Anchor Capital has listed two new actively managed exchange-traded funds (AMETFs) on the JSE, giving South African (SA) investors direct access to our high-conviction local and global equity strategies through a transparent, cost-efficient structure.
The funds
The Anchor EasyETFs Aspirant Global Equity AMETF (AAGEET) provides exposure to a concentrated portfolio of global equities selected through Anchor Capital’s growth-at-a-reasonable-price (GARP) investment philosophy, targeting market leaders with high earnings growth potential, strong cash generation, and attractive valuations. Current holdings include companies such as Alphabet, Ferrari, Fortinet, and Uber. The Fund offers a rand-denominated entry point into our best global equity ideas, with a US dollar-denominated version under consideration should investor appetite warrant it.
The Anchor EasyETFs Aspirant SA Equity AMETF (AASAET) is the first fully discretionary local equity AMETF listed on the JSE that does not employ factor strategies. It mirrors Anchor Capital’s established local equity house strategy, providing investors with direct access to an investment process that has delivered consistent performance since inception. Given the macro-driven nature of the local equity market, the Fund will be more benchmark-cognisant than its global counterpart.
Why AMETFs?
AMETFs combine the best of professional active portfolio management with the efficiency, transparency, and accessibility of an ETF structure. Listed on the JSE and traded like ordinary shares, they offer seamless access to institutional-quality investment strategies through any brokerage account, at a fraction of the cost of traditional unit trusts.
Unlike unit trusts, AMETFs disclose all holdings daily rather than publishing only the top ten positions monthly. They also benefit from a more cost-efficient structure in that the all-in fees the investor incurs are lower than those of unit trusts. Both funds carry a management fee of 0.7% (excluding VAT).
As assets grow, our objective is to lower the total expense ratio (TER) to start below 1% and fall to between 0.7% and 0.8%. The funds are partly aimed at a younger, fee-sensitive investor base.
Of the R100bn on the EasyEquities platform, about R35bn is held in ETFs – a market that Anchor Capital is targeting.
AMETF growth on the JSE
Since the 2008 global financial crisis (GFC), ETFs have attracted significant global inflows. In SA, key regulatory reforms introduced in 2022 enabled the first AMETF listing on the JSE, and the local AMETF segment has become one of the JSE’s fastest-growing product categories. Total industry assets under management (AuM) have risen from zero at the first AMETF listing to R19bn currently, with projections, based on current industry data and trends, suggesting growth to c. R145bn by 2030.
While AMETFs represent a meaningful innovation within the domestic financial sector, the broader JSE landscape remains challenging as continued delistings reflect the pressures of SA’s weak economic growth and a difficult regulatory environment. These two dynamics are not contradictory: one speaks to structural headwinds, the other to the industry’s capacity for product innovation in response to investor demand.
EasyEquities partnership
EasyEquities will serve as the management company (ManCo) for Anchor Capital’s AMETF range, marking the start of a strategic partnership between the two firms. Anchor Capital contributes institutional-quality investment management and research capabilities, while EasyEquities provides a scalable, technology-driven platform with strong retail investor reach. Further initiatives are in the pipeline.
The partnership reflects Anchor Capital’s long-term distribution strategy and its conviction that professionally managed, high-conviction investment strategies need not be the exclusive preserve of high-net-worth investors.
How to buy an Anchor Capital AMETF
Buying an Anchor Capital AMETF is as straightforward as purchasing any share on the JSE:
- Open a brokerage account: If you do not already have one, you will need to register with a JSE-accredited broker. EasyEquities is a simple, low-cost option well-suited to first-time investors, but any SA brokerage will work.
- Search for the funds by ticker: Once your brokerage account is funded, search for the fund using its JSE ticker code. The Global Equity AMETF trades under AAGEET and the SA Equity AMETF under AASAET.
- Place a buy order: Enter the number of units that you wish to purchase and place your order during JSE trading hours (9 AM to 5 PM, Monday to Friday). The price you pay will reflect the fund’s live market price at the time of the trade.
- That’s it: The units will reflect in your brokerage account, and you can monitor, buy, or sell at any time during JSE market hours.
There are no minimum investment amounts beyond the price of a single unit, and no lock-in periods.
For more information, please visit the Anchor Aspirant website.
