Para que un traspaso entre dos fondos se ejecute en formato “switch” es imprescindible que pertenezcan a la misma gestora y además tienen que ser “pareja switch”.
El inversor descubre si sus fondos son o no “pareja switch” cuando va a realizar el traspaso. La plataforma a través de la cual está cursando la orden (por ejemplo, Inversis) tiene parametrizados qué fondos dentro de una misma gestora cumplen este requisito. De este modo, al cliente le aparece el dato en pantalla en el momento en el que va a realizar el traspaso.
El “switch” tiene una importante ventaja y es que la orden de traspaso se ejecuta en el mismo día. En consecuencia, el inversor sólo estaría fuera del mercado el tiempo que tarde la gestora (en este caso Vanguard) en mandar la confirmación de ejecución de la operación a la plataforma tecnológica (Inversis).
En cambio, en un traspaso normal se ejecuta primero el reembolso y posteriormente la suscripción al nuevo fondo, más lo que tarde la gestora en mandar la confirmación de la operación a la plataforma que cursa las órdenes. El proceso puede llevar varios días y en ese tiempo el dinero del inversor quedaría “paralizado” (es decir, que para bien y para mal no estaría invertido en el mercado), a la espera de entrar en el fondo absorbente.
--
Lo que falta por confirmar es si en los traspasos switch se está algún momento fuera de mercado y si aplica dual pricing.
Si como parece no se está fuera de mercado en ningún momento, no se aplica dual pricing y no hay incidencias o redondeos incorrectos, sería recomendable pasar a la clase más barata. Si no no merecería la pena el riesgo.
Dual pricing de iShares: análisis y comparativa con Vanguard y Fidelity viewtopic.php?t=1666
Comparativa de comisiones para cartera Bogleheads https://bogleheads.es/viewtopic.php?t=41
Hipotecas: El conocimiento definitivo para compararlas https://bogleheads.es/viewtopic.php?t=1823
Por la documentación de iShares, parece que no habría tiempo fuera de mercado pero sí aplicación del swing price, aunque se trate de cambios entre dos clases del mismo fondo.
Switching between Sub-Funds
Unless the Manager determines otherwise, Unitholders of a Class within a Sub-Fund may switch to the same
Class within another Sub-Fund as the Manager may permit with the exception of Unitholders in the Flexible
Classes, T Classes and W Classes, which may not switch to any other Class of Units within any other SubFund. Notwithstanding the foregoing, Unitholders in the Flexible Classes may switch to any other Class in
the iShares Developed World Screened Index Fund (IE). On the establishment of any new Sub-Fund (or Class
thereof) the Manager shall specify the switching rights relating to such Sub-Fund (or Class thereof).
Switching may be effected by application to the Manager on such switching form as may be prescribed by
the Manager or by such other means as the Manager, with the consent of the Administrator, may prescribe
from time to time where such means are in accordance with the Central Bank Requirements.
If the switch would result in the Unitholder holding a number of Units in the original Sub-Fund with a value
of less than the Minimum Holding, the Manager may, at its discretion, convert the whole of the applicant's
holding of Units in the original Sub-Fund or refuse to effect any switch. No switches will be made during
any period in which the rights of Unitholders to require the redemption of their Units are suspended. The
general provisions on procedures for redemptions (including provisions relating to the delivery of Unit
certificates, if issued) will apply equally to switches.
The switching form must be received within the time limits specified for redemption of Units in the original
Sub-Fund and application for Units in the new Sub-Fund (or such lesser period as the Manager may permit
provided it is prior to the Valuation Point). The Redemption Price per Unit in the original Sub-Fund will be
applied towards the subscription/purchase of Units in the new Sub-Fund.
