Seems frankly a bit amateurish, for a supervised financial product by one of Switzerland’s most reputable and largest cantonal bank (pun intended), after all that pre-launch hype they tried to create.
Also, the fact that “portfolio” data is unavailable for the funds on Swisscanto’s web site doesn’t inspire much confidence in me.
PPS: Ignore the first part of this post. They must have quietly changed in on their web site, and the German version might still have been in my browser cache, indicating the NT units. However as of right now they are linking two different fund units (NT and VT) on their german version:
“Details aufrufen” is still linking to NT units as I’m writing this:
NT would also correspond to what they write in their FAQ:
Is the administrative fee and the TER (Total Expense Ratio) of the funds available in frankly 0.0%?
The administrative fee is included in the all-in fee and is therefore 0.0%. The frankly investment products may also invest in Swiss real estate funds for income reasons. These exchange-traded funds in turn affect the TER. This means that the 0% cost funds used by frankly can also have a TER between 0.01% and 0.03%. In order to avoid charging you twice, we set the all-in fee lower accordingly from the outset. We promise to review the TER of real estate funds annually.
Sure, their wording of the “investment product” “being based on” the RT/VT unit class fund doesn’t mean that’s exactly what I’ll be getting (which might in fact be NT). But frankly, I might be too lazy to inquire further. Just tell me straightforward what fonds my funds are going to be invested in.
The past performances of the NT class are the same as the VT + fees. At the end, it’s always the same fund. The classes are just created to apply different models of fees between the customers (individual, pension funds, institutionnal, ect).
Their answer seems quite weird. Because the fund hold 2.5% of “ZKB Gold ETF AAH CHF” with a TER of 0.40%. So technically, you will pay twice the fees.
And that’s the exactly question: Which one am I getting and which fees will I be paying?
Cause fund-of-fund structures charging fees more than once isn’t exactly unheard-of.
It doesn’t need to be that hard and confusing to tell (and advertise) to me.
Also, it shouldn’t be that hard to find more about the portfolio I’ll actually be getting than just that:
“you’re correct. The real estate funds do have an impact on the TER of 0.00%. This impact is around 0.01% to 0.03%. That you don’t have to pay any fee twice, we’ve set the all-in-fee already slightly lower. Regarding the Gold funds, there the issue has been resolved.”
Answer from Frankly, so I was right. The real cost is higher than 0.48%
However it’s don’t understand the second sentence.
Also, don’t know how they have “correct” the gold ETF issue.
My answer to the last question: ““we’ve set the all-in-fee already slightly lower” Lower than what?
Is the total cost 0.48% +( 0.01% to 0.03%)?”
Their answer “lower to 0.48%. The total cost will be 0.48% + 0.01% to 0.03%. If you have any further questions, please refer to our FAQs https://frankly.ch/en/faq.html”
For me, the 0.48% all-fee cost is not the reality. Advertising this number is misleading.
Either I’m dumb or more probable they don’t understand their own product. If someone understands their answer, please explain
Der Vorsorgenehmer ist eigenverantwortlich dafür besorgt, dass sein Kontoguthaben einen für die Gebühren- und Kostenbelastung hinreichenden Saldo aufweist. Andernfalls ist die Stiftung ermächtigt, zur Schaffung der erforderlichen Liquidität allfällig vorhandene Wertschriften des Vorsorge- nehmers zu veräussern, wie wenn der Vorsorgenehmer der Stiftung einen entsprechenden Auftrag hierzu erteilt hätte. Hält der Vorsorgenehmer zum Zeitpunkt der von der Stiftung initiierten Veräusserung mehrere Wertschriftenanlagen, werden diese anteilmässig veräussert, basierend auf dem jeweiligen Gegenwert in CHF.
As previously mentioned in this thread, frankly is not really transparent on which indexes they are using for their products. I tried to reverse engineer it from the ‘Top Holdings’ Section at cash.ch. I thought that this might be of interest for other members here.
Date according to cash.ch: 31.03.2020
For 95% index strategy:
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