SEPTEMBER 2017 etfsa.co.za MONTHLY SOUTH AFRICAN ETF, ETN AND UNIT TRUST PASSIVE INDEX TRACKING PERFORMANCE SURVEY Mike Brown, Managing Director, etfsa.co.za The Performance Survey for the period ended 29 September 2017, is attached. The Survey measures total investment returns for all 71 JSE listed ETFs/ETNs, and 29 index tracking unit trusts for periods of one month to ten years. The summary table of the best performing passive index tracking products is shown below. The total return performance of each Exchange Traded Fund is shown in Section A (pages 3-5); Exchange Traded Notes in section B (pages 5-6); and Index Tracking Unit Trusts in Section C (pages 7-8). The Performance Survey still shows the Satrix INDI 25 ETF as delivering the best long-term investment returns for the past 10 years. For shorter periods of 3-, the offshore ETFs issued by Sygnia/Itrix for developed markets, are the best performers. However, the DB MSCI China ETN has performed notably well, for 3 and and for the 2-year investment returns, is the best performing index tracker by some margin. The DB MSCI Emerging Markets ETN also shows up very well in the 2-year Survey. For shorter-term periods of 1 year or less, commodity ETFs and ETNs dominate the Performance Survey. The good returns provided by such offshore emerging market equity and commodity investments, despite the relatively firm rand exchange rate over the past 2 years, indicates a secular swing to such asset classes, which could benefit the South African markets when global sentiment towards this market recovers. In the meantime, the steady recovery to date in 2017, for ETPs and unit trusts tracking the main SA equity indices, should not be ignored. Summary Table Fund Name etfsa.co.za Monthly Performance Survey Best Performing Index Tracker Funds 29 September 2017 Type (Total Return % Performance)* () Fund Name Type 5 Years () Satrix INDI 25 ETF 16,27% Sygnia/Itrix MSCI USA ETF 24,59% Prudential Enhanced Property Tracker Fund Unit T 13,96% DB MSCI China ETN 21,93% CoreShares PropTrax SAPY ETF 13,11% Sygnia/Itrix MSCI World ETF 21,91% NewGold ETF 12,33% Sygnia/Itrix MSCI Japan ETF 21,32% 3 Years () 2 Years () DB MSCI China ETN 18,96% NewFunds S&P GIVI RESI ETF 32,35% Sygnia/Itrix MSCI USA ETF 16,25% DB MSCI China ETN 21,55% CoreShares PropTrax Ten ETF 14,37% DB MSCI Emerging Markets ETN 19,14% Sygnia/Itrix MSCI World ETF 13,87% Standard Bank Palladium-Linker ETN 18,26% 1 Year 6 Months Standard Bank Africa Rhodium ETF 67,24% DB MSCI China ETN 29,90% Standard Bank Copper ETN 29,58% Absa New Palladium ETF 23,65% Standard Bank Palladium-Linker ETN 28,64% Standard Bank Palladium-Linker ETN 25,20% Absa New Palladium ETF 28,49% Standard Bank Africa Palladium ETF 23,54% 3 Months Standard Bank Africa Rhodium ETF 20,37% Satrix RESI ETF 17,68% DB MSCI China ETN 19,24% Source: etfsa.co.za / Profile Media Funds Data (29/9/2017) * Includes reinvestment of dividends. 