ETN - Standard Bank Oil

Focus and Objective

The ETN price comprises of the allocation factor multiplied by the ZAR commodity future price giving the investor exposure to a portion of a pound/barrel of the commodity. This allocation factor is determined on issuance of the note and fluctuates through time.

The Commodity ETNs' return is derived from the following sources:
1) Performance of the near dated commodity futures contract;
2) overnight USD Libor less 0.1%, accruing daily;
3) Change in USD / ZAR exchange rate;
4) Roll and rebalancing yield, resulting from selling the current future and buying the distant future on roll;
5) Annual management fee of 0.35%, accrued daily.

The futures are rolled into more distant contracts as the near dated contracts approach maturity. The rolling will begin 40 days prior to the expiry of the futures contract, over a five- day period. When rolling from one future to another the full Rand value is rolled into the next future, therefore if the next future's price is higher/lower than the previous one, your exposure will decrease/increase in line.

Details
Formation Date:	13 Jul 2021
Sector:	Exchange Traded Notes
JSE Code:	SBOIL
ISIN:	ZAE000300489
Currency:	South African Rand
Term (days)::	20years
Holdings:	n/a
Unit Holders:	n/a
Original Price:	n/a
Pricing System:	Forward
Minimum Lump Sum:	n/a
n/a

Fees
TER:	n/a
Annual:	0.35%
Performance:	n/a


Price

Performance to 6 Dec 2023
R1 000 Lumpsum (NAV-NAV Incl. Dividends)
Period	Return	Value(R)	Inflation(R)
3 Months	-11.62%	883.80	1 020.80
6 Months	4.90%	1 049.00	1 034.60
1 Year	12.12%	1 121.20	1 064.50

R100 per Month (NAV-NAV Incl. Dividends)
Period	Return	Value(R)	Inflation(R)
3 Months	-14.87%	271.23	303.90
6 Months	-8.49%	570.99	613.27
1 Year	2.23%	1 214.59	1 245.44
* Values for periods greater than one year are annualised

Price