In a major milestone for Kenya’s capital markets, Satrix, South Africa’s largest provider of index-tracking funds, will list its MSCI World Feeder ETF on the Nairobi Securities Exchange (NSE) on Wednesday, 16th July 2025.
- •This marks Kenya’s first equity-based exchange-traded fund and only its second ETF overall, after Absa’s NewGold ETF introduced in 2017.
- •The listing provides Kenyan investors with low-cost access to more than 1,500 of the world’s largest companies—including Apple, Microsoft, Nvidia, Amazon, and Alphabet—through a single ETF traded in Kenyan shillings.
- •According to Satrix’s dual listing information sheet and positioning sheet for Kenya, the ETF is valued at R18.2 billion (approximately $1.1 billion) and feeds into BlackRock’s iShares Core MSCI World UCITS ETF, which replicates the MSCI World Index.
Satrix, which manages R240 billion in assets and holds a 38% market share in South African ETFs, has already expanded to Namibia and is eyeing additional African exchanges.
“We’re bringing world-class investment solutions to Kenya,” said Yusuf Wadee, Head of Exchange Traded Products at Satrix. “It’s as easy as buying a local stock like Safaricom, but you get global diversification and exposure to the dollar’s strength.”
Why Nairobi, Why Now?
Kenya’s investment market remains largely driven by mutual funds and unit trusts, mirroring South Africa’s environment before ETFs became mainstream. Wadee explained that ETFs in South Africa have made investing more affordable and accessible, helping more people enter the capital markets. “Kenya is ready for that same transformation,” he added.
- •Listing Currency: Kenyan Shillings
- •Structure: Feeder fund tracking the MSCI World Index via iShares Core MSCI World UCITS ETF
- •Fund Type: Accumulating (no dividends paid out)
- •Benchmark: MSCI World Index
- •Expense Ratio: 0.50%
- •Top Holdings: Apple (4.59%), Microsoft (4.48%), Nvidia (4.16%), Amazon (2.70%), Meta (1.96%)
- •Sector Exposure: Information Technology (25.01%), Financials (17.17%), Healthcare (10.23%), Industrials (10.01%)
- •Top Geographies: U.S. (69.93%), Japan (6.07%), UK (4.13%), France (3.28%)
Building Liquidity and Awareness
Satrix acknowledges the underperformance of Kenya’s only other ETF—the Absa NewGold ETF—citing limited liquidity. However, Wadee emphasized that ETF success is a gradual process requiring education, regulatory alignment, and market-building efforts. He noted that early South African ETFs also struggled with liquidity and public understanding.
“Liquidity and education go hand in hand,” said Wadee. “We’re working with the CMA and NSE to build a strong ecosystem. It starts with a listing—but the journey is ongoing.”
Satrix is organizing educational campaigns and dialogues with local fund managers to promote adoption. The ETF targets a diverse investor base, including retail investors, asset managers, pension schemes, and institutions seeking exposure to global equities.
Strategic Fit for the NSE
The listing of the Satrix MSCI World Feeder ETF aligns with the NSE’s plan to attract new listings and deepen Kenya’s capital markets. It also introduces a new, efficient tool for investors to hedge currency risk and build diversified portfolios with global exposure.
“This ETF gives investors exposure to the world’s top companies and hedges against shilling volatility,” Wadee noted. “It’s a globally-aligned building block for any portfolio.”
