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FNBT40 - Distribution Announcement
FNB CIS Manco (RF) Proprietary Limited
FNB Top 40 ETF
A portfolio in the FNB Collective Investment Scheme in Securities Exchange Traded Funds (the "portfolio")
registered in terms of the Collective Investment Schemes Control Act, 45 of 2002
(Incorporated in the Republic of South Africa)
(Date of incorporation: 15 October 2008)
Share Code: FNBT40
ISIN: ZAE000303129
("FNBTOP40" or the "ETF" or the "fund")
DISTRIBUTION ANNOUNCEMENT
The manager and trustees (namely FNB CIS Manco (RF) Proprietary Limited and Standard Chartered
Bank) have resolved to make a quarterly distribution to holders of FNB Top 40 ETF securities for the quarter
ended 30 September 2024.
The aggregate distribution will amount to 72.50993 cents per FNB Top 40 ETF security and is constituted
as follows:
Alpha Code: FNBT40 Dividend Dividend Dividend (64N > Interest Other Foreign Total
DTA) Income capital
distribution*
Distribution Source type Local Foreign SA Foreign SA Foreign SA
Listed Listed Local Local Listed
Net Distribution Reinvested No No No No No No
Source of Funds (Country Code) ZA Table 1 CH ZA ZA UK
Subject to Foreign Withholding tax No No Yes No No No
Gross Foreign Rate (cents per
unit) 13.04320 4.70761 0.96440
Foreign Tax % withheld at source 35.00000%
Foreign Tax amount per unit 1.64766
DTA with Source Country 15.00000%
Foreign Tax Reclaim % 20.00000%
Portfolio/Management Cost
Interest Expense
Other costs
Gross ZA Distribution (Cents per
unit) 52.81225 13.04320 3.05995 1.00308 1.62705 0.96440 72.50993
Gross Local Rate (cents per
unit) 52.81225 13.04320 4.70761 1.00308 1.62705 0.96440
SA Withholding Tax % 20.00000% 20.00000% 5.00000% Note 1
SA Withholding Tax amount per
unit 10.56245 2.60864 0.23538
Local Net Rate 42.24980 10.43456 2.82457 1.00308 1.62705 0.96440 59.10346
Note 1. Please note that foreign capital distributions fall within the ambit of paragraph 76B of the Eighth
Schedule to the Income Tax Act, 1962, with the result that the expenditure of each share to which the
capital distribution relates will need to be reduced by the amount of the capital distribution and any excess
be treated as a capital gain.
Table 1
Tax withheld at
Country ISO Code Split Source (%)
Australia AU 26% 0%
United Kingdom UK 64% 0%
Luxemburg LU 10% 0%
Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 30 September 2024 by the ETF to holders of FNB Top 40 ETF securities:
Last day to trade "cum" distribution: Tuesday, 22 October 2024
Securities trade "ex" distribution: Wednesday, 23 October 2024
Record date: Friday, 25 October 2024
Payment date: Monday, 28 October 2024
Creations or redemptions from the fund will not be allowed during the period from 22 October 2024
to 25 October 2024, both days inclusive.
*Withholding Tax on Interest ("WTI") came into effect in April 2012 and amended on 1 March 2015.
Interest accruing from a South African source to a non-resident, excluding a controlled foreign company,
will be subject to withholding tax at a rate of 15% on payment, except interest:
• arising on any Government debt instrument;
• arising on any listed debt instrument;
• arising on any debt owed by a bank or the South African Reserve Bank;
• arising from a bill of exchange or letter of credit where goods are imported into South Africa and
where an authorized dealer has certified such on the instrument;
• payable by a headquarter company; or
• accruing to a non-resident natural person who was physically present in South Africa for a period
exceeding 183 days in aggregate, during that year, or carried on a business through a permanent
establishment in South Africa.
Investors are advised that to the extent that the distribution amount comprises of any interest, it
will not be subject to WTI by virtue of the fact that it is listed debt instruments and/or bank debt.
No dividend withholding tax will be deducted from dividends payable to a South African tax resident
qualifying for exemption from dividend withholding tax provided that the investor has provided the
following forms to their Central Securities Depository Participant ("CDSP") or broker, as the case
may be in respect of its participatory interest:
a) a declaration that the distribution is exempt from dividends tax; and
b) a written undertaking to inform their CSDP or broker, as the case may be, should the
circumstances affecting the exemption change or the beneficial owner cease to be the
beneficial owner, both in the form prescribed by the South African Revenue Service. South
African tax resident investors are advised to contact their CSDP, to arrange for the
abovementioned documents to be submitted prior to payment of the distribution, if such
documents have not already been submitted.
Non-resident investors for South African income tax purposes
The dividend distribution received by non-resident investors will be exempt from income tax in
terms of section 10(1)(k)(i) of the Income Tax Act No.58 of 1962 ("Act"), but will be subject to
dividend withholding tax. Dividend withholding tax is levied at a rate of 20%, unless the rate is
reduced in terms of any applicable agreement for the avoidance of double taxation ("DTA") between
South Africa and the country of residence of the non-resident investor.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-
resident investor has provided the following forms to their CSDP or broker, as the case may be in
respect of its participatory interest:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of
a DTA; and
b) a written undertaking to inform the CSDP or broker, as the case may be, should the
circumstances affecting the reduced rate change or the beneficial owner ceases to be the
beneficial owner, both in the form prescribed by the South African Revenue Service. Non-
resident investors are advised to contact their CSDP or broker, as the case may be, to
arrange for the abovementioned documents to be submitted prior to the payment of the
distribution if such documents have not already been submitted.
Both resident and non-resident investors are encouraged to consult their professional advisors
should they be in any doubt as to the appropriate action to take.
Additional information:
The dividend distribution as outlined above is subject to the Dividends Tax that was introduced with effect
from April 2012. The dividend, as defined in the Act, is payable from dividends accumulated in the fund.
The South African Dividend Tax rate of 20% (as amended in February 2017) has been applied to both local
and foreign dividends.
There are 39 151 770 FNB Top 40 securities in issue. The total dividend amount payable is
R 28,388,919.65.
FNB Top 40 ETF Income Tax number is 2144/830/14/4.
A copy of the ETF issue document can be found at: https://www.fnb.co.za/share-investing/exchange-
traded-funds.html
17 October 2024
Johannesburg
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 17-10-2024 10:15:00
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