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Property Index Tracker Managers ("PROPTRAX")

PropTrax offers two passively managed Exchange Traded Funds (ETF’s), with the investment objective of replicating the price and yield performance of a specified Index by holding a portfolio of securities substantially equivalent to and in the same weightings as the basket of securities comprising the Index. PropTrax SAPY (share code: PTXSPY) and PropTrax^Ten (share code: PTXTEN) are listed on the JSE Limited (Johannesburg Stock Exchange).

The PropTrax portfolios will be adjusted as determined by the ground rules to conform to changes in the basket of securities comprising the Index so as to ensure that the composition and weighting of the securities comprising the relevant PropTrax portfolio at all times reflects, as closely as reasonably possible, the composition and weighting of the securities comprising the Index.

The benchmarking PropTrax SAPY portfolio tracks the price and yield performance of the FTSE/JSE South African Listed Property Index (the “SAPY Index”). As such, the SAPY portfolio affords both retail and institutional investors an opportunity to access the performance of the top 20 JSE listed real estate securities by investing in a single instrument – namely a participatory interest in the SAPY portfolio.

PropTrax^Ten consists of the top 10 securities, as measured by investable market capitalisation, in the SAPY Index, meaning that every counter is given the same weight in the index (100% / 10 = 10.0%) regardless of market capitalisation. PropTrax^Ten dilutes the concentration of the larger capitalisation real estate counters and increases the exposure to the medium sized growth counters.

All PropTrax portfolios gives the investor access and good exposure to the high performance real estate sector, without excessive fees and high investment levels, both of which are barriers to entry.  PropTrax offers all investors professional management to a secure and diverse portfolio in the top South African real estate listed securities.

Investors in PropTrax diversify their risk within the listed real estate sector, (although they only hold a single instrument) because of the underlying investment in a broad range of securities.  In addition, investors enjoy quarterly distributions, which accrue to the investor as and when the constituent companies pay their distributions.

As the portfolios develop and increase in size, PropTrax portfolios should trade with a higher degree of liquidity than certain of the underlying securities included in the relevant Index, making it an attractive prospect for investors looking for exposure to the listed real estate sector.