Sanlam-owned Satrix Managers walked off with 10 of the 25 awards at the seventh annual South African Listed Tracker Funds Awards (SALTAs) on 27 March.
The accolades, which again made Satrix the company to win the most awards, included two People’s Choice Awards, as well as awards for capital raising and tracking efficiency for the year to the end of December 2023.
But Satrix, by far the largest provider of exchange-traded products (ETPs) in South Africa, did not win any awards for investment performance.
The SALTAs recognise the best total investment returns of providers over one, three, five, and 10 years in various categories, as well as skills in providing index-tracking listed ETPs.
Sygnia, the country’s second-largest provider of ETPs, won only one award.
Absa Capital, the third-largest provider, First National Bank (FNB), the fifth-largest, 1nvest, the seventh-largest, and Union Bank of Switzerland (UBS), the sixth-largest, each won three awards.
10X, the fourth-largest provider, won two.
At the end of December last year, South Africa’s ETP sector had a market capitalisation of R165.4 billion, with 211 ETPs, issued by 10 firms, listed on the JSE.
The overall results are based on an analysis of daily net asset value (NAV) pricing and other data provided by the administrators of ETPs to local data collectors. This information is used to assess investment performance and other ratios to determine the best providers of ETPs in six award categories. Only quantitative assessments are used to determine the winners in four award categories, according to the organisers.
The exception is the People’s Choice Awards, which are decided by the public voting online.
The SALTAs are an initiative by four service providers to the ETP industry: etfSA, Profile Data, the JSE, and the London Stock Exchange Group.
Investment performance
In the total return investment category, performance is measured for a lump-sum investment, on a total return, NAV basis, with distributions reinvested. There are three periods of assessment – three, five and 10 years – all to the end of December 2023.
1nvest won three awards in this category:
- Its S&P 500 Info Tech Feeder ETF was the best foreign equity index-tracking ETP over five years.
- The 1nvest Rhodium ETF was the top commodity and currency ETP over five years.
- The 1nvest Global REIT Index Feeder ETF was the best foreign non-equity ETP over three years.
FNB won two awards. Its Top 40 ETF was the top-performing South African equity ETP over both 10 years and five years.
UBS won the two awards for actively managed certificates (AMCs). The UBS FNB Global Equity AMC was the top foreign equity AMC over three years and the top equity AMC over one year.
The Sygnia Itrix MSCI USA Index ETF was the top-performing foreign and commodity ETP over 10 years.
The 10X SA Property Income ETF was the best South African non-equity ETP over three years.
Trading efficiency
These awards recognise the ETPs that traded in the JSE secondary market at the closest prices to NAV over three years to the end of December 2022.
Satrix won three awards:
- the RESI 10 ETF in the South African equity category;
- the GOVI ETF in the South African non-equity category; and
- the Satrix MSCI China Feeder ETF the foreign equity category.
The Absa NewWave US Dollar ETN won in the category for foreign non-equity, commodity, and currency ETPs.
The UBS AnBro Capital Unicorn Global Equity AMC won in the category for foreign equity AMCs.
Capital raising
The awards for capital raising recognise the ability to raise new capital, either additional capital for existing ETPs or new capital for the listing of new ETPs, over three years. There are five awards, for South African ETPs, for foreign and commodity ETPs, and an award for the ETF issuing house that raised the most net new capital.
Satrix won the award for total capital raised by an issuing house. The Satrix 40 ETF won in the category for local equity ETPs, and the Satrix MSCI World ETF won in the category for foreign equity ETPs.
10X’s Wealth GOVI Bond ETF won in the local non-equity ETP category.
Absa’s NewWave Silver ETN won in the foreign non-equity ETP category.
Tracking efficiency over three years
These awards recognise the ETPs with the lowest tracking error relative to the specific benchmark tracked over three years. The winners in each of the categories were:
- FNB Top 40 ETF (South African equity ETPs);
- Satrix Multi Asset Passive Portfolio Solutions Protect ETF (South African non-equity ETPs);
- Satrix MSCI China Feeder ETF (foreign equity ETPs); and
- Absa NewWave Silver ETN (foreign non-equity, commodity, and currency ETPs).
Most popular ETPs
The public is asked to vote for their favourite ETPs via a dedicated voting page. This year, there were separate categories for favourite local and foreign ETPs.
The Satrix 40 ETF won the People’s Choice Award in the local category. This is the seventh year in which the ETF has won. The Satrix MSCI World ETF won in the foreign category.
