For users of smartphones, PCs, tablets and navigation systems, regular downloads of updated software versions are part and parcel of everyday life – at any rate, they only become aware of them, if at all, through a brief announcement or a change in the program's appearance. Such updates are a feature of the stock market too. The provider of indices carry out periodic reviews and adjust their benchmark where appropriate. For the FuW Swiss 50 Index, this rebalancing is performed on the first Wednesday in May and November of each year. The selection has accordingly just had an update. “Amrize and Sulzer refresh FuW Swiss 50 Index,” wrote the editors responsible for the stock market barometer recently, referring to the two new arrivals. The index saw three departures at the same time.
The number of stocks included has thus fallen back to the stipulated 50. In June, Holcim had split off its North American business and listed it on the market. The spin-off, Amrize, was automatically included in the FuW Swiss 50 Index, causing the number of members to climb to 51 temporarily. The building materials group is headquartered in Zug, while its operating business is located in Chicago in the USA. “According to index rules, therefore, Amrize is a Swiss company and qualifies for retention in the index basket,” explains FuW editor Alexander Saheb. The addition has not had much effect so far: after a buoyant start, Amrize shares have been treading water. Holcim, on the other hand, is a driving force: the industry giant saw its capitalisation jump by more than 60% in 2025. Holcim has just underpinned the rally with higher-than-expected results for the first three quarters and confirmation of its forecast for the year.
The second new arrival in the FuW Swiss 50 Index is also sticking by its targets. Sulzer is predicting organic growth of 2% to 5% in orders received for 2025, with sales set to rise by 5% to 8%. As for the EBITDA margin, the management expects a significant improvement to more than 15%, following 12.4% the previous year. The volume of orders received by the industrial group dropped slightly in the first nine months, but the situation has improved compared to the first half of the year. In a difficult environment, Sulzer was able to rely on its service division. In the repair, maintenance and energy efficiency solutions business, orders rose by double digits in percentage terms from January to September 2025. Sulzer has fallen out of step with the stock market just recently, with the mid-cap now trading at a good fifth below the all-time high reached in March. That was still high enough for inclusion in the FuW Swiss 50, however, and the industrial stock was given a weighting of 1.3%.
An ETP+ enables investors to add this particular barometer of the Swiss economy to their portfolio. The product tracks the FuW Swiss 50 NTR Index without any term limit and can be traded daily on the SIX Swiss Exchange and the BX Swiss. Not only do investors enjoy a high degree of liquidity, but the ETP+ also allows them to profit from a particularly robust product structure. To exclude the issuer risk as far as possible, Leonteq deposits a pledge with SIX SIS AG. The collateralisation is dynamic: as soon as investors put money in or the value of the ETP rises, the issuer tops up the pledge. SIX Repo AG is responsible for monitoring this mechanism on an ongoing basis. The management fee for the participation product is 0.72% p.a. This modest sum gives investors the opportunity of a diversified investment in the top companies on the Swiss equity market. One important point to note, finally, is that the underlying is calculated to include the dividends of the associated companies on a net basis.
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