Quick Facts

• JSE Code: STX40
• Management Fee: 0.09% per year (very low)
• Current Price: Around R10,400 per share (November 2025)
• Minimum Investment: As low as R1 with some platforms
• Tracks: FTSE/JSE Top 40 Index (SA’s 40 biggest companies)
• Dividend Payments: Quarterly (4 times per year)

What is Satrix 40 (STX40)?

Satrix 40 is an ETF. ETF stands for Exchange Traded Fund. Think of it as a basket containing shares.

This basket holds shares from South Africa’s 40 biggest companies. These companies are listed on the JSE.

JSE stands for Johannesburg Stock Exchange. It is where companies sell their shares to the public.

Satrix 40 launched in November 2000. It has been operating for over 24 years. It is one of South Africa’s oldest and most trusted ETFs.

What Companies Are Inside?

The fund holds South Africa’s 40 largest companies by market value. As of November 2025, the top holdings include:

• Mining companies (like Anglo American, BHP, Glencore) – 24.82%
• Banks (like Standard Bank, FirstRand, Nedbank, Absa) – 21.20%
• Technology companies (like Prosus, Naspers) – 18.73%
• Telecommunications (like MTN, Vodacom) – 6.09%
• Retailers (like Shoprite, Pick n Pay) – 2.96%

The exact companies change over time. Every three months the fund checks which companies qualify. This is called rebalancing.

How Satrix 40 Works

Index Tracking

Satrix 40 tracks the FTSE/JSE Top 40 Index. This index measures how well South Africa’s 40 biggest companies perform.

When the index goes up, Satrix 40 goes up. When the index goes down, Satrix 40 goes down. The fund follows the index closely.

How You Make Money

1. Share Price Growth: If the companies grow, the share price increases. You sell later at a higher price. You make a profit.

2. Dividend Payments: The companies pay dividends to shareholders. Satrix 40 collects these dividends. The fund pays them to you every three months.

Trading Hours

You can buy or sell Satrix 40 during JSE trading hours. The JSE is open Monday to Friday. Trading hours are 9:00 AM to 5:00 PM.

The price changes throughout the day. It goes up and down based on market activity.

Costs and Fees (November 2025)

Understanding costs is important. Costs reduce your investment returns. Satrix 40 has very low costs compared to other investments.

Fund Management Fees

Fee Type	Annual Cost	What It Means
Management Fee	0.09% (incl. VAT)	R9 per R10,000 invested per year
Total Expense Ratio (TER)	0.10% (incl. VAT)	All fund running costs
Transaction Cost (TC)	0.05% (incl. VAT)	Cost of buying and selling shares

These fees are automatically deducted. You do not pay them separately. They come out of the fund’s value.

Platform Fees (Where You Buy)

Different platforms charge different fees. Here are popular options for 2025:

Platform	Minimum Investment	Platform Fees
EasyEquities	As low as R1	Brokerage fees apply
SatrixNOW	As low as R1	No minimums
Traditional Stockbroker	Varies (often higher)	0.49% commission typical

Example Cost Calculation

✅ How to Invest in Satrix 40

There are several ways to buy Satrix 40 shares. We will explain the easiest options for beginners.

Option 1: Through EasyEquities (Recommended for Beginners)

Step 1: Create an Account

• Visit www.easyequities.co.za
• Click “Sign Up” or “Register”
• Provide your personal details
• You need a South African ID number

Step 2: Complete FICA Verification

• FICA stands for Financial Intelligence Centre Act
• Upload a photo of your ID document
• Upload proof of address (less than 3 months old)
• Take a selfie for identity verification
• Wait 1-3 days for approval

Step 3: Add Money to Your Account

• Link your bank account
• Transfer money via EFT or instant EFT
• Money usually arrives within minutes to 1 day
• Start with as little as R50

Step 4: Search for Satrix 40

• Use the search function
• Type “STX40” or “Satrix 40”
• Select the correct fund from results

Step 5: Buy Your Shares

• Choose how much money to invest
• You can buy a full share or fraction
• Review your order
• Click “Buy” to complete purchase
• You will see shares in your portfolio

Option 2: Through SatrixNOW

SatrixNOW is Satrix’s own investment platform. It is powered by EasyEquities. The process is similar:

• Visit www.satrixnow.co.za
• Register and complete FICA
• Add money to your account
• Select Satrix 40 from the fund list
• Invest your chosen amount

Option 3: Through Your Bank

Some South African banks offer investment platforms. These include:

• Standard Bank (Share Investor)
• FNB (Share Trading)
• Nedbank (Nedbank Share Trading)
• Capitec (Global One)

Bank platforms may have higher fees. They may require larger minimum investments. Check costs before choosing this option.

Option 4: Through a Stockbroker

Traditional stockbrokers can buy Satrix 40 for you. This option usually costs more. It requires larger minimum investments.

Not recommended for beginners due to higher costs.

What You Need to Invest

Basic Requirements

Requirement	Details
Age	Must be 18 years or older
ID Document	Valid South African ID or passport
Proof of Address	Bank statement, utility bill, or municipal account (less than 3 months old)
Bank Account	South African bank account in your name
Tax Number	SARS income tax number (for tax reporting)
Cellphone Number	For account verification and security
Email Address	For account communications

Financial Requirements

Minimum investment amounts vary by platform:

• EasyEquities: As low as R1 (fractional shares allowed)
• SatrixNOW: As low as R1
• Traditional stockbrokers: Often R1,000 to R10,000 minimum
• Bank platforms: Varies, typically R100 to R500 minimum

Tax-Free Savings Account Option

Satrix 40 qualifies for a Tax-Free Savings Account (TFSA). This is a special government benefit.

