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SPCG Advises on Creation of First Polish Closed-End Investment Fund Beta

SPCG Advises on Creation of First Polish Closed-End Investment Fund Beta

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SPCG has advised on the creation of Beta ETF WIG20TR, the first Polish closed-end investment fund, which has been just authorized by Polish Financial Supervision Authority.

SPCG describes Beta ETF WIG20TR FIZ , which was created by AgioFunds TFI in cooperation with the brokerage house of Bank Ochrony Srodowiska acting as the offering entity, as "a new instrument on the domestic investment market, opening up opportunities for investors to effectively and at the same time price-wise investing on the WSE (GPW)."

According to SPCG, "Tthis is the first ETF fund in a closed-end fund formula launched in Poland, with unprecedented construction of continuous issuance and redemption of investment certificates, with their simultaneous listing on the WSE. Its creation required the application of many innovative legal solutions and a number of consultations with the PFSA, the WSE, and the NDS (KDPW)." The firm acted as legal advisor, "in the process related to the creation of the Fund, obtaining the PFSA authorization and approval of the prospectus for Series A Certificates and Certificates of Series B Fund prepared in connection with the public offer of these certificates, applying for their admission and introduction to trading on the regulated market organized by the WSE."

SPCG’s team was led by Partner Ewa Mazurkiewicz, supported by Partner Artur Zapała.