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ETSFs with Stocks as Underlyings

  1. In the case of ETSFs comprised of more than 50% stocks that are traded on the primary market during the official SIX Swiss Exchange trading hours, the following rule applies:
    • The market maker must provide bid and ask prices for amounts of at least EUR 50,000 that do not deviate from the indicative NAV (net asset value) by more than 2% (+/- 1% on either side).
  2. In the case of ETSFs comprised of more than 50% stocks that are not traded on the primary market during the official SIX Swiss Exchange trading hours, the following rule applies:
    • The market maker must provide bid and ask prices for amounts of at least EUR 50,000. The trading spread must not exceed 5%.

Application of rules 1 and 2

Rules 1 und 2 may both apply during a trading day.

Example: When the stocks on the Dow Jones Industrial Average Index are not being traded on the primary market because the New York Stock Exchange (NYSE) is closed, rule 2 applies. After the NYSE opens for trading at 3.30 p.m. Swiss time, rule 1 applies.

Rule 2 generally applies to underlyings on Asian markets, which are closed throughout SIX Swiss Exchange trading hours.