In the boardroom atop Vontobel’s building at Gotthardstrasse 45 in Zurich, the mood on Wednesday morning is brighter than the weather outside. The wintery Lake Zurich lies grey beneath heavy clouds. Inside, however, the atmosphere is sunny — at least among the representatives of the derivatives industry.

Host Georg von Wattenwyl, president of the Swiss Structured Products Association (SSPA), appears highly satisfied. Sitting beside him is board colleague Thomas Wicki, Managing Director Global Markets / Derivatives at UBS. And the two have good reason: the industry has just completed a record year.

235 Billion francs in Turnover

The Swiss market for structured products grew by a hefty 18 percent in 2025 to 235 billion francs. The fourth quarter alone was particularly strong at 63 billion francs — helped, among other things, by volatility in precious metals.

«Structured products are very much in demand in wealth management,» says von Wattenwyl, offering an immediate explanation: «It is the only asset class that allows investors to invest in volatility.»

Popular Yield-Enhancement Products

The figures support his point: yield-enhancement products accounted for 50 percent of total turnover and leverage products for 26 percent. Capital protection products made up 12 percent and participation products 8 percent. Reverse convertibles, knock-out warrants and capital protection certificates with coupon were particularly sought after.

The year’s development was convincing throughout. «Encouragingly, we recorded turnover growth in every quarter,» Wicki says.

Faster Recovery Than Equities

Following the turbulent «Liberation Day» last April, the asset class proved remarkably resilient, von Wattenwyl notes: «Performance recovered faster than equities.»

The SSPA benchmark index, newly introduced at the start of 2025, delivered clearly positive performance despite a challenging market environment. «Our industry delivered positive contributions — and not just marginally,» the association president states.

Moving Beyond a Transactional Image

Von Wattenwyl’s strategic direction as SSPA president is becoming clear. The industry aims to reposition itself — away from a purely trading instrument toward a distinct asset class.

Germany serves as a reference point, where more self-directed investors trade structured products. «Switzerland, by contrast, is an advisory market,» von Wattenwyl explains. Still, efforts are underway to increase understanding and interest among private investors, for example through a competition called the «Traders Cup» and other educational initiatives.

The Wild World of AMCs

finews asked the SSPA leadership about Actively Managed Certificates (AMCs): actively managed products with sometimes highly exotic underlyings that have attracted growing attention in recent years.

«The instrument has become well established,» says Wicki. It has existed for around 20 years but was previously mainly a bank product.

Today, new providers are entering the market, often operating with less liquid underlyings. Von Wattenwyl compares the development to that of funds versus hedge funds. The industry has therefore developed a form of self-regulation: «Investors need to know what they hold.» While growing rapidly, the AMC segment remains a small part of the overall market.

Positive Sentiment for 2026

The new year has also started well. The high volatility in precious metals from the fourth quarter of 2025 continues to support related products. At the same time, providers observe a rotation within equities: fewer «intangibles», more «tangibles».

«Investor sentiment is good,» von Wattenwyl says — particularly in leveraged products.

The industry is correspondingly optimistic about the future. Highlights will include the SSPA’s 20th anniversary on June 11, 2026, and the «International Structured Products Forum», which will take place in Interlaken for the first time in early September (previously held in Lucerne).