Migros Bank (CH) Fonds 0 V

Zero stocks, 85% bonds, and CHF 1.9 million in assets. This fund barely exists.

Migros Bank (CH) Fonds 0 ranks #61 among 67 3a investment funds in Switzerland. With literally 0% in stocks and 85% in bonds, this is the most conservative investment fund you can buy. The CHF 1.9 million fund size makes it the smallest 3a fund in the country by a wide margin. This product exists, but the question is whether it should.

What Do the Numbers Say?

No one-year, three-year, or five-year return data is publicly available. That's partly because the fund is so small that reporting requirements are minimal. What we can infer: with 0% stocks and 85% bonds, returns in 2022-2023 were almost certainly negative due to the bond market crash. Any recovery has been slow.

The 1.04% TER on a pure bond fund is exceptionally expensive. Swiss bond funds from larger managers charge 0.20-0.40%. You're paying over 1% per year for a portfolio of bonds that may be yielding less than that. The mathematical reality is that fees could be consuming the entirety of your return.

What Actually Stands Out

Honestly, not much. Migros Bank offers this as the ultra-conservative endpoint of their fund range, providing a complete spectrum from 0% to 75% equity. The cooperative ownership means Migros Bank isn't under pressure to close unprofitable products as quickly as publicly listed banks might.

For investors who absolutely, categorically refuse any stock market exposure but still want a fund structure (perhaps for perceived tax optimization), this is technically an option. The bond portfolio focuses on Swiss franc-denominated investment-grade bonds from government and corporate issuers.

What Most Reviews Miss

CHF 1.9 million is not a viable fund size. This fund likely has fewer than 100 investors. The operational costs of maintaining a regulated fund at this scale mean Migros Bank is almost certainly running it at a loss. The risk of closure or merger is not theoretical, it's practically inevitable at some point.

A 3a savings account from virtually any Swiss bank would provide a better outcome: guaranteed interest rate, deposit insurance, no market risk, no fund management fee. The only scenario where this fund makes sense is if Migros Bank offers a specific account structure that requires a fund investment and you want zero equity exposure.

The Bottom Line

Migros Bank (CH) Fonds 0 is a product that exists for completeness rather than necessity. With zero stocks, no published returns, a 1.04% TER, and CHF 1.9 million in assets, it's hard to find a good reason to choose this over a savings account. If you're exploring conservative options, our guide to the best Pillar 3a products in Switzerland includes savings accounts that would serve you better.

Verdict: A pure bond fund that's too small to be viable and too expensive to beat a savings account. This product is a relic, not a recommendation.