Short and leverage ETFs. 10 years of ETFs on SIX Swiss Exchange. Market Quality Metrics (MQM)

Transcription

1 ETF newsletter No Quarter 2010 Short and leverage ETFs On 21 September Lyxor listed five new strategy ETFs on SIX Swiss Exchange. These ETFs allow investors to implement established investment strategies in a straightforward, liquid and transparent way. Roger Bootz, who is responsible for Lyxor ETFs in Switzerland, predicts growth potential for ETFs on bond indices in particular. An expert s perspective. > 4 > Expert View 2 > ETF News 6 > Events 8 > Market Data 10 > Product Facts 13 > Product Providers & Market Makers 16 > Appendix years of ETFs on SIX Swiss Exchange Back in 2000, SIX Swiss Exchange was one of the first European stock exchanges to launch an ETF segment. Today the exchange can celebrate a 10-year success story characterized by unbroken growth. > 6 Market Quality Metrics (MQM) A new service from Six Swiss Exchange has been ensuring greater transparency and better comparability in ETF trading since August > 6 Over the last 12 months, UBS has launched ETFs on 28 new products. In particular, two product innovations have enriched the current product spectrum of UBS ETFs and are proving very popular with investors. On page 2, Frank Müsel, Senior Product Manager, UBS ETFs, explains how the UBS ETF product spectrum has been expanded and provides information on the launch of swap-based ETFs under Irish law. > 2

2 UBS expands ETF product range and launches swap-based ETFs UBS has significantly expanded its offering of exchange-traded funds (ETFs) in the past 12 months. The 28 launches include product innovations such as the first ETF on Swiss real estate as well as the first European-wide ETF on oil. The product range is also enriched with a new series of swap-based ETFs. The new UBS ETFs have attracted strong interest on the market, which has paved the way for UBS ETFs to boost their total assets under management in the current year by more than 40% to CHF 5.5 billion as of 16 September. Additional products are in the pipeline as well. Three fully developed ETF platforms In July, UBS launched the first in a new series of swap-based ETFs, according to Irish law, providing three fully developed ETF platforms in Ireland, Luxembourg and Switzerland and offering a broad range of physically replicated and swap-based ETFs. With this infrastructure and the requisite know-how, UBS has opened the door to developing additional asset classes such as hedge funds or broadbased commodity indices. Furthermore, less liquid equity markets (e.g. emerging markets) can now be more efficiently replicated. In particular, this provides UBS the flexibility to launch its ETFs on the most relevant of the three domiciles, based on the nature of the underlying index, to ensure an efficient index replication. The Swiss ETF platform with assets totaling roughly CHF 1.7 billion as at 16 September 2010 plays a central role for UBS since Switzerland s fund law allows investment funds/etfs to be launched with only one underlying asset such as gold, platinum or oil. UBS Index Solutions UBS-IS CMCI Oil ETFs are based on synthetic replication. Gold and platinum UBS ETFs invest in the respective precious metals on a physically backed basis, thereby granting investors the right to delivery of the bars as well. ETFs without tracking error The main advantages of physical replication are transparency and a high degree of security. UBS has applied these advantages to the new swap-based ETFs. The cost structure is fixed giving a constant performance difference versus the index over time, which provides transparency. For example, the performance difference for UBS ETFs plc FTSE 100 SF A GBP versus FTSE 100 Total Return Net Index amounts to 0.3% per year. The additional SF in the product name stands for this new synthetic replication method. Frank Müsel works as Senior Product Manager in the field of Exchange Traded Funds for UBS. He is responsible for launching, listing and establishing the product specifications of UBS ETFs. Mr Müsel joined UBS Global Asset Management in 2001 as an ETF analyst. In 2004, he moved into product management. He is a member of the board of directors for UBS ETF Sicav and for UBS ETF Advisory Holding S. A. Before joining UBS Global Asset Management, Mr Müsel held various positions at SEB Bank in Germany. He studied economics at the University of Saarbrücken, graduating with a diploma in business administration, and has a Master of Science in Agricultural Economics from the University of Missouri Columbia. ETF NEWSLETTER No Quarter

