{"id":1320,"date":"2025-04-28T14:48:34","date_gmt":"2025-04-28T14:48:34","guid":{"rendered":"http:\/\/invexa.ch\/?p=1320"},"modified":"2026-02-09T07:05:38","modified_gmt":"2026-02-09T07:05:38","slug":"etf-le-guide-complet","status":"publish","type":"post","link":"https:\/\/invexa.ch\/en\/investment\/etf-the-complete-guide\/","title":{"rendered":"ETFs: the Complete Guide"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"1320\" class=\"elementor elementor-1320\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c52f425 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c52f425\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-23eb425\" data-id=\"23eb425\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fa23a2c elementor-widget elementor-widget-heading\" data-id=\"fa23a2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Definition of an ETF<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fe1124 elementor-widget elementor-widget-text-editor\" data-id=\"3fe1124\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"\" data-start=\"521\" data-end=\"744\">An ETF is a <strong data-start=\"535\" data-end=\"568\">exchange-listed index fund<\/strong>. It replicates the performance of an index (e.g. the SMI, S&amp;P 500 or MSCI World) by purchasing all or a representative selection of its constituent securities.<\/p><p class=\"translation-block\" data-start=\"746\" data-end=\"810\">Unlike a <strong><a href=\"https:\/\/invexa.ch\/en\/investment\/what-is-an-investment-fund\/\" target=\"_self\">traditional mutual fund<\/a><\/strong>, an ETF is:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a72ead6 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"a72ead6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Continuously quoted on the stock market, like a share,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Transparent, because its membership is public,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Generally inexpensive, thanks to passive management.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55bc7a3 elementor-widget elementor-widget-heading\" data-id=\"55bc7a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why invest in ETFs?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ad3698 elementor-widget elementor-widget-text-editor\" data-id=\"6ad3698\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">ETFs offer several <strong>major advantages<\/strong> for investors, which explain the growing interest in these investment vehicles.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a33fc32 elementor-widget elementor-widget-heading\" data-id=\"a33fc32\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Immediate diversification<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b52e5b elementor-widget elementor-widget-text-editor\" data-id=\"8b52e5b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>One of the key principles of investment is the <strong data-start=\"761\" data-end=\"780\">diversification<\/strong> spreading its capital over different regions, sectors and companies to reduce the <strong>overall risk<\/strong>. With an ETF, you can achieve this from the very first franc invested.<\/p><p>For example, an ETF on the <strong>MSCI World<\/strong> provides access to over <strong>1'500 companies<\/strong> in 23 developed countries. With a single position, you become a co-investor in Nestl\u00e9, Apple, Toyota or Microsoft.<\/p><p>This allows you to:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87c0357 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"87c0357\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Smooth performance,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Absorb sectoral or geographic shocks,<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-arrow-right\" viewbox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M190.5 66.9l22.2-22.2c9.4-9.4 24.6-9.4 33.9 0L441 239c9.4 9.4 9.4 24.6 0 33.9L246.6 467.3c-9.4 9.4-24.6 9.4-33.9 0l-22.2-22.2c-9.5-9.5-9.3-25 .4-34.3L311.4 296H24c-13.3 0-24-10.7-24-24v-32c0-13.3 10.7-24 24-24h287.4L190.9 101.2c-9.8-9.3-10-24.8-.4-34.3z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Participate in the financial markets, even with modest capital.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d13ec9 elementor-widget elementor-widget-heading\" data-id=\"8d13ec9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Low management fees<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93faa33 elementor-widget elementor-widget-text-editor\" data-id=\"93faa33\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\" data-start=\"1385\" data-end=\"1688\">The <strong>passive<\/strong> management of ETFs involves minimal human intervention: the goal is to <strong>replicate<\/strong> an index, not to actively select securities. This results in very <strong>low<\/strong> management fees, often between <strong>0.05% and 0.30% per year<\/strong>, compared to 1% to 2% for traditional active funds.