Satrix Fini15 (STXFIN)
I wrote about the Satrix Fini ETF (STXFIN) exactly a year ago as a good proxy for the potential success of the then just formed GNU.
The ETF tracks 15 locally listed financial companies, including all of South Africa’s major banks, life insurance providers and real estate investment trusts (REITs) and it’s had a decent year up +12% excluding dividends but booming gold miners has seen the Top40 index up almost double that.
But the investment case remains with local banks still cheap and offering great dividends yields, in some cases high to mid-single digit PE and high single digit dividend yields. The price-to-book ratio remain very low, with Absa trading around 0.9x and even Firstrand at only 1.8x. Capitec of course the exception by a long way.
Banks price-to-book | ten years
The FINI is weighted by market capitalisation and currently offers ±70% exposure to banks. Insurance is ±14%, financial services and REITs at ±9%. Yip it includes REITs with Nepi Rockcastle at 4.0% offering some Central and Eastern European property exposure (in Euros).
Usually a generous dividend payer the dividend yield has shrunk to around 4.0% as banks have run, but that’s still a chunky dividend which is paid quarterly (the April payment is small).
Below is the top 10 holdings
Top 10 holding | End May 2025
Simon Brown
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Unpacking the Satrix FINI ETF (data as of 25 June 2024)
| ETF name | Satrix FINI |
| JSE code | STXFIN |
| ETF issuer | Satrix |
| Issue date | 8 February 2002 |
| TER* | 0.43% |
| ETF benchmark | FTSE/JSE Financial 15 index |
| Tax-free savings | Investment allowed |
| Market cap* | R1,7billion |
| Performance | 1 year +11.1%
3 year +33.3% 5 year +102.0% 10 year +26.0% |
| Dividends yield | 4.0% |
| What we like | South Africa’s financial services sector is respected the world over. This ETF is an easy way to capitalise on that reputation. |
