5 years ASX200: +26%.5 years SMSF Leaders: +77%.Looks nice, but...

5 years ASX200: +26%.
5 years SMSF Leaders: +77%.

Looks nice, but the questions:

- Is it the same assumptions in index calculation, like reinvesting dividends?
- I guess that's before 0.88% fees per year. ASX200 would be more like 0.1%.
- Seems to outperform in a bull market. How about a bear market?
- Would liquidity of their rebalances (buying and selling the 25-75 stocks) have introduced significant spread, lowering returns?
- The PDS seemed to mention re-balancing on a Wednesday every quarter. Is one day enough to rebalance without moving the underlying share-price a lot (and overpaying etc)?
- Are the 25-75 stocks fully backed/owned? So $100m starting capital means ~$2m per company? $1b of investments into the ETF (enough to earn high management fees) would mean ~$20m per company? Afterpay for example had $40m of volume so far today. Would SELF be buying $20m in 1 Wednesday? Sounds potentially bad, overpaying.