Further detail on the Bips ETF in which you wish to invest

BIPS ETF FEES AND RISKS

 

Fees

ETFs are attractive to investors as they provide a cost effective mechanism to gain broader equity exposure that would otherwise be cost prohibitive.There are nominal fees associated with each of the Bips ETFs which are clearly outlined in the table below.

MANAGEMENT Fees for Bips Inflation-X

Investment	Incremental fee (%)
<R1,000,000	0.39
R1,000,000 – R10,000,000	0.35
R10,000,000 – R50,000,000	0.29
R50,000,000 – R100,000,000	0.19
>R100,000,000	0.10

MANAGEMENT Fees for Bips Top40

All investments

0.10%

The fees above are management fees and not Total Expense Ratios (TER’s).

TER’s may only be calculated retrospectively using actual cost incurred within the fund. Each fund's fact sheet will be updated with the applicable TER once the fund has been in operation for 1 year.

SHORT DESCRIPTION OF FUNDS

Bips40 gives investors exposure to the performance of the FTSE/JSE Top40 index, an index of the largest 40 shares listed on the JSE.

Bips Inflation-X gives investors exposure to the GILBx, an index of the four Inflation-Linked Bonds issued by the South African Government.

Risks

As with all investments, subscribing for, or purchasing shares in a Bips portfolio involves certain risks. Investors will be subject to the risks associated with securities, including tracking accuracy, secondary market trading risk, index risk and credit risk.