As reported by the Swiss Structured Products Association (SSPA) on Friday, the leading structured product providers generated total turnover of 61 billion Swiss francs in the first quarter of 2025.

This corresponds to an increase of around 25 percent compared to the same quarter of the previous year and around 20 percent compared to the final quarter of 2024.

Revitalized Environment Since the US Elections

The structured products engine is once again running at full steam—just as it did in the final quarter of last year, when the business saw strong growth amid the US elections, as finews.ch reported.

As usual, reverse convertibles remain the product category with the highest turnover, with a nominal volume of 16 billion francs. This is followed by knock-out warrants with 9 billion francs and capital protection certificates with coupons with 5 billion francs.

Reverse Convertibles and Yield Optimization

Overall, yield optimization products dominate with a 47 percent share of turnover, while leverage products account for 29 percent. Capital protection and participation products follow with 10 and 9 percent respectively.

In terms of asset classes, equities continued to dominate with 55 percent of turnover, ahead of foreign exchange (26 percent), bonds (11 percent) and commodities (2 percent). The main currencies were the euro (38 percent), the dollar (34 percent) and the Swiss franc (14 percent).

«Persistently Good Environment»

SSPA President Georg von Wattenwyl, Global Head Structured Solutions Financial Institutions at Vontobel, explains «After a very solid year in 2024, the environment for structured products remained good in the first quarter of 2025 - not least thanks to the ongoing volatility.»

It is particularly noteworthy that the number of transactions increased significantly compared to the previous year. «This underlines the clear trend towards more individualization and tailor-made solutions.»

The statistics were compiled by the Boston Consulting Group on behalf of the SSPA. Participants in the survey for Q1 2025 included UBS, Vontobel, Leonteq and other major issuers, which cover the lion's share of the Swiss market.