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Implementation of the Change to the Index and Distribution Methodology - STXLVL
SATRIX COLLECTIVE INVESTMENT
Satrix Low Volatility Low Volatility ETF
Share code: STXLVL
ISIN: ZAE000318333
("Satrix LVL" or the "ETF")
A portfolio in the Satrix Collective Investment Scheme, registered
as such in terms of the Collective Investment Schemes Control Act,
45 of 2002
IMPLEMENTATION OF THE CHANGE TO THE INDEX AND DISTRIBUTION
METHODOLOGY
Holders of Satrix Low Volatility securities are referred to the
communication sent out by the Satrix Collective Investment Scheme on
Tuesday, 19 December 2023 regarding the proposed change to the index
and distribution methodology applicable to the Satrix Low Volatility
ETF.
The ballot closed on Friday, 31 January 2024, and the majority of
shareholders voted in favour of the change in terms of section 98 of
the CISCA.
Due to the change in distribution methodology, a final income
distribution and salient dates will be published separately. The
change in tracking the Satrix Low Volatility Index and the change in
distribution methodology from reinvesting to distributing has become
effective as from Thursday, 29 February 2024.
As per the SENS Announcement, the implementation of the Satrix
Low Volatility Index as the new index which the ETF tracks has had
no effect on either the number of issued Satrix Low Volatility
securities, or the value of each Satrix L o w V o l a t i l i t y
security.
There is however a difference in the closing index levels of the
NewFunds WITS Risk Controlled SA-Low Volatility Index South Africa
Index and the Satrix Low Volatility Index which required that an
adjustment be made to the amount that each Satrix Low Volatility
security represents of the Satrix Low Volatility Index.
Therefore, to cater for the difference in the closing index levels a
factor of 1.07354 "Adjustment Factor") was calculated.
Previously each Satrix Low Volatility security tracking the NewFunds
WITS Risk Controlled SA-Low Volatility Index represented 1/10th of
the index level plus an amount which reflects a pro rata portion of
any accrued distribution amount within the portfolio.
Post the implementation of the new index, each Satrix Low Volatility
security tracking the Satrix Low Volatility Index will now represent
1/100th of the index level multiplied by the Adjustment Factor of
1.07354(the adjustment factor) plus an amount which reflects a pro
rata portion of any accrued distribution amount within the portfolio.
29 February 2024
JSE Sponsor
Vunani Sponsors
Date: 29-02-2024 01:12:00
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