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

Formation Date: 21 Jul 2011
Sector: Exchange Traded Notes
ISIN: ZAE000158531
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

TER (30 Jun 2011): 0.50%
Annual: %
Performance: n/a
Performance to 13 May 2021
R1 000 Lumpsum (NAV-NAV Incl. Dividends)
Period Return Value(R) Inflation(R)
3 Months 9.58% 1 095.80 1 009.90
6 Months 43.79% 1 437.90 1 015.00
1 Year 77.05% 1 770.50 1 036.10
3 Years -6.31% 822.30 1 116.30
5 Years -2.43% 884.40 1 231.10
R100 per Month (NAV-NAV Incl. Dividends)
Period Return Value(R) Inflation(R)
3 Months 2.73% 305.49 300.44
6 Months 24.42% 691.52 604.77
1 Year 43.96% 1 527.85 1 222.48
3 Years 1.41% 3 679.34 3 799.43
5 Years 0.62% 6 096.14 6 623.42
* Values for periods greater than one year are annualised
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