Page 159 - Profile's Unit Trusts & Collective Investments - March 2025
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Classification of CISs
The first ETF-based RA (retirement annuity) launched in 2013. Like other LISP or wrapper
retirement products, these vehicles are managed in order to be compliant with Regulation 28 of
the Pensions Fund Act. Only ETFs are used as underlying investments, giving investors a low-cost
retirement funding option free of the contractual limitations and penalties often associated with
life assurance RA products. Investors in these products enjoy the comfort of knowing that the
investment will never drastically underperform the mix of underlying indices. Like Regulation 28
compliant multi-asset funds, the ETF-based RAs combine different asset classes and a mix of
underlying funds to achieve their investment objectives.
Profile’s Unit Trusts & Collective Investments — Understanding Unit Trusts 157
