Exchange Traded Products & Indexing Guide Switzerland 2013

Focus
notable financial products, the SPDR Dividend Aristocrats ETF,
which has been listed on the SIX since January 2012, has really
taken off in the last few months. In the area of bond ETFs,
iShares dominated the inflows and in the raw materials area,
UBS was the clear frontrunner. In terms of redemptions, the
emerging markets lost out – particularly in shares. Also very
obvious, but not very surprising was the sell-out in gold ETPs.
"The ETF trade volume on the Swiss
exchange rose to over CHF 50 billion
alone in the first half-year."
On a YTD-basis, many issuers experienced net outflows, from
Zurich Kantonalbank (ZKB) to Julius Bär and that included iShares/BlackRock.
Reading between the lines, we can conclude
that it is noticeable that the products of Lyxor, the ETF branch
of Société Générale, were on the investors' sell lists.
A shift in power, made possible by acquisition
After the acquisition of Credit Suisse's ETF business, BlackRock
(with its ETF brand iShares) is the frontrunner, with a share of
approximately 45% in Switzerland, measured in terms of ove-
More than 10 bn.
annual turnover
More than 30 bn.
annual turnover
More than 100 bn.
annual turnover
First ETF on
physical gold listed
More than 20 bn.
annual turnover
888 ETFs listed
in total
10 ExchangE TradEd ProducTs & IndExIng guIdE Switzerland 2013
rall ETF sales volume on the SIX. UBS is in second place, but
quite some distance behind, and is currently stable at an 18%
share. In third place is the Zurich Kantonalbank representing
about a 13% trade volume of the exchange. Julius Bär, in addition
to ZKB, also known for its physically backed precious
metal ETPs, attained a trade volume of 7% on the SIX. Julius
Bär is thus on par with Lyxor, the ETF issuer of bank group
Société Générale. In seventh place at 4% is db x-trackers, the
ETP brand of Deutsche Bank. Amundi, Invesco Powershares
and EasyETF are in the middle of the field with an average of
CHF 100 million in quarterly trade volume.
Stock trading gains liquidity
In Europe, ETF orders have a 70:30 relationship between overthe-counter
(OTC) trade and stock exchange trade. According
to the MiFID (Markets In Financial Instruments Directive),
trade transactions in ETFs and ETCs do not have to be reported
to a state credit reporting agency, in contrast to transactions
in shares. The Swiss stock exchange and London stock exchange
are a positive exception to that and thus provide better
transparency. All securities traders who are registered in
Switzerland must report their OTC transactions to SIX within
three minutes of order matching or order execution electroni-
100th ETF listed
First short-ETF listed