TFSA Benefits:

• You pay NO tax on dividends
• You pay NO tax on capital gains
• You pay NO tax on interest

TFSA Limits (2025):

• Annual limit: R36,000 per tax year
• Lifetime limit: R500,000 total
• Penalty for exceeding limits: 40% tax on excess amount

If you invest through a TFSA, all your Satrix 40 growth is tax-free. This helps your money grow faster.

⚠️ Risks and Important Warnings

All investments have risks. You could lose money. Understand the risks before investing.

Market Risk

Share prices go up and down. This is called volatility. The value of your investment changes daily.

During bad economic times, share prices fall. Your investment value decreases. You could lose money if you sell during a downturn.

Economic Risk

Satrix 40 invests in South African companies. If South Africa’s economy struggles, company profits fall. Share prices decrease.

Factors affecting the economy include:

• Load shedding and electricity problems
• Political instability
• Interest rate changes by SARB
• Global economic conditions
• Rand exchange rate movements

Sector Concentration Risk

Satrix 40 has heavy exposure to certain sectors. As of November 2025:

• Mining and resources: 24.82%
• Banks: 21.20%
• Technology: 18.73%

If one sector performs poorly, your investment suffers more. Mining prices fall? Your investment falls. Banks struggle? Your investment falls.

Liquidity Risk

You can sell Satrix 40 shares during trading hours. But if you need cash urgently after trading hours, you must wait.

Selling takes 3 business days to settle (T+3). You receive money 3 days after selling. Plan accordingly for emergencies.

Currency Risk

Many companies in the Top 40 earn money in dollars. They sell products globally. The rand-dollar exchange rate affects their profits.

A weak rand can boost these companies. A strong rand can hurt them. This creates additional uncertainty.

Not Suitable For:

• Emergency funds (money needed within 6 months)
• Short-term savings (saving for something in 1-2 years)
• Money you cannot afford to lose
• People who panic when prices fall
• Guaranteed returns (no investment guarantees profits)

Past Performance Warning

Past performance does not guarantee future results. Just because Satrix 40 grew before does not mean it will grow again.

The future is uncertain. Investment values can fall as well as rise.

🚨 Investment Scams – Protect Yourself

Investment scams are increasing in South Africa. Scammers steal billions of rands from innocent people. Learn how to protect yourself.

Common Scam Tactics (2025)

How to Protect Yourself

Where to Report Scams

Organization	Contact
FSCA (Financial regulator)	0800 110 443 | www.fsca.co.za
FSCA Fraud Hotline	0800 313 626 | fsca@behonest.co.za
South African Police Service	10111 or your local police station
SABRIC (Banking fraud)	www.sabric.co.za

Alternative Investment Options

Satrix 40 is not your only option. Consider these alternatives based on your needs.

Other Satrix ETFs

ETF Name	What It Tracks	Best For
Satrix SWIX	Entire SA stock market	Broader SA exposure
Satrix MSCI World	Global companies	International diversification
Satrix Property	SA property companies	Property investment
Satrix DIVI	Dividend-paying shares	Income investors
Satrix Balanced	Mix of shares, bonds, property	Lower risk option

Unit Trusts

Unit trusts are similar to ETFs. But they have active fund managers. These managers try to beat the market.

Pros: Potential for higher returns if manager performs well

Cons: Higher fees, manager may underperform

Fixed Deposits

Banks offer fixed deposit accounts. Your money is safe. You earn guaranteed interest.

Pros: No risk to your capital, guaranteed returns

Cons: Lower returns than shares, inflation reduces buying power

Retirement Annuities

Retirement annuities (RAs) offer tax benefits. You get tax deductions for contributions.

Pros: Tax benefits, forced long-term savings

Cons: Money locked until retirement age, limited access

Stokvels (Traditional Savings Clubs)

Stokvels are community savings groups. Members contribute monthly. Each member receives a payout.

Pros: Community support, social aspect, discipline

Cons: Limited growth, risk if members default

✓ Satrix 40 is good for beginners who want to invest in SA companies

The ETF is simple to understand. It has very low fees. You can start with small amounts.

✓ Start with EasyEquities or SatrixNOW

These platforms have the lowest fees. They allow small starting amounts. They are beginner-friendly.

✓ Use a Tax-Free Savings Account

If you qualify, invest through a TFSA. This saves you tax. Your money grows faster.

✓ Invest regularly over time

Do not try to time the market. Invest a fixed amount monthly. This reduces risk through averaging.

✓ Think long-term (5+ years)

Share investments need time to grow. Short-term investing is risky. Plan to hold for at least 5 years.

✓ Only invest money you can afford to lose

Never invest emergency savings. Never invest money needed soon. Only invest extra money.

✓ Always verify investment offers

Check FSCA registration before investing. Avoid WhatsApp and Telegram investment groups. Protect yourself from scams.

✓ Diversify your investments

Do not put all your money in one investment. Spread risk across different options. Consider local and international exposure.

Important Contact Numbers

• FSCA (Financial Regulator): 0800 110 443
• Satrix Customer Service: 011 784 0641
• EasyEquities Support: Via www.easyequities.co.za
• FSCA Fraud Hotline: 0800 313 626
• SARS (Tax Enquiries): 0800 00 7ars (7277)