| Focus and Objective |
Fund Objectives
Standard Bank's Silver-Linker Exchange Traded Note provides investors with exposure to the silver price in a cost effective manor. A total return index is created from the near dated USD silver future, USD interest rates and the USD/ ZAR exchange rate. The near-dated future is used as it is typically the most cost effective way of gaining exposure to silver. The Silver-Linker ETN therefore does not incur the costs of owning, storing and insuring physical silver.
Generation of Investment Return
As a total return index, the Silver-Linker Exchange Traded Note return is derived from the following five sources:
1. Performance of the futures contract of the commodity: change in the near-dated futures USD contract price
2. USD deposit rate that accrues daily on the collateralised cash value of the investment: overnight Libor - 0.125%
3. Change in USD/ZAR exchange rate
4. Roll and rebalancing yield: a result from rolling the current future into a distant future due to an approaching expiry
5. Annual management fee of 0.5% is accrued daily.
The futures positions will need to be rolled over into more distant contracts as the near dated contracts approach maturity. The rolling mechanism will begin 40 days prior to the expiry of any futures contract, with the position being rolled over a five-day period to reflect an average roll return. All liquid futures contracts are pre-determined at the beginning of the year to ensure that only sufficiently liquid futures contracts are used.
Replicating the ETN price
The ETN price comprises of the silver ounce exposure of one ETN multiplied by the ZAR silver future's price. Each Silver-Linker gives the investor exposure to a portion of an ounce of silver, this fraction is determined on issuance of the note and fluctuates marginally through time as interest is earned and expenses are incurred.
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| Details |
| Formation Date: |
10 Aug 2010 |
| Sector: |
Exchange Traded Notes |
| JSE Code: |
SBAS1 |
| ISIN: |
ZAE000149316 |
| Currency: |
|
| Holdings: |
n/a |
| Unit Holders: |
n/a |
| Original Price: |
n/a |
| Pricing System: |
Forward |
| Minimum Lump Sum: |
R1 000 |
| R300 |
| Fees |
| TER (30 Jun 2011): |
0.50% |
| Annual: |
% |
| Performance: |
n/a |
| |
Price |
| Performance to 13 Aug 2020 |
| R1 000 Lumpsum (NAV-NAV Incl. Dividends) |
| Period |
Return |
Value(R) |
Inflation(R) |
| 3 Months |
34.35% |
1 343.50 |
1 013.90 |
| 6 Months |
46.82% |
1 468.20 |
1 021.80 |
| 1 Year |
50.09% |
1 500.90 |
1 033.50 |
| 3 Years |
17.73% |
1 631.90 |
1 133.60 |
| 5 Years |
12.80% |
1 825.90 |
1 258.40 |
| 10 Years |
9.70% |
2 524.00 |
1 660.30 |
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| R100 per Month (NAV-NAV Incl. Dividends) |
| Period |
Return |
Value(R) |
Inflation(R) |
| 3 Months |
19.58% |
340.88 |
304.95 |
| 6 Months |
45.27% |
779.93 |
608.85 |
| 1 Year |
58.07% |
1 653.29 |
1 226.24 |
| 3 Years |
30.59% |
5 933.12 |
3 834.59 |
| 5 Years |
17.80% |
9 709.14 |
6 712.13 |
| 10 Years |
8.66% |
19 121.94 |
15 483.59 |
| * Values for periods greater than one year are annualised |
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| Price |
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