With gold prices languishing and the dollar surging, investors also did not stick around to wait for a franc rally and pulled almost $10 million from FXF. Of course it is with the benefit of hindsight and few if any traders could see a 17% one-day move coming for a currency ETF, but investors that left equity-based Switzerland ETFs missed out on EWL surging nearly 4% and FSZ climbing 3.7% Thursday.

Some former gold ETF investors also missed. The SPDR Gold Shares (NYSEArca: GLD) lost $3.2 billion in assets last year and has bled another $115 million to start 2015, but a sustained rally by the franc could ameliorate that situation.

On Thursday, GLD, the world’s largest gold ETF, climbed 2.5% on more than double the average daily volume to reclaim its 200-day moving average for the first time since September. [Swissie Rally Could Help Commodities ETFs]

CurrencyShares Swiss Franc Trust

ETF Trends editorial team contributed to this article. Tom Lydon’s clients own shares of GLD.