Who has the interest in your funds during the switch process?

It is important to appreciate that when switching, the price used for the fund you are switching out of is set at the same time as the price for the fund you are switching into. Consequently your funds remain invested at all times and you are never out of the market during the processing of any switch instruction. The only time that you “lose control” is in the period between making the instruction to switch and the point at which the fund price is determined.