<\/p><p class=\"\" data-start=\"1690\" data-end=\"1850\">Over the long term, this difference in costs can represent a difference of several tens of thousands of francs on pension or investment capital. In Switzerland, in a <strong><a href=\"http:\/\/invexa.ch\/en\/prevoyance\/pilier-3a-tout-savoir-sur-la-prevoyance-liee\/\">Pillar 3a<\/a><\/strong> or a securities account, the reduction in fees significantly improves net performance after costs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-478d408 elementor-widget elementor-widget-heading\" data-id=\"478d408\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Daily liquidity<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bfc3490 elementor-widget elementor-widget-text-editor\" data-id=\"bfc3490\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">Unlike unlisted funds, ETFs are bought and sold on the <strong>stock exchange<\/strong> in real time during market hours. This provides significant <strong>flexibility<\/strong> to adjust your strategy based on market events or liquidity needs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2dec324 elementor-widget elementor-widget-heading\" data-id=\"2dec324\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ETFs vs. investment funds: what are the differences?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9a3dbf elementor-widget elementor-widget-text-editor\" data-id=\"b9a3dbf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">ETFs (Exchange Traded Funds) and traditional <a href=\"https:\/\/invexa.ch\/en\/investment\/what-is-an-investment-fund\/\" target=\"_self\"><strong>mutual funds<\/strong><\/a> are two types of collective investment vehicles. Both allow you to invest in a broad <strong>range of securities<\/strong> (stocks, bonds, etc.), but they differ in management style, structure, costs, and accessibility.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a98ff48 elementor-widget elementor-widget-heading\" data-id=\"a98ff48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Passive vs. active management<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f97d4dd elementor-widget elementor-widget-text-editor\" data-id=\"f97d4dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"\" data-start=\"497\" data-end=\"826\">The fundamental difference lies in the way they are managed: ETFs are generally managed by <strong>passively<\/strong>. They are content to <strong>reply<\/strong> a benchmark index (such as the SMI, S&amp;P 500 or MSCI World), without trying to outperform it. The aim is to match the performance of the index as closely as possible.<\/p><p class=\"\" data-start=\"828\" data-end=\"1098\">Conventional investment funds, on the other hand, are often managed by <strong>actively<\/strong>. A manager selects securities according to his market expectations in order to <strong>outperform<\/strong> a benchmark index. This implies a more complex, discretionary strategy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-808a89e elementor-widget elementor-widget-heading\" data-id=\"808a89e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">How it works<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecd073e elementor-widget elementor-widget-text-editor\" data-id=\"ecd073e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">ETFs are traded on the <strong>stock exchange<\/strong>, just like shares. They can be bought and sold at any time during the trading day, at market prices. This offers great flexibility and price transparency.<\/p><p class=\"translation-block\" data-start=\"1359\" data-end=\"1635\">Traditional <strong>mutual funds<\/strong>, on the other hand, are not listed on the stock exchange. They operate based on a <strong>net asset value (NAV)<\/strong> calculated once per day. Subscriptions or redemptions are executed at the price determined at the end of the day, without the possibility of real-time trading.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c533a94 elementor-widget elementor-widget-heading\" data-id=\"c533a94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Difference in costs<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81aacaf elementor-widget elementor-widget-text-editor\" data-id=\"81aacaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\" data-start=\"1655\" data-end=\"1847\">ETFs have significantly lower <strong>management fees<\/strong>. Passive management requires fewer human resources and less research. Annual fees typically range between 0.05% and 0.30%.<\/p><p class=\"translation-block\" data-start=\"1849\" data-end=\"2080\">In contrast, active funds have higher fees, typically between <b>1% and 2%<\/b>, sometimes more. These fees cover the manager\u2019s work, research, and trading activities\u2014but they do not guarantee better performance. In practice, it is actually quite rare for an actively managed fund to outperform an ETF after all fees are deducted.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d77a27 elementor-widget elementor-widget-heading\" data-id=\"4d77a27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ETFs vs. index funds<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de9a617 elementor-widget elementor-widget-text-editor\" data-id=\"de9a617\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">Unlike ETFs, traditional index funds are <strong>not listed<\/strong> on the stock exchange. Purchases and sales occur at the <strong>closing price<\/strong> (net asset value), once per day. They are often accessible through banks or financial advisors and are favored in systematic savings plans or structured pension solutions.