CoreShares Index Tracker Managers (RF) Proprietary Limited revealed its plans to list 500,000 Coreshares Wealth Next 40 Equal Weighted ETF securities on the Johannesburg Stock Exchange (JSE). The announcement comes as part of the company’s commitment to providing investors with innovative and accessible investment opportunities.
The Coreshares Wealth Next 40 Equal Weighted ETF is designed to track the performance of the South African equity market, with a specific focus on the next 40 largest companies listed on the JSE. By utilizing an equal-weighted methodology, the ETF ensures that each constituent company has an equal impact on the overall performance of the fund. This approach offers investors exposure to a diversified portfolio of South African equities, spanning various sectors, including financial services, telecommunications, resources, and consumer goods, among others.
The listing of these 500,000 Coreshares Wealth Next 40 Equal Weighted ETF securities on the JSE will provide investors with increased opportunities to participate in the growth potential of the selected companies comprising the index. The issue price per security has been set at R9.59.
Upon listing, the total number of Coreshares Wealth Next 40 Equal Weighted ETF securities in circulation will reach 13,576,009, representing a significant expansion of the ETF’s availability in the market. This move will cater to the growing demand for cost-effective and convenient investment options in South Africa’s equity market.
The listing process is expected to be overseen by Grindrod Bank Limited, serving as the corporate advisor and sponsor for this listing. Grindrod Bank Limited will ensure compliance with regulatory requirements and provide guidance throughout the listing process, ensuring a smooth and efficient transaction for CoreShares and investors.