Proprietary indices have taken the FIA market by storm and are poised to do the same in Indexed UL. These indices unquestionably show well on the illustration, but will they perform better in the real world? The only way to get exposure to a proprietary index is through options, which work like a filter in that all indices with efficient risk/return profiles will have the same expected returns over time. In order for a proprietary index to deliver value and justify its fees (sometimes higher than 0.80% annually), it must generate outsized risk-adjusted returns that can flow through the option filter to benefit the customer.