You’re right but this chain of reasoning is irrelevant/missing the important point.
You don’t need to track index X to be affected by changes in X. You only need to hold something related to X. Almost all pension funds, heck almost every investment account in the world holds something affected by some index.
You don’t need to track index X to be affected by changes in X. You only need to hold something related to X. Almost all pension funds, heck almost every investment account in the world holds something affected by some index.