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Kind of Funds at SIX Swiss Exchange


Definition Unlike ETFs, investment funds are actively managed. The fund management aims to achieve a higher return than a given benchmark (reference index) by carefully selecting individual securities.
Traditionally, investment funds are marketed by banks and fund management companies. However, they can also be admitted to trading on a stock exchange.
Investment strategy Investment funds differ in terms of the strategy applied (value or growth strategy), type (open-ended or closed-end fund), distribution policy (reinvesting or distributing) and the kinds of investments they make. There are also mixed and special forms such as sector funds, theme funds and specialised funds.
Trading and market making There is no market maker requirement in connection with investment funds that are listed on SIX Swiss Exchange. However, to ensure liquidity, SIX Swiss Exchange prescribes a minimum capitalisation of CHF 100 million and a minimum market distribution of 25%.
Commission and exchange fees The fund management company may charge an issuing or redemption commission when buying or selling investment funds. As in the case of other stock exchange transactions, bank-specific comission and exchange fees apply.
Management fees The fund management company charges a management fee for various administrative tasks relating to the management of the fund. Depending on the fund and the issuer, these fees usually amount to between 1% and 3% of the fund assets per year.
The investment fund contract sets out how the fees are charged to the investor. For example, if the management fee is 1% p.a. and is charged on a weekly basis, the price of the investment fund drops by 0.0192% a week.