How to read a factsheet: items, identifiers and charts explained

Key points at a glance

01

A factsheet is a short data sheet from the provider covering objective, costs, risk and performance. It replaces neither the prospectus nor the key information document.

02

Every item has a reference date and a meaning. Anyone who knows what costs, benchmark index and risk indicator show can read a factsheet more purposefully.

03

ISIN and ticker identify a product at different levels. The ISIN applies internationally, the ticker only on one exchange.

04

For charts, period, costs, currency, distributions and benchmark index matter. Past performance is not a reliable indicator of future results.

A factsheet is the short data sheet with which a provider presents an investment product: objective, costs, risk and past performance. Anyone who can read a factsheet gets a quick overview. It cannot, however, replace the prospectus or the key information document.

What is a factsheet, and where can it be found?

Factsheets exist for funds, ETFs (exchange-traded funds), ETPs (exchange-traded products) and structured products. They are usually found on the provider's website, at the bank or at the broker.

The first thing to check is the date. Every figure applies to a reference date and may since have become outdated. More on these product types can be found in the article on the development of the ETP and ETF market.

How does the factsheet differ from the prospectus and the key information document?

The factsheet is a short piece of information. The Swiss Financial Services Act (FinSA) names two other documents:

• Prospectus: Anyone who publicly offers securities in Switzerland or applies for admission to trading must first publish a prospectus (Art. 35). There are exceptions.
• Key information document (KID, in Switzerland the BIB): If a financial instrument is offered to retail clients, its producer must first prepare a KID (Art. 58). It does not apply if the instrument is available to retail clients only under an asset management agreement. It contains the essential information, including the risk and return profile with the maximum possible loss, costs, minimum holding period and tradability (Art. 60).

This is a general overview, not legal advice (legal position as of October 2026, per FinSA). In an individual case, the position may differ.

How is a factsheet read? A fictional example

The following factsheet is invented. All values are illustrations and say nothing about a real product.

What do ISIN and ticker mean?

ISIN and ticker identify a product, but at different levels. The ISIN is like an ID number for the security. It consists of 12 characters in three parts (ISO 6166 standard):

The check digit helps to detect typing errors. It is calculated using a fixed method (the Luhn algorithm). It does not detect swapped letters. If the national identifier changes, for example through a corporate action (an intervention in the security itself), the ISIN changes as well. The ISIN does not name a trading venue.

For the ticker, the exchange sets the rules. At SIX, the issuer applies for the abbreviation, giving the product name, ISIN, trading currency and preferred symbol. For ETFs, it is 4 to 5 characters, or 6 on request. Because the ISIN does not name a trading venue, the same product can have different tickers on several exchanges.

Factsheet or advertising? How can marketing material be recognised?

Providers want to present their product. That is legitimate. The presentation and the selection of figures are up to the provider. FinSA requires (Art. 68) that advertising must be clearly recognisable, refer to the prospectus and the KID, and state where they are available. Advertising must not contradict their contents.

It helps to look for notes such as "marketing" or "advertising" and for the reference to the prospectus and the KID. If figures differ from one another, that is a reason to ask.

How is a performance chart read?

A performance chart shows performance, that is, the course of the product's value. Five questions help to put it in context. This is a general reading aid, not a list of obligations. The following chart is an invented example. The numbers in the graphic stand for the five questions.

Example (illustration)

A chart only says something once five items have been clarified

Invented example fund in CHF, after costs, income reinvested, start = 100.

Example World Equity Fund Fictional world equity index

Zeitpunkt	Example World Equity Fund	Fictional world equity index
2016	100	100
2017	108	107
2018	115	113
2019	122	119
2020	131	127
2021	140	134
2022	118	116
2023	105	108
2024	122	121
2025	138	133
2026	150	142

The five questions, each with the example:

1. Period: When does the line begin and end? In the example it runs from 2016 to 2026, so over ten years. The start is at 100, which is only a starting value and not a price.
2. Costs: Have costs already been deducted? Here they have: the example fund is shown after costs. The line therefore shows what remains after fees.
3. Currency: In which currency is it calculated? In the example, in Swiss francs. Anyone calculating in another currency sees a different line.
4. Distributions: Are payouts reinvested or not included? The example fund is accumulating. Income is reinvested and is contained in the line.
5. Benchmark index: Does it suit the product, and does it apply before or after costs? The dashed line is a fictional world equity index. It suits a world equity fund. Whether it is calculated after costs must be stated in the factsheet.

A look at the lines also shows that the fund and the index move similarly. In 2022 both fall, the fund from 140 to 118. At the end, the fund is at 150, ahead of the index at 142. These are invented figures; past performance is not a reliable indicator of future results, and a lead over the index is not an expectation.

For Swiss funds, there are guidelines from the Asset Management Association Switzerland (AMAS) on fund performance. The Swiss Financial Market Supervisory Authority (FINMA) recognises them as a minimum standard, and they have applied since 1 January 2022.

Which ways of presenting data can distort a chart?

Some presentations make a chart look better than the situation is. This need not be intentional. Common presentations that can change the impression a chart gives include:

• a truncated axis that makes small movements look large
• a favourably chosen starting point
• only the best years or the best period
• comparing a product before costs with an index after costs, or the other way round
• a back-calculation (backtest) instead of an actual track record
• a change of currency
• a young product with a short history

The starting point has an especially strong effect. The same example chart shows this: in 2016 the value stands at 100, in 2021 at 140, in 2023 at 105 and in 2026 at 150. Starting in 2016 (10 years ago) shows +50%. Starting in 2021 (5 years ago) shows +7%. Starting in 2023 (3 years ago) shows +43%. These are invented figures; past performance is not a reliable indicator of future results.

Numerical example (illustration)

The same course shows +7% to +50% depending on the starting point

Gain in value of the example fund up to 2026, depending on the starting year.

+50%

Start 2016 (10 years ago)

+7%

Start 2021 (5 years ago)

+43%

Start 2023 (3 years ago)

Past performance is not a reliable indicator of future results. This also applies to these figures, which serve only as an illustration.

What risks and limits does a factsheet have?

• Short summary: A factsheet cannot show everything. Important details are in the prospectus and the KID.
• Reference date: Figures become outdated. Costs, holdings and size can change.
• Selection by the provider: The provider decides the period, index and presentation.
• Past: A chart shows what was. The value of a product can fall, depending on the product up to a total loss.
• Issuer risk: For ETPs and structured products, the value also depends on whether the issuer meets its obligations.
• Currency risk: Products in a foreign currency also fluctuate with the exchange rate.

Conclusion

Reading a factsheet means putting the provider's short overview in context. It shows objective, costs, risk and performance, but only as of one reference date and in the provider's selection. ISIN and ticker identify a product at different levels. In a chart, period, costs, currency, distributions and benchmark index determine what the line says. FinSA provides, with exceptions, for a prospectus and a key information document.