All VIAC strategies are implemented with index funds and ETFs. The main distinguishing feature is trade. In the case of index funds, subscriptions or redemptions take place once a day (primary market and thus exempt from stamp duty), while ETFs (exchange traded funds) are traded directly on the stock exchange (secondary market). Both index funds and ETFs usually follow an index (e.g. SMI for Swiss equities) and try to replicate its performance as accurately as possible. Since they merely follow the index and do not try to actively beat it, they are also called passive investment products. These passive investment funds are particularly suitable for investors who wish to invest in a broadly diversified market with a single transaction at low cost and in the long term.