The number of Units to be issued in the new Sub-Fund will be calculated in accordance with the following
formula:
A = BxCxD
E
Where
A = number of Units of the new Sub-Fund to be allocated
B = number of Units of the original Sub-Fund to be switched
C = Redemption Price per Unit on the relevant Dealing Day for the original Sub-Fund
D = the currency conversion factor determined by the Administrator as representing the effective rate of
exchange of settlement on the relevant Dealing Day applicable to the transfer of assets between the
relevant Sub-Funds (where the base currencies of the relevant Sub-Funds are different) or where the
base currencies of the relevant Sub-Funds are the same D = 1
E = Subscription Price per Unit on the relevant Dealing Day for the new Sub-Fund
Switching between Classes within Sub-Funds
Unitholders of any Class within a Sub-Fund may switch to another Class of that Sub-Fund as the Directors
may permit and subject to compliance with any conditions applicable to that Class. The Directors do not
intend to charge a switching fee and will notify Unitholders in advance if it is their intention to charge such
a fee.
Switching may be effected by application to the Manager on such switching form as may be prescribed by
the Directors or by such other means as the Manager, with the consent of the Administrator, may prescribe
from time to time where such means are in accordance with the Central Bank Requirements.
If the switch would result in the Unitholder holding a number of Units in the original Class with a value of
less than the Minimum Holding, the Manager may, at its discretion, switch the whole of the applicant's
holding of Units in the original Sub-Fund or refuse to effect any switch. No switches will be made during
any period in which the rights of Unitholders to require the redemption of their Units are suspended.
NM0825U-4762525-130/583
131
The general provisions on procedures for redemptions (including provisions relating to the redemption
fee) will apply equally to switching. Notice of the proposed switch must be received by the Manager at least
two Business Days before a Dealing Day (or such lesser period as the Directors may permit provided it is
prior to the Valuation Point).
The number of Units to be issued in the new Class will be calculated in accordance with the following
formula:
A = BxCxD
E
Where
A = number of Units of the new Class to be allocated
B = number of Units of the original Class to be switched
C = Net Asset Value per Unit on the relevant Dealing Day for the original Class
D = the currency switching factor determined by the Administrator as representing the effective rate of
exchange on the relevant Dealing Day applicable to the relevant Class (where the base currencies of
the relevant Sub-Funds are different) or where the base currencies of the relevant Classes are the
same D = 1
E = Net Asset Value per Unit on the relevant Dealing Day for the new Class.
Where a conversion involves a switch between (i) a Unit Class designated in the base currency and
a Currency Hedged Class (where the currencies are different) or (ii) a switch between two Currency
Hedged Classes, the relevant exchange rate between the currencies in which the respective Units
are designated will be applied to the calculation.
Compulsory Switching between Classes within Sub-Funds
The Manager shall have the right to switch compulsorily any Units of a Flexible Class, a T Class or a W Class
to such other Class of that Sub-Fund, that is not a Flexible Class, a T Class or a W Class, as the Manager may
deem most appropriate for such Unitholder, if:
(a) such Units are held directly or beneficially by any person who is not a Qualified Holder by virtue of
the fact that they have acquired units in the relevant Flexible Class, T Class or W Class without first
entering into a Client Agreement; or
(b) the Manager shall in its absolute discretion consider that the Units are held by a Unitholder whose
Client Agreement has terminated for any reason whatsoever
RME escribió: ↑Jue Nov 06, 2025 21:12
Por la documentación de iShares, parece que no habría tiempo fuera de mercado pero sí aplicación del swing price, aunque se trate de cambios entre dos clases del mismo fondo.
Switching between Sub-Funds
Unless the Manager determines otherwise, Unitholders of a Class within a Sub-Fund may switch to the same
Class within another Sub-Fund as the Manager may permit with the exception of Unitholders in the Flexible
Classes, T Classes and W Classes, which may not switch to any other Class of Units within any other SubFund. Notwithstanding the foregoing, Unitholders in the Flexible Classes may switch to any other Class in
the iShares Developed World Screened Index Fund (IE). On the establishment of any new Sub-Fund (or Class
thereof) the Manager shall specify the switching rights relating to such Sub-Fund (or Class thereof).
Switching may be effected by application to the Manager on such switching form as may be prescribed by
the Manager or by such other means as the Manager, with the consent of the Administrator, may prescribe
from time to time where such means are in accordance with the Central Bank Requirements.
