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FNB500 - Abridged Audited Results for the 1 – Month Period Ended 30 June 2024
FNB S&P 500 FEEDER EXCHANGE TRADED FUND (the "Portfolio")
A Portfolio in the FNB Funds Collective Investment Scheme in Securities Exchange Traded Funds registered in
terms of the Collective Investment Schemes Control Act, 45 of 2002 ("CISCA")
(Incorporated in the Republic of South Africa)
Share Code: FNB500
ISIN: ZAE000331716
ABRIDGED AUDITED RESULTS FOR THE 1 – MONTH PERIOD ENDED 30 JUNE
2024
The FNB Funds Collective Investment Scheme (the "Scheme") was established in accordance with the provisions
of CISCA with effect from 12 April 2008. The Portfolio was established as a portfolio of the Scheme in accordance
with paragraph A of the deed of the Scheme on 27 May 2024.
The Portfolio is a passive investment fund with the aim of providing returns linked to the performance of the S&P
500 Index (the "Index") in terms of both price and performance.
The Portfolio was initially listed on the JSE Limited ("JSE") on 27 May 2024.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024
Rand 2024
ASSETS
Investments at fair value through profit or loss 11 032 069
Cash and cash equivalents 151 269
Total assets 11 183 338
LIABILITIES
Trade and other payables 1 386
Total liabilities excluding net assets attributable to participatory interest holders 1 386
Net assets attributable to participatory interest holders 11 181 952
Total liabilities including net assets attributable to participatory interest holders 11 183 338
STATEMENT OF COMPREHENSIVE INCOME FOR THE 1-MONTH PERIOD
ENDED 30 JUNE 2024
1-month ended
Rand
2024
Interest income 10 229
Fair value gains 179 685
Investment income 189 914
Other operating expenses (7 962)
Profit before tax 181 952
Taxation -
Profit before distributions to participatory interest holders 181 952
Distributions paid -
Profit before amounts attributable to participatory interest holders 181 952
Increase in net assets attributable to participatory interest holders (181 952)
Total comprehensive income for the year -
STATEMENT OF CASH FLOWS FOR THE 1-MONTH PERIOD ENDED 30 JUNE
2024
Rand 1-month ended
2024
Cash flows from operating activities
Cash utilised by operations (6 576)
Dividends received 29 769
Interest received 10 229
Purchase of investments at fair value through profit or loss (10 900 044)
Net cash outflow from operating activities (10 866 622)
Cash flows from financing activities
Creation of portfolio participatory interests 11 000 000
Net cash inflow from financing activities 11 000 000
Net increase in cash and cash equivalents 133 378
Cash and cash equivalents at the beginning of the year -
Effect of foreign exchange rate changes on cash and cash equivalents 17 891
Cash and cash equivalents at the end of the year 151 269
SUMMARISED ACCOUNTING POLICIES FOR THE 1-MONTH PERIOD ENDED
30 JUNE 2024
Basis of presentation
The financial statements have been prepared in accordance with IFRS issued by the International Accounting
Standards Board ("IASB") including interpretations issued by the IFRS Interpretations Committee the Financial
Reporting Pronouncements as issued by the Financial Reporting Standards Council the South African Institute of
Chartered Accountants ("SAICA") Financial Reporting Guides as issued by the Accounting Practices Committee
and the provisions of CISCA, the JSE Listings Requirements and the Companies Act No. 71 of 2008.
Standards, interpretations and amendments effective 1 July 2023
There were no new or amended IFRS standards which became effective for the one-month period ended 30 June
2024 that impacted the Portfolio's reported earnings, financial position or reserves, or the accounting policies.
Financial instruments: Classification
The Portfolio has classified all its investments as financial assets or financial liabilities at amortised cost or at fair
value through profit or loss ("FVPL").
Financial assets at amortised cost include cash and cash equivalents.
Financial assets at FVPL
All financial assets not measured at amortised cost are subsequently designated as measured at FVPL.
Financial liabilities at amortised cost
Financial liabilities that are not held-for-trading or designated as at FVPL are measured at amortised cost. This
category includes trade and other payables.
Financial instruments: Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
changes in value. All balances, except for physical cash which is held at call, included in cash and cash equivalents
have a maturity date of less than three months from the acquisition date and are measured at amortised cost.
Participatory interest
The Portfolio issues one class of participatory interests which is redeemable at the holder's option. Participatory
interests can be put back to the Portfolio at any dealing date for cash equal to a proportionate share of the Portfolio's
net asset value attributable to the participatory interest class.
