The combination of thin trades, an exodus of key counters, and heightened tracking errors underscores the structural challenges facing ETFs on the ZSE. 

All thanks to capital market participants, who advocated for the reduction of the capital gains withholding tax at a conference, which was held in Nyanga around that same period. 

The favourable environment for capital raise in USD, reduced trading costs, forex retention benefits and tax incentives attracted 15 listings over the past four years.

Economic analysts have debated the practicality of the budget, particularly since over 80% of the projected revenue is expected to come from taxes.