The Johannesburg Stock Exchange (JSE) has significantly expanded its suite of exchange-traded funds (ETFs) with the listing of three new products designed to offer broader global investment exposure for South African and international investors.
The additions include the Satrix Global Property Feeder ETF and two Allan Gray–Orbis feeder actively managed ETFs (AMETFs), marking further growth in what is already one of Africa’s most diverse ETF markets.
These listings bring the total number of ETFs on the JSE to 126, with a combined market capitalization exceeding R247.9 billion.
The Satrix Global Property Feeder ETF (share code STXGLP) is designed to track the FTSE EPRA Nareit Developed Index, a globally recognized benchmark reflecting the performance of leading listed property companies and real estate investment trusts (REITs) in developed markets.
This ETF invests in the HSBC FTSE EPRA NAREIT Developed UCITS ETF as its underlying vehicle, offering diversified exposure across global real estate markets, geographies and currencies through a single, locally traded instrument.
According to Satrix, the ETF provides investors with a cost-efficient, transparent way to access global property assets within a familiar trading environment.
Investors can use the fund to diversify portfolios that may be heavily weighted in domestic equities or bonds, particularly appealing in periods of rand volatility.
The ETF’s structure is intended to suit long-term investment strategies, and it can be blended with other funds to meet individual risk profiles.
Alongside STXGLP, the JSE welcomed two new feeder actively managed ETFs from Allan Gray–Orbis: the Allan Gray–Orbis Global Equity Feeder AMETF (AGOGE) and the Allan Gray–Orbis Global Balanced Feeder AMETF (AGOGB).
Both funds are rand-denominated and invest predominantly in underlying offshore funds managed by Orbis, Allan Gray’s international investment partner.
The AGOGE AMETF targets long-term capital growth by investing in a diversified portfolio of global equities drawn from Orbis’s Global Equity Fund.
The fund follows a value-oriented, “bottom-up” research approach, aiming to outperform the MSCI World Index over the long term without taking on greater relative risk.
Meanwhile, the AGOGB AMETF adopts a multi-asset strategy, dynamically allocating capital across global equities, fixed income and commodity-linked instruments.
The fund typically maintains a net equity exposure ranging from 40 % to 75 %, and its benchmark blends 60 % of the MSCI World Index with 40 % of the J.P. Morgan Global Government Bond Index, reflecting a balanced focus on growth and risk mitigation.
Allan Gray representatives highlighted that the feeder funds make globally diversified investment strategies more accessible to local investors via the JSE, offering an efficient way to participate in international markets without direct offshore transactions.
The listing of these three funds underscores sustained momentum in the JSE ETF market, which has seen consistent innovation and regulatory support for expanded product offerings.
The growth has been particularly notable in the actively managed ETF (AMETF) segment, where a mix of passive liquidity and active strategy aims to meet the evolving needs of both retail and institutional investors.
The JSE’s leadership emphasises that ETFs and AMETFs provide key advantages, including intraday tradability, diversified exposure, transparency and cost efficiency compared with traditional unit trusts or direct offshore investments.
With a broader range of choices, investors looking to hedge against Rand depreciation, access global markets or pursue sector-specific strategies can tailor portfolios more precisely to their objectives.
Market participants also note that the diversification benefits inherent in ETFs, gaining exposure to different asset classes, sectors and geographies through a single instrument are increasingly valued amid global economic volatility and shifting inflationary pressures.
South Africa’s ETF ecosystem remains among the most developed on the African continent, both in terms of product range and liquidity.
By offering international exposure through locally listed products such as STXGLP, AGOGE and AGOGB, the JSE continues to bolster its role as a gateway for African investors seeking diversified strategies beyond domestic markets.
The broadened ETF line-up can also encourage other African exchanges to explore similar listings or cross-listing opportunities, potentially enhancing regional capital market integration and investor participation.
In some neighbouring markets, secondary listings of South African ETFs have already begun to expand investor access to global indices, underlining the potential for interconnected growth across the continent.
As markets evolve and investor appetites shift towards more dynamic and diversified instruments, the latest listings on the Johannesburg Stock Exchange reflect both the maturing nature of African financial markets and the growing importance of ETFs as a strategic asset class.
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