Three Pan-African ETFs Open In Tanzania, Set To Double ETF Count To Six

Three pan-African exchange traded funds (ETFs) covering financials, mining and energy, and telecoms and technology opened for subscription in Tanzania on 26 October 2026.

The iAfrica Financials ETF, the iAfrica Mining & Energy ETF, and the iAfrica Telco & Tech ETF were launched in Dar es Salaam by fund manager iTrust Finance Limited, after approval by the Capital Markets and Securities Authority (CMSA).

Each fund targets TZS 10 billion, giving a combined offer of TZS 30 billion, with units priced at TZS 1,000 and a minimum subscription of 100 units, equivalent to TZS 100,000 per fund.

The subscription period closes on 27 November 2026, results are expected on 28 December 2026, and listing and trading on the Dar es Salaam Stock Exchange (DSE) is scheduled for 14 January 2027, according to the offer documents.

If all three funds list as scheduled, they would become the fourth, fifth, and sixth ETFs on the DSE, which currently has three listed ETFs.

NBC Bank Limited acts as trustee and custodian of the funds, which are accumulating ETFs that pay no distributions, with all dividends reinvested to enhance the performance of each fund.

The iAfrica Financials ETF will invest in banking, insurance, asset management, and financial technology companies, while the iAfrica Mining & Energy ETF targets businesses in minerals, oil and gas, electricity, and renewable energy.

The iAfrica Telco & Tech ETF will focus on telecommunications operators, digital platforms, and technology infrastructure, with each fund holding a portfolio of African-listed companies in its sector.

Under Tanzania’s foreign exchange regulations, the funds may invest in securities issued in East African Community and Southern African Development Community member countries, and in other markets approved by the Bank of Tanzania.

The iAfrica Financials ETF offer document lists potential holdings in Tanzania, Kenya, Botswana, Malawi, Zimbabwe, Nigeria, Ghana, Egypt, Morocco, and the West African regional exchange BRVM, without fixing a portfolio.

All three funds use the MSCI Emerging and Frontier Markets Africa Index as their benchmark, target equity holdings of 85% to 100% of net assets, and generally cap exposure to any other single country at 30%.

Each fund charges a management fee of 1.5% per annum of net asset value, while the iAfrica Financials ETF offer document also lists custody fees of about 0.1% per annum and other expenses capped at 1.4% per annum.

The manager’s Chief Executive Officer, Faiz Arab, said at the launch that the funds respond to investor demand for exposure beyond the East African Community (EAC) and the Southern African Development Community (SADC).

The CMSA representative at the launch, the Director of Market Supervision and Investigation, Exaut Julius, said the authority approved the offer documents and trust deeds after the manager met the requirements of the Capital Markets and Securities Act.

The offer documents state that the capital and returns of the funds are not guaranteed and that each fund carries a higher risk profile than a government bond.

Exchange Traded Funds On The Dar es Salaam Stock Exchange

The DSE listed Tanzania’s first ETF, the Vertex International Securities Exchange Traded Fund (DSE: VIS-ETF), on 16 October 2025, after an offer subscribed at 136% that raised TZS 6.8 billion.

The iTrust EAC Large Cap Exchange Traded Fund (DSE: IEACLC-ETF) became the second listed ETF in late January 2026, after applications of TZS 54.03 billion against a TZS 10 billion offer, an oversubscription of 540%.

The Zan Timiza ETF, a fund of funds, became the third ETF on the exchange on 7 October 2026, after its offer reached 189.3% with applications worth TZS 9.46 billion.

ETF market capitalisation on the DSE rose 19.76% to TZS 238.89 billion at the end of September 2026, before the third listing, according to the Kadoo Securities market review.