But if you run the calculations as if loading on the secondary side, the SUT’s affect is negligible.I’m still not following you. If a 15:1 SUT is inserted between the cartridge and a 100 ohm phono stage input the cartridge will see a load of 0.4 ohms. (Approximately, that is, because additional effects such as DC resistance will become significant under such an extreme condition). And that would amount to putting a near short across the output of the cartridge, and would pretty much kill the signal it is trying to put out.
Regards,
-- Al