Thanks Tarvan The success of the model is very much based on the long term success of the Nasdaq combined with the ability to hold long term. And yes I agree that the 2.6 will not be directly evidenced in the outcome. But 20% is still mildly acceptable after fees. The lack of history is probably of relevance. Success of the model does rely on reasonable alignment with the index. Reliance on company ETFS may well be the biggest risk.