SETF dispatching not working as expected in SBCL

SETF functions over REF function and $ macro not dispatching automatically to %REF methods in SBCL as expected. Was I thinking of a LispWorks feature?

In any case, looks like I will have to manually define SETF REF to call the SETF method after reduction over the place arguments, but I'll double-check the Standard to see if there's a more-correct solution they had in mind for situations like these.