The participatory interests are measured at the redemption amount that is payable at the reporting date if the holder
exercises the right to put the participatory interests back to the Portfolio.
The participatory interests are issued and redeemed at the holder's option at prices based on the Portfolio's net
asset value per participatory interest at the time of issue or redemption. The Portfolio's net asset value per
participatory interest is calculated by dividing the net assets attributable to the holders of the participatory interest
by the total number of outstanding participatory interests, in accordance with the provisions of the Portfolio's
supplemental trust deed.
Net assets attributable to participatory interest holders, evidence a residual interest in the assets of the Portfolio
after deducting all of its liabilities.
The value of the net assets attributable to participatory interest holders will vary with the changes in the underlying
value of the investments, net of receivables and payables. The total movement in the statement of comprehensive
income is transferred to the net assets attributable to participatory interest holders.
The Portfolio does not have an unconditional right to avoid delivering cash or another financial asset to settle the
contractual obligation should a holder exercise the right to put the participatory interest back to the Portfolio. For
this reason, the participatory interest does not meet the requirements to be classified as equity in terms of IAS 32
and is this classified as a liability.
In accordance with the Portfolio's supplemental trust deed, the Portfolio distributes its distributable income and any
other amounts determined FNB CIS Manco (RF) Proprietary Limited (the "Manager") of the Portfolio to participatory
interest holders. Any applicable distributions payable to investors on securities redeemed and payable by investors
or securities created, are recognised as part of distributions in profit or loss when the redemptions or creations are
approved.
Net income adjustment on creation and redemption of units
An adjustment to income arises on the creation and cancellation of units since the price of a unit includes accrued
income and expenses. The income adjustment on creation or cancellation of units is recognised as part of the
creation or redemption of unitholder interests and disclosed within the note of net assets attributable to participatory
interest holders, when units on which it arises are either purchased or sold as these form part of the cash flow on
unit transactions.
Investment income
Fair value gains and losses
Gains and losses arising from a change in the fair value of investments and dividend income are included in the
statement of comprehensive income under fair value gains/ losses in the year in which the changes arise. Foreign
gains and losses are disclosed as part of fair value gains.
Dividend income
Dividend income in respect of investments is recognised when the right to receive payment is established. This is
on the "last-day-to-trade" for listed investments and on the "date-of-declaration" for unlisted investments. Dividend
income is recognised in the statement of comprehensive income as part of fair value gains and losses.
Interest income
Interest income on cash and cash equivalents is recognised in the statement of comprehensive income as part of
interest income on the effective interest method.
Taxation
The Portfolio has no current or deferred tax liability as all realised gains and losses are considered to be of a capital
nature and disregarded in the tax calculation of this Collective Investment Scheme portfolio in accordance with
paragraph 61 of the Eighth schedule to the Income Tax Act No 58 of 1962. All investment income is distributed
within the time frames specified by section 25BA of the Income Tax Act and is therefore taxed in the hands of the
participatory interest holders.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions.
Monetary items are translated using the closing exchange rates prevailing at the reporting date. The realised and
unrealized differences on translation are recognised in the statement of comprehensive income in the period in
which they arise.
Critical accounting estimates and judgements in applying accounting policies
No significant accounting estimates and judgements have been applied in the financial statements of the
Portfolio.
All investments at FVPL are measured at fair value based on quoted prices in active markets and do not require
the use of judgement or estimates.
SUMMARISED NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE 1-
MONTH PERIOD ENDED 30 JUNE 2024
Rand 2024
Balance at the beginning of the year -
Participatory interests created during the year 11 000 000
Increase in net assets attributable to participatory interest holders 181 952
Balance at the end of the year 11 181 952
These summarised financial statements for the one-month period ended 30 June 2024 have not been audited by
the independent auditors, but the full set of financial statements, available at the website mentioned below, have
been audited by the independent auditors, KPMG Incorporated, and their unqualified audit opinion is available
through a secure electronic manner at the election of the person requesting inspection.
A full copy of the audited financial statements for the one-month period ended 30 June 2024, including the audit
report issued thereon, is available on the FNB website: https://www.fnb.co.za/share-investing/exchange-traded-
funds.html through the route "ETFs available to you from FNB - Available ETFs – FNB S&P 500 ETF – ETF
documents – Annual Financial Statements".
31 October 2024
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Trustee
Standard Chartered Bank Johannesburg Branch
Manager
FNB CIS Manco (RF) Proprietary Limited
Auditors
KPMG Incorporated
Date: 31-10-2024 05:00:00
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