Do you want to invest in gold but don't want to have to store gold bars at home? Then you can do this with a Gold ETF Switzerland-wide Very simple and convenient!
Gold ETFs can be a good investment option for you if you want to benefit from the performance of the precious metal without having to buy physical gold (coins or bars). In this article, you will learn everything you need to know about gold ETFs in Switzerland, how they work, what options are available and whether they make sense.
If you have any more questions on the topic, we look forward to an exchange in the comments!
A gold ETF (Exchange Traded Fund) is a Exchange-traded fund that tracks the price of gold. Depending on the type of ETF, the fund buys physical gold or gold derivatives and holds them as collateral. Investors can buy shares in the ETF that track the value of the gold. This offers a simple and cost-effective way to invest in gold without having to worry about storage or physical ownership.
You can easily add gold ETFs to your portfolio with your Online broker of your choice take care of. In addition to the Shares ETFs you can simply invest in precious metal ETFs there.
Firstly, an overview of some of the most popular gold ETFs in Switzerland:
| ETF Name | ISIN | Provider | TER p.a. | Special features |
|---|---|---|---|---|
| iShares Gold ETF (CH) | CH0104136236 | BlackRock | 0,19 % | Physical replication* Cheapest CH-ETF |
| UBS ETF Gold (USD) A | CH0106027193 | UBS | 0,23 % | 100 % physically deposited Storage Switzerland |
| Raiffeisen ETF - Solid Gold Ounces A CHF | CH0134034849 | Raiffeisen | 0,27 % | 100 % physically deposited |
| ZKB Gold ETF (AA CHF) | CH0139101593 | ZKB | 0,40 % | 100 % physically deposited Swiss storage only |
| ZKB Gold ETF (AAH CHF) | CH0139101601 | ZKB | 0,40 % | 100 % physically deposited Currency hedging CHF |
← Scroll table sideways →
* Physical replication« means that the ETF buys real gold (no derivatives). In contrast to ZKB and UBS, however, BlackRock does not provide any explicit information on storage in Switzerland or the exclusion of securities lending. More on this below →
All data without guarantee. As at: February 2026. ISINs link to justETF.com for further details.
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Zürcher Kantonalbank (ZKB) offers several gold ETFs, including the ZKB Gold ETF (AA CHF) and the ZKB Gold ETF (AAH CHF). These ETFs are very popular with Swiss investors and offer a favourable way to invest in gold.
UBS also offers gold ETFs that are backed by 100% of physical gold. The best known is the UBS ETF Gold (USD) A.
With a TER of just 0.19%, the iShares Gold ETF (CH) from BlackRock is the cheapest gold ETF domiciled in Switzerland. It is tradable on the SIX Swiss Exchange under the ticker CSGOLD and utilises physical replication - i.e. the gold is actually purchased and not replicated via derivatives.
Important: «Physical replication» is not the same as «100% physically deposited». What does that mean? The factsheets of ZKB and UBS explicitly state that the gold is physically held at 100%, is stored exclusively in Switzerland and that no securities lending takes place. In the case of the iShares Gold ETF (CH), BlackRock confirms that it invests directly in gold («Direct investment into gold»), but does not provide any information on the exact storage location or securities lending.
For investors for whom maximum transparency regarding gold storage is important, ZKB and UBS remain the better choice. If you are primarily looking for low costs, CSGOLD is the most favourable Swiss option.
When choosing a gold ETF, you should consider various factors:
If you invest in gold ETFs, some providers give you the option of buying the Have precious metal physically paid out and delivered. Depending on the bank, there are different conditions for storage and costs for delivery:
Note that risks and restrictions are often set out in the small print. In times of crisis, for example, the bank may restrict or refuse physical delivery. Therefore, check the conditions of the respective bank carefully. More on this later in the risks section.
Do gold ETFs make sense?
Gold ETFs can be a A sensible addition to a broadly diversified portfolio especially in times of economic uncertainty. They offer a simple and cost-effective way to invest in gold and can be used as a Hedging against inflation and market volatility serve. However, it is important to consider the risks, such as the volatility of the gold price and the Missing earnings in the form of dividends or interest.
Your key to success! Discover our top recommendations from real testimonials.
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Thanks to gold ETFs you can convenient and inexpensive invest in the precious metal gold. You must No worries about storage (burglars) or the high cost of physical gold (especially for small coins and bars).
The advantages of gold ETFs are therefore obvious, but there are also Disadvantagesas, for example, in absolute Crisis situations. Then probably only physical gold. However, if you are not assuming the end of the world or a gold ban, but simply want to hold gold as an addition to your broadly diversified portfolio, the following options are available to you Swiss gold ETFs with 100%iger physical backing be a suitable choice.
However, it is also important to Cost-effective purchase of your gold ETFs with a favorable broker and not with an expensive house bank. Here you can find the best Swiss online brokers for your ETF purchases!
Will you be buying a precious metal ETF soon? Share the ISIN in the comments!
At 0.19% TER, the iShares Gold ETF (CH) (ISIN: CH0104136236) has the lowest costs of all Swiss-domiciled gold ETFs. In comparison: The UBS Gold ETF costs 0.23% and the ZKB Gold ETF 0.40% per year. Status: February 2026.
Physical replication means that the ETF buys real gold instead of derivatives. A 100% physical deposit also guarantees that all the gold is actually available and stored at a defined location. ZKB and UBS explicitly confirm both - iShares/BlackRock does not provide details of the storage location.
The ZKB Gold ETF offers the highest level of transparency: 100% physically deposited, stored exclusively in Switzerland, no securities lending and no issuer risk (special assets according to CISA). However, at 0.40% TER, it is the most expensive of the three major Swiss gold ETFs.
And what about the iShares Gold ETF, CH0104136236? With a TER of 0.19%, it seems to be even cheaper than all the ETFs mentioned here. Does it have any disadvantages?
Hello Pinni,
great tip - you're right! The iShares Gold ETF (CH) with ISIN CH0104136236 is actually the cheapest gold ETF domiciled in Switzerland (TER 0.19%).
We have now added it to the article, including a comparison table and a separate section. The most important difference to ZKB and UBS: BlackRock does not provide any explicit information on gold storage in Switzerland and the exclusion of securities lending. This is transparently documented at ZKB and UBS.
In short: Cheapest price, but less transparency. Take a look at the updated article above!
Best regards
Eric
Hey Eric, thanks for the gold ETF blog. Small correction: in your first table (an overview of some of the most popular gold ETFs in Switzerland) you got the wrong ISIN. Would be great if you could verify and correct it. Many thanks!
Hello Hans-Peter,
Thank you for your comment! I went through the ISINs but didn't find any errors. Am I missing something?
Hello Eric
These are the ISINs in the table at the beginning:
ZKB Gold ETF (AA CHF) - ISIN CH0047533523 -> this is in EUR, the one in CHF is CH0139101593
ZKB Gold ETF (AAH CHF) - ISIN CH0047533549 -> this is in USD, the one in CHF with hedge is CH0139101601
UBS ETF Gold (USD) A - ISIN CH0106027193 -> this is correct
Raiffeisen ETF - Solid Gold Ounces A CHF - ISIN CH0134034849 -> this is correct
iShares Physical Gold ETC - ISIN IE00B4ND3602 -> to my knowledge, this is not traded on the SIX Swiss Exchange
If I'm wrong, feel free to ignore my comment. Personally, I am invested in CH0106027193. UBS is cheaper than ZKB. That was my main argument. Best regards!
Absolutely right, thanks for the addition, Hans-Peter! I'm happy to include it in the article 🙂