JANUARY 2012 etfsa.co.za MONTHLY SOUTH AFRICAN ETF, ETN AND INDEX TRACKING PRODUCT PERFORMANCE SURVEY Mike Brown, Managing Director, etfsa.co.za 3 February 2012 Medium to Long-Term Performance 2-5 Years Over the past, NewGold, which is an ETF that holds and tracks the price of gold bullion, has clearly outperformed, not only all the index tracking products, but all actively managed unit trust products, available to the South African retail investor over this period. Over the 2-3 year measurement periods, NewGold continued to provide strong performance, indicating the merits of alternative investments such as gold, in asset allocation portfolios. However, it was matched, over this time frame, by the total returns of some equity based ETFs, with the Satrix INDI 25, Satrix DIVI Plus, Satrix RAFI 40 and Proptrax SAPY ETF being the stand-out performers. Short-Term Performance 1 Month to 1 Year Commodity-based ETFs and ETNs dominate the recent performance tables, thereby providing investors with a strong alternative to equity and fixed income tracker funds, which were hit by relatively poor market performance. These Commodity tracking ETFs and ETNs have not received the popular support from the investment public that seem merited by their record of total returns. Fund Name Best Performing Index Tracker Funds 31 January 2012 (Total Return %)* 5 Years Type Fund Name Type 3 Years NewGold ETF 23,05% Satrix DIVI Plus ETF 26,39% Prudential Property Enhanced Unit Trust 13,48% Satrix INDI 25 ETF 25,11% Satrix INDI 25 ETF 12,27% Satrix RAFI 40 ETF 24,30% 2 Years 1 Year NewGold ETF 28,17% Standard Bank Gold-Linker ETN 41,97% Satrix INDI 25 ETF 21,65% NewGold ETF 41,94% Satrix DIVI Plus ETF 20,23% Standard Bank Silver-Linker ETN 29,56% Proptrax SAPY ETF 20,11% Prudential Property Enhanced Unit Trust 18,22% 6 Months 3 Months NewGold ETF 24,53% Standard Bank Oil-Linker ETN 9,77% Standard Bank Gold-Linker ETN 23,56% Satrix FINI 15 ETF 9,68% RMB Oil ETN 20,65% Satrix DIVI Plus ETF 9,50% Standard Bank Oil-Linker ETN 20,61% 1 Month Standard Bank Silver-Linker ETN 17,57% Standard Bank Platinum- Linker Source: Profile Media FundsData (31/01/2012) ETN 12,57% * Includes reinvestment of dividends. The full etfsa Performance Survey is attached. The etfsa Performance Survey measures the total return (Net Asset Value (NAV to NAV)) changes including reinvestment of dividends) for index tracking unit trusts and Exchange Traded Funds (ETFs) available to the retail public in South Africa. The performance tables (attached) measure the 1 month to total return compared with the benchmark index returns (including reinvestment of dividends). Note, as the FTSE/JSE calculates the index without taking into account any brokerage or other transaction costs, index tracking products will typically underperform the index because of their transaction and other running costs.. 1
A) EXCHANGE TRADED FUNDS 1 Month 3 Months 6 Months 1 Year 2 years 1. TOP 40 ETF PRODUCTS FTSE/JSE Top 40 Index 6,54% 7,49% 8,71% 9,49% 15,49% 21,93% 8,72% BIPS Top 40 Portfolio 5,99% 4,12% 9,93% 10,00% 14,60% 20,30% - Nedbank BettaBeta Equally Weighted Top 40 5,53% 3,89% 10,71% 13,39% - - - Satrix 40 Portfolio 6,01% 4,10% 9,77% 9,78% 14,42% 20,06% 8,02% Satrix SWIX Top 40 Portfolio A 4,62% 4,14% 9,61% 11,62% 14,76% 20,14% 7,79% Stanlib Top 40 5,32% 3,52% 10,36% 9,95% - - - Stanlib Swix Top 40 3,67% 3,26% 9,97% 11,50% - - - 2. JSE Sector Exposure ETFs FTSE/JSE Industrial 25 Index 3,71% 4,80% 8,34% 16,46% 23,64% 27,02% 13,05% NewFunds erafi INDI 25 3,76% 2,49% 7,88% 13,95% 19,90% - - Satrix INDI 25 3,51% 2,00% 8,93% 18,70% 21,65% 25,11% 12,27% FTSE/JSE Financial 15 Index 6,10% 10,06% 11,57% 14,23% 15,17% 23,38% 4,50% NewFunds erafi FINI 15 6,58% 8,59% 13,54% 12,76% 11,91% - - Satrix FINI 15 6,54% 9,68% 13,99% 14,55% 12,87% 21,27% 3,59% FTSE/JSE Resources 10 Index 9,41% 9,22% 8,11% 2,39% 10,14% 17,84% 7,67% NewFunds erafi RESI 20 8,40% 1,85% 6,71% 0,35% 8,85% - - Satrix RESI 10 8,32% 4,64% 9,28% 1,09% 9,61% 15,85% 6,65% 3. Bond (Fixed Interest) ETFs All Bond Total Return Index zshares GOVI 1,97% 2,66% 6,76% 12,80% 12,08% 8,21% - BIPS Inflation Linked (Inflation-X) 0,86% 5,31% 7,49% 13,93% 12,26% - - 2
