State of the South African ETP Industry

1. Industry Overview

The total market capitalisation of all Exchange Traded Products, listed on the JSE, increased by R69 billion in 2025, or by 31% to R294.9 million at the end of the year.

The increase in the size of all ETFs, ETNs, AMCs and AMETFs, listed on the JSE, to date this year, comes from two areas:

• Capital raised of R19,6 billion from the issue of new products, or from the creation of new issues or fresh tranches of products already listed.
• The balance has stemmed from the favourable markets experienced in 2025 with equities, both local and global, bonds, commodities and other asset classes increasing in value through much of this year. Some 70% of the market capitalisation of the SA ETF industry is in products tracking or benchmarking, global markets or indices. So, with foreign markets significantly underperforming South African referenced assets, this factor did inhibit the overall growth of the industry last year.

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