First Mutual Wealth (FMW) has listed its gold-backed Exchange Traded Fund (ETF) on the Victoria Falls Stock Exchange (VFEX) – the first such security on the trading platform.
“The VFEX Limited is pleased to announce the listing of the first ETF – First Mutual Wealth Gold (FMWG) ETF on 8 May 2026,” said group chief executive Justin Bgoni.
Trading in the FMWG ETF securities will start with effect from 11 May 2026.
The FMWG ETF’s listing, analysts say, signals growing innovation in Zimbabwe’s capital markets, where the investment instruments are relatively new, but growing.
The fund is structured to track a blended portfolio comprising physical gold exposure and shares in major gold mining companies listed on international stock markets.
“The investment objective of the fund is to provide investment returns that… closely correspond to the combined weighted performance of the Johannesburg Stock Exchange (JSE)-listed Invest Gold ETF and four JSE-listed gold mining companies,” FMW said.
By listing on the US dollar-denominated VFEX, the FMWG ETF provides investors with exposure to international gold assets without direct offshore trading.
The FMWG ETF, the wealth manager said, will allocate 50 percent of its portfolio to a gold ETF and the remaining 50 percent to blue-chip gold mining firms – Gold Fields, AngloGold Ashanti, Harmony Gold, and DRDGold.
The structure is designed to balance commodity price exposure with equity-driven returns.
FMW said the ETF operates as an open-ended fund, allowing investors to buy and sell units on the VFEX through registered stockbrokers.
“Units may be bought and sold on the VFEX… and may also be created or redeemed through authorised participants,” FMW said.
The investment product comes at a time of heightened interest in gold as a hedge against currency volatility and inflation.
FMW highlighted that gold-linked investments can offer protection against rising prices.
“As the cost of goods and services increases, the value of gold tends to rise… protecting the purchasing power of the investment,” it said.
The fund also seeks to leverage Zimbabwe’s offshore exchange platform to attract foreign currency inflows.
The FMWG ETF will be rebalanced quarterly to maintain its strategic allocation, with an annual review of constituent holdings. Management fees are set at 0.50 percent, contributing to a total expense ratio of about 0.67 percent.