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 (total return) (0,16%) 10,49% 10,43% 10,24% 8,74% 6,82% 12,64% 12,97% 9,16% Ashburton Top 40 Portfolio (0,18%) 10,41% 10,00% 9,73% 8,27% 5,38% 12,80% 13,31% - CoreShares Equally Weighted Top 40 (0,11%) 9,64% 5,39% 0,35% 4,55% 4,30% 8,21% 10,31% - NewFunds SWIX Top 40 (Total Return) (1,17%) 8,12% 7,98% 5,42% 7,58% 6,02% 12,14% - - Satrix 40 Portfolio (0,21%) 10,37% 10,19% 9,84% 8,29% 6,38% 12,11% 12,43% 8,69% Satrix SWIX Top 40 Portfolio (1,22%) 8,21% 8,06% 5,64% 7,72% 6,43% 12,47% 13,06% 9,68% STANLIB Top 40 (0,22%) 10,35% 10,29% 9,94% 8,18% 6,56% 12,42% - - STANLIB Swix Top 40 (1,18%) 8,23% 8,15% 5,81% 7,66% 6,77% 12,87% - - 2. JSE Sector Exposure ETFs FTSE/JSE Industrial 25 Index (total return) 0,01% 8,93% 10,89% 11,21% 9,44% 11,43% 18,83% 20,29% 16,88% NewFunds S&P GIVI INDI (0,14%) 2,55% 4,24% 2,24% 3,60% 5,85% 13,55% 14,58% - Satrix INDI 25 (0,02%) 8,80% 10,64% 10,49% 8,81% 10,82% 18,16% 19,63% 16,27% FTSE/JSE Financial 15 Index (total return) (2,58%) 5,23% 2,23% 5,48% 3,56% 8,05% 13,68% 14,54% 10,85% NewFunds S&P GIVI FINI (1,95%) 0,71% (2,20%) (4,65%) (9,47%) (2,34%) 7,44% 10,22% - Satrix FINI 15 (3,21%) 6,02% 2,86% 5,88% 2,63% 5,96% 12,71% 13,24% 9,74% FTSE/JSE Resources 10 Index (total return) 0,32% 18,05% 12,90% 10,94% 8,36% (0,52%) (2,86%) (1,26%) (2,43%) NewFunds S&P GIVI RESI (1,58%) 9,16% 2,59% (9,50%) 32,35% 5,62% 8,08% 7,41% - Satrix RESI 10 0,27% 17,68% 12,14% 10,22% 9,76% (9,73%) (0,89%) (1,35%) (2,25%) 2
A) EXCHANGE TRADED FUNDS(continued) 1 Month 3 Months 6 Months 1 Year 2 years 3. Bond (Fixed Interest) ETFs All Bond Total Return Index (total return) 1,03% 3,19% 3,99% 7,95% 8,44% 7,58% 6,34% 7,62% 8,44% Ashburton Government Inflation 0,65% 0,93% 0,47% 0,09% 3,86% 4,63% 6,03% 9,11% - NewFunds GOVI (Total Return) 1,02% 3,14% 4,03% 7,90% 8,35% 7,11% 6,18% - - NewFunds ILBI (Inflation-Linked) (Total Return) 0,62% 0,91% 0,44% 0,03% 3,88% 4,24% 5,41% - - FNB US Dollar Custodian Certificate ETF 2,25% 4,94% 5,91% - - - - - - Satrix ILBI 0,65% 1,61% 0,54% - - - - - - 4. Property ETFs FTSE/JSE Property (SAPY) Index (total return) 1,865 5,81% 4,93% 8,63% 6,62% 12,73% 12,67% 15,42% 13,91% CoreShares PropTrax SAPY 2,14% 6,39% 6,12% 7,51% 6,69% 12,73% 12,45% 14,67% 13,11% CoreShares PropTrax TEN 0,83% 4,89% 6,77% 6,85% 8,60% 14,37% 14,53% - - CoreShares S&P Global Property ETF 2,72% 2,87% 10,39% - - - - - - Satrix Property 1,73% 0,52% 0,95% - - - - - - STANLIB Property 1,81% 5,67% 4,75% 8,17% 6,99% 12,77% - - - 5. Style ETFs FTSE/JSE All Share Index (total return) (0,65%) 9,45% 7,68% 8,65% 9,16% 7,15% 12,53% 13,03% 9,54% Ashburton MidCap (5,27%) 4,62% (7,16%) (4,69%) 8,59% 6,06% 10,38% - - CoreShares Dividends Aristocrat (4,33%) 2,75% (3,97%) (1,34%) 6,98% 9,29% - - - CoreShares Low Volatility (1,24%) 1,76% (1,98%) (3,22%) 0,33% 4,57% - - - CoreShares S&P Top 50 (0,27%) 10,30% 9,36% 9,24% 9,30% - - - - Continued/ 3
A) EXCHANGE TRADED FUNDS(continued) 1 Month 3 Months 6 Months 1 Year 2 years FTSE/JSE All Share Index (total return) - continued NewFunds Equity Momentum Fund (Total Return) 0,25% 12,26% 4,15% 5,97% 7,94% 10,30% 11,62% - - NewFunds Shari ah Top 40 (0,92%) 11,81% 8,18% 4,48% 3,54% (5,26%) 3,50% 4,71% - NewFunds NewSA (4,04%) 4,46% 0,87% 4,45% 1,05% 0,31% 9,08% 10,58% - NewFunds S&P GIVI Top 50 (1,02%) 2,94% 2,09% (1,08%) (0,33%) 0,84%) 7,31% 8,56% - MAPPS Protect (0,06%) 4,27% 4,42% 4,30% 6,35% 5,55% 8,16% - - MAPPS Growth (0,71%) 6,68% 6,84% 5,55% 7,36% 5,93% 10,49% - - Satrix DIVI Plus (3,30%) 8,82% 0,95% 7,92% 9,97% 3,56% 5,60% 7,99% 9,28% Satrix RAFI Total Return (1,05%) 11,00% 6,85% 9,36% 12,36% 5,34% 10,23% 10,57% - 6. Foreign ETFs MSCI World Index (in Rands) 6,38% 7,12% 11,91% 12,21% 