NFEVOL 201901240023A
NFEVOL - Revised distribution announcement for the quarter ended 31 December 2018
NEWFUNDS LOW VOLATILITY EXCHANGE TRADED FUND PORTFOLIO
Share code: NFEVOL
ISIN: ZAE000252458
Portfolios in the NewFunds Collective Investment Scheme in Securities registered as such in terms of the Collective
Investment Schemes Control Act, 45 of 2002 and managed by NewFunds (RF) Proprietary Limited (Registration Number
2005/034899/07) ("The Manager")
REVISED DISTRIBUTION AND RE-INVESTMENT ANNOUNCEMENT FOR THE QUARTER ENDED
31 DECEMBER 2018
The Manager and Trustee has finalised the distribution to holders of ETF securities ("investors") recorded as such in the
register on Friday, 25 January 2019, for the quarter ended 31 December 2018 as follows:
Alpha Dividend/ Foreign/ Local Gross Subject to *Withholding Net
code Interest Distribution Withholding Tax (%) Distribution
(Cents per unit) tax (Cents per
Yes/ No unit)
NFEVOL Interest Local 0.11571 No 0.11571
Dividend Local 5.08174 Yes 20 4.06539
Dividend Foreign(1) 3.76729 Yes 20 3.01383
Dividend Foreign - ANH*** [S64N] 0.58650 No 0.58650
Dividend Foreign - ITU*** [S64N] 1.42315 No 1.42315
Dividend REITs** 2.24215 Yes **20 1.79372
13.21654 10.99830
Further details are listed below:
(1) Source of monetary funds subject to foreign dividend tax:
United Kingdom 100.00%
***Source of foreign dividends not subject to dividend tax:
Belgium 31.16%
United Kingdom 68.84%
Notice is hereby given that the following dates are of importance in regard to the distribution by the above ETF for the
quarter ended 31 December 2018:
Declaration/ Finalisation date Thursday, 17 January 2019
Last day to trade Tuesday, 22 January 2019
Ex distribution Wednesday, 23 January 2019
Record date Friday, 25 January 2019
Payment date Monday, 28 January 2019
The distribution will be paid on Monday, 28 January 2019 to all securities holders recorded on the register on
Friday, 25 January 2019.
The net distribution amount (after the deduction of Dividend Withholding Tax (''DWT'') at a current rate of 20%) will be re-
invested in the ETF on behalf of investors through the purchase of additional Constituent Securities (as defined in the
relevant Portfolio Supplement) in the appropriate weightings, thereby increasing the net asset value of the ETF and,
proportionately increasing the value of each ETF security. As a consequence of reinvesting the net distribution amount
(comprising only 80% after the deduction of DWT), the ETF will be tracking the relevant total return net-of-dividend tax
index.
Investors qualifying for exemption from DWT or a reduced rate of DWT per Double Tax Agreement ("DTA"), will receive, in
cash, a distribution amount of the applicable DWT, provided they have completed and timeously lodged with the relevant
intermediary the prescribed declaration and undertaking form. Failure to do so will result in the dividends tax being withheld
in full.
NET FOREIGN DIVIDEND NOT TAXED (S64N rebate)
ANH ITU
Gross Dividend 0.91559 1.94399 ****changes effected
Foreign Dividends Withholding Tax (0.27468) (0.38880)
0.64091 1.55519
Less Porfolio costs (0.05441) (0.13204)
Distributable dividend 0.58650 1.42315
SA Dividend Withholding Tax
Gross Dividend 0.91559 1.94399 ****changes effected
Less Portfolio Costs (0.05441) (0.13204)
0.86118 1.81195
SA DWT 0.17224 0.36239
SA tax 0.17224 and 0.36239 (*** changes effected) cents respectively (20%) will not be deducted as foreign dividend
withholding tax has already been deducted (SECTION 64N)
Withholding Tax on Interest (WTI) came into effect on 1 March 2015.
Interest accruing from a South African source to a non-resident, excluding a controlled foreign company, will be subject to
withholding tax at a rate of 15% on payment, except interest,
• arising on any Government debt instrument;
• arising on any listed debt instrument;
• arising on any debt owed by a bank or the South African Reserve Bank;
• arising from a bill of exchange or letter of credit where goods are imported into South Africa and where an authorized
dealer has certified such on the instrument;
• payable by a headquarter company;
• accruing to a non-resident natural person who was physically present in South Africa for a period exceeding 183 days in
aggregate, during that year, or carried on a business through a permanent establishment in South Africa.
Investors are advised that to the extent that the distribution amount comprise of any interest, it will not be
subject to WTI by virtue of the fact that it is Government debt, listed debt instruments and/or bank debt.
***INTU PROPERTIES PLC is a United Kingdom listed Company and Anheuser Busch Inbev NV a Belgium listed Company.
The dividends received have been subject to withholding tax of 20% and 30% respectively. *Investors should seek advice
from their tax advisor on whether the tax rate shown is applicable to them.
South African tax resident investors relating to REITs
**The dividend distribution by a REIT received by South African tax residents must be included in their gross
income and will not be exempt in terms of the ordinary dividend exemption in section 10(1)(k)(i) of the Income Tax
Act No. 58 of 1962 ("the Act") as a result of paragraph (aa) of the proviso thereto which provides that dividends
distributed by a REIT are not exempt from income tax.
a) No dividend withholding tax will be deducted from dividends payable to a South African tax resident qualifying
for exemption from dividend withholding tax provided that the investor has provided the following forms to their
Central Securities Depository Participant ("CSDP") or broker, as the case may be in respect of its participatory
interest:
b) a written undertaking to inform their CSDP or broker, as the case may be, should the circumstances affecting
the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the South African Revenue Service. South African tax resident investors are advised
to contact their CSDP or broker, as the case may be, to arrange for the abovementioned documents to be submitted
prior to payment of the distribution, if such documents have not already been submitted.
Non-resident investors for South African income tax purposes
The dividend distribution received by non-resident investors will be exempt from income tax in terms of section
10(1)(k)(i) of the Act, but will be subject to dividend withholding tax. Dividend withholding tax is levied at a rate of
15%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation ("DTA")
between South Africa and the country of residence of the non-resident investor.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident
investor has provided the following forms to their CSDP or broker, as the case may be in respect of its participatory
interest:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
b) a written undertaking to inform the CSDP or broker, as the case may be, should the circumstances affecting the
reduced rate change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the South African Revenue Service. Non-resident investors are advised to contact
their CSDP or broker, as the case may be, to arrange for the abovementioned documents to be submitted prior to
the payment of the distribution if such documents have not already been submitted.
Both resident and non-resident investors are encouraged to consult their professional advisors should they be in
any doubt as to the appropriate action to take.
Additional information:
Number of securities in issue Tax reference number
NFEVOL 3,024,861 0461636268
24 January 2019
Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)
Date: 24/01/2019 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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