Also, in another thread it is claimed that only 65% of the dividends are priced in for the Swiss market futures (I haven’t fact-checked it). This makes the formula a bit different, namely:
b > d \frac{r-0.35}{r} + \frac{m_l (1-r) - m_f}{r}
For r around 35% the first term becomes rather small.
As of now, despite the lack of tax savings on dividends, the futures path is a clear winner for Swiss stocks, it seems.
Edit: except for the fact that the “micro” smi futures (FSMS) appear to be barely traded and the “regular” one (FSMI) is 10x the index, so more than 100k.