Etf Notice Neutral
SATRIX COLLECTIVE INVESTMENT SCHEME - Changes To The Benchmark Index of the Satrix Raf 40 ETF (STXRAF)
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What this filing means
The Satrix RAF 40 ETF has switched from the FTSE/JSE RAFI 40 (J260) Index to the RAFI Fundamental Select South Africa 40 Index, effective 20 July 2026. Unit count and per-unit value are unchanged. A 3.4138 adjustment factor reconciles the differing closing index levels between the old and new benchmarks. This is the mechanical execution of a ballot result already announced on 9 July 2026 — the market heard the policy change then, and this filing just records the implementation.
Bear case
- The new index is explicitly a price-return benchmark, so dividends are not reinvested in the index level — a structural performance drag versus total-return benchmarks many passive investors may assume.
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AI-generated summary by SENS-AI, based on the original JSE SENS filing.
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