The Satrix MSCI Emerging Markets Feeder ETF is an index tracking fund registered as a Collective Investment Scheme, and is listed on the Johannesburg Stock Exchange as an Exchange Traded Fund. The mandate of the Satrix Emerging Markets Feeder Portfolio ("Satrix Emerging Market ETF") is to track, as closely as possible, the value of the MSCI Emerging Market IMI Index in ZAR.

The MSCI Emerging Market IMI Index measures the performance of the large, mid and small capitalisation stocks across emerging market countries which comply with MSCI`s size, liquidity and free-float criteria. To replicate the index performance the Satrix MSCI Emerging Market ETF invests in the iShares Core MSCI Emerging Markets IMI UCITS ETF (the underlying fund).

The investment objective of the underlying fund is to provide investors with a total return, taking into account both capital and income returns, which reflects the return of the MSCI Emerging Market IMI Index. Investors should note that the performance of the Satrix MSCI Emerging Market ETF relative to its benchmark may be affected on a day to day basis as a result of transactions, exchange rates and differing pricing points.