NFEHGE 201901250048A
NFEHGE - Listing of NewFunds Volatility Managed High Growth Equity ETF

NEWFUNDS VOLATILITY MANAGED HIGH GROWTH EQUITY ETF
JSE Share Code: NFEHGE
ISIN: ZAE000254876
("NewFunds Volatility Managed High Growth Equity ETF" or the "Portfolio")

A Portfolio under the NewFunds Collective Investment Scheme in Securities ("NewFunds") 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").

LISTING OF NEWFUNDS VOLATILITY MANAGED HIGH GROWTH EQUITY ETF IN THE EXCHANGE
TRADED FUND SECTOR AND ON THE MAIN BOARD OF THE JSE LIMITED ("JSE").

This announcement is issued in compliance with section 19.27 of the JSE Listings Requirements for
information purposes only. The information set out below has been extracted from a written offering circular
("Offering Circular"), issued by the Manager on 3 September 2007 and the applicable portfolio supplement
("Applicable Portfolio Supplement" or "APS"), issued on 25 January 2019 (collectively, the "offering
documents"), which are available as set out below.

INTRODUCTION

The Portfolio has been established with the intention of allowing an Investor to obtain market exposure to a
diversified basket of 15 South African Listed Equity Constituent Securities selected based on a 70/30 factor
specification to Momentum and Low Volatility characteristics demonstrated in their performance. The Portfolio
will track and replicate the NewFunds/Absa Volatility Managed SA High Growth Equity Index (the "Index"), an
Index created by Absa Bank Limited ("Absa") in collaboration with NewFunds. The Index consists of both
Constituent Securities ("the Equity basket") and cash/assets in liquid form, the proportion of which will be
determined by the target volatility control mechanism and drawdown management process. The target volatility
control mechanism aims to increase the proportion of Constituent Securities in the Index during periods of low
volatility and in turn, increases the proportion of assets in liquid form during periods of high volatility.
Specifically, where volatility rises and exceed the target threshold of 20%, the proportion allocation to assets
in liquid form will be increased. Where such volatility decreases, the Index will be restored to an increased
proportion of Constituent Securities. The Index will also apply the drawdown management process which aims
to increase allocation to cash during periods where drawdown of the Equity basket approaches 30% i.e. where
there is a 30% fall from the most recent price peak. In all instances the trade threshold is set at 10%.

LISTING SUMARRY AND OFFER STRUCTURE

By listing the Portfolio, Investors are able participate by acquiring Participatory Interests in the Portfolio by way
of an initial offer. The initial offer is available to both retail and institutional Investors, and is available via any
investment or trading platform, participant broker, any other JSE broker member or the applicant's CSDP.
During the initial offer, applicants shall be entitled to subscribe for Participatory Interests either in cash or in-
specie at the offer price. There is no minimum or maximum number of Participatory Interests which may be
issued in terms of the initial offer.

LISTING ON THE JSE

The JSE has approved the listing of the Participatory Interests in the "Exchange Traded Funds" sector of the
JSE, under the Short name: NFGROWTH, Share Code: NFEHGE and ISIN: ZAE000254876.

SALIENT DATES AND TIMES AND FURTHER ANNOUNCEMENT

                                                                                                             2019
 SENS announcements of Listing Approval and posting/issue on                                    Friday 25 January
 Opening date of Initial Offer at 9:00 on:                                                     Monday 04 February
 Closing date of Initial Offer at 12:00 on:                                                    Friday 15 February
 Letters of allocation issued:                                                                 Monday 18 February
 Publication of announcement on SENS as to the results of the initial offer:                   Monday 18 February
 Settlement of the LA & CSDP/Broker account debited:                                          Tuesday 19 February
 Opening date of Ramp-Up Period at 09:00 on:                                                  Tuesday 19 February
 Closing date of Ramp-Up Period at 12:00 on:                                                 Thursday 21 February
 Conversion ratio published by 11h00 on:                                                       Friday 22 February
 Listing date (In Specie Subscriptions) at 09:00 on:                                           Monday 25 February
 Listing date (Cash Subscriptions) at 9:00 on:                                                 Monday 25 February

Notes:
   1. An announcement of the initial offer price in respect of cash subscriptions and the basis of allocations
      of Participatory Interests will be announced on Friday 22 February 2019
   2. No late applications will not be accepted. Prospective Investors are advised to consult the relevant
      intermediary with regard to their respective cutoff dates and times.
   3. One letter of allotment ("LA") will be issued for every one Rand subscription against a subscriber's
      CSDP or broker account being debited with the Rand amount. Once the baskets have been acquired
      on behalf of the Portfolio, the CSDP will convert the LAs to Participatory Interests in the CSDP
      accounts in accordance with the conversion ratio to be published on the Stock Exchange News Service
      of the JSE.

Copies of the Offering Circular and the Applicable Portfolio Supplement are available on the NewFunds
website: www.etfcib.absa.co.za.

For further information please call the Absa Index and Structured Solutions team on 0861 345 223.

Johannesburg
25 January 2019

Market Maker and JSE sponsor
Absa Corporate and Investment Banking, a division of Absa Bank Limited

Date: 25/01/2019 04:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.