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What is the PortfolioMetrix Active Income AMETF, and how does it compare to other investment products?

Overview

The PortfolioMetrix Active Income Prescient AMETF (PMXINC) is an actively managed exchange-traded fund (ETF) designed to provide income through a diversified, professionally managed portfolio.

  • Fund Name: PortfolioMetrix Active Income Prescient AMETF
  • JSE Code: PMXINC
  • Category: SA Multi Asset Income
  • Launch Date: 26 January 2024
  • Listed on JSE: 31 January 2024
  • Total Fee: 0.58% (PMX: 0.50%, Prescient: 0.08%)

What is an AMETF?

An Actively Managed ETF (AMETF) combines features of:

  • Unit Trusts (professional active management)
  • ETFs (traded on an exchange)

This means investors get active decision-making with the flexibility of trading on the stock exchange.

AMETF vs Unit Trust

Feature Unit Trust AMETF
Regulation FSCA regulated FSCA regulated
Structure CISCA governed CISCA governed
Management Active Active
Liquidity High High
Pricing End-of-day NAV Intraday NAV
Trading Investment platforms (LISP) Stock exchange
Transparency Not disclosed Non-disclosure (PMX choice)
Costs Management fee Management fee + spreads

Key Takeaway

  • AMETFs trade like shares during the day, while unit trusts are priced only once daily.
  • AMETFs may include trading spreads in addition to management fees.

ETF vs AMETF

Feature ETF AMETF
Management Passive (follows an index) Active (managed by a portfolio manager)
Decision Making Rules-based Human-led decisions
Transparency Fully disclosed holdings Can be non-disclosed
Trading Exchange Exchange
Pricing Intraday NAV Intraday NAV

Key Takeaway

  • ETFs follow an index, while AMETFs aim to outperform through active management.

How Trading Works

  • The AMETF is traded on the Johannesburg Stock Exchange (JSE).
  • Investors buy/sell through a broker or trading platform.
  • The JSE:
    • Matches buyers and sellers
    • Ensures fair trading
    • Regulates the market alongside the FSCA

📊 The diagram on page 2 shows the flow:
Investor → Broker (JSE member) → JSE matching engine → Trade execution

Key Benefits

  • ✅ Active management – professional investment decisions
  • ✅ Intraday trading – buy/sell anytime during market hours
  • ✅ Diversification – multi-asset income exposure
  • ✅ Regulated structure – governed by FSCA and CISCA

Things to Consider

  • ⚠️ Trading costs (spreads may apply)
  • ⚠️ Transparency – holdings may not always be disclosed
  • ⚠️ Market pricing – price can move during the day

Summary

The PMX Active Income AMETF offers a modern investment solution that blends:

  • The flexibility and accessibility of ETFs
  • With the expertise of active portfolio management

It is well suited for investors looking for income generation with active oversight, while still benefiting from exchange-based trading.

https://pmxsa.sharepoint.com/:b:/s/3PRSSA/IQDbjfdiYSa3RaqUfVJuNm_SAegJRM_JqMx1FJU6rdnPHuY?e=22ezaf