It was an evening of celebration, as we came together to reflect on the previous year and acknowledge the rapid growth, innovation and resilience of our industry.
We were honoured to be joined by key players within the Exchange Traded Product (ETP) industry, from issuers and index providers to brokers, financial advisors, investors and regulators. As with previous years, the SALTAs are our opportunity to honour those who’ve demonstrated outstanding performance and commitment to investor outcomes.
A year of innovation
South Africa’s ETP industry is evolving at a rapid pace: 2024 saw 50 new exchange traded products listed on the JSE, with only 10 delisted. This brought the total number of listed ETPs to 254, which is a new record. In fact, the number of ETPs now exceeds the number of shares listed on both the JSE Main Board and AltX combined.
We’re also seeing significant structural shifts in the market. While index trackers (so-called “passive” investments) have been traditionally dominant, we’re now seeing far more products with actively managed strategies. In fact, 43 of the 50 new listings last year were actively managed, indicating a clear move towards innovation and product diversity, as well as meeting the needs of investors looking for more customised solutions amid a highly volatile global environment.
Going beyond local
Another trend we’ve seen over the last year is the rise in offshore exposure. Of the 214 qualifying ETPs, 85% give access to international markets, alternative asset classes and commodities. What’s more, over the past year, the number of exchange-traded products available on the JSE has overtaken the number of shares listed on both the main board and the alternative exchange combined. Discerning investors – the smart money – are increasingly looking to the JSE ETP market as their “investment supermarket” of choice.
Recognising excellence in three key areas
At this year’s SALTAs, we presented 21 awards in three key categories:
- Total Return Performance: These awards recognised the best performing funds after fees and distributions. Past performance, despite that most common of disclaimers, remains one of the easiest, and most popular ways of evaluating investments, even if only from the perspective of the rear-view mirror.
- Tracking Efficiency: This category measures how closely the underlying asset or index delivers the performance. It’s telling that contained in “SALTA” is the word “Tracker”: evaluating tracking error is an important consideration in rewarding excellence in our industry.
- Capital Raising: This category celebrated ETPs and issuers that raised the most net new capital over the past three years up to the end of December 2024. This is a sign of healthy growth in the ETP market, as it represents new investment capital coming into the industry.
We concluded the evening with two of our most anticipated awards: the People’s Choice Awards for local and globally referenced products. These final awards were reserved for the voice of the people – the investors – who ultimately benefit most from the excellence demonstrated by the industry. To do this, we invited investors from all walks of life to vote for their favourite ETP, and to tell us why they love it so much. The feedback on their reasons for their top choice was both insightful and inspiring. For example:
- On an ETF giving exposure to the local mining industry: “This country has minerals and resources; they need to be well-managed to benefit citizens. Investors will flock in to pump more money.”
- One of the more innovative listings in recent years: “Local investment using Artificial Intelligence and Machine Learning to achieve sustainable growth.”
- On a fund with a strong dividend strategy: “It gives me exposure to all the dividend earning stocks.”
- On a fund that has been converted from an unlisted unit trust to a listed ETF: “Fantastic fund; I’ve been a client since the unit trust days.”
- On a DEI-focused fund: “A good cause, despite what Trump might say.”
It’s a privilege for us to read through this feedback each year. It reminds us why we do what we do, and it keeps us focused on the real-life impact of the industry.
Growth by numbers
The total market capitalisation of listed ETPs grew by a phenomenal 35.4% in 2024, excluding distributions. While price appreciation played a role, more than half of this growth came from new inflows, which was clear evidence of strong investor demand and confidence in the ETP model. From this, we can deduce that the ETP market isn’t just surviving: it’s thriving, attracting fresh capital and continuing to outperform traditional investment vehicles in terms of accessibility, transparency and choice.
A final thank you
Thank you to everyone who helped make the 2025 SALTAs a success: our sponsors – the Profile Group, the London Stock Exchange Group (LSEG), the JSE – plus our exceptional team at ETFSA. To all the nominees and winners: thank you for setting the bar high and pushing our industry forward. We look forward to another year of growth, innovation and collaboration.
See you at the 2026 SALTAs!
