«Easily accessible investments are in demand»
In the current environment of persistently low savings rates, those who want to make more of their money won’t get very far. Fabio Pellizzari, Head of Index Solutions, explains which instruments can make getting started in investing an attractive prospect.
Interview with: Fabio Pellizzari
Fabio Pellizzari, stock markets are currently hitting new highs, while an end to the low-interest-rate environment is still nowhere in sight. Will this force savers to rethink their strategies?
That remains to be seen. In principle, securities investments can offer higher returns than what a savings account promises. While investing does come with an increased risk of loss, unlike individual securities, mutual funds can spread this risk across a wide range of securities. So, for those looking to invest for the long term, funds can be an attractive solution for gradually building wealth.
Yet Switzerland continues to be characterized by a high savings rate…
It’s no cliché that Switzerland is a nation of savers. Conversely, this also means there is significant potential for growth here if savers get used to investing. To make this transition easier, easily accessible investment options are in demand.
Are you thinking of exchange-traded index funds, so-called ETFs? These investments, considered affordable and easy to manage, are also experiencing a boom in Switzerland.
But that’s not all! It all depends on what investors want to achieve. ETFs are generally so-called passive instruments that track a market index. However, those aiming for returns that outperform the market tend to prefer active investment funds managed by professional fund managers. The goal is to achieve the best possible return and outperform the benchmark index. This, however, usually results in higher management fees.
With the Swisscanto Gold ETF, Zürcher Kantonalbank launched the first product of its kind in all of Europe around 20 years ago.
Fabio Pellizzari
And what about those who focus on price?
Those seeking flexible, transparent, and low-cost investment solutions will find what they’re looking for not only in ETFs but also in passive index funds. In Switzerland, there is a broad range of such products managed in accordance with Swiss law, which have proven highly effective for professional investors such as pension funds.
And how can private investors gain access to these?
Under our Swisscanto fund brand, for example, we offer a wide range of passive index funds. These are also available to retail investors—across virtually all traditional asset classes and market regions, and with or without a sustainability component. Unlike ETFs, however, index funds are not tradable at any time, but only once a day.
Wouldn’t that make ETFs a better choice?
There are pros and cons to the various products, and investors must decide for themselves. For example, unlike ETFs, subscriptions and redemptions of Swiss funds and index funds are exempt from stamp duty. If, for instance, an ETF is domiciled in Switzerland, a turnover tax of 0.075% per party applies to both the purchase and sale, as it is a Swiss security. When buying and selling foreign ETFs domiciled in Ireland or Luxembourg, for example, a turnover tax of 0.15% per party applies. These costs must be weighed against any potential price discount of ETFs compared to other funds.
As Head of Index Solutions in Asset Management, you’re in the pole position here: With the Swisscanto brand and more than CHF 200 billion in assets in index solutions, Zürcher Kantonalbank offers the second-largest range in Switzerland. Where are you and your team focusing your growth efforts?
Swisscanto has established itself particularly in the business of low-cost Swiss index funds optimized for foreign withholding taxes for institutional investors. We see further solid growth potential in this segment. With the sustainable ESGeneration equity ETFs, we have taken an important first step toward conventional asset classes and retail investors. We now intend to pursue this path consistently. And, of course, our proven range of precious metals ETFs remains a pillar of our offering.
With assets currently totaling around CHF 17 billion, the flagship of this offering, the Swisscanto Gold ETF, has benefited from the uncertainty in the financial markets and the rush to gold. How are you leveraging this momentum?
With the Swisscanto Gold ETF, Zürcher Kantonalbank launched the first product of its kind in all of Europe around 20 years ago. This pioneering achievement and the strategic acquisition of additional precious metals ETFs have since proven to be the right decision. The Gold ETF, in particular, is now a proven component of numerous portfolios held by professional and institutional investors—but we are not resting on our laurels. For example, with the Gold Smart Sourcing & Traceable Fund, we have developed an index fund that allows institutional investors to invest in gold that is responsibly mined and whose origin can be traced. This instrument is now suitable for further applications.
