SATRIX COLLECTIVE INVESTMENT SCHEME - Changes To The Benchmark Index of the Satrix Raf 40 ETF (STXRAF)
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.
The Satrix RAF 40 ETF has changed which index it tracks — essentially the basket of large South African stocks it tries to follow. The new index is the RAFI Fundamental Select South Africa 40 Index. The switch was already approved by investors in a ballot held earlier in July, so this is just the paperwork of the change happening. Nothing about your investment value changes; the fund just measures its performance against a different yardstick now.
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.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
Administrative execution, not a fresh signal. The index change was approved by ballot and noted on 9 July 2026, so the market worked through the substantive switch then. What this filing adds is the technical implementation: a 3.4138 adjustment factor bridges the closing index levels, and unit count plus NAV are confirmed unaffected. The remaining question for an index-tracking investor is whether the new methodology (price-return, RAFI Fundamental Select) changes the tracking profile — and the filing does not address that. So what: the change is live; the next portfolio composition disclosure under the new benchmark is what to watch.
The next portfolio composition disclosure under the new RAFI Fundamental Select benchmark will show how the tracking profile differs in practice.
Evidence from the filing
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.
“As of 20 July 2026, Satrix Raf 40 changed from tracking the FTSE/JSE RAFI 40 (J260) Index to tracking the RAFI Fundamental Select South Africa 40 Index (price return).”
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Other Other Administrative
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