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ETFs & Funds

The term fund is generally understood to describe assets used to make a collective capital investment. It can be defined as a pool of assets that is managed by an investment company and invested in a range of investment products.

The fund market at the SIX Swiss Exchange comprises the following:

The Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act, CISA), which governs this form of investment, refers to the funds listed above as collective investment schemes.

Collective investment schemes have the advantage of bundling client monies, thereby representing a considerable pool of assets. Investors acquire a mix of equities, bonds or other asset classes selected by specialists. One exception are funds that invest only in a single underlying instrument (for example, commodities).

It is of course possible to combine the instruments just listed. Funds are based on the concept of risk diversification. The advantage for the private investor lies in the fact that even small amounts of capital can be invested in a widely diversified portfolio. The fund invests in many different securities, so losses incurred by an individual security are not as serious as an investment in only that security. However, investment funds do not protect investors from price losses.

Investment funds are issued by various financial services companies (fund management companies). The fund management company manages the assets in accordance with applicable law (the Swiss Federal Act on Collective Investment Schemes (CISA), the Collective Investment Schemes Ordinance (CISO and CISO-FINMA) and Swiss Financial Market Supervisory Authority (FINMA) circulars). The investment principles are laid down in the fund regulations or fund contract. In the case of actively managed funds, the fund management continually adjusts the fund assets in order to maximize profitability. In return for this management, investors pay a management fee.