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SIX Swiss Exchange expands ETF services
31 March 2014
Extends existing passive ETF services to active ETFs
SIX Swiss Exchange has introduced listing and trading of active
exchange traded funds (ETF).
Swiss & Global Asset Management is the first issuer and
will offer 11 ETFs for trading on the exchange.
The exchange already offers services for passive ETFs.
Portfolio managers use active ETFs to actively optimize the
composition of the fund on an ongoing basis by buying or
selling selected equities or other securities.
Issuers must calculate the indicative net asset value (iNAV) on
a regular basis and send this to SIX Swiss Exchange, and must
also notify the exchange of the portfolio composition on a
daily basis. Issuers must also publish the calculation method
for the iNAV and, with a four-week delay, the complete
portfolio composition on their own website.