With the SMI rebounding off its lows, the iShares MSCI Switzerland Capped ETF (NYSEArca: EWL), the largest U.S.-listed Switzerland ETF, is higher by 2.3% on volume that has already nearly 10% above the daily average. The $976.4 million EWL allocates a massive percentage of its weight to Swiss blue chips Nestle (OTC: NSRGY), Novartis (NYSE: NVS) and Roche. Those stocks combine for 45% of the ETF’s weight. Novartis and Roche combine for 11% of the iShares Global Healthcare ETF (NYSEArca: IXJ), which is trading modestly higher today.

The First Trust Switzerland AlphaDEX Fund (NYSEArca: FSZ), a smart beta spin on Switzerland ETFs, is up 3.6% to its highest levels since the start of December. Proving that SNB’s decision has a broader ranging impact on U.S. ETFs, the First Trust Dorsey Wright International Focus 5 ETF (NasdaqGM: IFV), the international answer to the already popular First Trust Dorsey Wright Focus 5 Fund (NasdaqGM: FV), is trading slightly higher today because FSZ accounts for 20% of IFV’s weight. [Small Rally for Swiss ETFs after move to Negative Rates]

And there is gold. In November, Swiss voters rejected a plan to boost SNB’s gold reserves to 20% from 7% and the country dropped the gold standard in 1999, but some traders still perceive gold and the franc as having strong ties. [A Strong Franc Hampers Swiss ETFs]

Of the five ETFs closest to FXF in terms of intraday performance today, four, including SGDM, are gold miners funds. The SPDR Gold Shares (NYSEArca: GLD) is up nearly 3% today on volume that has already topped the daily average despite having a five-year correlation to FXF of just 0.386, according to State Street data.

CurrencyShares Swiss Franc Trust

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