During its first year, the index encountered periods of heightened geopolitical uncertainty, volatility spikes and changing interest-rate expectations temporarily weighed on valuations, while stronger equity markets and favourable coupon conditions supported performance at other stages.

September marked the first anniversary of the Swiss Structured Products Association (SSPA) Benchmark Index. The index has behaved consistently with the mechanics of a systematically rolled portfolio of standardised worst-of barrier reverse convertibles - Peter Keller Since its launch on 2 September 2025, the index has provided a rules-based reference point for tracking the performance of standardised worst-of barrier reverse convertibles linked to Eurostoxx 50, Nikkei 225 and S&P 500 acr