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It seems you a right. Though it is only a benchmark, in his case it would be much better to use just to SNP in EUR including dividends or some ETF (SXR8 or VUA1), available as real alternative for investor. At least this is how I understand a benchmark:). It is interesting that I have never spoted this issue with benchmarks myself, despite of following RV and his results for quite some time, maybe because it seems totaly out of character for him.1 point