"The stealth promise of consistent, fully franked dividends that...

"The stealth promise of consistent, fully franked dividends that make some sort of insinuation that being invested in an underperforming LIC (with sub-par portfolio management) backed by a price performance that doesn't even match the XJO and comes nowhere near meeting the cost of inflation as some sort of security against peoples own insecurity, is a fanciful marketing ploy. Sure, great if you're Peter Thornhill earning 400k/p.a. in dividends alone and crave the benefits that fully franked dividends provide."

You've pretty much just addressed my remarks above regarding security of insecurity.

Now let's have a look at what you've described in your comments;

You're living alone, you've saved 1 million dollars (but you still rent right?). You've heard about ETF's and decide to invest in them. Where's your starting point?

You mention a 'black swan event'. Do you realise that AFIC's share price closed at $8.46 at the close of 2021 and do you realise that since that time, AFIC's dividend growth has been 4.17% over a 3 year period. So if you started with your $1m at the end of 2021, today your 1 million bucks on your initial investment alone would've be worth $850,000. Better hope that the fish are biting hey and that the price of running your van doesn't go up.

Even if you compare apples with apples (ETF v AFI) or let's say VAS v AFI - that particular ETF has been around for nearly 15 years. It's close to half the cost of AFI, it goes up and down with the market - because it is the market and to be picky, during those Black Swan events - it still paid a distribution of $2.16 per share not inclusive of $0.68 in franking credits.

Yeah sure, I get it. I own both and I know which one my money goes into. AFIC investors may as well just buy the big four banks and rake in the dividends directly, with no fees instead of going through a 'middle man'. But seeing as AFIC invests in companies on behalf of it shareholders, I would like to ask the following question again;
Seeing as AFI owns 100's of millions of dollars worth of Wesfarmers shares. How much of the capital return was given back to AFIC SHAREHOLDERS in 2021.

The answer is ZERO. Again, better off just holding WES directly.