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Gold ETF Switzerland: Everything you need to know about gold ETFs in Switzerland

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!

Table of contents

What is a gold ETF?

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.

Advantages of gold ETFs

  1. Easy handling: Gold ETFs can be traded like shares on the stock exchange, which makes buying and selling very flexible and uncomplicated.
  2. Low costs: Compared to physical gold, there are no storage costs and insurance costs. The management fees of an ETF (the annual fee is known as the TER) are generally very low. A typical TER for a good gold ETF in Switzerland is less than one per cent per year.
  3. Liquidity: Gold ETFs are very liquid as they are traded on the stock exchanges. This means you can buy or sell shares at any time. This would not be so easy with physical gold, as it is not always so easy to find a buyer for your gold bar.
  4. Diversification: By buying a gold ETF, you can diversify your portfolio (spread it more broadly) and thus reduce the risk.

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.

Buy gold ETFs in Switzerland

Firstly, an overview of some of the most popular gold ETFs in Switzerland:

A comparison of Swiss gold ETFs: ISIN, providers, ongoing costs, fund assets and key features, as at October 2026
ETF Name ISIN Provider TER p.a. Fund assets* Special features
iShares Gold ETF (CH) CH0104136236 BlackRock 0,19 % USD 1.6 billion. Comparison of the lowest TERs
UBS Gold ETF USD acc CH0106027193 UBS 0,23 % USD 5.9 billion. Accumulating
Raiffeisen ETF - Solid Gold Ounces A CHF CH0134034849 Raiffeisen 0,27 % CHF 0.6 billion. Delivery from 1 ounce
Swisscanto (CH) Gold ETF EA CHFformerly ZKB Gold ETF (AA CHF) CH0139101593 Swisscanto (ZKB) 0,40 % CHF 16.2 billion. Largest fund assets Most traded on SIX**
Swisscanto (CH) Gold ETF EAH CHFformerly ZKB Gold ETF (AAH CHF) CH0139101601 Swisscanto (ZKB) 0,40 % CHF 16.2 billion.the same fund Currency hedging CHF

← Scroll table sideways →

The same for all five: 100 % physical gold, stored in Switzerland, no gold lending. This is stated in the providers’ fund documents.
* Total fund assets as at 30 September 2026, according to the providers’ factsheets. ** Highest trading turnover amongst gold ETFs on SIX in the first and second quarters of 2026, according to the SIX ETF Market Report.
All information is provided without guarantee. As at October 2026. ISINs link to justETF.com for further details.

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ZKB Gold ETF (now Swisscanto Gold ETF)

The former ZKB Gold ETF has been called since March 2025 Swisscanto (CH) Gold ETF. Swisscanto is the fund subsidiary of Zürcher Kantonalbank. Nothing has changed regarding the fund itself; the ISINs have remained the same. It is available without currency hedging (EA CHF, formerly AA CHF) and hedged in Swiss francs (EAH CHF, formerly AAH CHF).

It has been listed on the stock exchange since 2006 and is by far the largest gold ETF in our comparison. However, at 0.40 % per year, it is also the most expensive on our list.

  • ISIN: CH0139101593 (EA CHF), CH0139101601 (EAH CHF)
  • Costs: 0.40 % per year (flat-rate management fee)
  • Fund assets: CHF 16.2 billion (as at the end of September 2026)
  • Trade: On the SIX Swiss Exchange: the most actively traded gold ETF on the SIX in the first and second quarters of 2026
  • Safety: 100 % physical gold, held exclusively in Switzerland; no gold lending. The fund is a separate trust and is therefore segregated from the bank’s assets.
  • Physical delivery: Entitlement to standard bars weighing approx. 12.5 kg; maximum fee 0.2 %. Smaller bars available on request only.
  • Swisscanto Gold ETF price: You can find the current exchange rate, for example, at the SIX Swiss Exchange or directly through your broker under the ticker symbol ZGLD.

UBS Gold ETF

UBS also offers gold ETFs that are fully backed by physical gold. The best-known of these is the UBS Gold ETF USD acc. It has been a reinvestment fund since May 2026.

