State of the South African Exchange Traded Product (ETP) Industry

1. Industry Overview

The total market capitalisation of all Exchange Traded Products, listed on the JSE, at the end of March 2026, amounted to R295 569 million. This was up slightly on the R294 951 million total market capitalisation at the end of December 2025.

The marginal improvement in the size of the ETP industry over the past quarter was influenced by the following:

• The major market indices had a flat performance over the first quarter of 2026.
- JSE All Share Index : (0.61%)
- MSCI World Equity Index : (1.79%)
- S&P 500 Index : (1.28%)

Accordingly, the broad market returns did not provide support for growth in market capitalisation over the period. A good start to 2026, was followed, from mid-March, by uncertainties generated by the conflict in the Persian Gulf and this uncertainty is currently being carried forward into the second quarter of 2026.

• Net capital raised by the entire SA ETP industry for the first 3 months of 2026 was R3.5 billion.

The listing of new securities for equity-based ETFs continued at a good pace, but was affected by redemptions of gold and platinum ETFs as investors looked to lock in short term profits.

Most net new capital was raised by new listings of actively managed AMCs and AMETFs, which will be covered in more detail later in this report.

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