Crypto ETPs and bitcoin ETFs in Switzerland

On 22 November 2018, SIX Swiss Exchange in Zurich began trading the world’s first physically backed crypto ETP. Since then the Swiss exchange has become one of the main venues for these products, with around 20 issuers listing crypto ETPs. In October 2026 came another milestone – FINMA approved Switzerland’s first bitcoin ETF for retail investors. If you already have a Swiss securities account, or are weighing up pillar 3a, is the exchange route worth it? This guide explains the products, costs, tax and pension angle, and compares it all with buying coins directly.

ETP, ETF, ETN: the differences

In everyday speech nearly everything gets called a “bitcoin ETF”. Legally, the differences are clear – and they affect your risk.

An ETP (exchange-traded product) is a debt security issued by a company, traded on an exchange and tracking the price of a coin or basket. On SIX, crypto ETPs must be fully collateralised with real coins or other assets held by an independent third party. They do not need FINMA approval; according to FINMA, they fall under SIX Exchange Regulation.

An ETF (exchange-traded fund) is an investment fund under the Collective Investment Schemes Act, approved by FINMA. Its assets are segregatedAssets legally separated from those of the fund manager, which belong to investors if the manager goes bankrupt. from the fund manager’s. In October 2026, FINMA approved the first Swiss fund that invests directly in bitcoin and is open to retail investors. It classified it as an “other fund for alternative investments” with particular risks and granted an exemption from the usual risk-diversification rules. FINMA did not name the provider; BIT Asset Management announced the same day that it was its Bitcoin Fund ETF (ticker BBIT), intended for trading on SIX.

An ETN (exchange-traded note) is a debt security that is usually not physically backed. If the issuer fails, investors are unsecured creditors. Such structures are more common in the EU than on SIX.

Crypto ETPs on SIX: what is available and what it costs

It started in 2018 with the Swiss start-up Amun, now 21Shares, and a crypto basket (ticker HODL) with an annual fee of 2.5%. The range is now broad: SIX lists several hundred crypto products on more than 20 underlyings, a large share of them ETPs. Issuers include 21Shares, Bitwise, CoinShares, Fidelity, Invesco, iShares, VanEck, WisdomTree, Valour, Xtrackers and Zug-based AMINA Bank. Bitcoin products account for the largest share of turnover.

The biggest cost factor is the annual product fee, the TERTotal expense ratio: a product’s annual costs as a percentage of its value, deducted continuously from the price.. It varies enormously:

On a CHF 10’000 investment, that is CHF 25 or CHF 250 a year – every year. On top come your bank’s brokerage fee, the spreadThe gap between the buy and sell price on the exchange; you pay it every time you buy and sell. and, for products quoted in US dollars, currency conversion. Many ETPs trade in several currencies; a CHF line, as with the iShares Bitcoin ETP, saves you the conversion. Trading only happens during SIX hours on weekdays, while bitcoin itself trades around the clock. If the price moves sharply over the weekend, you will only see it on Monday morning.

Physically backed – but not your coins

Most crypto ETPs on SIX are physically backed: for each security issued, the issuer buys the corresponding coins and has them held by a custodian. According to SIX, this collateral is available to investors if the issuer becomes insolvent. That cuts default risk significantly but does not remove it: an ETP is not a segregated fund, and a wind-down can take time.

What you own is a collateralised claim on the issuer, not the coins themselves. As a private investor you generally cannot have the coins delivered to your own wallet. Check the prospectus or key information document to see who holds the coins, how the collateral is structured and whether the issuer may lend them out. Staking ETPs add the risks of staking, such as slashing – see our guide to crypto staking.

One advantage over a crypto exchange: the ETP sits in your securities account. If your bank fails, custody assets do not form part of the bankruptcy estate.

How to buy a crypto ETP

1. 1

   Pick an account with SIX access

   You buy crypto ETPs like shares, through a securities account at Swissquote, PostFinance or a cantonal bank, for example. Banks do not all handle crypto ETPs the same way; if in doubt, ask.

