinEx Physically Backed Funds ICAV following court orders. Representatives: Mr. Damien Murran and Ms. Jennifer McMahon, located at 3rd Floor, 20 On Hatch, Hatch Street Lower, Dublin 2, D02 XH02, Ireland.
• Solactive AGcoreTechnology or IntegrationIndex calculation agent for multiple FinEx ETFs. Provides index calculation and maintenance services for funds tracking Solactive indices including German equities (Solactive UK), Japan exposure, and US TIPS bonds (Solactive US 5-20 Year Treasury Inflation-Linked Bond Index).
• Moscow Exchange (MOEX)coreChannel Partner/ Reseller/ DistributorPrimary listing exchange for all FinEx ETF products traded in Russia. Provides organized trading venue for ETF shares, enabling investor access to the fund lineup.

Scale indicators4 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• iShares (BlackRock): Global ETF market leader offering the broadest UCITS-compliant ETF lineup across equities, fixed income, and commodities. Comparable to FinEx as a multi-asset ETF provider whose products historically tracked or competed with FinEx's underlying exposures.
• Amundi ETF: Largest European-headquartered UCITS ETF provider, offering a comprehensive multi-asset ETF range similar in breadth and asset-class coverage to FinEx's lineup. Comparable as a European-domiciled UCITS ETF sponsor with global market and thematic products.
• Xtrackers (DWS): Major European UCITS ETF provider offering global equities, fixed income, and thematic ETFs. Comparable to FinEx as a broad-based European ETF sponsor whose underlying index exposures often overlap with FinEx's product range.
• Vanguard ETFs: Global ETF and fund provider known for broad-market equity and fixed income ETFs, including UCITS products listed in Europe. Comparable to FinEx as a low-cost multi-asset index-tracking ETF sponsor with overlapping product categories.

Others

• Solactive AG: Index calculation agent for multiple FinEx ETFs (e.g., Germany, Japan, US TIPS). Directly comparable as a critical infrastructure partner that enabled FinEx's product launches, and is adjacent to FinEx as a financial-market infrastructure provider.

Direct peers

• Sberbank Asset Management: Russian asset manager affiliated with Sberbank, operating open-end funds and ETF-like products distributed through Russian broker networks. Competes with FinEx in offering Russian investors pooled access to diversified portfolios.
• Alfa Capital: Russian asset manager offering a range of open-end mutual funds and structured products to retail investors through Russian broker networks. Direct peer in providing pooled fund products to the Russian retail segment.
• T-Investments (Tinkoff Investments): One of Russia's largest retail brokerage platforms, offering access to international ETFs and structured products through its investment app. Competes directly with FinEx for Russian retail investors seeking international market exposure.
• ITI Capital (ITI Funds): Russian-focused broker and fund sponsor offering international ETFs and structured products to Russian retail and institutional investors. Directly competes with FinEx as a Russian-domiciled channel for foreign-market exposure through exchange-listed vehicles.
• VTB Capital Asset Management: Russian asset management arm of VTB Group offering investment funds distributed to retail and institutional clients in Russia. Comparable to FinEx as a domestic provider of pooled investment vehicles targeting the Russian market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/finex_etf
• YouTubeyoutube.com/c/FinExETF
• Facebookfacebook.com/etfrussia
• LinkedInlinkedin.com/company/finex-etf

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FinEx-ETF