Establishing this capability required the collective effort of a group of visionary supporters who recognised the potential of indexation strategies long before the industry took shape. Their willingness to take a calculated risk laid the groundwork for a market that did not yet exist.
Just 11 months later, the joint venture between the JSE, Gensec Bank and Corpcapital resulted in the listing of South Africa’s first exchange-traded fund (ETF) on 27 November 2000: the Satrix Top 40 ETF. The R2.6-billion initial public offering (IPO) fundamentally changed how South Africans could participate in the market, laying the foundation for the democratisation of investing.
Pioneering index fund innovation
Over the years, Satrix continued to innovate. Following the flagship Top 40, Satrix introduced sector-specific ETFs, providing investors with targeted access to the financial, industrial and resource sectors (FINI, INDI and RESI). Innovation continued with the launch of ETFs offering alternative ways to measure constituent weightings, such as the factor-based Satrix DIVI, which weights holdings by company performance rather than size. By 2012, the ownership structure changed when Sanlam acquired full ownership of Satrix – a pivotal transaction that allowed the product suite to expand aggressively.
This expansion soon reached global markets. In 2013, Satrix expanded its retail offering into global markets with the Satrix MSCI World Equity Index Feeder Fund. Funds based on country-specific indices, such as the MSCI China and MSCI India, followed a few years later. By providing local markets with access to international assets denominated in rands, investors gained the opportunity to increase diversification and mitigate country-specific risk. Between then and 2024, Satrix consistently introduced new products, including globally focused, multi-asset and factor-based funds.
Democratising investing
Since its inception, Satrix’s mission has been to make investing accessible to all South Africans. A major milestone was the 2006 introduction of the Satrix Investment Plan, which allowed retail investors to access JSE-listed assets for as little as R300, a significant reduction in minimum requirements at the time.
Nine years later, the launch of SatrixNOW in 2015, powered by EasyEquities, ushered in a new era of digital investing. With minimums reduced to zero and a fully digitised interface, the platform removed barriers to entry entirely.
Satrix’s commitment to democratisation also extended beyond South Africa’s borders. This began in 2019 with the dual listing of ETFs on the Namibian Stock Exchange (NSX), the first cross-border listing on the continent, and continued with the listing of the MSCI World ETF on the Nairobi Securities Exchange (NSE).
Recognition and resilience
Satrix’s efforts to transform the financial industry have been recognised through numerous accolades. The company has collected back-to-back Morningstar Awards, becoming the first index-tracking issuer to win “Best Fund House: Larger Fund Range” in 2021 and 2022.
The Satrix Top 40 ETF and Satrix MSCI World ETF have consistently won “People’s Choice Awards” at the South African Listed Tracker Awards (SALTAs). International recognition arrived in 2020 via a distinguished Harvard Business School MBA case study, which analysed Satrix’s strategic fee reduction on the Top 40 ETF and its positive impact on market access and competition.
Shaping the future
Satrix’s success is rooted in its ability to embrace both technological disruption and industry tradition. From introducing indexation in the same year Europe listed its first ETF, to playing a key role in the digital transformation of South African investing, Satrix has remained at the forefront of global trends.
From pioneering the country’s first ETF in November 2000 to reaching R290-billion* in assets under management by October 2025, Satrix has aimed to achieve an efficient and inclusive investment landscape. Twenty-five years ago, the mission was to democratise investing. While the landscape has evolved, that mission remains unchanged.
*Source: Satrix, 30 September 2025
Satrix consists of the following authorised Financial Services Providers: Satrix Managers (RF) (Pty) Ltd and Satrix Investments (Pty) Ltd. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts and ETFs, the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETF, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs are index tracking funds, registered as a Collective Investment and can be traded by any stockbroker on the stock exchange or via Investment Plans and online trading platforms. ETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance and the value of investments/units may go up or down. A schedule of fees and charges, and maximum commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF Minimum Disclosure Document. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme, which levies its own charges, and which could result in a higher fee structure for the feeder fund. International investments or investments in foreign securities could be accompanied by additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF Minimum Disclosure Document and/or on the website: https://satrix.co.za/products.
* Full details and basis of the awards are available from the Manager.
