21 April 2026, Moscow — RenCap Asset Management is excited to announce the launch of the RenCap – High-Yield Bonds ETF – an actively managed exchange-traded mutual fund for market financial instruments (ticker VDOR, ISIN: RU000A10EQZ3). The ETF will be admitted to trading on the Moscow Exchange on 21 April 2026 and will be included in the First Level Quotation List. The new fund is aimed at private and institutional investors interested in obtaining an allocation to the high-yield bond market with strong diversification and active monitoring of the issuers credit quality.

By the end of Q1 2026, the high-yield bond market reached RUB275 bn, while in 2025, issuers raised slightly more than RUB87 bn in this market segment. Credit risks have increased along with the market growth: in 2025 alone, defaults amounted to RUB26.5 bn. Against this backdrop, due diligence and ongoing monitoring of the sector issuers are particularly crucial.

At the same time, credit risk premiums are at their historical record highs, exceeding 1,000 basis points to the risk-free curve. The ETF benchmark is the MOEX High Yield Increased Investment Risk Bond Index (RUCBHYTR), which returned 29.2% over the past year, even taking into account defaults by several major issuers.

Renaissance Broker Limited has been engaged as an authorized entity and market-maker for the RenCap – High-Yield Bonds ETF.

Ilya Golubov, Chief Investment Officer, RenCap Asset Management: “The launch of the RenCap – High-Yield Bonds ETF represents a stepping stone to further expansion of the Company’s public product offering. We see strong demand for instruments with higher yield levels and offer investors a solution based on deep expertise in credit risk and bond market analysis, as well as on active management and diversified portfolio. For many investors, this could be an effective and simple way to enter the market where credit risk is as important as overall level of the key interest rate.”