Commerzbank cross-lists ComStage multi-asset ETFs on SIX

May 25th, 2018 | By | Category: Alternatives / Multi-Asset

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German investment bank Commerzbank has cross-listed two passively managed multi-asset ETFs on SIX Swiss Exchange.

Commerzbank cross-lists ComStage multi-asset ETFs on SIX

The funds provide multi-asset exposure for investors looking for either defensive or aggressive risk positioning.

Launched under the firm’s ETF brand ComStage, the funds provide multi-asset exposure for investors looking for either defensive or aggressive risk positioning.

Each fund is an ETF of ETFs, investing in other Comstage ETFs including equity, fixed income, and commodity funds.

The ComStage Vermögensstrategie Defensiv UCITS ETF (CBVSD SW), aimed at more risk-averse investors, sets its initial allocation as 40% equity ETFs, 50% bond ETFs, and 10% commodity ETFs.

The ComStage Vermögensstrategie Offensiv UCITS ETF (CBVSO SW), aimed at more growth-oriented investors, has an initial allocation that is dominated by equities, with 80% exposure, plus 10% each to fixed income and commodity ETFs.

The equity exposure in both ETFs is diversified across geographic regions and sectors.

To obtain their fixed income exposures, the defensive strategy utilizes both government bond and Pfandbrief (covered bond) ETFs.

For the commodity component, the offensive strategy incorporates a broad-basket ETP, while the defensive strategy consists purely of the firm’s gold ETC, seeking to harness the safe-haven quality of the yellow metal.

The funds rebalance to their initial allocation once a year in the spring.

Each ETF has a total expense ratio (TER) of 0.25%. The funds were initially launched on Xetra in March of this year where they trade in euros, and are now available to trade on SIX in euros or Swiss francs. Income generated by the funds is distributed to investors on a quarterly schedule.

The funds complement the existing ComStage Vermögensstrategie UCITS ETF (CBVS SW), launched on Xetra in April 2016 and cross-listed to SIX in August 2017, which offers a risk/return profile broadly in between the new defensive and offensive strategies. This ETF’s initial composition includes 60% equity ETFs, 30% bond ETFs, and 10% commodity ETFs. It also trades in euros and Swiss francs and has a TER of 0.25%.

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