11,145 11,97% 20,03% 18,46% 9,13% Cloud Atlas AMI Big50 ex-sa ETF 2,44% 5,16% - - - - - - - CoreShares S&P 500 ETF 6,70% 6,77% 11,22% - - - - - - Sygnia/Itrix MSCI Eurostoxx 50 8,47% 11,56% 21,19% 26,36% 13,14% 9,27% 18,81% 13,96% 4,98% Sygnia/Itrix MSCI FTSE 100 8,28% 8,56% 14,81% 9,65% 6,19% 5,99% 14,79% 14,72% 6,78% Sygnia/Itrix MSCI USA 7,14% 8,55% 12,79% 14,90% 14,91% 16,25% 24,59% 24,10% - Sygnia/Itrix MSCI Japan 4,94% 7,30% 12,57% 11,13% 12,71% 13,65% 21,32% 16,70% - Sygnia/Itrix MSCI World 7,14% 8,82% 14,25% 14,82% 13,66% 13,87% 21,91% 20,21% - 7. Money Market ETFs CoreShares PrefTrax 1,30% (0,30%) 1,40% 4,04% 8,16% 5,45% 4,01% - - NewFunds TRACI (Total Return) 0,58% 1,80% 3,58% 7,26% 7,00% 6,69% 6,13% - - 4
A) EXCHANGE TRADED FUNDS(continued) 1 Month 3 Months 6 Months 1 Year 2 years 8. Commodity ETFs Absa NewGold 1,03% 7,20% 6,77% (5,45%) 4,21% 7,58% 2,76% 9,11% 12,33% Absa NewPlat (3,29%) 5,02% 0,59% (12,21%) (1,47%) (5,82%) - - - Absa New Palladium 3,04% 14,13% 23,65% 28,49% 17,59% 11,44% - - - FNB Krugerrand Custodian Certificate ETF 1,12% 7,19% 6,93% (5,03%) 4,51% - - - - Standard Bank Africa Palladium ETF 2,52% 14,23% 23,54% 27,27% 17,38% 11,90% - - - Standard Bank Africa Gold ETF 0,97% 7,13% 6,86% (5,47%) 4,39% 7,67% - - - Standard Bank Africa Platinum ETF (4,93%) 3,24% 0,32% (13,34%) (1,98%) (6,01%) - - - Standard Bank Africa Rhodium ETF 11,99% 20,37% 19,71% 67,24% - - - - - B) EXCHANGE TRADED NOTES 1 Month 3 Months 6 Months 1 Year 2 years Absa Capital NewWave EURO 2,11% 7,56% 14,51% 2,31% 0,70% 3,66% 8,34% - - NewWave Pound 7,50% 7,12% 12,31% 0,23% (7,50%) (0,39%) 6,27% - - NewWave US Dollar 3,93% 4,17% 4,65% (2,07%) (1,50%) 6,36% 10,34% - - NewWave Platinum (4,09%) 3,14% 0,05% (12,55%) (1,64%) (5,78%) (2,33%) - - NewWave Silver (1,34%) 3,76% (4,33%) (13,33%) 4,08% 3,73% (5,35%) - - Deutsche Bank DB MSCI China Total Return 6,41% 19,24% 29,90% 27,25% 21,55% 18,96% 21,93% - - DB MSCI Emerging Markets Total Return 4,49% 12,24% 18,07% 17,71% 19,14% 11,02% 14,30% - - DB Africa Top 50 Capped Total Return (1,05%) 8,47% 10,83% 3,65% 4,61% 1,14% 10,01% - Continued/ 5
B) EXCHANGE TRADED NOTES (continued) 1 Month 3 Months 6 Months 1 Year 2 years Standard Bank Africa Equity Index Total Return 0,83% 9,78% 17,43% 5,74% 2,88% (8,75%) 0,46% - - Africa Commodity Basket Index 5,00% 11,13% 8,22% 4,92% 4,72% (2,51%) 1,02% - - Gold-Linker 0,92% 7,09% 6,80% (5,65%) 4,62% 7,94% 3,05% 8,95% - Silver-Linker (0,92%) 4,67% (4,86%) (16,71%) 3,35% 2,83% (6,31%) 4,09% - Palladium-Linker 2,73% 15,82% 25,20% 28,64% 18,26% 11,96% 18,40% 17,27% - Platinum-Linker (5,43%) 3,08% (0,58%) (15,14%) (2,78%) (6,69%) (0,27%) - Copper ETN (0,73%) 13,79% 14,48% 29,58% 10,89% 3,87% 4,03% - - Corn ETN 5,05% (5,07%) (5,67%) (7,99%) (16,29%) (2,78%) (10,15%) - - Oil ETN 13,83% 16,23% 4,80% (4,77%) (10,77%) (24,47%) (8,59% - - Wheat ETN 10,96% (9,77%) (1,85%) (9,00%) (19,79%) (7,00%) (12,64%) - - Source: etfsa.co.za / Profile Media Funds Data (29/9/2017) Disclaimer: The Exchange Traded Products (ETPs) contained herein are mainly Collective Investment Schemes in Securities (CIS) and other listed securities which are generally medium to long-term investments that contain elements of risk and can be affected by market values, interest rates, exchange rates, volatility, dividend yields and issuer credit