ETFs are reshaping both the product landscape and the habits of Swiss retail investors, according to the 2025 Swiss ETF Investor Study published by the University of Lucerne (HSLU). The representative survey covered 3,460 respondents aged 18 to 75 across German-speaking and western Switzerland, of whom 628 were already invested in ETFs at the time of the interview.
The research, conducted by Brian Mattmann, Karsten Döhnert, Jürg Fausch and Angelo Gattlen from the Institute for Financial Services Zug (IFZ), found that ETFs remain largely a supplementary component rather than a full replacement for traditional investments. Fifty-two percent of ETF investors hold less than a quarter of their portfolio in ETFs, while another 26 percent keep between 26 and 50 percent. Only 7 percent have allocated more than three-quarters of their assets to ETFs.
That distribution pattern signals substantial room for growth, not only from new customers but also from existing ETF holders willing to increase their allocation.
Self-management is the defining feature of the ETF investor profile. Sixty-four percent of ETF investors manage their own positions, well above the 42 percent self-directed rate among Swiss retail investors as a whole. In terms of provider choice, 49 percent of ETF investors use online banks, compared with 29 percent of all Swiss investors.
The trend poses a competitive risk for traditional banks. Advice, product selection and execution no longer need to come from the same institution, allowing younger, self-directed investors to research elsewhere and execute through digital platforms.
Yet a large untapped segment exists within conventional advisory channels. Eighty-two percent of current non-ETF investors have never been approached by their bank about ETFs—a group that tends to be older and more reliant on traditional bank advice.
Information sources diverge sharply by generation. Among investors under 45, 38 percent learned about ETFs through acquaintances, 35 percent via financial portals and 34 percent through financial blogs; only 19 percent cited their bank advisor. Among older ETF investors, the bank advisor leads at 41 percent, followed closely by newspapers and financial portals.
Demand looks robust. Eighty-seven percent of current ETF investors plan to expand their positions within the next two years, while roughly one-third of non-investors say they intend to make their first ETF investment.
The next edition of the study is scheduled for presentation on October 20, 2026, at the Swiss ETF Awards in Zurich, and will examine evolving ETF usage, the role of Finfluencers, ETF savings plans and actively managed ETFs.
