For investors seeking exposure to Swiss equities, several ETFs and funds provide access to large-cap, mid-sized, and smaller companies within Switzerland’s market. These funds track different indices and segments, offering a blend of stability, defensive characteristics, and growth potential.
Below are some of the most well-known Swiss-focused funds:
1. iShares MSCI Switzerland ETF (EWL)
Focus: Tracks the MSCI Switzerland 25/50 Index, providing exposure to large and mid-sized Swiss companies.
Performance:
| Year | Performance |
|---|---|
| 2024 | -2.64% |
| 2023 | +17.37% |
| 2022 | -18.57% |
| 2021 | +19.27% |
| 2020 | +12.66% |
Overview: The iShares MSCI Switzerland ETF is one of the most popular Swiss-focused ETFs, holding 42 stocks, with Nestlé, Roche, and Novartis making up a significant portion of the portfolio. It includes other major Swiss stocks such as Richemont, Zurich Insurance Group, UBS, and more. The top 10 holdings make up 66.15% of the ETF.
The ETF offers investors a way of gaining exposure to Switzerland’s stable economy, known for its robust financial sector, healthcare dominance, and consumer goods market. Defensive stocks, particularly in healthcare and consumer staples, help the ETF perform well in market downturns. The primary sectors represented in the ETF are healthcare, financials, consumer staples and industrials.
The fund’s inception date was March 12, 1996, and its total net assets at the end of Q1 2025 stand at $1.14 billion. The expense ratio is 0.5%.
2. iShares Core SPI ETF
Focus: Tracks the Swiss Performance Index (SPI), covering the broad Swiss stock market.
Performance:
| Year | Performance |
|---|---|
| 2024 | +6.10% |
| 2023 | +6.00% |
| 2022 | -16.50% |
| 2021 | +23.30% |
| 2020 | +3.70% |
Overview: The iShares Core SPI ETF provides investors with broad market exposure in Switzerland, including large, mid, and small-cap stocks. With over 200 holdings, this ETF is well-diversified across sectors. However, given the make-up of the Swiss markets, the primary sectors are again the healthcare, financials, consumer staples and industrials industries. The top 10 holdings, which also include all of the top names (Nestle, Roche, Richemont, Novartis, etc.) Switzerland-listed stocks make up 66.66% of the overall portfolio.
The fund was launched in 2014 and currently has net assets of CHF4.07 billion and an expense ratio of 0.1%. Investors looking for a fund that captures the Swiss market’s full spectrum will find this ETF an appealing option.
3. First Trust Switzerland AlphaDEX Fund (FSZ)
Focus: Uses a proprietary selection methodology to invest in Swiss stocks with strong fundamentals.
Performance:
| Year | Performance |
|---|---|
| 2024 | -1.25% |
| 2023 | +22.07% |
| 2022 | -20.88% |
| 2021 | +19.34% |
| 2020 | +14.50% |
Overview: Unlike the other ETFs on this list, the First Trust Switzerland AlphaDEX Fund uses its own selection methodology to select stocks for the ETF.
It tracks the Nasdaq AlphaDEX Switzerland Index, which is an “enhanced” index created and administered by Nasdaq, which “employs the AlphaDEX stock selection methodology to select stocks from the Nasdaq Switzerland Index that meet certain criteria.” Eligible stocks are ranked on growth factors, including price appreciation, sales to price, and one-year sales growth, and then separately on value factors, including book value to price, cash flow to price, and return on assets.
The fund was launched in 2014. Financials (31.73%) are the primary sector represented in the ETF, followed by industrials and healthcare, which make up the top three most represented industries. It currently holds 40 stocks, with names such as Swiss Re, Novartis, Swissquote, Adecco Group, and The Swatch Group making up some of the top 10. The current total net assets stand at $65.45 million.
The total expense ratio is 0.8%.
Overall, the ETF provides exposure to a mix of well-established companies and rising mid-cap firms, making it an interesting choice for investors looking for a unique approach to Swiss equities.
4. Franklin FTSE Switzerland ETF (FLSW)
Focus: Tracks the FTSE Switzerland Capped Index, offering exposure to large- and mid-sized companies in Switzerland.
Performance:
| Year | Performance |
|---|---|
| 2024 | -1.75% |
| 2023 | +16.79% |
| 2022 | -18.14% |
| 2021 | +20.83% |
| 2020 | +13.37% |
Overview: The Franklin FTSE Switzerland ETF was launched in 2018 and is listed on the NYSE Arca. It currently has total net assets of $50.87 million and holds 52 stocks. The top three sectors represented in the ETF are (as you may have guessed) healthcare, financials and consumer staples. Over 61% of stocks held in the ETF have a market cap above $50 billion, with around 20% between the $25 and $50 billion range.
The top names are also familiar, with Nestle, Roche, Novartis, UBS and Richemont making up the top five stocks held.