3 Innovative collateralization For UBS ETFs plc FTSE 100 SF A GBP, the counterparty risk associated with the use of derivatives is fully collateralized through UCITS III-compatible securities, G-10 government bonds and equities. UBS transfers these securities to an account set up in the name of the fund (i.e. transferred ownership). This enables the immediate recovery of the securities by the fund management, in case the swap counterparty defaults in contrast to a pledge, where such immediate access is not possible. Since the value of the ETF as well as the underlying securities is subject to fluctuations, the fund s coverage is monitored on a daily basis, ensuring a collateralization at a minimum of 105%. UBS AG. Prospectuses, simplified prospectuses, articles of association and contractual terms as well as annual and semi-annual reports of UBS funds are available free of charge from UBS AG, P.O. Box, CH-4002 Basel or UBS Fund Management (Switzerland) AG, P.O. Box, CH-4002 Basel. The document may only be distributed in compliance with the stipulations of applicable law. Calculation of the FTSE 100 is carried out by FTSE International Limited. UBS-ETF FTSE 100 is neither sponsored, recommended, or marketed by FTSE International Limited. All copyrights to the index values and related lists are held by FTSE International Limited. UBS AG has acquired a full license from FTSE International Limited to use this copyright in presenting UBS-ETF FTSE 100. FTSE, FT-SE and Footsie are all trademarks that are mutually owned by the London Stock Exchange Plc and The Financial Times Limited and used under license by FTSE International Limited. The index sponsors assume no warranty or liability whatsoever, either express or implied, for the suitability of an investment in products based on the UBS Bloomberg Constant Maturity Commodity Index ( CMCI ), or commodity products in general, or the ability of the CMCI to replicate the performance of the relevant commodity market. UBS Bloomberg Constant Maturity Commodity Index, UBS Bloomberg CMCI and CMCI are service brands of UBS and/or Bloomberg. Before investing in a product, please read the latest prospectus carefully and thoroughly. Units of the UBS funds mentioned above may not be offered, sold or delivered in the USA. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The information in this document has been made available with no guarantees or assurances, serves exclusively as a source of information and is solely intended for the personal use of the recipient. UBS The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved ETF NEWSLETTER No Quarter

4 Short and leverage ETFs Mr. Bootz, on Tuesday, 21st September, five strategy ETFs were listed by Lyxor Asset Management on SIX Swiss Exchange. What differentiates strategy ETFs from traditional ETFs? Roger Bootz: Strategy ETFs are structurally identical to traditional ETFs, the only difference lies in the underlying indices they replicate. Four years ago, independent index providers started to develop strategy indices, which not only reflect the performance of a given market but implement investment strategies in a systematic and transparent manner. Strategy indices are derived from various market indices such as the SMI, the DAX or the Euro Stoxx 50. Each strategy index replicates a well known investment strategy such as a leverage or short leverage strategy (double short). These indices were set up to serve as underlyings for tradable investment products such as Exchange Traded Funds. Two weeks ago Lyxor launched the first strategy ETFs replicating the SMI leverage and the SMI short leverage indices. How do leverage and short leverage indices work? Leveraged indices are linked to the daily performance of a given market with a predefined leverage factor. The SMI leverage index reflects the daily performance of the SMI index with a leverage factor of two (2). If the SMI index is up two percent on a given day, the SMI leverage index will increase by four percent on that same day and vice versa, minus the costs of cash borrowing. Through ETFs replicating leverage indices, investors can boost returns in bullish markets. Short and respectively short leverage indices are linked to the daily inverse performance of a given market with a predefined leverage factor of minus one ( 1), or minus two ( 2) in the case of short leverage indices. The SMI short leverage index reflects twice the inverse daily performance of the SMI. A negative daily performance of the SMI will result in a positive performance of the SMI short leverage. If the SMI is down two percent, the SMI short leverage index will gain four percent and vice versa, plus interest earned minus the cost of borrowing. Through short leverage indices investors can benefit from falling stock market prices. Roger Bootz, Head of Lyxor ETF in Switzerland, Société Générale, Zurich. Roger Bootz is responsible for Sales and Marketing for Lyxor ETFs in Switzerland within the Société Générale Group. He joined the company in February 2006 being responsible for the business development of the Exchange Traded Funds managed by Lyxor Asset Management in Switzerland. During the last years Lyxor Asset Management has become a top player of the Exchange Traded Funds industry in Europe. Prior to Société Générale Roger Bootz was employed by Stoxx Ltd, a Joint Venture of Deutsche Börse AG and SIX Swiss Exchange, where he was a Regional Director for Business Development and Sales. Roger Bootz has a bachelor s degree from the Zurich University of Applied Sciences, Department of Economics and Management with a Diploma in Banking and Finance. ETF NEWSLETTER No Quarter

