ETN - Standard Bank Wheat
 
Focus and Objective
Fund Objectives
Standard Bank's Wheat-Linker Exchange Traded Note provides investors with exposure to the wheat price in a cost effective manor. A total return index is created from the near dated USD wheat 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 wheat. The Wheat-Linker ETN therefore does not incur the costs of owning, storing and insuring physical wheat.
Generation of Investment Return
As a total return index, the Wheat-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.

 
Details
Formation Date: 21 Jul 2011
Sector: Exchange Traded Notes
JSE Code: SBAWHT
ISIN: ZAE000158549
Currency:
Issuer: The Standard Bank of South Africa Limited
Term (days):: 10 Years
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 Dec 2019
R1 000 Lumpsum (NAV-NAV Incl. Dividends)
Period Return Value(R) Inflation(R)
3 Months 8.10% 1 081.00 1 003.50
6 Months -3.61% 963.90 1 013.30
1 Year 1.31% 1 013.10 1 037.30
3 Years 0.14% 1 004.30 1 143.70
5 Years -7.43% 679.70 1 280.10
 
R100 per Month (NAV-NAV Incl. Dividends)
Period Return Value(R) Inflation(R)
3 Months -1.24% 297.53 300.62
6 Months 6.39% 622.77 603.63
1 Year 14.12% 1 295.88 1 222.97
3 Years 5.48% 3 920.95 3 837.73
5 Years -1.18% 5 823.04 6 753.49
* Values for periods greater than one year are annualised
 
Price
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