Satrix has listed the Satrix SA Inc Actively Managed ETF (STXSAI) on the Johannesburg Stock Exchange, with a launch date of 24 February 2026.
It tracks the proprietary Satrix SA Inc Index, a rules-based benchmark that selects and weights companies according to the proportion of revenue generated in South Africa. The result is a diversified portfolio of about 50 stocks that dials up exposure to companies most closely tied to the local economy. The portfolio is rebalanced quarterly.
Siyabulela Nomoyi, quantitative portfolio manager at Satrix, said the ETF was designed to provide more defined exposure to companies whose earnings are primarily linked to domestic economic conditions.
“When you hear the term ‘SA Inc’, it refers to stocks whose earnings are predominantly tied to the South African economy – banks, insurers, retailers, construction, and locally focused industrials,” Nomoyi said. “Portfolio managers reference it frequently, but accessing that exposure in a deliberate, measurable way has not always been straightforward for ordinary investors.”
The investment case for SA Inc stocks often hinges on macro-economic catalysts, and Nomoyi believes several are currently aligning in South Africa’s favour.
“We have seen improvements in electricity supply, rail, and port infrastructure. There is a degree of political stability, and business confidence is growing,” he said. “When reforms materialise, and macro indicators improve, that feeds directly into SA Inc stocks. We saw this clearly when the Government of National Unity was formed in 2024; SA Inc stocks rallied significantly off that sentiment. This fund is designed to capture exactly that kind of movement.”
Nomoyi believes the fund also offers “a natural currency complement”. The Satrix JSE Global Equity ETF, which tracks the FTSE/JSE Global Investor Index, upweights inward-listed companies with strong rand-hedge characteristics that typically do well when the currency weakens. The Satrix SA Inc AMETF generally works in the opposite direction, performing best when the rand appreciates and local economic conditions improve.
Despite carrying the Actively Managed ETF label, the Satrix SA Inc AMETF has a TER of only 0.35%, which is atypical of a fund with a niche investment strategy.
Nomoyi said this is possible because the fund sits firmly in the rules-based segment of what he calls the “investment spectrum”.
“At one end, you have vanilla index trackers, which are simple, market-cap-weighted, and ultra-low-cost. At the other end, you have full active management where portfolio managers make discretionary calls, and you pay a premium for that. This fund sits in the middle: it’s 100% rules-based and systematic, which keeps costs down, but it goes beyond vanilla market-cap index tracking by including revenue data in the selection and weighting of the stocks.”
The fund first considers large- and mid-cap stocks in its selection and thereafter considers the next-largest stocks. The fund may therefore also have small-cap exposure.
Investment management is outsourced to Sanlam Investment Management, with Standard Chartered Bank acting as custodian.
The fund is classified as SA Equity General, with an aggressive risk profile. It distributes income quarterly.
The fund also qualifies as a tax-free investment under section 12T of the Income Tax Act, subject to the applicable annual and lifetime contribution limits.
