08 July 2026 The free float rates of the main companies at the Bucharest Stock Exchange (BVB) are shrinking because not only the pension funds, but also the ETF issuers are buying on other bases than fundamentals, which makes the market prone to high volatility, according to a column published by Radu Crăciun, vice president of the Association of Independent Administrators, published by Ziarul Financiar. “The real free float of listed companies has been in continuous decline as a consequence of the "buy and hold" investment strategy (...) As the demand for ETFs increases, issuers of new ETFs are forced to "cover" them by buying new and new shares to replicate the BET (which the ETF mirrors). But these investments are on "automatic pilot". They do not take into account the fact that some sh