5 What are the benefits for an investor of using strategy ETFs? Leverage and short investment strategies are widely used by institutional investors. Shorting a market can be complicated and time consuming for certain investors. Through strategy ETFs, investors can access such investment strategies in a simple, liquid and cost-efficient way. Where do you see future growth in the ETF industry? We believe there is growth potential in the fixed income index landscape. This asset class is still not sufficiently covered through ETFs. Additionally, several equity markets are not currently represented. Over the past few months we have observed an increase in requests for ETFs replicating global sector indices. What should an investor consider before investing in leverage and short leverage ETFs? Both leverage and short leverage ETFs replicate strategy indices, which reflect the daily performance of a given market index with a predefined leverage factor. For holding periods exceeding one day, the returns are path dependent and can therefore not simply be multiplied by the leverage factor. An investment in a strategy-index-based ETF should be observed on a daily basis. Especially in periods of high volatility, returns may be different than expected. Leverage and short leverage ETFs are more suited to risk-friendly investors with short-term investment horizons. ETF NEWSLETTER No Quarter

6 News 10 years of ETFs on SIX Swiss Exchange Back in the year 2000, SIX Swiss Exchange was one of the first European stock exchanges to open a segment for exchange-traded funds. In so doing, it laid the foundations for an unparalleled success story which has involved constant growth not just in trading volumes but also in the number of product providers and market makers, the volume of assets invested in ETFs, and the quantity and diversity of products as well as their potential forms of application. In the future too, SIX Swiss Exchange will continue to contribute to the growth of the ETF segment by means of countless events and publications. Exchange Newsletter: Special Anniversary Edition 10 years of ETFs Market Quality Metrics A new service from SIX Swiss Exchange is ensuring even greater transparency and better comparability in ETF trading: Market Quality Metrics (MQM) shows investors what costs arise from the difference between bid and offer prices. This pre-trade information tool on the website of SIX Swiss exchange en ables investors to keep an eye on the cost element of a spread. The data can be viewed in a historical context and downloaded into an Excel file for analysis. In addition to the average spread of the best bid and offer price available, the temporal availability of the prices offered is also displayed. The calculation is based both on the quotes provided by market makers and normal orders. In addition, the tool also shows what kind of average volume (denomination and value) is offered at the innermost level of the order book. Depending on the product, the order book may turn out to be even lower if (for example) further market makers are setting prices. MARKET QUALITY METRICS C? NEW Time-weighted A 0.06% average spread Average purchase volume Average B purchase value Spread 99.9% availability rate Average sales volume Average B sales value The example provided in the table above shows the data of a particular product on a given trading day. The average spread amounted to 6 basis points (A) for bid and offer amounts with an average of just over CHF 1.6 million (B) at the innermost level of the order book this data can now be observed in a historical context over several days and weeks, enabling investors to see if they can exit from the product on the same or similar terms. The methodology can be viewed under? (C). ETF NEWSLETTER No Quarter

7 Welcome to HSBC ETFs plc On 2 September 2010 HSBC ETFs plc listed its first ETF on SIX Swiss Exchange. Further ETFs followed the very next week, and there are now currently six HSBC ETFs covering a number of different major equity indices. HSBC Group is one of the world s leading financial institutions with more than USD 730 billion of global assets under management. HSBC ETFs PLC is planning on extending its ETF offering on SIX Swiss Exchange in future. ETF/ETP Lunch Events From January 2011 onward, SIX Swiss Exchange will be holding ETF/ETP lunch seminars for professional investors together with product issuers. These onehour events will take place once a month in the Convention Point area of SIX Swiss Exchange. Participants will acquire insights into current topics in the ETF/ETP segment. You can find more information on the ETF/ETP lunch events via the following link: etf_etp_lunch_en.html Facts and Figures Total turnover for the ETF segment on SIX Swiss Exchange amounted to CHF 14,946 million in the third quarter of This represents a growth rate of 17.3% on the third quarter of At the end of September 2010 there were 508 ETFs listed on SIX Swiss Exchange (including 93 in other trading currencies) by a total of 13 product providers. This represents an increase of 83 products (or 26 in additional trading currencies). 17 market makers provide the market with liquidity. ETF NEWSLETTER No Quarter