<\/p><p class=\"translation-block\" data-start=\"1352\" data-end=\"1575\">ETFs generally have <span data-start=\"1381\" data-end=\"1410\">very low management fees<\/span> (0.05% to 0.30% per year) due to their automated model. However, additional costs include <span data-start=\"1504\" data-end=\"1525\"><b>brokerage fees<\/b><\/span> (per transaction) and the <span data-start=\"1555\" data-end=\"1574\">stamp duty<\/span>.<\/p><p class=\"\" data-start=\"1577\" data-end=\"1947\">Classic index funds also have low fees, sometimes slightly higher (0.20 % to 0.50 % depending on the case), but <span data-start=\"1702\" data-end=\"1745\">do not generate transaction costs<\/span> on purchase or sale (excluding any fees charged by the intermediary). They are therefore often more advantageous in <strong data-start=\"1871\" data-end=\"1901\">periodic savings plans<\/strong> where you invest a fixed amount each month.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c705d2f elementor-widget elementor-widget-heading\" data-id=\"c705d2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">History of ETFs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87d8296 elementor-widget elementor-widget-text-editor\" data-id=\"87d8296\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\" data-start=\"1300\" data-end=\"1447\">The first modern ETF was launched in <strong>1990<\/strong> in <strong>Canada<\/strong> with the Toronto Index Participation Fund, based on the <strong>TSE 35<\/strong> index. However, ETFs truly gained prominence in the United States. In 1993, <strong>State Street<\/strong> introduced the <strong>SPDR S&amp;P 500 ETF Trust<\/strong> (ticker: SPY), which still exists today and remains one of the largest ETFs in the world.<\/p><p class=\"\" data-start=\"1805\" data-end=\"1939\">Over the years, many new providers (iShares, Vanguard, Lyxor, UBS...) entered the market. The range expanded rapidly: first to international equities, then to bonds, commodities, sector indices, etc.<\/p><p class=\"translation-block\" data-start=\"2057\" data-end=\"2231\">With the arrival of ETFs <strong>listed in Europe<\/strong> (including Switzerland) and the emergence of products domiciled in Luxembourg or Ireland, the market has truly become global. Following the 2008 financial crisis and amid volatility and mistrust of complex products, ETFs have gained popularity due to their <strong>transparency<\/strong> and <strong>simplicity<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-073c4ed elementor-widget elementor-widget-heading\" data-id=\"073c4ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Taxation of ETFs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6925b25 elementor-widget elementor-widget-text-editor\" data-id=\"6925b25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>ETFs are subject to wealth tax, income tax and withholding tax in Switzerland.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-510cfdf elementor-widget elementor-widget-heading\" data-id=\"510cfdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Wealth Tax in Switzerland<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b4af63 elementor-widget elementor-widget-text-editor\" data-id=\"6b4af63\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>All ETFs held on December 31 must be declared at their <strong>tax value<\/strong> in the cantonal wealth tax return. The <strong><a href=\"https:\/\/www.ictax.admin.ch\/extern\/fr.html#\/search\" target=\"_blank\" rel=\"noopener\">list of courses<\/a><\/strong> is available on the Swiss Federal Tax Administration (FTA) website.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-792dbd2 elementor-widget elementor-widget-heading\" data-id=\"792dbd2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Income tax<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73b1943 elementor-widget elementor-widget-text-editor\" data-id=\"73b1943\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If your ETF distributes income (<strong>dividends<\/strong> or coupons), these amounts are taxable as <strong data-start=\"1230\" data-end=\"1257\">income<\/strong> at the time of payment.<\/p><p class=\"translation-block\">Swiss-domiciled ETFs that invest in Swiss stocks are also subject to a <strong>35% withholding tax<\/strong> on dividends. Only 65% is paid out to investors, but this amount can be <strong>fully reclaimed<\/strong> through the tax declaration, provided the security is properly declared. This is not the case for foreign ETFs, unless a double taxation agreement allows for partial recovery. Therefore, Swiss ETFs are fiscally more advantageous for Swiss securities.