If the switch would result in the Unitholder holding a number of Units in the original Sub-Fund with a value
of less than the Minimum Holding, the Manager may, at its discretion, convert the whole of the applicant's
holding of Units in the original Sub-Fund or refuse to effect any switch. No switches will be made during
any period in which the rights of Unitholders to require the redemption of their Units are suspended. The
general provisions on procedures for redemptions (including provisions relating to the delivery of Unit
certificates, if issued) will apply equally to switches.
The switching form must be received within the time limits specified for redemption of Units in the original
Sub-Fund and application for Units in the new Sub-Fund (or such lesser period as the Manager may permit
provided it is prior to the Valuation Point). The Redemption Price per Unit in the original Sub-Fund will be
applied towards the subscription/purchase of Units in the new Sub-Fund.
The number of Units to be issued in the new Sub-Fund will be calculated in accordance with the following
formula:
A = BxCxD
E
Where
A = number of Units of the new Sub-Fund to be allocated
B = number of Units of the original Sub-Fund to be switched
C = Redemption Price per Unit on the relevant Dealing Day for the original Sub-Fund
D = the currency conversion factor determined by the Administrator as representing the effective rate of
exchange of settlement on the relevant Dealing Day applicable to the transfer of assets between the
relevant Sub-Funds (where the base currencies of the relevant Sub-Funds are different) or where the
base currencies of the relevant Sub-Funds are the same D = 1
E = Subscription Price per Unit on the relevant Dealing Day for the new Sub-Fund
Switching between Classes within Sub-Funds
Unitholders of any Class within a Sub-Fund may switch to another Class of that Sub-Fund as the Directors
may permit and subject to compliance with any conditions applicable to that Class. The Directors do not
intend to charge a switching fee and will notify Unitholders in advance if it is their intention to charge such
a fee.
Switching may be effected by application to the Manager on such switching form as may be prescribed by
the Directors or by such other means as the Manager, with the consent of the Administrator, may prescribe
from time to time where such means are in accordance with the Central Bank Requirements.
If the switch would result in the Unitholder holding a number of Units in the original Class with a value of
less than the Minimum Holding, the Manager may, at its discretion, switch the whole of the applicant's
holding of Units in the original Sub-Fund or refuse to effect any switch. No switches will be made during
any period in which the rights of Unitholders to require the redemption of their Units are suspended.
NM0825U-4762525-130/583
131
The general provisions on procedures for redemptions (including provisions relating to the redemption
fee) will apply equally to switching. Notice of the proposed switch must be received by the Manager at least
two Business Days before a Dealing Day (or such lesser period as the Directors may permit provided it is
prior to the Valuation Point).
The number of Units to be issued in the new Class will be calculated in accordance with the following
formula:
A = BxCxD
E
Where
A = number of Units of the new Class to be allocated
B = number of Units of the original Class to be switched
C = Net Asset Value per Unit on the relevant Dealing Day for the original Class
D = the currency switching factor determined by the Administrator as representing the effective rate of
exchange on the relevant Dealing Day applicable to the relevant Class (where the base currencies of
the relevant Sub-Funds are different) or where the base currencies of the relevant Classes are the
same D = 1
E = Net Asset Value per Unit on the relevant Dealing Day for the new Class.
Where a conversion involves a switch between (i) a Unit Class designated in the base currency and
a Currency Hedged Class (where the currencies are different) or (ii) a switch between two Currency
Hedged Classes, the relevant exchange rate between the currencies in which the respective Units
are designated will be applied to the calculation.