8 Events Zurich ETF Conference 2010 On 8 September 2010 the ibpc Zurich ETF Conference 2010 took place in the Convention Point area of SIX Swiss Exchange in Zurich. Around 100 professional investors took part in the event. Leading product specialists and market makers presented the latest trends, ideas and opportunities in the ETF landscape to participants. The ETF team of SIX Swiss Exchange had its own stand at the event and provided information on development of the segment. 10 years of ETFs on SIX Swiss Exchange On 15 September 2010 SIX Swiss Exchange celebrated the 10-year anniversary of ETFs together with product issuers, market makers and other partners. The success story of ETFs was toasted in the festive surroundings of Villa Tobler. Christian Katz, CEO of SIX Swiss Exchange and Alain Picard, Head of ETFs & other Financial Products Sales, welcomed some 85 guests and thanked them for their valuable collaboration over many years. The ETF community of SIX Swiss Exchange thoroughly enjoyed the evening and exchanged the latest news in a relaxed atmosphere. Exchange Traded Product Days in Geneva and Lugano Following the great success of the Exchange Traded Product Days (ETPD) over the last two years a third round took place in the cities of Geneva and Lugano in September, with financial center experts providing attendees with knowledge at first hand. The focus of the short presentations lay once again on exchange-traded funds and structured products. More than 150 investors came to discover the latest market developments and take advantage of the opportunity of putting questions directly to the subject specialists. We are grateful for the great interest shown in this forum and will provide plenty of advance notice in the runup to the next presentation series of Exchange Traded Product Days. You can find more information on the website ETF NEWSLETTER No Quarter

9 Agenda Date What Description Where Wealth Management Forum Investment Conference Geneva ETP Introduction Event Launch of ETP segment on SIX Swiss Exchange events/etp_en.html Zurich EDHEC-Risk Institutional Days Global Institutional Investment Conference EID_2010/index_html Monaco ETF/ETP Lunch Event on the latest topics in the ETF/ETP etf_etp_lunch_en.html Zurich FONDS 11 Swiss Financial Fair Zurich ETF/ETP Lunch Event on the latest topics in the ETF/ETP segment etf_etp_lunch_en.html Zurich ETF NEWSLETTER No Quarter

10 ETF Turnover SIX Swiss Exchange (1/3) ETF turnover SIX Swiss Exchange in CHF mn January February March April May June July August September October November December Total Top 10 ETFs: turnover 3rd quarter 2010 Rank ISIN Product Name Turnover in CHF mn 1 CH CS ETF (CH) on SMI CH ZKB GOLD ETF CH CS ETF II (CH) on Gold IE ISHARES S&P IE00B0M63177 ISHARES MSCI EMG LU DB X-TR MSCI USA CH ZKB GOLD ETF (EUR) LU CS ETF MSCI EMERGING CH ZKB GOLD ETF (USD) LU EASYETF S&P GSCI TM COMMODITY ETF NEWSLETTER No Quarter

11 ETF Turnover SIX Swiss Exchange (2/3) ETF turnover and number* of ETFs on SIX Swiss Exchange CHF bn ETFs Q1 Q Turnover on SIX Swiss Exchange in CHF mn Number* of ETFs on SIX Swiss Exchange Source: SIX Swiss Exchange ETF turnover Product Provider rd quarter 2010 in CHF mn 01 CS ETF 24.92% ishares 19.63% ZKB ETFs 15.66% db x-trackers 10.84% UBS-ETF 10.30% Lyxor 8.54% Julius Bär 6.41% EasyETF 2.23% Market Access 0.54% ComStage 0.52% Powershares 0.24% Amundi 0.16% HSBC 0.01% 1.4 Total % * Some fungible ETFs (same ISIN) are tradable in multiple currencies. They are accordingly counted more than once. ETF NEWSLETTER No Quarter

