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I can't see how any index fund will match the index. Realistically the index fund should match the index, but then the admin fees and MER's will lower the reported performance significantly.

Perhaps APRA/ASIC should be using high fund returns as an indicator that the risk profile of the fund is not matching investor understanding??? eg should an investor be able to trust they are in a "Balanced" fund if that is the name of the fund. Does APRA/ASIC even care if investors are misunderstanding the investments?