Wrap Text
Abridged Results for the 10X Yield Selected Bond ETF for the year ended 31 December 2024
10X EXCHANGE TRADED FUND SCHEME
INSTRUMENT: 10X YIELD SELECTED BOND ETF
ABBREVIATED NAME: 10XYSB
SHARE CODE: CSYSB
ISIN CODE: ZAE000318614
ABRIDGED RESULTS FOR
10X YIELD SELECTED BOND EXCHANGE TRADED FUND
10X EXCHANGE TRADED FUND SCHEME
FOR THE YEAR ENDED 31 DECEMBER 2024
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
2024 2023
R R
ASSETS
Investments held at fair value 369,400,772 325,567,934
Other assets 3,587,264 7,377,457
TOTAL ASSETS 372,988,036 332,945,391
LIABILITIES
Net assets attributable to participatory interest holders 360,943,865 323,607,643
Other liabilities 12,044,171 9,337,748
TOTAL LIABILITIES 372,988,036 332,945,391
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023*
R R
Net investment income 67,463,850 36,020,583
Operating expenses (1,125,756) (651,163)
Distributions (38,258,025) (24,279,911)
Change in net assets attributable to participatory interest
28,080,069 11,089,509
holders
* For the period from 1 June 2023 (date of commencement of operations) to 31 December 2023.
This abridged report is extracted from audited information but is not itself audited. The audited financial
statements of the Manager and the Portfolio are available, free of charge, on request by an investor and at
www.10X.co.za.
There were no auditor qualifications in the audited financial statements of the Manager or the Portfolio.
Income distributions per unit (cents)
Payment date Cents per unit
22 April 2024 29.19
22 July 2024 30.12
21 October 2024 30.52
20 January 2025 29.93
Annual management fee % (excluding VAT)
CSYSB 0.25
Last Published Price as at 31 December 2024
Last published
price (cents)
CSYSB 1,151.00
Investment Performance (%) as at 31 December 2024
Since inception
1 year
(annualised)
CSYSB 20.6 19.7
Benchmark 21.0 22.0
Portfolio composition (%) as at 31 December 2024
Bonds Other
CSYSB 102.34 (2.34)
31 March 2025
Sponsor:
African Bank Limited (Business and Commercial Banking Division)
10X FUND MANAGERS (RF) (PTY) LTD (THE "MANAGER")
ANNUAL INVESTOR REPORT
For the year ended 31 December 2024
CHAIRMAN'S REPORT
It is my pleasure to present the annual report of the Manager, the 10X Collective Investment Schemes and 10X Exchange
Traded Fund Scheme (the "Schemes") and their respective portfolios for the year ended 31 December 2024.
Market Review
In 2024, global financial markets delivered exceptional performance, reflected by the MSCI All Country World Index recording
a total return of 19.2%. This strong showing was largely driven by developed markets—particularly the United States—where
the S&P 500 Index surged by 25% (29% in ZAR), marking the second consecutive year of returns exceeding 25%. A major
contributor to this rally was the "Magnificent Seven" mega-cap technology firms, which collectively soared by 67.3%. Since
the launch of ChatGPT in late 2022, enthusiasm around artificial intelligence has dominated market sentiment. Additionally, a
resilient U.S. economy, easing inflation, and optimism surrounding Trump-era tax policies bolstered investor confidence in the
outlook for corporate earnings and shareholder returns.
Emerging markets also posted positive, albeit more modest, gains of 8.1%, supported by a year-end rebound in Chinese equities
and strong performances from markets such as India and Taiwan. Commodities, on the other hand, delivered more muted returns
of 5.4%, held back by soft demand from China. For South African investors, 2024 was a pivotal year. The national election
results and the relatively smooth transition to a Government of National Unity (GNU) helped reduce political risk and increased
optimism around potential structural reforms. Furthermore, a notable reduction in loadshedding provided a foundation for
improved consumer and business confidence. The South African bond market delivered outstanding results, generating equity-
like returns of 17%, while the local stock market outperformed many emerging market peers with a return of 13%.