  • ISIN: CH0106027193 (USD account), CH0106027128 (with currency hedging in CHF)
  • Costs: 0.23 % per year (USD acc)
  • Fund assets: USD 5.9 billion (as at the end of September 2026)
  • Trade: On the SIX Swiss Exchange
  • Safety: 100 % physical gold, storage in Switzerland as contractually stipulated, no gold lending
  • Physical delivery: According to the fund contract, in standard bars of approximately 12.5 kg or in smaller bars of up to 1 g; smaller bars are subject to availability. Fee: a maximum of 0.10 % plus costs for production, delivery and insurance. Please check with UBS beforehand.

iShares Gold ETF (CH)

BlackRock’s iShares Gold ETF (CH) is the lowest-cost gold ETF in our comparison, with a TER of 0.19 %. It is traded on the SIX Swiss Exchange under the ticker CSGOLD and invests in physical gold, not derivatives.

  • ISIN: CH0104136236
  • Costs: 0.19 % per year, the lowest TER in our comparison
  • Trade: On the SIX Swiss Exchange (ticker: CSGOLD)
  • Fund assets: Approximately USD 1.6 billion (as at the end of September 2026)
  • Safety: Physical gold, held in a vault in Zurich according to the prospectus; no gold lending
  • Physical delivery: Available on request in standard bars weighing approximately 12.5 kg. The fee is a maximum of 0.10 % plus, currently, CHF 100 per bar and a flat fee of CHF 125. BlackRock may reject the application.

Good to know: You won’t find any information about the storage location in the factsheet or the key investor information document. However, it is clearly stated in the prospectus. The gold is held in Zurich, and gold lending is not permitted. This means that, in terms of storage and security, iShares offers the same as the other Swiss gold ETFs, only at a lower cost.

What to look out for when comparing gold ETFs?

When choosing a gold ETF, you should consider various factors:

  1. Costs: Compare the ongoing costs (TER) of the various ETFs. With gold, the differences are small, but over many years they still add up.
  2. Liquidity: Pay attention to the trading volume on the stock exchange. An ETF with high trading volume is generally easier to buy and sell.
  3. Safety: Check whether the ETF holds physical gold or invests in derivatives. All the ETFs in our table hold physical gold.
  4. Currency hedging: Gold is traded internationally in US dollars. If the Swiss franc rises against the dollar, you, as a Swiss investor, will lose out, even if the price of gold remains the same. Some ETFs hedge against this risk, such as the Swisscanto Gold ETF EAH CHF. Hedging may incur additional costs.
  5. Storage location and gold lending: Check where the gold is stored and whether the fund is permitted to lend out its gold. Important: the factsheet often provides little information on this. The prospectus and fund rules are binding. According to the fund documents, the gold for all the ETFs in our table is held in Switzerland, and gold lending is not permitted.

Physical delivery of gold ETFs

For all the gold ETFs in our table, you can generally have the payment made in cash and the goods delivered. However, the specifications vary considerably, particularly with regard to the size of the bars:

  • Raiffeisen (Solid Gold Ounces):
    • Parallel bars: Delivery in one-ounce bars (approx. 31 g). The simplest solution for private investors.
    • Costs: A maximum of CHF 200 per delivery for 1 to 10 bars, and a maximum of CHF 500 for 11 to 500 bars.
  • UBS:
    • Parallel bars: In accordance with the fund contract, in standard bars of approximately 12.5 kg or in smaller bars down to 1 g. Smaller bars are available only if they are in stock.
    • Costs: A maximum of 0.10 % of the gold value, plus costs for production, delivery and insurance. Check with UBS beforehand to find out the exact costs.
  • Swisscanto (formerly ZKB):
    • Parallel bars: Entitlement is limited to standard ingots weighing approximately 12.5 kg. Smaller ingots are available only upon request; the bank is under no obligation to comply with such requests.
    • Costs: A maximum of 0.2 % of the gold value plus VAT on the fee.
  • iShares (BlackRock):
    • Parallel bars: Available on request in standard bars weighing approximately 12.5 kg. BlackRock may refuse the request.
    • Costs: A maximum of 0.10 % of the gold value, plus currently CHF 100 per bar and a flat fee of CHF 125.