Compulsory Switching between Classes within Sub-Funds
The Manager shall have the right to switch compulsorily any Units of a Flexible Class, a T Class or a W Class
to such other Class of that Sub-Fund, that is not a Flexible Class, a T Class or a W Class, as the Manager may
deem most appropriate for such Unitholder, if:
(a) such Units are held directly or beneficially by any person who is not a Qualified Holder by virtue of
the fact that they have acquired units in the relevant Flexible Class, T Class or W Class without first
entering into a Client Agreement; or
(b) the Manager shall in its absolute discretion consider that the Units are held by a Unitholder whose
Client Agreement has terminated for any reason whatsoever
Entonces, para los usuarios de iShares / Black rock, entiendo que hay riesgo - entiéndase como variable - doble: el swing price de "venta" del original (traspaso equivalente switch, en iShares / Blackrock) y el swing price de "compra" del fondo traspasado a la nueva clase del fondo deseado...
¿Compensaría? Ya vimos el test de hace unas semanas, de como una subida o bajada afectaba al tiempo de amortización (en meses o años) del movimiento... Aunque en este supuesto particular, quedase más acotado por ser en el mismo día , y por ello, menos susceptible a modificar sustancialmente su valor liquidativo... Interesante caso.
Por si os sirve de ayuda, esta semana he hecho el traspaso de un fondo clase D a uno clase S (developed world index fund EUR ACC). La orden se ejecutó en el mismo día. Exactamente a la misma hora (segundos incluidos). En la información de MyInvestor dice que fue una operación Switch y con comisiones cero. Lo que no sé deciros es si me ha perjudicado o no porque no hay más información.
Tienes razón, hay mucha opacidad en este tema, la activación de Switch es sin duda una buena noticia, pues elimina (en teoría) el tiempo fuera del mercado, pero aún sin comisiones estarías afectados por la penalización del dual price. Como dices, no hay información apenas.
Soy el editor de extractobancario.com, un blog sobre banca española.
RME escribió: ↑Jue Nov 06, 2025 21:12
Por la documentación de iShares, parece que no habría tiempo fuera de mercado pero sí aplicación del swing price, aunque se trate de cambios entre dos clases del mismo fondo.
Switching between Sub-Funds
Unless the Manager determines otherwise, Unitholders of a Class within a Sub-Fund may switch to the same
Class within another Sub-Fund as the Manager may permit with the exception of Unitholders in the Flexible
Classes, T Classes and W Classes, which may not switch to any other Class of Units within any other SubFund. Notwithstanding the foregoing, Unitholders in the Flexible Classes may switch to any other Class in
the iShares Developed World Screened Index Fund (IE). On the establishment of any new Sub-Fund (or Class
thereof) the Manager shall specify the switching rights relating to such Sub-Fund (or Class thereof).
Switching may be effected by application to the Manager on such switching form as may be prescribed by
the Manager or by such other means as the Manager, with the consent of the Administrator, may prescribe
from time to time where such means are in accordance with the Central Bank Requirements.
If the switch would result in the Unitholder holding a number of Units in the original Sub-Fund with a value
of less than the Minimum Holding, the Manager may, at its discretion, convert the whole of the applicant's
holding of Units in the original Sub-Fund or refuse to effect any switch. No switches will be made during
any period in which the rights of Unitholders to require the redemption of their Units are suspended. The
general provisions on procedures for redemptions (including provisions relating to the delivery of Unit
certificates, if issued) will apply equally to switches.
The switching form must be received within the time limits specified for redemption of Units in the original
Sub-Fund and application for Units in the new Sub-Fund (or such lesser period as the Manager may permit
provided it is prior to the Valuation Point). The Redemption Price per Unit in the original Sub-Fund will be
applied towards the subscription/purchase of Units in the new Sub-Fund.
The number of Units to be issued in the new Sub-Fund will be calculated in accordance with the following
formula:
A = BxCxD
E
Where
A = number of Units of the new Sub-Fund to be allocated
B = number of Units of the original Sub-Fund to be switched
C = Redemption Price per Unit on the relevant Dealing Day for the original Sub-Fund
D = the currency conversion factor determined by the Administrator as representing the effective rate of
exchange of settlement on the relevant Dealing Day applicable to the transfer of assets between the
relevant Sub-Funds (where the base currencies of the relevant Sub-Funds are different) or where the
base currencies of the relevant Sub-Funds are the same D = 1
E = Subscription Price per Unit on the relevant Dealing Day for the new Sub-Fund
Switching between Classes within Sub-Funds
Unitholders of any Class within a Sub-Fund may switch to another Class of that Sub-Fund as the Directors
may permit and subject to compliance with any conditions applicable to that Class. The Directors do not
intend to charge a switching fee and will notify Unitholders in advance if it is their intention to charge such
a fee.
