For South African investors seeking exposure to the global property market, the 10x Global S&P Property ETF (JSE: GLPROP) offers an accessible and cost-effective solution. This ETF provides instant diversification across 40 of the world’s leading property companies and Real Estate Investment Trusts (REITs), all from the convenience of the JSE.
Disclaimer: I am not a financial advisor. This information is for educational purposes only and should not be considered as financial advice. Always do your own research and consider seeking advice from a qualified financial professional before making any investment decisions.
What is the 10x Global Property ETF?
The 10X S&P Global Property ETF seeks to provide shareholders with an efficient and easily accessible means to achieve returns that track the price and yield performance of the S&P Global Property 40 Index. Launched in November 2016, this ETF has become a popular choice for investors looking to add international real estate exposure to their portfolios.
The fund is managed by 10X Fund Managers (RF) Proprietary Limited, a company known for its low-cost investment solutions in the South African market. As of November 2025, GLPROP had a market capitalization of approximately ZAR 493 million on the JSE.
Investment Strategy and Index Tracking
GLPROP tracks the S&P Global Property 40 index, providing exposure to the 40 biggest global property companies in developed markets with stable earnings and dividends. The fund follows a passive management style, aiming to replicate the performance of its underlying index by holding assets in proportions similar to the index composition.
Key Selection Criteria
The companies included in the S&P Global Property 40 Index must meet stringent requirements:
- Minimum market capitalization of $1 billion
- Average daily trading volume of at least $3 million over a three-month period
- Positive earnings track record
- Consistent dividend payment history
- Geographic diversification with no more than 20 companies from a single region
Portfolio Composition and Geographic Exposure
The ETF provides truly global diversification across major property markets, including:
- North America: Access to the world’s largest REIT market
- Asia-Pacific: Participation in dynamic growth markets
To prevent concentration risk, no single company can represent more than 10% of the index, ensuring balanced exposure across all holdings.
Performance and Returns
Recent Performance
As of late 2024, GLPROP began the year with a share price of 46.19 ZAR and has gained 9.14% on that price valuation. The ETF has shown resilience in various market conditions, offering both capital appreciation potential and regular income distributions.
Dividend Distributions
The fund distributes income semi-annually in March and September. Recent distributions have shown variability reflecting global property market conditions:
- September 2025: 53.51 cents per unit
The current dividend yield stands at approximately 2.29%, making it an attractive option for income-focused investors.
Cost Structure
One of the most compelling aspects of GLPROP is its competitive fee structure:
- Total Expense Ratio (TER): 0.50%
- This positions GLPROP as a cost-effective option compared to many actively managed global property funds
The low TER is particularly important for long-term investors, as lower fees mean more of your returns stay in your pocket over time.
Benefits for South African Investors
1. Rand Hedge Protection
The ETF provides natural rand hedge benefits as it invests in foreign-denominated assets, offering protection against rand depreciation.
2. Tax Efficiency in TFSA
GLPROP is particularly attractive within Tax-Free Savings Accounts (TFSAs), where REIT income that would normally be taxed at your marginal rate becomes completely tax-free.
3. Instant Diversification
With a single transaction, investors gain exposure to 40 global property companies across multiple countries and property sectors.
4. Professional Management
The fund is managed by experienced professionals who handle all aspects of index tracking, rebalancing, and corporate actions.
5. Transparency
As an ETF, GLPROP offers daily transparency of holdings and regular reporting of performance and distributions.
Risks to Consider
While GLPROP offers numerous benefits, investors should be aware of potential risks:
- Currency Risk: Exchange rate fluctuations can impact returns in rand terms
- Market Risk: Global property markets can be volatile and affected by interest rate changes
- Geographic Concentration: Despite diversification, certain regions may dominate the index. (United States)
- Sector Concentration: The fund is entirely focused on real estate, lacking cross-sector diversification
- Tracking Error: The ETF may not perfectly replicate index performance due to costs and practical constraints
Who Should Consider GLPROP?
The 10x Global Property ETF may be suitable for:
- Investors seeking international property exposure without the complexity of direct foreign investment
- Those looking for regular income with growth potential
- Portfolio diversification seekers wanting to reduce South African property concentration
- Long-term investors comfortable with moderate to high risk
- TFSA investors maximizing tax-free benefits on REIT income
Comparison with Alternatives
When compared to other global property ETFs available on the JSE, GLPROP stands out for:
- Competitive fee structure
- Established track record since 2016
- Focus on quality companies with stable earnings and dividends
- Strong liquidity and market maker support
How to Invest
Investing in GLPROP is straightforward:
- Open a brokerage account with any JSE-licensed stockbroker
- Search for the ticker symbol “GLPROP”
- Place a buy order during JSE trading hours
- Consider using limit orders for better price execution
Conclusion
The 10x Global Property ETF (GLPROP) represents a compelling opportunity for South African investors to gain exposure to the global property market. With its low costs, diversified portfolio of quality property companies, regular income distributions, and rand hedge benefits, it serves as an excellent building block for a well-diversified investment portfolio.
Whether you’re looking to diversify away from local property exposure, seeking international income streams, or wanting to benefit from the growth of global real estate markets, GLPROP offers a simple, transparent, and cost-effective solution. As with any investment, it’s important to consider your personal financial goals, risk tolerance, and overall portfolio composition before investing.
The combination of professional management, low fees, and access to 40 of the world’s leading property companies makes GLPROP a noteworthy option for both seasoned investors and those just beginning their journey into international real estate investing.