ratings. ETPs are listed on the Johannesburg, or other Stock Exchanges, and trade at ruling prices on such Exchanges. The price of ETPs can go up as well as down and past performance is not necessarily a guide to the future. The ETP's herein are listed on the Johannesburg Stock Exchange Limited and trading in ETP securities will incur trading and settlement costs. ETF securities are traded at ruling prices and can engage in scrip lending. The information and opinions provided herein are of a general nature and do not constitute investment advice. Whilst every care has been taken, no representation, warranty or undertaking, expressed or implied, is given as to the accuracy or completeness thereof. etfsa.co.za is managed by M F Brown, who is a registered financial services provider (FSP No. 39217). M F Brown has Professional Indemnity Insurance as required by FAIS. The etfsa Investment Services Company (Pty) Ltd (FSP No 40107) provides asset management as well as financial intermediary and advice services. It uses Exchange Traded Products to construct portfolios for use in Retirement Annuity, Tax Free and Discretionary investments. It holds Professional Indemnity insurance and Fidelity Guarantee insurance as required by FAIS. All opinions and information on this website may be changed at any time without notice. Redistribution, reproduction, the resale or transmission to any third party of the contents of this website, whether by email, newsletter, internet or website, is only possible with the written permission of etfsa. etfsa.co.za, its sponsors, administrators, contributors and product providers disclaim any liability for any loss, damage, or expense that might occur from the use of or reliance on the data and services provided through this website. etfsa.co.za and etfsa The Home of Exchange Traded Funds are registered trademarks in the Republic of South Africa. 6
C) INDEX TRACKING UNIT TRUSTS 1 Month 3 Months 1 Year 1. TOP 40 PRODUCTS FTSE/JSE Top 40 Index (total return) (0,16%) 10,49% 10,24% 6,82% 12,84% 9,16% Kagiso Top 40 Tracker Fund 0,11% 10,05% 9,25% 5,79% 11,58% 8,13% Momentum Top 40 Index Fund 0,10% 10,19% 9,52% 6,18% 11,86% 8,03% Satrix Equally Weighted Top 40 Index Fund (1,74%) 6,31% (0,57%) 3,14% 7,38% - Satrix Top 40 Index Fund (0,2$%) 10,27% 9,49% 5,86% - - Sygnia Top 40 Index Fund 0,14% 10,10% 9,46% 6,24% - - Sygnia SWIX Index Fund (1,24%) 7,36% 4,44% 6,61% - - 2. Other Equity Index Tracking Products FTSE/JSE All Share Index (total return) (0,65%) 9,45% 8,65% 7,15% 12,53% 9,54% Gryphon All Share Tracker Fund (0,15%) 9,06% 9,92% 6,96% 12,41% 9,09% Stanlib Index Fund (1,26%) 7,34% 5,16% 5,10% 11,11% 8,54% Satrix ALSI Index Fund (0,69%) 9,31% 7,89% 6,32% 11,66% 8,48% Satrix RAFI 40 Index Fund (0,80%) 11,27% 9,24% 4,64% 9,51% - Ashburton Momentum SA Tracker Fund 0,59% 15,46% (6,48%) - - - Satrix Momentum Index Fund (0,55%) 10,97% 9,18% 9,28% - - Old Mutual RAFI 40 Tracker Fund (0,51%) 10,95% 9,12% 5,10% 9,87% 8,34% Ashburton Low Beta SA Composite Tracker Fund (0,16%) 6,75% 5,34% - - - Ashburton Enhanced Value SA Tracker Fund (5,47%) 9,14% 13,36% - - - Satrix Balanced Index Fund 0,40% 6,87% 7,12% 7,15% - - Satrix Low Equity Balanced Index Fund 0,99% 4,31% 5,13% 6,92% - - Satrix Dividend Plus Index Fund (3,35%) 8,74% 7,47% 3,11% 5,13% - Sygnia Dividend Index Fund (3,00%) 8,53% 6,95% 3,28% - - Continued/ 7
