Women Drive ETF Growth in Switzerland

The trend toward exchange traded funds (ETFs) continues in Switzerland. More than a third of Swiss investors now use ETFs. Usage is growing especially strongly among women, whose ETF knowledge is improving markedly at the same time. Meanwhile, the way investors gather information is also changing. FinFluencers reach young investors in particular and are contributing to a better financial understanding, especially among women. These are the findings of the new ETF Investor Study Switzerland by Lucerne University of Applied Sciences and Arts.

This concise analysis summarizes the key findings of the ETF Investor Study Switzerland 2026 by Lucerne University of Applied Sciences and Arts and shows how investment behavior in Switzerland is changing, and what role women, young investors and FinFluencers play in this shift.

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ETFs Increasingly Shape the Swiss Fund Market

Within one year, the share of Swiss investors using ETFs rose from 31 percent in 2025 to 35 percent now (Figure 1). ETFs are particularly widespread among younger investors. 44 percent of those under 45 now invest in ETFs, compared with 26 percent of investors aged 45 and above.

Abbildung 1: Die ETF-Durchdringung steigt innerhalb eines Jahres um vier Prozentpunkte auf 35 Prozent. Die Anzahl ETF-Anlegende in der Umfrage steigt um mehr als 10 Prozent.

Women Catch Up on ETFs

ETF usage is growing especially strongly among women. Compared with the previous year, the share of female investors holding ETFs rose by six percentage points to 27 percent, while among men it rose by just one percentage point (Figure 2). As a result, women account for 70 percent of the total increase. “The strong growth among women shows that ETFs are gaining ground across an ever broader range of investors. ETFs are on track to replace classic investment funds as the standard product in Swiss investment portfolios, particularly among younger investors,” says study lead Brian Mattmann from Lucerne University of Applied Sciences and Arts. Alongside rising usage, ETF knowledge is also improving. The share of women with at least basic ETF knowledge rose from 38 to 44 percent. Among men, this share remained unchanged at 64 percent. The knowledge gap between women and men is narrowing, but remains considerable. ETF knowledge was measured using eight standardized knowledge questions.

Abbildung 2: Das Wachstum der ETF-Nutzung wird insbesondere von ETF-Anlegerinnen getrieben.

FinFluencers as a Key Information Channel for Younger Investors

FinFluencers reach ETF investors especially often. 37 percent have already had contact with them, compared with 22 percent of all Swiss investors. Among ETF investors under 45, the figure rises to 51 percent. ETFs are a central focus here, with 74 percent of ETF investors who had contact with FinFluencers having encountered related content.

The influence is particularly pronounced among women. 77 percent of female ETF investors who had contact with FinFluencers say these influencers improved their understanding of financial investing (Figure 3). More than one in two also report that a purchase decision was influenced. Among men, this share stands at 30 percent. “FinFluencers are more than a marginal phenomenon in financial communication, they convey knowledge and can even influence investment decisions,” says co-study author Jürg Fausch from Lucerne University of Applied Sciences and Arts. This also increases responsibility. “Whoever helps shape investment decisions carries responsibility. That makes well founded content and transparency about commercial interests all the more important, for FinFluencers as well as for the companies behind them,” emphasizes HSLU colleague Mattmann.

Abbildung 3: Die deutliche Mehrheit der männlichen und weiblichen ETF-Anlegenden mit FinFluencer-Kontakt gibt an, dass FinFluencer ihr Finanzverständnis verbessert haben. Bemerkung: Rundungsbedingt weicht die Summe von 100 Prozent ab.

Active ETFs Bring More Choice, but Also More Complexity

The range of ETFs on offer is also changing. ETFs no longer stand exclusively for passive investing. 13 percent of ETFs available in Switzerland are now actively managed. In addition, almost every second newly launched ETF is an active ETF (Figure 4). Yet the wider selection also raises the demands on product understanding. Among respondents who reject active ETFs, 43 percent cite insufficient understanding of the product concept as the main reason. “For investors, the wider selection also means that product knowledge becomes more important. ETFs today are no longer automatically synonymous with passive investing,” says Timo Böhninger of finanzen.ch, the study’s commissioning partner.

Abbildung 4: Aktive ETFs erweitern das Produktangebot rasch, stellen aber immer noch eine Nische dar. Gleichzeitig erhöhen sie für Anlegende die Komplexität bei der ETF-Auswahl.

More Than 110,000 Self-Managed ETF Savings Plans

For the first time, the study also captures the Swiss market for ETF savings plans. “With ETF savings plans, investors can select ETFs themselves and automatically invest a fixed amount on a regular basis,” explains co-author Karsten Döhnert from Lucerne University of Applied Sciences and Arts. Among the providers analyzed, there are currently more than 110,000 self-managed ETF savings plans with assets under management exceeding 800 million francs. In terms of the number of investors, there is still significant growth potential. So far, only 14 percent use an ETF savings plan for their freely investable assets, while around a third have expressed interest in such an offering. The ETF savings solution is especially popular among young people. 73 percent of those using an ETF savings plan are under 45 years old.

About the Study

The ETF Investor Study Switzerland 2026 by Lucerne University of Applied Sciences and Arts examines the development of the Swiss ETF market as well as the investment behavior of Swiss ETF investors. It focuses on, among other things, the spread and use of ETFs, ETF knowledge, information channels and FinFluencers, the importance of the ETF provider brand, and ETF savings plans and new product developments such as active ETFs. Finanzen.ch commissioned the study from HSLU. A survey of 3,572 people aged 18 to 79 in German speaking and French speaking Switzerland was conducted together with the Swiss market research institute intervista from May 28 to June 9, 2026. Representativeness relates to age, gender and language region. Scientific and editorial responsibility lies entirely with the authors at HSLU.

Conclusion: Swiss Investors Know the Benefits of ETFs, but Knowledge Remains Very Unevenly Distributed

The Swiss ETF market is growing significantly faster than the market for classic investment funds and now accounts for roughly a quarter of total fund assets. At the same time, the study reveals a divided picture. ETF investors show notably strong product knowledge and are cost sensitive, while non ETF investors clearly underestimate the benefits of ETFs, especially their low fees. Considerable, largely untapped potential also exists for ETF savings plans and active ETFs.

For financial service providers, this means that explaining ETFs clearly, making cost advantages transparent and offering suitable savings plan solutions can both grow the existing ETF investor base and win new clients.

About the Publisher

This article is based on the “ETF Investor Study Switzerland 2025” by Lucerne University of Applied Sciences and Arts, published by Finanzen.ch. The study was authored by Dr. Brian Mattmann, Prof. Dr. Karsten Döhnert, Prof. Dr. Jürg Fausch and Angelo Gattlen. The study’s platinum sponsor is iShares by BlackRock, with additional sponsorship from BX Swiss, Swisscanto, UBS and Vanguard.

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For further information, please contact Dr. Brian Mattmann, Lecturer & Researcher in Asset Management HSLU, Suurstoffi 1, 6343 Rotkreuz, +41 41 757 67 91, brian.mattmann@hslu.ch.