A standard 12.5 kg bar is far too large for most private investors. If you realistically want to have your gold delivered at some point, Raiffeisen’s ounce bars are the most practical option. The following applies to all providers: delivery is only available within Switzerland.

Please note that restrictions are set out in the small print. In the event of measures taken by the authorities, for example during a serious crisis, delivery may be restricted or refused. You should therefore check the terms and conditions in the prospectus carefully. More on this later under ‘Risks’.

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.

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Advantages of gold ETFs:

  • Safety: Gold is considered a safe haven in times of crisis.
  • Flexibility: Simple buying and selling via the stock exchange.
  • Cost efficiency: Lower costs compared to physical gold.

Disadvantages and risks of gold ETFs:

  • Volatility: The price of gold is influenced by factors such as real interest rates, movements in the US dollar and general market sentiment. There is no guarantee of price gains. Between 2012 and 2020, for example, the price of gold barely moved and at times even fell below the purchase price.
  • No income: Gold ETFs do not pay dividends or interest, which means that the returns depend solely on the increase in value. Gold ETFs are therefore a speculation on the gold price.
  • Currency risk: As gold is traded in USD, there is a currency risk for Swiss investors. Fluctuations in the exchange rate can affect the value of your investment. However, currency hedging can result in additional costs.
  • Market risks: As with all exchange-traded products, gold ETFs are also subject to general market risks and can lose value in uncertain market phases.
  • Crisis situations: Legal risks could arise in extreme crisis situations. A historical example is the Gold ban in Germany from 1923 to 1955The first of these was the "gold ban", in which private gold ownership was prohibited and the precious metal could not be collected by banks. Although there were no ETFs at that time, physical delivery would not have been possible.

Top recommendations for 2026

Your key to success! Discover our top recommendations from real testimonials.

Conclusion on the Gold ETF Switzerland contribution

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!

FAQ

The iShares Gold ETF (CH) (ISIN: CH0104136236) has the lowest ongoing costs in our comparison, at 0.19 % per annum. By way of comparison: the UBS Gold ETF costs 0.23 %, the Raiffeisen ETF Solid Gold Ounces 0.27 % and the Swisscanto Gold ETF (formerly ZKB Gold ETF) 0.40 % per annum. On top of this, there are the purchase fees charged by your broker. As at October 2026.

According to the fund documents, the gold held by all the gold ETFs in our comparison is located in Switzerland: for Swisscanto (formerly ZKB) and UBS, this is stipulated in the fund contract; for iShares, the prospectus specifies a vault in Zurich; and for Raiffeisen, the gold is currently held in Switzerland. Gold lending is prohibited for all four. Important: You will often find such details not in the factsheet, but in the prospectus, which includes the fund contract. As at October 2026.

 

Yes. Since March 2025, the ZKB Gold ETF has been known as the Swisscanto (CH) Gold ETF. Swisscanto is the fund subsidiary of Zürcher Kantonalbank. Nothing has changed about the fund; the ISINs have remained the same: CH0139101593 (EA CHF, formerly AA CHF) and CH0139101601 (EAH CHF with currency hedging, formerly AAH CHF). With assets under management of CHF 16.2 billion (as at the end of September 2026), it is the largest gold ETF in our comparison, but at 0.40 % per annum it is also the most expensive. As at October 2026.

6 responses
  1. 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?

    1. Hello Pinni,
      Great point, you’re right! The iShares Gold ETF (CH) with ISIN CH0104136236 has the lowest costs in our comparison at 0.19 %.
      We have added it to the article, including a comparison table and a separate section.

      Update October 2026: We have now also gone through the prospectuses for all gold ETFs, not just the factsheets. BlackRock is much more specific in these: the iShares gold is held in a vault in Zurich, and gold lending is ruled out. In terms of storage and security, it is therefore on a par with the other Swiss gold ETFs, and it remains the cheapest. You can find all the details in the updated post above.

      Best regards
      Eric

  2. 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!

    1. Hello Hans-Peter,
      Thank you for your comment! I went through the ISINs but didn't find any errors. Am I missing something?

      1. 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!

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