First Mutual Wealth Gold Exchange Traded Fund

The First Mutual Wealth Gold Exchange Traded Fund (FMWG) is Zimbabwe’s first gold-backed exchange traded fund, listed on the Victoria Falls Stock Exchange on 8 May 2026 with an initial net asset value of US$10 million across 100 million units.

Plans for the fund were first announced in July 2025 by First Mutual Holdings Limited, whose subsidiary First Mutual Wealth Management (Private) Limited manages the fund. The passively managed, open-ended fund tracks the combined weighted performance of the JSE-listed 1nvest Gold ETF (50% allocation) and four blue-chip gold mining equities — Gold Fields, AngloGold Ashanti, Harmony Gold and DRDGold — each weighted at 12.5%, with quarterly rebalancing.

The fund gives Zimbabwean investors offshore gold exposure through a locally listed, US-dollar-denominated security, without the need to navigate foreign exchanges directly.

Corporate structure

The fund is an open-ended collective investment scheme whose units trade on the VFEX in US dollars and may be created or redeemed by authorised participants in prescribed creation-unit sizes.

First Mutual Wealth Management (Private) Limited, a subsidiary of First Mutual Holdings Limited, is the fund manager and calculates the daily net asset value of the fund.