According to a third-party monitor, in 1H 2026, 1,236 private index-enhanced
products with disclosed performance posted an average return of 16.25% (17.32% a
year earlier) while average excess return over their benchmarks was only 3.11%,
down sharply from 14.17% a year earlier. The gap implies returns were largely
driven by index beta and alpha generation became materially harder. 85.92% of
products recorded positive returns in 1H, including 27 with returns above 50%,
but only 61.08% achieved positive excess returns, indicating broad index gains
lifted headline performance while fewer products outperformed benchmarks.
