Regulated by CMSA Tanzania

Tanzania's Reform Era.
Crystallized.

Reform11 is Tanzania's first thematic equity index fund, tracking the 11 highest-performing securities listed on the Dar es Salaam Stock Exchange over the past 11 years, including domestic equities and East African cross-listings. Rules-based. DSE-listed. CMSA-regulated.

+0%
Back-tested total return over 11 years (May '15 – May '26)
vs +258% DSEI All Share
0
Years of DSE growth tracked by the index
Rolling lookback window
0
Top-performing securities in the index
Semi-annual rebalanced selection
CRDB·+682%|NMB·+541%|EQTY·+486%|KCB·+412%|VODA·+318%|EABL·+294%|DSE·+267%|JHL·+238%|TBL·+214%|NICOL·+186%|TCCL·+172%|CRDB·+682%|NMB·+541%|EQTY·+486%|KCB·+412%|VODA·+318%|EABL·+294%|DSE·+267%|JHL·+238%|TBL·+214%|NICOL·+186%|TCCL·+172%|
The Story

Eleven Years. Eleven Winners.

Since 2015, the Dar es Salaam Stock Exchange has undergone a fundamental transformation. Demutualization, regulatory modernization, mobile trading, pension capital deepening, and East African cross-listings have produced a generation of remarkable equity returns.

Reform11 captures this story in a single rules-based instrument. We rank every DSE-listed security over a rolling 11-year window, both domestic and cross-listed, and hold the top 11. Rebalanced semi-annually with a quarterly Index Committee review. Listed and traded daily on the DSE under the symbol R11.

CMSA Regulated
DSE-Listed ETF
Rules-Based Index
Open to Diaspora
Eleven Years of DSE Growth
2015
DSE demutualization. Reform11 lookback window opens. East African cross-listings deepen.
2017
Vodacom Tanzania IPO. The largest DSE listing in history transforms market depth.
2019
Pension fund consolidation drives long-term institutional capital into DSE equities.
2021
DSE Hisa Kiganjani mobile platform launches. Retail accounts more than double in 18 months.
2024
DSE market cap crosses TZS 17.8 trillion. Vertex VIS-ETF lists as Tanzania's first ETF.
2026
Reform11 (R11) launches. Tanzania's first thematic ETF with semi-annual rebalancing and quarterly governance review.
Index Constituents

The Eleven.

Last Rebalanced
Mar 2026
#
Company
Sector
Weight
Total Return*
Market Cap
01
CRDB Bank Plc
CRDB
Banking · TZ
10.0%
+682%
TZS 3.8T
02
NMB Bank Plc
NMB
Banking · TZ
10.0%
+541%
TZS 4.2T
03
Equity Group Holdings
EQTY
Banking · KE×
9.8%
+486%
TZS 5.1T
04
KCB Group Plc
KCB
Banking · KE×
9.5%
+412%
TZS 4.6T
05
Vodacom Tanzania
VODA
Telecoms · TZ
9.2%
+318%
TZS 2.1T
06
East African Breweries
EABL
Consumer · KE×
9.0%
+294%
TZS 3.4T
07
DSE Plc
DSE
Markets · TZ
8.8%
+267%
TZS 0.9T
08
Jubilee Holdings
JHL
Insurance · KE×
8.5%
+238%
TZS 0.8T
09
Tanzania Breweries
TBL
Consumer · TZ
8.2%
+214%
TZS 1.6T
10
NICO Group Ltd
NICOL
Conglomerate · TZ
8.0%
+186%
TZS 0.7T
11
Tanga Cement Co.
TCCL
Industrials · TZ
9.0%
+172%
TZS 0.5T
* Total return (price + dividends reinvested) over an 11-year rolling window ending May 2026. The universe includes all DSE-listed securities (domestic + cross-listed). "× " denotes a security cross-listed on DSE from another East African exchange. Individual constituent weights are capped at 10% to ensure diversification. All data is backtested and indicative pending CMSA approval of final index methodology. Past performance does not guarantee future results.
Backtested Performance

+782% vs +258%.
R11 vs DSEI All Share Index · 11 years (May 2015 to May 2026)

Reform11 (R11)
DSE All Share (DSEI)
R11 Total Return
+782%
May 2015 – May 2026
DSEI Total Return
+258%
Same 11-year period
Outperformance
+524pp
R11 vs benchmark
Annualized Alpha
+10.6%
Over 11-year window
Fund Structure

Built to institutional standards.

Fund TypeExchange Traded Fund (Open-Ended)
Listing ExchangeDar es Salaam Stock Exchange (DSE)
DSE Ticker SymbolR11
Fund Manager / PromoterAvril Capital (AvCap)
Custodian / TrusteeNBC Bank (proposed)
Index ProviderDSE Plc (proposed)
RegulatorCMSA — Capital Markets & Securities Authority
Authorised ParticipantTanzania Securities Limited (TSL)
Rebalancing FrequencySemi-Annual full (Mar / Sep) + Quarterly review
Base CurrencyTanzanian Shilling (TZS)
Management Fee0.75% per annum
Performance FeeNone
Target AUM (Year 1)TZS 10–25 Billion
Min. Investment1 Unit at prevailing DSE market price
Fund Architecture
Avril Capital (AvCap) → Fund Manager & Promoter
NBC Bank → Trustee & Custodian
DSE Plc → Index Calculation Agent
Tanzania Securities Ltd (TSL) → Authorised Participant
CMSA → Regulatory Authority
DSE CSDR → Clearing & Settlement (T+3)
Investment Thesis

Reform11 gives every Tanzanian investor — from a first-time retail investor on Hisa Kiganjani to a global diaspora asset allocator — transparent, low-cost, single-trade access to the best companies Tanzania has produced in the reform era.

How to Invest

Simple. Transparent. Tanzanian.

01

Open a CDS Account

Register with any DSE-licensed broker. The DSE Hisa Kiganjani mobile app makes it free and instant — directly from your phone.

02

Fund Your Account

Transfer TZS funds to your broker account via mobile money or bank transfer. Reform11 trades in TZS on the DSE like any listed stock.

03

Buy R11 on DSE

Place a buy order for R11 units through your broker app or call your broker. Units settle in T+3 via DSE's CSDR platform.

Fund Documents

Full transparency.

CMSA Concept Note

Regulatory concept filing for the Capital Markets & Securities Authority of Tanzania.

Available

Index Methodology

Rules-based constituent selection, weighting, capping, and semi-annual rebalancing methodology.

Available

Financial Model

Fund economics, 5-year AUM projections, fee waterfall, and institutional seed-round pricing.

Available

Fund Prospectus

CMSA-approved offering document including risk disclosures, subscription details, and NAV policy.

Coming Q3 2026
Invest in the
Reform Era.

Reform11 is currently in pre-launch. Register your interest to receive the full prospectus, IPO allocation details, and Avril Capital research updates when they become available.

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