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iShares MSCI Switzerland ETF

EWL tracks a market-cap-weighted index of Swiss stocks. It captures 85% of the publicly available market, excluding small-caps.

Switzerland has shown resilience during the COVID-19 crisis and following inflation surge. The iShares MSCI Switzerland ETF (EWL) provides exposure to Swiss stocks and has provided downside protection and good returns since inception. EWL is not cheap and its current opportunity set does not justify the costs.

EWL Offers Durability At A Cost

iShares MSCI Switzerland ETF has underperformed other European and global ETFs this year, but we think things could improve from here. The economic landscape in Switzerland is expected to improve as we close the year and next year's prospects look better. We highlight some of EWL's defensive characteristics which could come in handy.

3 Reasons To Consider EWL

EWL is exposed to some of Europe's most well-known stocks. Large allocations in healthcare and consumer staples make the ETF resilient. However, the resilience comes at a price and ultimately there's no reason to go overweight.

EWL: Resilient At A Price

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In light of Fitch Ratings' downgrade of U.S. credit, investors might be interested in identifying companies and countries that still hold the desirable 'AAA' credit rating.

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EWL invests in Swiss equities. The fund is likely undervalued, with a theoretical uplift of +30% being possible on valuation alone.

EWL: Swiss Equities Are Undervalued But Nominal Returns Are Unexciting

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Recent events have had an impact on three of Europe's most important stock markets, but don't dismiss the region.

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The dramatic "takeover" of Credit Suisse by UBS has highlighted Switzerland's rather distinctive approach to bank capital. Documentation for Credit Suisse's Sfr16bn AT1 bonds - now worth zero - appear to allow a full write-down of the instruments without shareholders absorbing complete losses.

A Swiss CDS Story

The annual inflation rate in Switzerland rose to 3.3% in January 2023, which is considerably lower than other developed countries. Switzerland's low inflation rates can be attributed to a range of factors, including a strong currency, energy self-sufficiency, and a high GDP per capita.

EWL: Inflation Remains Low In Switzerland

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With the dollar still strong and inflation fears still looming, now is an especially good time for US investors to buy more foreign dividend stocks. US investors should also consider tax advantages of splitting international dividend stock exposure between taxable and tax-sheltered accounts based on source country.

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EWL has a good track record of mitigating harmful volatility. Conditions for CHF appreciation look good.

EWL: May Prove To Be A Reliable Bet, If You're Prepared To Pay Up

iShares MSCI Switzerland Capped ETF invests in Swiss equities. The exchange-traded fund EWL is likely undervalued, based on low local risk-free rates and equity risk premia.

EWL: Swiss Equities Offer Healthy Long-Term Returns In 2023

EWL captures a general feeling of the European economy focusing on companies that are technically Swiss in that they're listed on the Swiss exchange. These stocks wouldn't necessarily be our choice in the current environment. Some are very blue-chip but others have problems.

EWL Is A Mediocre Blue-Chip Europe Exposure

Since its inception in 1996, EWL has delivered substantially higher returns than other international markets. The Swiss Franc's prospects look good.

iShares MSCI Switzerland Capped ETF: Suitable Conditions

The Swiss National Bank raised its policy rate by 50 bps to negative 0.25%.

Switzerland Hikes Rate First Time Since 2007: ETF in Focus

Switzerland's inflation level is 2.9% vs. 8.6% in the U.S. Switzerland's fiscal policy was reasonable and very well thought out, unlike the U.S.

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Switzerland was relatively immune to the primary theme of 2021 that was inflation raging across the globe. The State Secretariat for Economic Affairs lowered the growth forecast for 2022 to 3%, but tightening is not even near, as the SNB maintained the interest rate at (75) bps.

EWL: I Do Not Expect Alpha In 2022

Swiss equities are probably fundamentally undervalued at present, given earnings growth expectations and a likely low cost of equity. Rate hikes in 2022, likely to happen in major economies such as the United States, could take the wind out of the sails of richly-priced U.S. equities.

EWL: Swiss Equities Are Well Positioned For 2022

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House price growth in the eurozone is at its highest since 2006 as housing markets were supported by a limited impact of the pandemic on household finances, rising savings, historically low-interest rates, favorable financing conditions, and changing preferences. The improved macroprudential framework in Europe, increased supply of housing, and bottoming out of interest rates are expected to ease the upward pressures on price growth.

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Structurally, there's much to admire about Switzerland including its thrust in innovation.

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The global markets have been steady thanks to easy money and fiscal policies as well as easing COVID-led restrictions.

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Swiss stocks can be perceived as quite safe, consisting of mostly stable and staple sectors like Healthcare and Financials. Based on simplistic valuation methods, Swiss stocks look fairly priced relative to conservative, and slightly less conservative, estimates.

EWL: Swiss Equities Look Fairly Priced But Unlikely To Outperform

There are 48 holdings in the EWL portfolio, 40 of which are classified as equities. The top ten names have a weight of over 68%.

EWL: Relatively Cheap But Not Attractive

Swiss equities have underperformed U.S. equities historically if we compare EWL with the S&P 500 index, or the SPY tracker. An important reason for this is, in spite of the sophistication of the Swiss economy, that the United States is home to the tech stocks which benefit from scale effects.

EWL: Swiss Equities Look Unattractive As CHF Is Likely Overvalued, While EWL's Portfolio Mix Offers Low Growth Potential

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News for iShares MSCI Switzerland ETF ETF (EWL)