Swiss Leader Index

The Swiss Leader Index (SLI) is an index comprising large and mid-cap companies primarily listed on SIX Swiss Exchange. It is made up of 30 of the largest and most liquid Swiss Performance Index (SPI) large- and mid-cap stocks.^[1] As a price index, the SLI is not adjusted for dividends, but there exists a total-return version as well.^[1]

Swiss Leader Index

Foundation	2 July 2007
Operator	SIX Swiss Exchange
Exchanges	SIX Swiss Exchange
Trading symbol	SLI
Constituents	30
Type	Large and mid-cap, price index
Market cap	CHF 590 billion (free-float and capped-market adjusted, end 2017)[1]
Weighting method	Capitalization-weighted, with 9/4.5 capping
Related indices	SMI, SMI MID, SMI Expanded, SPI
Website	six-group.com
ISIN	CH0030252883
Reuters	.SLI[dead link]
Bloomberg	SLI:IND

The SLI was introduced on July 2, 2007 and computed back to December 30, 1999, with a baseline value of 1,000 points on this starting date.^[2]

The capping model of the SLI makes it suitable as a benchmark for a broader range of products and markets than other indices offered by SIX Swiss Exchange, because it is compatible with regulatory requirements in the European Union as well as in the United States.^[1] With its 9/4.5 caps, the SLI is more diversified, and its risk/return profile is more tilted towards smaller capitalizations, than other indices such as the SMI and SPI.

In 2020, the SLI, along with other SIX indices, was endorsed under the EU Benchmarks Regulation and is registered in ESMA, which means that it can be used as an underlying for financial products sold in the EU.^[3]

Rules

Universe

The SLI comprises the 20 securities of the SMI, as well as the largest 10 securities in the SMI MID.^[2]

Capped weightings

The largest four components of the SLI are capped at 9%. All other components, if necessary, are capped at 4.5%.^[1] The caps are enforced with a multiplication factor that is updated every three months.^[2]

This was made to conform the SLI to the EU's UCITS 5/10/40 rule, which says that:

• The value of any single position cannot be more than 10% of the fund's value, and
• all positions that are larger than 5% of the fund's value cannot, together, make up more than 40% of the fund's value.

Current constituents

As of September 20, 2021, the following 30 stocks make up the SLI index.^[4] Components marked as ¹ have a 9% weight as of September 18, 2020.^[5] Sizes are based on the SPI classification by market capitalization: L for SPI Large, M for SPI Mid.^[6]

Company	size	SMI	ICB Sector	Canton	Ticker symbol
ABB	L	SMI	electronic and electrical equipment	Zurich	ABBN
Adecco	M	SMI MID	business training and employment agencies	Zurich	ADEN
Alcon	L	SMI	healthcare	Fribourg	ALC
ams	M	SMI MID	technology	Austria	AMS
Geberit	L	SMI	building materials and fixtures	St. Gallen	GEBN
Givaudan	L	SMI	specialty chemicals	Geneva	GIVN
Holcim	L	SMI	building materials and fixtures	St. Gallen	HOLN
Julius Bär	M	SMI MID	banks	Zurich	BAER
Kuehne + Nagel	M	SMI	industrial goods and services	Schwyz	KNIN
Lindt (PS)	M	SMI MID	chocolate	Zurich	LISP
Logitech	M	SMI	technology	Vaud	LOGN
Lonza	L	SMI	pharmaceuticals and biotechnology	Basel	LONN
Nestlé1	L	SMI	food products	Vaud	NESN
Novartis1	L	SMI	pharmaceuticals	Basel	NOVN
Partners Group	L	SMI	financial services	Zug	PGHN
Richemont	L	SMI	clothing and accessories	Geneva	CFR
Roche1	L	SMI	pharmaceuticals	Basel	ROG
Schindler	M	SMI MID	industrial goods and services	Lucerne	SCHN
SGS	L	SMI MID	business support services	Geneva	SGSN
Sika	L	SMI	specialty chemicals	Zug	SIKA
Sonova	L	SMI	healthcare	Zurich	SOON
Swatch Group	M	SMI MID	clothing and accessories	Bern	UHR
Straumann	L	SMI MID	pharmaceuticals	Basel City	STMN
Swiss Life	L	SMI	life insurance	Zurich	SLHN
Swiss Re	L	SMI	reinsurance	Zurich	SREN
Swisscom	L	SMI	fixed line telecommunications	Bern	SCMN
Temenos	M	SMI MID	technology	Geneva	TEMN
UBS	L	SMI	banks	Zurich	UBSG
VAT Group	M	SMI MID	industrial good and services	St. Gallen	VACN
Zurich Insurance1	L	SMI	full line insurance	Zurich	ZURN