Yield enhancement products reached a new high in April while demand for capital protection remained low.

An estimated CHF11.4 billion (US$13.8 billion) was collected from 25,196 products that struck in Switzerland during April 2025 , according to SRP data. Sales volumes were 23% down compared to the previous month but increased 23% year-on-year (YoY). Switzerland: issuance and sales volumes (CHFm) Source: SRP The volatility spike in early April — driven by the introduction of U.S. tariff — proved positive for structured product pricing, particularly for yield enhancement structures.