Zürcher Kantonalbank, on the other hand, entered the equity ETF market relatively late: in 2025, it launched the ESGeneration ETFs you mentioned. These invest in the Swiss, European, U.S., and global markets and aim to meet the highest sustainability standards. How have these investment solutions been received in the market?
We are very pleased with the launch of our ESGeneration ETF, which has grown to a total size of approximately CHF 380 million since its launch, and its performance is impressive. For example, from its listing on April 2, 2025, through May 6, the ESGeneration ETF on the U.S. stock market outperformed the MSCI USA Index in USD by 13.02%, a trend also reflected in the product’s performance relative to the global stock index: Since its listing, it has outperformed the MSCI All Countries World Index by 9.56% in CHF. The absolute performance since launch stands at 44.91% and 28.49%, respectively. This reaffirms our unique approach: The ETFs are based on a proprietary “ ” sustainability methodology and invest within key indices in companies that can make a positive contribution to the UN Sustainable Development Goals (SDGs).
How to invest sustainably in ETFs?
Sustainable investment strategies can also be implemented with ETFs. For example, the four Swisscanto ESGeneration SDG ETFs provide easy access to equities from Switzerland, Europe, the U.S., and the global market—while also meeting sustainability criteria. They are based on a sustainability methodology developed specifically by Zürcher Kantonalbank: The ESGeneration ETFs focus on companies that can make a positive contribution to the UN’s Sustainable Development Goals (SDGs). These goals encompass 17 globally critical future issues such as clean water, sustainable consumption and production, and sustainable cities. In addition, they apply exclusion criteria to remove companies with specific ESG risks from the portfolios. Investors are thus given the opportunity to invest in the sustainable economic drivers of tomorrow.
Currently, however, the political discourse is shifting away from sustainability and climate goals. Are sustainable investment funds still the investment of choice?
We have already been observing a resurgence of certain sustainable investments since mid-2025. The energy transition away from fossil fuels is in full swing and has gained even greater urgency due to the conflict in the Middle East. Physical risks, such as human-induced climate change, have not disappeared either. We therefore remain convinced that a sustainable approach to investing can pay off. And precisely because some players have exited the market, the sector is currently not overinvested and thus offers entry opportunities.
You’re very optimistic here. Is that because, before your appointment as the new head of Swisscanto Index Solutions, you were responsible for sustainability expertise in asset management at Zürcher Kantonalbank?
I would like to emphasize: sustainable investment strategies are not a passing fad. Numerous studies suggest that sustainable investments perform as well as or better than traditional investments over the long term. We also maintain this long-term perspective on sustainability in asset management: the first sustainable Swisscanto fund was launched as early as 1998. Zürcher Kantonalbank’s sustainability research dates back as far as 30 years.
Swisscanto’s first sustainable fund, however, was an actively managed equity fund. Don’t passive index funds and ETFs get in the way of the active offering?
It is no coincidence that Swisscanto is the fourth-fastest-growing fund brand in all of Europe: We have recognized that modern asset management requires both active and passive offerings. After all, the trend toward passive investing cannot be stopped. At the same time, we are successfully convincing our clients of the merits of our active portfolio—unlike many of our competitors, we are also seeing growth in this segment.
Learn more about Swisscanto ETFs:
About the person:
Fabio Pellizzari, 49, has been working in asset management at Zürcher Kantonalbank since 2020. Before taking on the role of Head of Index Solutions on April 1, 2026, he served as Head of ESG Strategy & Development, overseeing the development and implementation of the sustainability strategy across all asset classes. Before joining Zürcher Kantonalbank, Fabio Pellizzari worked for RobecoSAM and Robeco in various roles for more than twelve years. Fabio Pellizzari holds a Master of Arts degree in Business Administration from the University of Zurich, with a focus on technology and innovation management.
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In terms of any sustainability information, please note that there is no generally accepted framework or list of factors in Switzerland that has to be considered in order to ensure the sustainability of investments.
For Irish and Luxembourgish Swisscanto funds, information on sustainability-related aspects in accordance with the Disclosure Regulation (EU) 2019/2088 is available at products.swisscanto.com/.
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