Overall, the ETF provides investors with exposure to well-known Swiss stocks that offer investors access to both defensive blue-chip companies and mid-cap growth names. Its low expense ratio (0.09%) makes it a cost-effective choice for passive investors.
5. iShares SMIM ETF
Focus: Tracks the SMIM Index, which includes mid-cap stocks from Switzerland.
Performance:
| Year | Performance |
|---|---|
| 2024 | +4.30% |
| 2023 | +5.90% |
| 2022 | -26.60% |
| 2021 | +21.80% |
| 2020 | +5.20% |
Overview: Tracking the SMIM index means the iShares SMIM ETF provides investors with exposure to companies ranked 20-50 on the Swiss Six Exchange. These 30 companies are not included in the SMI index. Some of the top stocks include Sandoz Group, Straumann Holding, VAT Group and SGS. However, when it comes to sectors, there is a similar theme, with industrials (27.73%), healthcare (26.48%) and consumer staples (12.84%) making up the top three.
The ETF was launched in 2004 and is listed on the SIX Swiss Exchange. It has a total expense ratio of 0.45% and net assets of CHF 1.1 billion. The ETF is ideal for investors seeking growth opportunities beyond Swiss large multinational corporations.
6. iShares SMI ETF
Focus: Tracks the Swiss Market Index (SMI), which consists of the 20 largest Swiss stocks.
Performance:
| Year | Performance |
|---|---|
| 2024 | +7.10% |
| 2023 | +6.70% |
| 2022 | -14.60% |
| 2021 | +23.30% |
| 2020 | +4.00% |
Overview: The iShares SMI ETF offers exposure to Switzerland’s largest and most established companies. Therefore, the three largest industries represented in the ETF are healthcare (36.62%), financials (20.59%), and consumer staples (17.32%). It was launched in 1999, is listed on the SIX Swiss Exchange and has a total expense ratio of 0.35%. The ETF has a maximum weighting to any one stock restricted at 18% on a quarterly basis. The total net assets of the fund are CHF 2.17 billion.
Given its focus on Swiss blue chip stocks, the fund is considered an option for investors looking for more defensive characteristics.
7. BlackRock Swiss Small & Mid-Cap Opportunities Fund
Focus: Actively managed fund targeting small and mid-cap Swiss equities. Benchmark Index: SPI Extra Index.
Performance:
| Year | Performance |
|---|---|
| 2024 | +3.37% |
| 2023 | +3.29% |
| 2022 | -30.56% |
| 2021 | +32.80% |
| 2020 | +13.23% |
Overview: This actively managed fund was launched in 2008 and has net assets of CHF 436.8 million. It currently holds 35 stocks and has a management fee of 1.50%. While the top sectors are similar to the other ETFs above (industrials, healthcare, consumer staples, financials), the exposure to only mid and small-cap names means it provides exposure to a different segment of the Swiss market. Stocks in the top 10 holdings include VZ Holding, Barry Callebaut, DKSH Holding and Sandoz Group.
For investors, the ETF may offer high growth potential but with increased risk.
8. SPI Mid-Cap ETF
Focus: Tracks mid-cap stocks from the SPI Index.
Performance:
| Year | Performance |
|---|---|
| 2024 | +1.21% |
| 2023 | +10.25% |
| 2022 | -22.71% |
| 2021 | +20.56% |
Overview: The SPI Mid-Cap ETF (or UBS ETF (CH) – SPI Mid) focuses on mid-sized companies within Switzerland’s stock market. Launched in 2011, it has a total expense ratio of 0.25%, with total assets standing at CHF 510.4 million. It holds 80 stocks, like the index it tracks, with Logitech International, Schindler, and Swiss Prime Site currently three names in the top 10. Of course, the industrials, financials, and healthcare make up the top three sectors represented in the ETF.
Mid-cap stocks often provide a balance between stability and growth, making this ETF a compelling choice for investors looking beyond the country’s largest corporations.
Who Should Invest in Swiss Funds?
Investors considering Swiss ETFs and funds should assess first their investment objectives and risk tolerance. These funds are suited for:
Defensive Investors: ETFs with a large-cap focus, like iShares MSCI Switzerland and iShares SMI, provide stability through the defensive characteristics of the stocks they hold.
Growth-Oriented Investors: While many of the funds are primarily defensive given the large-cap exposure, those with exposure to mid-caps and small-caps offer the potential for growth.
Diversification Seekers: Overall, investors looking to diversify their portfolios geographically can benefit from Swiss funds, which offer a mix of defensive blue-chip stocks and innovative mid-sized firms.
Long-Term Investors: Many Swiss companies have strong fundamentals, making the funds ideal for long-term holding, especially those that distribute dividends.
Swiss funds offer a diverse range of investment opportunities, from stable blue-chip stocks to mid-cap growth companies. Whether an investor prioritises stability, growth, or broad diversification, there are Swiss ETFs suited to their needs.
