The Botswana Stock Exchange (BSE) says the Exchange Traded Funds (ETF) trading activity strengthened during the first quarter of 2026, with total turnover and units traded exceeding levels recorded in the corresponding period of 2025.
According to the BSE’s Market Performance report for first quarter of 2026 (1 January to 31 March 2026), total ETF turnover increased to P151.8 million, up from P73.2 million in Q1 2025. Commodity-linked ETFs continued to dominate activity, reflecting investor appetite for inflation hedging and portfolio diversification. NewPlat ETF recorded the highest turnover at P77.6 million, supported by 268,280 units traded, although the ETF experienced a price decline of 1.5% over the quarter.
NewGold followed closely, generating P67.0 million in turnover from 107,659 units traded, alongside a price increase of 10.7%, reflecting continued investor demand for gold‑linked instruments amid global market uncertainty. Although NewPall recorded comparatively low turnover of P0.5 million, it posted the strongest price performance in the ETF segment, with a notable increase of 56.6%, despite only 1,982 units traded.
The ADBF ETF recorded P6.6 million in turnover from 60,584 units traded, accompanied by a price increase of 6.6%, reflecting steady participation in bond‑linked instruments. Importantly, VGE ETF traded for the first time since its listing in December 2025, recording 5,500 units traded and a turnover of P0.05 Million during the quarter. While turnover remained modest, VGE’s unit volume exceeded that of NewPall, signalling early investor interest in the product. The ETF also recorded a price movement of –2.7%, confirming active price discovery following its initial market participation.
Overall, ETF performance during Q1 2026 highlights continued strength in commodity‑linked products, alongside emerging activity in newer ETFs, reflecting gradual broadening of investor engagement within the Exchange Traded Products market. NewGold ETF moved within the upper price range throughout the period, generally fluctuating between P580.00 and P720.00, with gradual upward movement interspersed with short pullbacks. NewPlat ETF followed a smoother trajectory, beginning the period at lower price levels and rising steadily through February before stabilising into March.
NewPalladium ETF displayed frequent shifts in direction, reflecting alternating increases and declines over short intervals and then maintaining a steady price into March, a pattern consistent with the more variable pricing typically observed in palladium-linked instruments. The ADBF ETF showed small, gradual adjustments over the period, with prices trending slightly upward from early January and flat-lining throughout March.
Lastly, VGE ETF recorded a price movement ranging between P8.64 and P8.88, confirming active price discovery following its initial market participation.