Overall, the strong performance across both local and global markets contributed to solid returns across our unit trust and ETF
range for the second consecutive year. Our broad product offering and risk-managed multi-asset funds continued to attract
significant inflows and remain well positioned to navigate what may be a volatile period ahead.
Overview of the funds:
Significant operational changes of the funds within the Schemes is noted below.
Launch of new funds
No new funds were established under the Schemes during the financial year.
Amalgamations
During the financial year, the following fund amalgamations occurred;
10X Exchange Traded Fund Scheme:
The 10X S&P Dividend Aristocrats ETF and the 10X Scientific Beta Multi Factor Index ETF amalgamated into the 10X S&P
SA Top 50 ETF.
10X Collective Investment Scheme:
The 10X Stable Income Fund and the 10X Wealth Accumulated Fund amalgamated into the 10X Defensive Fund and the
10X Your Future Fund respectively.
Name & Investment Policy changes
During the year, the following fund name and investment policy were amended:
Original Fund Name New Name Previous investment New investment
policy/benchmark policy/benchmark
10X Top60 SA Equity 10X SA Equity Fund 10X Top 60 SA Equity FTSE/JSE Capped All Share
Index Fund Index Total Return Index (Capped
ALSI)
Assets under management as at 31 December 2024 was R59.3.BN.
Comment
10X continued to see asset growth across our fund range underscoring the positive contribution the company is making to the
local savings and investments market. As a board and management team we remain positive and steadfast as we aim to grow and
improve the company's investment proposition and our role within the industry.
There were no circumstances during the year which affected the financial affairs of the Manager and its Portfolios. All the
Portfolios complied with their respective investment policies and objectives as contained in the supplemental deeds. There
were no qualifications made by in the auditor's report on the financial statements. Copies of the audited annual financial
statements 10X Fund Managers (RF) (Pty) Ltd, the 10X Collective Investment Scheme, and 10X Exchange Traded Fund
Scheme are available, free of charge, on request by email to info@10x.co.za.
To our team of employees and our stakeholders a note of thanks for your continued hard work and dedication. To our valued
clients, thank you for your sustained loyalty and invaluable support.
Yours sincerely,
Marc Weber
Chairman
28 March 2025
Important notice:
In terms of the Collective Investment Schemes Control Act, the trustees of all unit trust companies must report on their
adherence to limitations imposed on investing, borrowing powers and the general provisions of the Act and Trust Deed. Our
trustees, FirstRand Bank Limited acting through its RMB Trustee Services division, have released the 10X Collective
Investment Scheme's and 10X Exchange Traded Fund Scheme's report for 2024. The report does not detail any material
breaches and is available from our head office.
25 March 2025
The Directors
10X Index Fund Managers (RF) (PTY) Ltd
Suite 105 Sovereign Quav
34 Sommerset Road
Green Point
Cape Town
8005
Dear Sir/Madam
TRUSTEE REPORT ON THE 10X EXCHANGE TRADED FUND SCHEME
As Trustees to the 10X Exchange Traded Fund Scheme ("the Scheme"), we are required in terms of the Collective Investment
Schemes Control Act, 2002 (Act No. 45 of 2002) ("the Act") to report to participatory interest holders on the administration of the
Scheme during each annual accounting period.
We advise for the period 1 January 2024 to 31 December 2024 we reasonably believe that the Manager has administered the
Scheme in accordance with:
(i) the limitations imposed on the investment and borrowing powers of the manager by the Act; and
(ii) the provisions of the Act and the relevant deeds.
We confirm that according to the records available to us there were no material instances of compliance contraventions and
therefore no consequent losses incurred by the portfolios in the year.
Yours faithfully
Ruan van Dyk Marian Rutters
Collective Investment Schemes Oversight Manager Fiduciary Portfolio Oversight Manager
Rand Merchant Bank Rand Merchant Bank
A division of FirstRand Bank Limited A division of FirstRand Bank Limited
CORPORATE AND INVESTMENT BANKING
3 Merchant Place PO Box 786273 Switchboard +27 11 282 8000
Cnr Fredman Dr and Bute Lane Sandton 2146 Website rmb.co.za
Sandton 2196 South Africa
Date: 31-03-2025 01:20:00
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