2. 2

   Compare products

   Check ticker or ISIN, underlying, TER, trading currency and collateral. For the same underlying, the TER usually decides.

3. 3

   Read the key information document

   It sets out costs, risks, custodian and issuer. Swiss issuers publish it on their websites.

4. 4

   Buy with a limit

   Use a limit order during SIX trading hours, not right after the open, when spreads are often wider.

5. 5

   Keep the tax statement

   Your bank lists the ETP on its tax statement, which you need for the securities schedule of your tax return.

Costs may also include the federal securities transfer tax: 0.075% for Swiss and 0.15% for foreign securities when a Swiss bank is involved. Whether it applies to crypto ETPs depends on how they are classified for tax; we found no ESTV statement on this specific point. Your contract note will tell you. What is clear: buying cryptocurrencies directly is exempt, because the ESTV does not treat payment tokens as taxable securities.

Tax on crypto ETPs

For private investors the rules match those for coins held directly: capital gains are tax-free, losses not deductible. The year-end value is subject to wealth taxA cantonal tax on your net assets at year end; rates and allowances vary from canton to canton.. Because ETPs are ordinary securities with a Swiss security number, they appear on your bank’s tax statement, which makes the return easier. Frequent, debt-financed trading risks professional-trader status here too.

Staking ETPs, where rewards flow into the product’s value, are an open question. We found no ESTV ruling on them; check whether the price list shows any taxable income for the product. The general principles are in our guide to crypto tax in Switzerland.

US bitcoin ETFs: can Swiss residents buy IBIT?

Spot bitcoin ETFs such as the iShares Bitcoin Trust (IBIT) have traded in the US since January 2024. In the EU, retail investors generally cannot buy them because they lack the mandatory key information document. Switzerland is different: under the Financial Services Act (FinSA), a key information documentA short mandatory document setting out the costs and risks of a financial product for retail clients (FinSA). only has to be provided for execution-only orders without advice if one already exists. So there is no blanket ban – your broker decides. Some allow it, others block US funds for retail clients. If you moved here from the EU, you may find options that were closed to you at home.

Bear in mind that US ETFs trade in US dollars during US market hours, which means Swiss afternoons and evenings. The Swiss ETF and the CHF lines of SIX-listed ETPs offer alternatives without currency conversion.

Crypto in pillar 3a

Pillar 3a foundations cannot hold coins directly, but they can hold funds and ETFs. Two digital providers offer this:

• VIAC includes the iShares Bitcoin Trust (ISIN US46438F1012, TER 0.25%) as an alternative investment in its 3a strategies. Comparison sites report a cap of 5% per position.
• finpension lists the Crypto Market Index Fund (ISIN CH1140916755) for pillar 3a. It tracks SIX’s CMI10 index – dominated by bitcoin and ether – with a management fee of 1.60%. It also offers the iShares Bitcoin Trust and iShares Ethereum Trust at 0.25% each. finpension caps crypto at 5% of an individual strategy.
• frankly, from ZKB, does not offer bitcoin according to comparison sites. We found no crypto option at other 3a providers.

The tax catch: pillar 3a contributions are deductible, but the whole balance is taxed on withdrawal, at a reduced rate. A bitcoin gain that would be tax-free in a private account is therefore taxed inside 3a. The money is also generally locked until five years before the standard retirement age at the earliest – though leaving Switzerland permanently can be one of the exceptions. Whether a small crypto slice in 3a suits you depends on your time horizon and risk tolerance; this guide is not investment advice.

ETP, direct purchase or bank: the comparison

An ETP suits you if you already have a securities account, do not want to manage wallets and value a clean tax statement. For small amounts held for a long time, a low TER is what matters. Buying directly makes sense if you want to control the coins yourself, trade at any hour or use them for payments; the how-to is in our guide to buying bitcoin in Switzerland, safe storage in our guide to crypto wallets. In between sits buying directly through a bank such as PostFinance or Swissquote – which banks offer what is covered in our overview of crypto banks in Switzerland.