12 ETF Turnover SIX Swiss Exchange (3/3) ETF turnover by asset class Asset class 3rd quarter 2010 in CHF mn 01 Equity Developed Markets 36.22% Commodities 35.09% Equity Emerging Markets 17.43% Equity Strategy 5.35% Fixed Income 4.39% Equity Themes 1.22% Funds 0.17% Money Market 0.13% 20.0 Total % Number* of ETFs on SIX Swiss Exchange by asset class as of rd quarter Equity Developed Markets 26.78% Equity Strategy 22.45% Commodities 16.14% Fixed Income 14.17% Equity Emerging Markets 13.58% Equity Themes 4.92% Money Market 0.98% 5 08 Funds 0.98% 5 Total % * Some fungible ETFs (same ISIN) are tradable in multiple currencies. They are accordingly counted more than once. ETF NEWSLETTER No Quarter

13 Product Facts SIX Swiss Exchange Up until now we have provided you with the ETF product overview here. We would now like to introduce you to our modern online tool for selecting individual ETFs. This tool gives you the opportunity to create a product overview that is tailored entirely to your personal needs, providing the latest data and information at all times, wherever you are. In addition, you can also add a wide range of other criteria such as opening price, high, low, spread, previous day, etc. Your personal product overview in just three steps 1. Go to the website with the ETF price overview. (You can also find this page via: => ETFs & Funds => Quotes) 2. Click on Table configuration ETF NEWSLETTER No Quarter

14 3. Select your preferred criteria for your product overview and save these with Save columns. You will be asked to register with mymarketpulse of SIX Swiss Exchange (unless you are already logged in). If you require your selection just once, you do not need to save it and your existing selection will be kept as default. By saving your selection you have completed your personal product overview. You can refine this selection with even greater detail via the function Search settings (as per screenshot above), thereby giving you the very latest data on your chosen products at any time. ETF NEWSLETTER No Quarter

15 Edit your own personal product overview in keeping with your preferences Would you like to edit, sort, and organize your product overview? If so, all you need to do is click on Download result list and you will immediately receive the product overview with all criteria for individual editing. Your benefits at a glance With just a few clicks you can create an individual product overview that is tailored to your needs. You have an overview of your chosen products with the very latest data at all times. You can expand or reduce the number of criteria according to your preferences. You can save your selected criteria and thereby have your own personal, up-to-date product overview to hand at all times. You can sort and organize your product overview in an Excel file in keeping with your requirements. New products You can gain an overview of new products with the very latest data on our ETF page on the internet. You can also reach this page via: => ETFs & Funds => Trading => New Listings. ETF NEWSLETTER No Quarter

16 Product Providers Product Provider Contact Phone Olivier Paquier Emmanuel Monet Dominique Böhler Marc Pribram Hermann Berger Frederic Arnold Thomas Merz Andrea Bornaghi Manooj Mistry Thorsten Michalik Simon Klein BNP Paribas Asset Management Danièle Thomé-Adet Nicolas Ioannides Jenne Mannion Paolo Corredig Thibaud de Cherisey Armelle Loeb-Darcagne Gabriela Utz Jakobsen Swiss & Global Asset Management AG Stephan Müller Société Générale roger Bootz Irene Brunner Frank Müsel Florian Cisana Franz Görres ETF NEWSLETTER No Quarter

17 Product Providers by number of ETFs SIX Swiss Exchange Product Provider Number* of ETFs as of Comstage 155 (77*) Lyxor 59 CS ETF 54 UBS ETF 54 (16*) db x-trackers 52 ishares 48 Julius Bär (S&G AM) 32 Amundi ETF 20 ZKB 12 Market Access (RBS) 10 HSBC ETF 6 Power Shares (Invesco) 4 Easy ETF (BNP Paribas) 2 Gesamt 508 (93*) (*) Some fungible ETFs (same ISIN) are tradable in multiple currencies. They are accordingly counted more than once. ETF NEWSLETTER No Quarter

18 Market Makers Market Maker Contact Phone Boris Seyer Paul Beneker lars Hermann Michal Labuda Carlo Wiese Daniel Drescher Steffen Seitz Ulrike Berz Trading desk Jakob F. Staenz (Equity) Pascal Capaul (Fixed Income) Daniel Enderli (Fixed Income USD und EUR) Stefan Hofmann (Gold) Alexandre Reinert Konrad Fandl Konrad Blumenroth Bernardus Roelofs +31 (20) loic Lebrun Flavio Villa Harry Emeric Jason Warr James Black Michael Larsson David Attar (Equity) Matthew Sanner (Commodities) Jeremie Ouaki (Money Market) David Murtagh roger Ryff Alexander Manets Kweku Adoboli John Hughes Mark Hedinger lukas Zweifel Paolo Giulianini Stefano Valenti Bastian Ohta Krisan Haria Gregor Hamme luigi Barbieri ETF NEWSLETTER No Quarter

