etfSA.co.za - Sept Monthly Performance Survey

SEPTEMBER 2018 – 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 28 September 2018, is attached. The Survey measures total investment returns for all 90 JSE listed ETFs/ETNs, and 39 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 on page 1. The total return performance of each Domestic Exchange Traded Fund is shown on pages 2-4; Foreign Exchange Traded Funds on pages 5-9; Foreign ETNs on page 6; Commodity ETFs & ETNs on page 7; Currencies on page 8; and Index Tracking Unit Trusts on pages 9-11.

For the long-term periods (5-10 years), the offshore equity ETFs, notably the Sygnia Itrix MSCI USA ETF top the performance tables, followed by certain other foreign equity ETFs. The one notable exception is the Satrix Capped INDI 25 ETF, which is a purely SA equity fund, but its performance has been far less impressive over the past 3 years, as the flat performance of the JSE has come to offset most benefits from a depreciating rand for local equity counters.

For periods of 3 years, or less, commodity based ETFs dominate the performance tables, particularly the scarcer PGM metals (Rhodium & Palladium), but more recently the Standard Bank Oil ETN has rewarded investors with the US$ oil price climbing from around US$60 per barrel in early 2018 to now over US$80 per barrel. The depreciation in the rand has also kicked in for rand based JSE investors in this product.

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