Except if I&#x27;m &quot;holding&quot; an index I&#x27;m not really holding anything. An index is made up of lots of trades over time.<p>I&#x27;m dubious about every part of your argument, but even if I weren&#x27;t it still doesn&#x27;t hold that long term index &quot;investors&quot; aren&#x27;t impacted by this.