19 Committed Market Makers by number of ETFs SIX Swiss Exchange Market Maker Number* of ETFs as of Commerzbank AG 203 (*83) Société Générale 67 Susquehanna 61 Timber Hill (Europe) AG 60 UniCredit Bank AG 60 Credit Suisse AG 54 Flow Traders B.V. 52 Deutsche Bank AG London Branch 51 UBS 48 (*10) Bank Julius Bär & Co. AG 32 Cologne Independent Traders GmbH 25 Zürcher Kantonalbank 12 Royal Bank of Scotland 10 Crédit Agricole Cheuvreux S.A. 8 HSBC Bank plc 6 Morgan Stanley 2 Deutsche Bank AG, Frankfurt 1 Merrill Lynch 1 (*) Some fungible ETFs (same ISIN) are tradable in multiple currencies. They are accordingly counted more than once. ETF NEWSLETTER No Quarter

20 Appendix What are Exchange Traded Funds? Exchange Traded Funds (abbreviation: ETFs) are investment funds that are listed on a securities exchange and traded permanently. The majority of ETFs launched to date are index funds or, as it were, passively managed funds whose objective is to mirror the price and yield developments of a given underlying index. ETFs combine the advantages of conventional index-related funds with those of exchange listed shares. Investors acquire in a single transaction a holding that represents all the constituent issues of a specific index, and thus can easily and conveniently diversify their portfolios. The composition of the fund is continuously adjusted to reflect the weightings within the index and is therefore known to all and eminently transparent. On one hand, the advantage to investors is represented by their ability to acquire a diversified, regulated and costefficient investment instrument. On the other, ETFs offer a similarly high degree of liquidity as that of shares because they are traded permanently on SIX Swiss Exchange. ETF NEWSLETTER No Quarter

21 Contact Alain Picard Head of ETFs & other Financial Products Sales T +41 (0) F +41 (0) alain.picard@six-group.com Christine Knüsel ETFs & other Financial Products Sales T +41 (0) F +41 (0) christine.knuesel@six-group.com Disclaimer SIX Swiss Exchange Ltd None of the information contained herein constitutes an offer to buy or sell a financial instrument that is traded on SIX Swiss Exchange Ltd. SIX Swiss Exchange Ltd is liable neither for the completeness and accuracy of the information given, nor for any loss incurred as a result of action taken on the basis of information provided in this or any other SIX Swiss Exchange Ltd publication. SIX Swiss Exchange Ltd expressly reserves the right to alter prices or product composition at any time. SIX Swiss Exchange Ltd is a joint-stock company under Swiss law. It operates a securities exchange which is licensed and supervised by the Financial Market Supervisory Authority FINMA. SIX Swiss Exchange Ltd is a stock exchange recognised in France, Italy, the Netherlands and the United Kingdom. It may also operate in Austria, Finland,Germany, Sweden, Belgium and Luxembourg. SIX Group, SIX Swiss Exchange, SPI, Swiss Performance Index (SPI), SPI EXTRA, SPI ex SLI, SMI, Swiss Market Index (SMI), SMI MID (SMIM), SMI Expanded, SXI, SXI Real Estate, SXI Swiss Real Estate, SXI Life Sciences, SXI Bio+Medtech, SLI, SLI Swiss Leader Index, SBI, SBI Swiss Bond Index, SAR, SAR SWISS AVERAGE RATE, SARON, SCR, SCR SWISS CURRENT RATE, SCRON, SAION, SCION, VSMI and SWX Immobilienfonds Index are trademarks that have been registered in Switzerland and/ or abroad by SIX Group Ltd respectively SIX Swiss Exchange Ltd. Their use is subject to a licence. SIX Swiss Exchange Ltd, October 2010 SIX Swiss Exchange Ltd Selnaustrasse 30 P.O.Box 1758 CH-8021 Zurich T +41 (0) F +41 (0) info@six-swiss-exchange.com ETF NEWSLETTER No Quarter