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Banks (Finance)

Update on APETNC, APETCN, and APETNQ Exchange-Traded Notes

Strategic Insights

— 1 min read

Apple's recent dividend payment has prompted an update for holders of the APETNC, APETCN, and APETNQ exchange-traded notes issued by FirstRand Bank Limited. Consistent with the published guidance, Apple's $0.26 per share dividend was synthetically reinvested into the ETNs after deducting all applicable taxes, charges, and fees. The result of this reinvestment is an increase in the fractional number of shares each ETN references, leading to no direct distribution or payment to holders. The Johannesburg Stock Exchange has classified this change as a Minor move, impacting the net asset value of the ETNs.

Key Takeaways:

  • The dividend payment by Apple Inc. on August 14, 2025, triggered an update for holders of the APETNC, APETCN, and APETNQ exchange-traded notes.
  • The dividend of $0.26 per share was synthetically reinvested into the ETNs after deducting all applicable taxes, charges, and fees, resulting in an increase in the fractional number of shares each ETN references.
  • No direct distribution or payment will be made to holders of these ETNs due to the reinvestment.
  • The Johannesburg Stock Exchange has classified this change as a Minor move, impacting the net asset value of the ETNs.
  • The updated net asset value (NAV) of the ETNs is available for review on the relevant FirstRand Bank Limited web page.
  • Detailed formulae and further information regarding these instruments can be accessed through the designated links provided on the FirstRand website.
  • The recent dividend payment is the first instance of Apple's dividend being reinvested into the APETNC, APETCN, and APETNQ ETNs.
  • The use of synthetic reinvestment avoids any impact on the net asset value above the amount distributed by the dividend.
  • The quoted US closing price at $232.78 per share on August 14, 2025, was used for the calculation of the reinvestment amount.

Statistics:

  • Apple's dividend payment was $0.26 per share on August 14, 2025.
  • The reinvestment amount was $0.221 per share, calculated at the US closing price of $232.78 per share on August 14, 2025.
  • The divisor reflecting the fractional number of shares each ETN references has been updated.
  • The Nairobi Exchange's classification of this change has been classified as a Minor move.
  • According to FirstRand Bank Limited's information, the divisors associated with the APETNC, APETCN, and APETNQ have been updated.

Sources:

  • Johannesburg Stock Exchange (JSE)
  • FirstRand Bank Limited
  • Apple Inc.

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