FIRST Mutual Holdings Limited (FMHL) has launched a US dollar-denominated security to provide offshore exposure to gold-linked assets. The First Mutual Wealth Gold Exchange Traded Fund (FMWG ETF) will list on the Victoria Falls Stock Exchange (VFEX) next month.
The ETF is being introduced through FMHL’s subsidiary, First Mutual Wealth Management (Private) Limited (FMWM), which will manage the fund.
Plans for the gold ETF were first announced in July 2025, with the group indicating that the instrument would track gold assets and mining shares listed on the Johannesburg Stock Exchange (JSE).
FMHL is targeting the ongoing surge in gold prices, which rose by more than 60% last year and are projected to end 2026 between US$5 500 and US$6 500 per ounce.
The fund will have a net asset value (NAV) of US$10 million, comprising 100 million units. Subscriptions are expected to open today and close on April 30, with listing on the VFEX scheduled for May 8.
The launch marks a significant development in Zimbabwe’s capital markets as local investors gain structured access to global gold performance through a US dollar-listed instrument.
It also reflects growing demand for inflation-hedging and hard-asset investment products amid volatile commodity and currency conditions.
“The investment objective of the fund is to provide returns that, before fees and expenses, closely correspond to the combined weighted performance of the JSE-listed 1nvest Gold ETF and four JSE-listed gold mining companies,” FMWM said.
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The ETF will be passively managed with an open-ended structure, with the manager calculating daily NAV.
The underlying portfolio will comprise 50% exposure to the 1nvest Gold ETF and 50% to four blue-chip gold mining equities, each weighted at 12,5%.
The underlying securities on the JSE backing the FMWG ETF are 1 Invest Gold Exchange Traded Fund with a market value of US$132,9 million, Gold Fields Limited (US$42,25 billion), and Anglo Gold Ashanti Limited (US$2,97 billion). The others are Harmony Gold Mining Company Ltd (US$14,46 billion), and DRD Gold Limited (US$3 billion).
Units will be traded on the VFEX through registered stockbrokers and may also be created or redeemed by authorised participants in prescribed creation unit sizes, subject to minimum lot sizes and fees outlined in the prospectus.
The investment represents 50% of the NAV of the FMWG ETF, with the other components each making up 12,5%.
Investors will trade units at prevailing market prices, which may differ from NAV due to supply, demand, spreads and liquidity conditions. Authorised participants may create or redeem units at
NAV.
FMWM said the fund’s portfolio will be rebalanced quarterly to maintain its strategic allocation, while the constituent gold miners may be reviewed annually to preserve the “blue-chip gold miner” theme, including in cases of delistings, suspensions, or major corporate actions.
