SATRIX COLLECTIVE INVESTMENT SCHEME - Satrix Nasdaq 100 ETF to Change from a Feeder Portfolio to a Standard Portfolio

Satrix Nasdaq 100 ETF to Change from a Feeder Portfolio to a Standard Portfolio

SATRIX COLLECTIVE INVESTMENT SCHEME IN SECURITIES
SATRIX NASDAQ 100 ETF
JSE Code: STXNDQ
ISIN: ZAE000256301
("Satrix Nasdaq 100")

A portfolio in the Satrix Collective Investment Scheme in Securities
2, registered as such in terms of the Collective Investment Schemes
Control Act, 45 of 2002

SATRIX NASDAQ 100 ETF TO CHANGE FROM A FEEDER PORTFOLIO TO A STANDARD
PORTFOLIO

1. Introduction

The purpose of this announcement is to inform you of the changes to
the investment policy of the Satrix Nasdaq 100 ETF.


The Satrix NASDAQ 100 Feeder Portfolio structure will change from a feeder
portfolio to a standard portfolio. This portfolio was launched in April
2018 and has, since inception, held approximately 100% of its assets in the
iShares Nasdaq 100 UCITS ETF, which is an Irish-domiciled UCITS
(Undertakings for Collective Investment in Transferable Securities).

After much consideration, we have concluded that it would be beneficial to
unitholders to convert this feeder portfolio to a standard portfolio. These
benefits include:

•   The Satrix Nasdaq 100 Feeder Portfolio has achieved sufficient scale
    (R5.29 billion as at 30 April 2024) to efficiently be able to track
    underlying securities directly.

•   South Africa has a double taxation agreement with the United States of
    America, which allows a 15% withholding tax on dividends as opposed to
    the standard 30% withholding tax rate. By holding the US equities
    directly, the exchange-traded fund (ETF) can take advantage of the lower
    withholding tax rate, thereby passing on enhanced performance and
    efficient tracking to clients.


•   The bulk of the margin earned with the current feeder ETF is earned and
    retained in Ireland by the current underlying ETF manager, thereby
    limiting our ability to price the fund competitively in South Africa
    where it is distributed. The intention of the restructure is to reduce
    the total expense ratio of the fund.


The distribution methodology of the fund will change from total return to
distributing.

The long name of the portfolio will change from:

Satrix Nasdaq 100 Feeder Portfolio to Satrix Nasdaq 100 ETF


2.   Effective date

  Publication of declaration data                   Thursday, 09 January 2025
  Publication of finalisation information            Tuesday, 14 January 2025
  Last day to trade old securities                    Monday, 20 January 2025
  List and trade new shares (Change in long name     Tuesday, 21 January 2025
  only). (Termination of trading of old shares on
  JSE trading system)
  Record date                                         Friday, 24 January 2025
  Issue   of    new   securities.    Certificates     Monday, 27 January 2025
  posted/CSDPs and brokers accounts updated



3.    Application of JSE Listings Requirement and amendment of
      the Eleventh Supplement


      The Eleventh Supplement will be amended in due course to reflect the
      change in the fund structure.



09 January 2025

Sponsor
Vunani Sponsor

Date: 09-01-2025 04:30:00
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