C) INDEX TRACKING UNIT TRUSTS 1 Month 3 Months 1 Year 3. Bond Tracking Unit Trusts All Bond Index (total return) 1,03% 3,19% 7,95% 7,58% 6,34% 8,44% Ashburton GOVI Tracker Fund 0,95% 3,02% 7,36% - - - Satrix Bond Index Fund 0,96% 3,07% 7,44% 6,94% - - Stanlib ALBI Tracker Fund 0,95% 3,03% 7,15% - - - Sygnia All Bond Index Fund 1,01% 3,13% 7,22% - - - 4. Property Index Tracking Unit Trusts FTSE/JSE Property SAPY Index (total return) 1,86% 5,81% 8,63% 12,73% 12,67% 13,91% Ashburton Property Tracker Fund 1,86% 5,70% 7,93% - - - Satrix Property Index Fund 1,81% 5,64% 7,99% 12,38% 12,05% Prudential Enhanced SA Property Tracker Fund 1,78% 5,59% 8,86% 13,61% 13,20% 13,96% Sygnia Listed Property Index Fund 1,85% 5,53% 8,33% 12,66% - - 5. Global Index Tracking Unit Trusts MSCI World Index (Rands) 6,38% 7,12% 12,21% 11,97% 20,03% 9,13% Old Mutual Global RAFI Index Fund 6,47% 8,35% 16,12% 11,46% 20,01% - Satrix MSCI World Equity Index Feeder Fund 6,56% 7,46% 13,51% 13,00% - - Source: etfsa.co.za / Profile Media Funds Data (29/9/2017) Disclaimer: The Exchange Traded Products (ETPs) contained herein are mainly Collective Investment Schemes in Securities (CIS) and other listed securities which are generally medium to long-term investments that contain elements of risk and can be affected by market values, interest rates, exchange rates, volatility, dividend yields and issuer credit ratings. ETPs are listed on the Johannesburg, or other Stock Exchanges, and trade at ruling prices on such Exchanges. The price of ETPs can go up as well as down and past performance is not necessarily a guide to the future. The ETP's herein are listed on the Johannesburg Stock Exchange Limited and trading in ETP securities will incur trading and settlement costs. ETF securities are traded at ruling prices and can engage in scrip lending. The information and opinions provided herein are of a general nature and do not constitute investment advice. Whilst every care has been taken, no representation, warranty or undertaking, expressed or implied, is given as to the accuracy or completeness thereof. etfsa.co.za is managed by M F Brown, who is a registered financial services provider (FSP No. 39217). M F Brown has Professional Indemnity Insurance as required by FAIS. The etfsa Investment Services Company (Pty) Ltd (FSP No 40107) provides asset management as well as financial intermediary and advice services. It uses Exchange Traded Products to construct portfolios for use in Retirement Annuity, Tax Free and Discretionary investments. It holds Professional Indemnity insurance and Fidelity Guarantee insurance as required by FAIS. All opinions and information on this website may be changed at any time without notice. Redistribution, reproduction, the resale or transmission to any third party of the contents of this website, whether by email, newsletter, internet or website, is only possible with the written permission of etfsa. etfsa.co.za, its sponsors, administrators, contributors and product providers disclaim any liability for any loss, damage, or expense that might occur from the use of or reliance on the data and services provided through this website. etfsa.co.za and etfsa The Home of Exchange Traded Funds are registered trademarks in the Republic of South Africa. 8