Costs are one of the most important considerations when investing. Even what appear to be very small, very reasonable fees (just a few percent upfront and annually) can have a huge effect on the performance of your investment over 10 or 20 years.

Satrix is the cheapest way to invest in a portfolio of JSE shares on the JSE; its costs are literally a fraction of investment advisors, mutual funds and unit trusts. This enables your investment in Satrix to perform at it best, with very little handicap from costs.


A. Purchase of Satrix Securities through a Stockbroking Member of the JSE

On purchase:
Normal brokerage charges (varies from broker to broker).
STRATE and other trading levies

On sale:
Brokerage charge.
STRATE and trading levies.


B. Purchase of Satrix Securities through the Satrix Investment Plan.

Initial Administration Fees
Lump Sum Investments
Brokerage Charges	0,10%
Debit Order Investments
Initial administration fee per Debit Order	R3.50 per debit order
Brokerage Charges	0,10%

C. Sale of Satrix securities
Brokerage Charges:  0,10%

Please note that a nominal Investor Protection Levy and STRATE Settlement fee is charged on purchases and sales

All fees quoted are exclusive of VAT. VAT will be levied where applicable.

Investment Plan Administration Fees (for both lump sum and debit order investments)

Annual administration fee: (calculated daily and deducted quarterly)

Total Investment Per Fund	Fee
R0 to R100 000	0,80%
R100 000 to R250 000	0,75%
R250 000 to R1 000 000	0,70%
R1 000 000 to R3 000 000	0,50%
R3 000 000 or more	0,45%

Transaction Fees
Debit order fee: R3.50
Stock brokerage fees: 0.10% (buying and selling)
Nominal Strate and Investor Protection levies will also be charged.
Where a financial adviser is used, commissions will be charged (as scheduled in Section 8).
All fees quoted are exclusive of VAT.  VAT will be levied where applicable