Absa lists silver ETN on NSX

Absa has secured a secondary listing for its NewWave Silver Exchange Traded Note (ETN) on the Namibia Securities Exchange (NSX).

The product, which already trades on the Johannesburg Stock Exchange (JSE) under the code NEWSLV, will begin trading on the NSX under the code NWNSLV from the start of business on Friday, 7 August 2026. The note will be priced in line with its JSE listing.

The secondary listing is intended to improve access for Namibian investors and forms part of Absa's broader strategy to expand its NewWave ETN range across selected African markets.

What is an ETN?

Q: What is an ETN?

A: An Exchange Traded Note (ETN) is an unsecured debt security issued by a bank that tracks the performance of an underlying asset, index or commodity. In this case, the underlying asset is silver.

Q: How does an ETN differ from an ETF?

A: Unlike an Exchange Traded Fund (ETF), an ETN does not hold the underlying asset. Instead, it is a debt instrument through which the issuer, Absa, promises to pay a return linked to the performance of the underlying asset. It trades on a stock exchange in the same way as ordinary shares.

Q: What does the NewWave Silver ETN track?

A: The ETN tracks the price of silver, allowing investors to gain exposure to the metal without buying or storing it physically.

Q: Is an ETN the same as owning physical silver?

A: No. An ETN is a financial instrument issued by a bank. Investors do not own physical silver; instead, they hold an unsecured claim against the issuer, with returns linked to the performance of silver.

Q: Who issues the NewWave Silver ETN?

A: The ETN is issued by Absa Bank Limited under its NewWave Exchange Traded Note Programme.

Q: How can investors trade it?

A: Once listed, the ETN can be bought and sold on the JSE or NSX through a licensed stockbroker or trading platform during normal market hours, in the same way as listed shares.

Q: What are the main risks?

A: Investors are exposed to movements in the silver price, the creditworthiness of the issuer, and normal market liquidity risks. As an unsecured debt instrument, repayment depends on Absa's ability to meet its obligations.

Q: Why has it been dual-listed on the NSX?

A: The secondary listing is intended to improve access for investors in Namibia, supporting Absa's strategy of expanding its NewWave ETN range across selected African markets.