Wrap Text
Abridged results for 10X Yield Selected Bond ETF
for the year ended 31 December 2025
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 2025
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
2025 2024
R R
ASSETS
Investments held at fair value 459,814,056 369,400,772
Other assets 116,064,521 3,587,264
TOTAL ASSETS 575,878,577 372,988,036
LIABILITIES
Net assets attributable to participatory interest holders 450,060,069 360,943,865
Other liabilities 125,818,508 12,044,171
TOTAL LIABILITIES 575,878,577 372,988,036
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
R R
Net investment income 105,853,125 67,463,850
Operating expenses (1,324,512) (1,125,756)
Distributions (39,087,524) (38,258,025)
Change in net assets attributable to participatory interest
65,441,089 28,080,069
holders
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.
ABRIDGED RESULTS FOR
10X YIELD SELECTED BOND EXCHANGE TRADED FUND
10X EXCHANGE TRADED FUND SCHEME
FOR THE YEAR ENDED 31 DECEMBER 2025
Income distributions per unit (cents)
Payment date Cents per unit
22 April 2025 29.34
21 July 2025 29.55
27 October 2025 29.70
26 January 2026 29.63
Annual management fee % (excluding VAT)
CSYSB 0.25
Last published price as at 31 December 2025
Last published
price (cents)
CSYSB 1,346.00
Investment performance (%) as at 31 December 2025
Since inception
1 year
(annualised)
CSYSB 29.50 23.40
Benchmark 30.30 25.10
Portfolio composition (%) as at 31 December 2025
Bonds Other
CSYSB 102.17 (2.17)
30 March 2026
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 2025
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 2025.
Market Review
In 2025, financial markets delivered a particularly strong outcome for South African investors, driven by exceptional returns
from domestic assets and a more supportive local macroeconomic backdrop. While global markets remained positive, returns
from developed market assets were far less dominant from a rand-based investor's perspective. Market sentiment continued
to be shaped by the artificial intelligence theme and rising global trade uncertainty following the announcement of new U.S.
tariffs in April 2025
South Africa benefited from a weaker U.S. dollar, supportive commodity terms of trade and lower oil prices, which helped
contain inflation and supported the rand. A further important development was the reset of South Africa's inflation target,
which reinforced policy credibility and strengthened the case for lower inflation and lower nominal bond yields over time.
Against this backdrop, South African equities were the strongest-performing major asset class for rand-based investors,
returning 43%, while South African bonds delivered equity-like returns of 24%. South African cash returned 7%. Offshore
returns were weaker in rand terms, with developed market equities returning 7%, emerging market equities 17%, global
bonds -5% and global cash -8%.
Overall, the combination of lower inflation, improved policy credibility, supportive commodity dynamics and rand strength
created a highly favourable environment for domestic assets in 2025. This supported solid outcomes across our unit trust and
ETF range over the year, while reinforcing the importance of maintaining diversified portfolios in what remains an uncertain
global environment.
Overview of the funds:
There were no significant operational changes of the funds within the Scheme during the year. In addition, no new funds were
established under the Scheme.
Assets under management as at 31 December 2025 was R68.5BN.
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 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
27 March 2026
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 2025. The report does not detail any material
breaches and is available from our head office.
26 March 2026
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 2025 to 31 December 2025 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
Anton Rijntjes Ruan van Dyk
Head: RMB Trustee Services Collective Investment Schemes 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: 30-03-2026 11:10:00
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