Switching may be effected by application to the Manager on such switching form as may be prescribed by
the Directors or by such other means as the Manager, with the consent of the Administrator, may prescribe
from time to time where such means are in accordance with the Central Bank Requirements.
If the switch would result in the Unitholder holding a number of Units in the original Class with a value of
less than the Minimum Holding, the Manager may, at its discretion, switch the whole of the applicant's
holding of Units in the original Sub-Fund or refuse to effect any switch. No switches will be made during
any period in which the rights of Unitholders to require the redemption of their Units are suspended.
NM0825U-4762525-130/583
131
The general provisions on procedures for redemptions (including provisions relating to the redemption
fee) will apply equally to switching. Notice of the proposed switch must be received by the Manager at least
two Business Days before a Dealing Day (or such lesser period as the Directors may permit provided it is
prior to the Valuation Point).
The number of Units to be issued in the new Class will be calculated in accordance with the following
formula:
A = BxCxD
E
Where
A = number of Units of the new Class to be allocated
B = number of Units of the original Class to be switched
C = Net Asset Value per Unit on the relevant Dealing Day for the original Class
D = the currency switching factor determined by the Administrator as representing the effective rate of
exchange on the relevant Dealing Day applicable to the relevant Class (where the base currencies of
the relevant Sub-Funds are different) or where the base currencies of the relevant Classes are the
same D = 1
E = Net Asset Value per Unit on the relevant Dealing Day for the new Class.
Where a conversion involves a switch between (i) a Unit Class designated in the base currency and
a Currency Hedged Class (where the currencies are different) or (ii) a switch between two Currency
Hedged Classes, the relevant exchange rate between the currencies in which the respective Units
are designated will be applied to the calculation.
Compulsory Switching between Classes within Sub-Funds
The Manager shall have the right to switch compulsorily any Units of a Flexible Class, a T Class or a W Class
to such other Class of that Sub-Fund, that is not a Flexible Class, a T Class or a W Class, as the Manager may
deem most appropriate for such Unitholder, if:
(a) such Units are held directly or beneficially by any person who is not a Qualified Holder by virtue of
the fact that they have acquired units in the relevant Flexible Class, T Class or W Class without first
entering into a Client Agreement; or
(b) the Manager shall in its absolute discretion consider that the Units are held by a Unitholder whose
Client Agreement has terminated for any reason whatsoever
Entonces, para los usuarios de iShares / Black rock, entiendo que hay riesgo - entiéndase como variable - doble: el swing price de "venta" del original (traspaso equivalente switch, en iShares / Blackrock) y el swing price de "compra" del fondo traspasado a la nueva clase del fondo deseado...
¿Compensaría? Ya vimos el test de hace unas semanas, de como una subida o bajada afectaba al tiempo de amortización (en meses o años) del movimiento... Aunque en este supuesto particular, quedase más acotado por ser en el mismo día , y por ello, menos susceptible a modificar sustancialmente su valor liquidativo... Interesante caso.
Por lo que he estado investigando, el ahorro son 0.06% anual y el swing price puede ser un 0.10-0.20%, o cero (depende de entradas/salidas).
Creo que lo lógico sería hacer un traspaso de prueba y luego hacer cinco o diez traspasos, por ejemplo, dos a la semana, para mediar también el swing price en caso de aplicarse.
De esa manera creo que podríamos notar ahorros en dos o tres años.
Comparativa de comisiones para cartera Bogleheads https://bogleheads.es/viewtopic.php?t=41
Hipotecas: El conocimiento definitivo para compararlas https://bogleheads.es/viewtopic.php?t=1823