A) EXCHANGE TRADED FUNDS(continued) 1 Month 3 Months 6 Months 1 Year 2 years 4. Property ETFs Proptrax SAPY 3,88% 6,24% 9,56% 17,76% 20,11% 18,30% - Proptrax TEN 3,79% 7,71% 10,50% - - - - 5. Style ETFs FTSE/JSE All Share Index 6,12% 7,76% 8,68% 9,74% 16,15% 22,36% 9,05% NewFunds Shari ah Top 40 6,27% 0,97% 6,64% 3,96% 11,08% - - NewFunds NewSA 5,21% (1,31%) 5,72% 5,13% 11,67% 17,77% - NewFunds NewRand 5,55% (1,52%) 7,39% 7,39% 11,63% 10,96% 7,58% NewFunds erafi Overall 5,81% 3,73% 10,54% 10,90% 15,72% 22,39% - NewFunds MAPPS Protect 2,46% 3,28% 7,19% - - - - NewFunds MAPPS Growth 3,68% 2,48% 8,14% - - - - Satrix DIVI Plus 6,35% 9,50% 13,10% 16,28% 20,23% 26,39% - Satrix RAFI Total Return 6,15% 7,30% 11,93% 12,70% 16,83% 24,30% - 6. Foreign ETFs MSCI World Index (in Rands) 1,00% 4,98% 9,80% 3,98% 6,58% 3,44% (2,22%) DBX Tracker MSCI EuroStoxx 50 1,85% (7,87%) (3,51%) (12,81%) (5,77%) (3,10%) (6,81%) DBX Tracker MSCI FTSE 100 (0,04%) (1,01%) 10,33% 6,18% 7,98% 7,32% (2,05%) DBX Tracker MSCI USA 0,93% 3,66% 18,16% 11,59% 13,23% 7,56% - DBX Tracker MSCI Japan 0,21% (2,83%) 4,25% (3,61%) 1,12% (4,75%) - DBX Tracker MSCI World 1,37% 0,90% 11,07% 4,37% 8,37% 5,34% - 3
B) EXCHANGE TRADED NOTES 1 Month 3 Months 6 Months 1 Year 2 years Deutsche Bank DB MSCI China Total Return 6,15% 4,30% 5,64% - - - - DB MSCI Emerging Markets Total Return 7,45% 2,45% 4,73% - - - - DB Africa Top 50 Capped Total Return 7,96% 1,64% 12,01% - - - - NewFunds NewGold* 5,61% 0,42% 24,53% 41,94% 28,17% 12,48% 23,05% Rand Merchant Bank RMB Oil (3,06%) 8,52% 20,65% 11,93% - - - RMB Coal (2,60%) (8,27%) (2,16%) - - - - Standard Bank Africa Equity Index Total Return 7,02% (1,70%) 0,12% - - - - Africa Commodity Basket Index 4,25% 7,63% - - - - - Gold-Linker 7,37% 0,08% 23,56% 41,97% - - - Silver-Linker 17,57% (2,95%) (2,73%) 29,56% - - - Palladium-Linker 5,12% 3,63% (3,88%) (8,56%) - - - Platinum-Linker 12,57% (0,84%) 4,57% (2,55%) - - - Copper ETN 8,45% 5,76% 0,59% - - - - Corn ETN (4,19%) (3,61%) 7,14% - - - - Oil ETN (2,76%) 9,77% 20,61% - - - - Wheat ETN (2,77%) (0,32%) 4,18% - - - - * Exchange Traded Fund (ETF). 4
C) INDEX TRACKING UNIT TRUSTS 1 Month 3 Months 1 Year 1. TOP 40 PRODUCTS FTSE/JSE Top 40 Index 6,54% 7,49% 9,49% 21,93% 8,72% Kagiso Top 40 Tracker Fund 6,02% 4,01% 9,45% 19,74% 7,64% Old Mutual Top 40 Fund 5,94% 3,86% 9,08% 19,41% 7,09% Stanlib ALSI 40 Fund 6,08% 3,65% 9,78% 20,14% 8,06% SIM Index Fund 5,91% 3,87% 8,83% 19,08% 7,09% Momentum Top 40 Index Fund 6,05% 3,66% 9,46% 19,92% 7,17% SIM Equally Weighted Top 40 Index Fund 5,75% 4,42% 11,76% 2. All Other Index Tracking Products FTSE/JSE All Share Index 6,12% 7,67% 9,74% 22,36% 9,05% Sanlam All Share Index Fund 5,69% 4,89% 10,54% 20,58% - Gryphon All Share Tracker Fund 5,26% 4,82% 9,61% 20,65% 7,76% Stanlib Index Fund 5,68% 4,26% 9,85% 20,38% 8,47% SIM RAFI 40 Index Fund 6,09% 5,69% - - - Plexus RAFI Enhanced SA Strategy Fund 5,70% 5,10% 8,89% 20,94% - Old Mutual RAFI 40 Tracker Fund 6,08% 5,70% 9,62% 21,60% - Prudential Enhanced SA Property Tracker Fund 4,62% 5,49% 18,22% 19,26% 13,48% SIM Dividend Plus Index Fund 6,31% 9,60% - - - 5