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Satrix 40 ETF

Buying a single share can be very risky. Buying a few shares reduces that risk. Buying all 40 of the top shares spreads your risk across the entire South African economy.

Satrix 40 endeavours to replicate the performance of the FTSE/JSE Top 40 index. This index constitutes the forty largest companies, by market capitalisation, listed on the JSE.

Satrix 40 accurately replicates the FTSE/JSE Top 40 index, by holding the exact weighting and number of shares that constitute this index. Dividends paid by the top forty companies, less expenses incurred by managing the portfolio, are paid out to Satrix 40 shareholders on a quarterly basis. In this way the holders of Satrix 40 securities replicate the total performance (capital plus dividend yield) of the top 40 companies listed on the JSE.

Buy one security and own the market!


FTSE/JSE Top 40 Index
The major companies on the JSE included in the Top 40 index account for the majority of the trading of the JSE. By investing in this index you are closely duplicating the performance of the entire market. Over the past number of years, the JSE has provided very good performance. All of these performances are comfortably ahead of inflation. For investors looking to generate capital growth on their savings over extended periods of time, the JSE has, in the past, provided an outstanding record of long-term growth.

Portfolio Diversification
Buying one share can be extremely risky. Buying a few reduces the risk. Satrix 40 provides a well diversified portfolio of large capitalisation companies and diversification reduces risk. The top 40 companies include resources, industrial, retail; telecommunication and financial companies and this wide spectrum of counters ensure consistent performance and strong rand hedge qualities.


(March to March)** (per annum) STX40 Fund** FTSE/JSE Top 40 Performance (total return)
1 year return 4.48% 5.14%
3 year return 19.64% 20.03%
5 year return 6.25% 6.57%
** Satrix 40 established in November 2000. Returns calculated for lump sum investment. All dividendss reinvested.

Low Cost
Satrix 40 does not charge substantial management fees or other advisory and ongoing costs, common to other managed investments. The income Satrix earns from scrip lending activities further reduces the cost to the investor.

There are two levels of costs that will be incurred by the investor. The first being portfolio expenses and the second being fees that you will incur depending on the investors preferred channel of investment.

Portfolio expenses
Portfolio expenses include fees incurred to run the Satrix 40 portfolio such as management fees paid to Satrix Managers, custodian fees, brokerage, auditor’s fees, bank charges and taxes.

All these fees are permissible deductions from the portfolio and are paid from the dividends that accrue to the portfolio (from the underlying shares in the portfolio) and the other income that accrues to the portfolio (interest and scrip lending income). The balance of the income remaining in the fund after deduction of the permissible fees and costs referred to above is distributed to the holders of the Satrix securities. This distribution is done on a quarterly basis.

Therefore the portfolio expenses are incurred by the investor when the distribution is paid out. For investors to be informed of this cost on a quarterly basis, the unit trust industry uses the concept of a total expense ratio (TER). TER is used to illustrate the costs of portfolios on a comparative basis. Its objective is to endeavour to satisfy the requirement of transparency and to establish an industry standard. The TER of Satrix 40 at 31 March 2012 (March to March) is 0.456% (incl. VAT).

In accordance with the industry standard, brokerage and scrip lending income are excluded from the TER. Satrix accordingly also calculates an Actual expense ratio (AER), which includes brokerage expenses and scrip lending income.  

Satrix Investment Plan and broker fees
Broker fees, financial advisor fees (applicable if a financial advisor has been consulted) and Satrix Investment Plan fees are costs that will be incurred by the investor depending on the investors preferred channel of investment and does not include the portfolio expenses as set out above.

Broker fees and financial advisor fees could vary depending on the broker and/or financial advisor being consulted.

In the case of the Satrix Investment Plan, which is administered by Automated Outsourcing Services (AOSL), transaction costs (brokerage) of 0,1% is levied on purchases and sales of Satrix securities. Annual management fees, charged by AOS, are as follows:

Investment Plan Administration Fees (for both lump sum and debit order investments)

Annual administration fee: (calculated daily and deducted quarterly)


Total Investment Per Fund Fee
R0 to R100 000 0.75%
R100 000 to R500 000 0.65%
R500 000 to R1 000 000 0.45%
R1 000 000 or more 0.35%

Transaction Fees
Debit order fee: R3.50
Stock brokerage fees: 0.10% (buying and selling)
Nominal Strate and Investor Protection levies will also be charged.
Where a financial adviser is used, commissions will be charged (as scheduled in Section 8).
All fees quoted are exclusive of VAT. VAT will be levied where applicable

Satrix 40 is traded all day on the JSE and its price is subject to trading in the marketplace. The price of Satrix securities can be obtained from any media publication that reports JSE prices. All settlement, registration, recording and guarantee of trade is done through the normal JSE market systems. Official market makers have been appointed by Satrix to ensure that investor´s transactions will be accommodated in the market.

Regulation and Disclosure
Satrix 40 is subject to the same regulations, reporting and compliance requirements of any listed company on the JSE. Satrix 40 is also registered as a Collective Investment Scheme and is therefore subject to the regulation of the Financial Services Board. Satrix Managers (Pty) Ltd is a registered Financial Services Provider.

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