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d68c914 elementor-widget elementor-widget-heading\" data-id=\"d68c914\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Stamp duty<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8bccc09 elementor-widget elementor-widget-text-editor\" data-id=\"8bccc09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">In Switzerland, the buying and selling of ETFs are subject to the <strong>stamp duty<\/strong> on securities trading, a tax levied by the federal government on securities transactions. The rate depends on the <strong>fund\u2019s domicile<\/strong>: it is <strong>0.075%<\/strong> for ETFs domiciled in Switzerland and <strong>0.15%<\/strong> for those domiciled abroad.<\/p><p>This cost, which is levied on each transaction, becomes significant for active investors or investors with large volumes. For a long-term investment strategy with few round-trips, its impact remains limited.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-602be20 elementor-widget elementor-widget-heading\" data-id=\"602be20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Which ETF should I choose?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffb04a4 elementor-widget elementor-widget-text-editor\" data-id=\"ffb04a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">Choosing an ETF means selecting the instrument that best aligns with your <strong>wealth strategy<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b30af08 elementor-widget elementor-widget-heading\" data-id=\"b30af08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">1. Define the investment objective<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c9f384 elementor-widget elementor-widget-text-editor\" data-id=\"4c9f384\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"\" data-start=\"635\" data-end=\"1029\">The first step is to <strong>define the objective<\/strong> pursued: accumulate a <strong>capital<\/strong> to enhance the value of a <strong>savings<\/strong> in the medium term, generate <strong>revenues <\/strong>or even <strong>diversify<\/strong> an existing portfolio.<\/p><p class=\"translation-block\" data-start=\"1031\" data-end=\"1344\">For a long-term horizon and a global growth strategy, broad index ETFs such as the <strong>MSCI World<\/strong>, <strong>FTSE All-World<\/strong>, or <strong>ACWI<\/strong> are recommended. They offer optimal geographic and sector diversification, with very competitive fees (often below 0.20%).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db7ffb2 elementor-widget elementor-widget-heading\" data-id=\"db7ffb2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2. Understanding the structure of an ETF<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cfa7e2f elementor-widget elementor-widget-text-editor\" data-id=\"cfa7e2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"translation-block\">The structure of an ETF is based on three key elements: its <strong>replication method<\/strong> (physical or synthetic), its <strong>distribution policy<\/strong> (distributing or accumulating), and its <strong>trading currency<\/strong>, which may be hedged against currency risk. For Swiss investors, choosing a <strong>physical, accumulating<\/strong> ETF denominated in CHF or currency-hedged often offers better clarity and risk management, depending on their objectives.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f8f252 elementor-widget elementor-widget-heading\" data-id=\"8f8f252\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3. Tax considerations<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f74e99 elementor-widget elementor-widget-text-editor\" data-id=\"6f74e99\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In Switzerland, taxation plays an important role. Dividends received are taxed as income, even for capitalizing ETFs. In addition, ETFs domiciled in <strong data-start=\"2258\" data-end=\"2272\">United States<\/strong> are subject to a non-recoverable withholding tax on dividends, which penalizes the net yield.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>ETFs, or Exchange Traded Funds, are attracting more and more investors, both beginners and experienced. But what are these instruments really? How do they work, and why are they attracting so much interest in asset and pension management? Find out all there is to know about ETFs in this article.<\/p>","protected":false},"author":1,"featured_media":1322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-1320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investissement"],"_links":{"self":[{"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/posts\/1320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/comments?post=1320"}],"version-history":[{"count":7,"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/posts\/1320\/revisions"}],"predecessor-version":[{"id":7853,"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/posts\/1320\/revisions\/7853"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/media\/1322"}],"wp:attachment":[{"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/media?parent=1320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/categories?post=1320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invexa.ch\/en\/wp-json\/wp\/v2\/tags?post=1320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}