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Update on consolidation of participatory interests in the 1NVEST SWIX 40 ETF
1nvest SWIX 40 ETF ("ETFSWX40") (being a portfolio under the STANLIB ETF Collective Investment
Scheme registered in the Republic of South Africa in terms of Collective Investment Schemes Control
Act, 45 of 2002 ("CISCA")
Share Code: ETFSWX
Abbreviated Name: ETFSWX40
ISIN: ZAE000279220
("ETFSWX40")
UPDATE ON CONSOLIDATION OF PARTICIPATORY INTERESTS IN THE 1NVEST SWIX 40 ETF
1. Introduction
Please refer to the previous announcement. Holders of 1NVEST SWIX 40 ETF participatory
interests ("security") are advised that the JSE Limited ("JSE") has approved an application by the
manager of the STANLIB ETF Collective Investment Scheme ("the Manager") to proceed with a
consolidation of Securities in ETFSWX40 ("the Consolidation").
In terms of the Consolidation, the Manager will reduce the number of securities that an investor
holds and accordingly increase the value of each security. The portfolio value of each investor will
therefore remain unchanged.
2. Effective date
The effective date of the Consolidation is 30 October 2024.
3. Rationale for the Consolidation
Effective 01 September 2022, the Fund received regulatory approval to change its benchmark
tracked from the FTSE/JSE Shareholder Weighted Top 40 Index to the FTSE/JSE Capped
Shareholder Weighted 40 ("the Index").
This change has resulted in the price level of the Fund being significantly different to the price level
of the Index. Although the difference in price levels, the fund is performing in line with the index
however the price levels difference creates a perception that the Fund is not performing in line with
its benchmark.
To this effect, the Manager will conduct a unit consolidation by reducing the number of units that an
investor holds and increasing the value of each unit accordingly of the Security which will align to
Index level.
4. Implications for the Consolidation
The Security previously tracked the FTSE/JSE Shareholder Weighted Top 40 Index, which trades
at a level of ~14,170. The Fund traded at 1/1000th the index, therefore implying a price per unit of
R14.70. The new benchmark being the FTSE/JSE Capped Shareholder Weighted 40, trades at a
level of ~22,126, the implied unit price of the Fund will be R22.12. The total value of Security
holders' investment will remain unchanged.
Item Detail
1. Will investors investment be impacted? 1. There will be not impact as units
will be reduced while increasing
the price of the security however
the value of investments will
remain the same.
2. Will investors be able to compare to independent 2. Yes, the change management
pricing sources? will include informing
pricing/performance vendors to
ensure changes are implemented
effectively.
3. Will there be an impact on TCF Outcomes 3. There will be no impact on
1nvest adherence to TCF
Outcomes however with the
alignment between the Fund and
the Index, there will be an
enhancement in terms of TCF
Outcome 5 –"Clients are provided
with products that perform as they
have been led to expect, and the
associated service is both of an
acceptable standard and as per
expectations set."
The Consolidation will bring the NAV of each unit in line with the underlying index that it represents.
5. Details of the Consolidations
ETFSWX40 currently has 280,273,432. It is anticipated that the Consolidation will be performed on
a 0.63192:1 basis and as such, the number of Securities issued pursuant to the Consolidations will
be reduced to 177,110,387. There will be fractional entitlements whereby holdings with fractions
are rounded down to a whole number and the value of the fraction will be paid out.
6. Salient dates pertaining to the Consolidations
2024
Last date to trade in respect of the Consolidation Tuesday, 29 October
Consolidated Security begins trading under the new ISIN ZAE000339206 with
effect from commencement of business
Wednesday, 30 October
Announcement released on SENS in respect of the cash payment applicable Thursday, 31 October
to fractional entitlements by 11:00
Friday, 01 November
Record date in respect of the Consolidation
Accounts of dematerialised holders will have their Consolidated Security Monday, 04 November
updated
In addition to JSE's approval, the Manager has also received approval from the Financial Sector
Conduct Authority for the Consolidation.
Johannesburg
30 October 2024
Sponsor
The Standard Bank of South Africa Limited
Date: 30-10-2024 05:50:00
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