Swiss Market Indicese
Here is a summary of the primary Swiss Share Indexes
SMI® -The blue-chip index
This is the most significant equity index in Switzerland. It comprises 20 of the largest Swiss stocks. The index has a base level of 1500 as of June 1988.
Comprises the next group of the 30 largest and most liquid mid-cap stocks.
SMI® Expanded index;
Is made up of the 50 largest and most liquid stocks in the Swiss equity market. All SMI® and SMIM® stocks are combined in the SMI Expanded®. The SMI Expanded® covers approximately 93 % of the entire capitalisation of the Swiss equity market.
SLI® – Swiss share index with capped weightings
The SLI Swiss Leader Index comprises the SMI shares plus the 10 largest stocks in the SMIM. In other words, it includes the 30 largest and most liquid securities in the Swiss equity market.
Since 02.07.2007, the SLI has been calculated and published in real time. To facilitate comparability with other indices, the SLI was calculated back to the end of 1999. The SLI was standardised at 1000 index points as of 30 December 1999.Unlike the other indices, the SLI has an upper weighting limit. The four largest stocks are capped at 9%. Where necessary, the index weighting of the other securities is limited to 4.5%.
The SLI was launched as an alternative to the blue chip SMI index. The SMI has the disadvantage that the five largest stocks have a combined index weighting of about 70%, so price fluctuations in those shares have a disproportionate impact on the index. The capping factor in the SLI increases the weighting of the smaller stocks, so the price risk is more widely diversified. Moreover, as a result of the capping factor, the SLI fulfills the regulatory requirements of Switzerland, the EU and the USA, thereby allowing new markets and investor groups to be accessed.
Because the weightings change continuously, SIX Swiss Exchange calculates and adjusts the capping factor every three months.
Swiss Leader Index Price (PR)
Swiss Leader Index Performance (TR)
SPI® Swiss Performance Index
The SPI Family comprises a selection of companies from the Swiss All Share Index which includes all Swiss companies listed on the SIX Swiss Exchange, and upon request primary listed foreign shares.
In order to qualify for the SPI Family, a security must have a minimum free float (number of freely tradeable outstanding shares) of 20%. Ranking is based on the free-float-weighted market capitalisation.
The SPI is divided into sectors on the basis of economic activity. The share selection list in which all SPI securities are ranked is the basis for the allocation into the sizes small, middle and large.
Oil & Gas
SXI® Special Industry Index Family;
The SXI® Special Industry indices are specially selected sector indices. These sectors have been selected mainly due to the international and domestic significance of the specific sector as well as the number of companies listed on SIX Swiss Exchange that are representative of the industry. The Real Estate sector contains shares with a primary listing in accordance with the regulatory standard for real estate companies, as well as real estate funds with a primary listing on SIX Swiss Exchange.
The SXI Family comprises two further indices that track one of Switzerland’s leading sectors: the SXI Life Sciences index (pharmacy, medtech and biotech) and the more specific SXI Bio+Medtech sub index. These indices satisfy a growing demand on the part of foreign institutional investors to participate in this segment of the Swiss equity market. They will also increase the attractiveness of the SIX Swiss Exchange as a stock exchange for companies in these sectors. This index is a platform for companies and a benchmark for investors.
Swiss All Share Index;
The Swiss All Share Index includes all SIX Swiss Exchange-listed shares of companies domiciled in Switzerland or the Principality of Liechtenstein. Upon request, foreign companies with a primary listing on SIX Swiss Exchange may also be included in Swiss All Share Index. This index also includes stocks that cannot be included in the SPI® because they fall below the minimum free float rate of 20%.
The Swiss All Share Index was introduced on 01.07.1998 in response to the exclusion of investment companies from the SPI.
The index level of the SPI as at 30.06.1998 was taken over, i.e. the standardisation date corresponds to that of the SPI (01.06.1987). The performance index was pegged at 1’000 and the price index at 100 points.
This index of investment companies comprises all investment companies listed on the SIX Swiss Exchange. These companies are not included in the SPI® so as to prevent securities held by investment companies from being counted twice. Like all SIX Swiss Exchange equity indices, the Investment Index is free-float-adjusted. The Investment Index was first calculated as a performance index and as a price index on 01.07.1998. The dividend-corrected index (IGSTR) was standardised at 1000 points, the price index (IGSP) at 100 points. The two indices are calculated every three minutes.