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1. See my post above. 2. The NFTRACI should be fairly constant over the short term since it consists of mixed term fixed deposits with predetermined interest rates. However, with the costs, it really isn't any better than a money market account. 3. Tyme bank offers excellent interest rates depending on how long you keep your money there: 6% interest from day 1, 7% after 30 days, 9% after 90 days. 10% if you give 10 days' notice after 90 days. (According to their website. I have some savings money there and have received these rates too.)

Hi Just a few things you may have missed: When buying or selling a share, you must pay brokerage and Strate fees, and VAT is levied on these costs. Then there is securities transfer tax of 0.25% which is levied on every transfer of a security (both buying and selling). The Newfunds Govi ETF is a total return ETF. All dividends are reinvested in the fund and not paid out, so the return you get is inclusive of dividends. Thus, dividends should be excluded from your calculation. Finally, the NFGOVI is still subject to volatility and isn't guaranteed like a bank account. It's now actually down roughly 4% since three months ago. Between 10 March and 24 March, it lost almost 24% of it's value. So you'd still be timing the market. I've included the three-month graph below. Also, past performance may be different to future performance since the downgrade to junk status changes the way in which government bonds may be traded in South Africa. I still think it's a great solid ETF for the medium term, but high risk over the very short term (as in your three months). I'm not sure I'd take that risk if I was planning on investing for less than a year. Especially now in these uncertain economic times where volatility is at an all-time high.