According to the industry report of the Swiss Structured Products Association (SSPA) published Tuesday, turnover amounted to 56 billion francs in the second quarter of 2025. This represents an increase of 8 percent compared to the previous year (Q2 2024: 52 billion), but is clearly below the first quarter of 2025, when 61 billion francs were achieved.

In the first quarter, industry turnover was still up 25 percent year-on-year, as finews.com reported.

This means growth slowed markedly after the strong start to the year. Monthly turnover was broadly stable, with 20 billion francs in April, 18 billion in May and 19 billion in June.

Yield Enhancement Dominates

With a 49 percent share of turnover, yield enhancement products remained the largest category in the second quarter, ahead of leverage products (26 percent), capital protection products (12 percent) and participation products (9 percent). Reverse convertibles generated the highest turnover at 17 billion francs, followed by warrants with knock-out (8 billion francs) and capital protection products with coupon (6 billion francs).

Equities remained the dominant asset class with a 52 percent share of turnover, ahead of foreign exchange (29 percent), fixed income (14 percent) and commodities (2 percent). The bulk of business continues to come from non-listed products (69 percent) and the primary market (63 percent). In terms of currencies, the US dollar led with a 42 percent share of turnover, followed by the euro (36 percent) and the Swiss franc (11 percent).

New Index for Barrier Reverse Convertibles

SSPA President Georg von Wattenwyl commented: «After a strong start to the year, the Swiss market for Structured Products remained robust in the second quarter of 2025.»

He emphasizes a «continuing high proportion of yield enhancement products, including barrier reverse convertibles» and adds: «In order to make the significance and development of this segment even more transparent in the future, we are launching the new SSPA Benchmark Index, which provides a framework for the performance of BRCs.»